Summary Comparison of Q2 2025 vs. Q2 2024:

• Revenues: Q2 2025 revenues reached USD 6.3 billion, a 9.5% increase from USD 5.78 billion in Q2 2024, driven by record net yields (up 6.4% in constant currency) and strong close-in demand and onboard spending.
• Net Income: Net income in Q2 2025 was USD 565 million (USD 0.42 diluted EPS), up nearly USD 475 million from USD 92 million in Q2 2024, a nearly 500% improvement.
• Adjusted Net Income: Adjusted net income soared to USD 470 million (USD 0.35 adjusted EPS) in Q2 2025, more than tripling the USD 134 million in Q2 2024, outperforming guidance by USD 185 million due to higher ticket prices and onboard spending.
• Adjusted EBITDA: Q2 2025 saw a record USD 1.51 billion, a 26% increase from USD 1.2 billion in Q2 2024.
• Operating Income: Operating income rose to USD 934 million in Q2 2025, nearly doubling the USD 560 million in Q2 2024, with operating margins improving by over 500 basis points.
• Net Yields (Constant Currency): Increased by 6.4% in Q2 2025 compared to 10.5% growth in Q2 2024, though still significantly outperforming guidance by 200 basis points due to robust demand.
• Customer Deposits: Reached an all-time high of USD 8.5 billion in Q2 2025, up from USD 8.3 billion in Q2 2024, reflecting strong booking momentum.
• Cruise Costs per ALBD: Decreased 0.3% in Q2 2025 compared to Q2 2024, while adjusted cruise costs excluding fuel per ALBD (in constant currency) rose 3.5% in Q2 2025, better than guidance due to expense timing.
• Fuel Consumption per ALBD: Reduced by 6.3% in Q2 2025, improving on Q2 2024 efficiency gains, supported by energy efficiency investments.
• Bookings: Q2 2025 bookings for 2026 matched 2025's record levels at historical high prices, with Q2 2025 occupancy at the second-highest on record, slightly up from Q2 2024's record levels.
• Financial Position: Q2 2025 saw a 50% increase in revolver capacity to USD 4.5 billion and USD 7 billion in debt refinanced, reducing interest expenses. Total debt was USD 27.3 billion with a net debt to adjusted EBITDA ratio of 3.7x, improved from 4.1x in Q1 2025. Q2 2024 liquidity was USD 4.6 billion, with no specific debt ratio provided.

Key Insights:

Carnival’s Q2 2025 performance demonstrates significant improvement over Q2 2024, with stronger revenue growth (9.5% vs. prior year), a near 500% increase in net income, and a 26% rise in adjusted EBITDA. Despite a slower net yield growth rate (6.4% vs. 10.5%), Q2 2025 exceeded expectations due to robust demand and operational efficiencies. The company’s record USD 8.5 billion in customer deposits and enhanced financial maneuvers, including debt refinancing and a larger revolver capacity, underscore a stronger balance sheet. Additionally, achieving a 20% carbon intensity reduction from 2019 levels reflects sustainability progress, aligning with financial gains not explicitly detailed in Q2 2024. These results position Carnival for continued growth, surpassing its 2026 SEA Change targets well ahead of schedule.

Full report CARNIVAL CORPORATION & PLC TOPS GUIDANCE ACHIEVING HIGHEST-EVER SECOND QUARTER OPERATING RESULTS AND EXCEEDING 2026 SEA CHANGE FINANCIAL TARGETS 18 MONTHS EARLY