Carnival posted record net income of USD 1.9 billion for Q3 2025, or USD 1.33 diluted EPS, surpassing the previous record set in 2019 and improving USD 116 million over 2024. Adjusted net income reached USD 2.0 billion, or USD 1.43 adjusted EPS, outperforming June guidance by USD 182 million. Adjusted EBITDA also hit a record USD 3.0 billion.

The company reported revenues of USD 8.2 billion, its tenth consecutive quarter of record revenues, up more than USD 250 million compared to last year despite lower capacity. Net yields in constant currency rose 4.6% year-over-year, outperforming June guidance, supported by strong close-in demand and onboard spending.

CEO Josh Weinstein praised the results, highlighting the company’s operational strength across its brands:

“This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues. Adjusted return on invested capital reached 13% for the first time in nearly 20 years, a clear testament to the continued improvement in our operational execution—driven not only by consistently strong performance from Carnival Cruise Line and AIDA, but also great advancement across the rest of our portfolio.”

Carnival also pointed to milestones in guest experience, with the launch of Celebration Key, its new exclusive Caribbean destination, drawing rave reviews and media attention. Weinstein said the addition strengthens Carnival’s already dominant Caribbean presence, with eight million guest visits expected next year.

Looking ahead, the company raised its full-year 2025 adjusted net income guidance for the third consecutive quarter, now projecting nearly 55% year-over-year growth. Cumulative bookings for 2026 remain strong, in line with 2025’s record levels and at historically high prices in constant currency.

On the financial side, Carnival refinanced USD 4.5 billion of debt during the quarter and prepaid an additional USD 0.7 billion, simplifying its capital structure. Customer deposits also hit a record USD 7.1 billion at the end of Q3.

Operationally, Carnival improved its energy efficiency, cutting fuel consumption per ALBD by 5.2% year-over-year. Gross margin yields were up 6.4%, while adjusted cruise costs excluding fuel increased 5.5%—better than June guidance.

Weinstein expressed confidence in Carnival’s growth trajectory:

“Even with our rapid progress, we believe we have ample opportunity to increase same ship net yields and further close the unbelievable price-to-value gap versus land-based vacation alternatives, pushing margins and returns even higher over time.”

Full news https://www.prnewswire.com/news-releases/carnival-corporation--plc-achieves-all-time-high-financial-results-with-net-income-of-1-9-billion-adjusted-net-income-of-2-billion-302569012.html

© Shippax