Q4 24 EPS
$0.14
BEAT +100.00%
Est. $0.07
Q4 24 Revenue
$5.94B
BEAT +0.06%
Est. $5.93B
vs S&P Since Q4 24
-15.9%
TRAILING MARKET
CCL +9.5% vs S&P +25.5%
Full Year 2024 Results
FY 24 EPS
$1.42
FY 24 Revenue
$25.02B
Market Reaction
Did CCL Beat Earnings? Q4 2024 Results
Carnival Corporation closed out fiscal 2024 on a strong note, posting Q4 earnings per share of $0.14 against a consensus estimate of $0.07, a beat of nearly 94%, while revenue of $5.94 billion edged past estimates and grew 10.0% year over year. The s… Read more Carnival Corporation closed out fiscal 2024 on a strong note, posting Q4 earnings per share of $0.14 against a consensus estimate of $0.07, a beat of nearly 94%, while revenue of $5.94 billion edged past estimates and grew 10.0% year over year. The standout driver was a combination of higher ticket prices and stronger onboard spending, which helped the company swing to a GAAP net income of $303.00 million from a net loss of $48.00 million in the year-ago quarter. Full year adjusted EBITDA reached $6.11 billion, more than 40% above 2023, as occupancy ran at 105% for the year and cumulative advanced bookings for 2025 stand at record levels for both price and occupancy. Carnival's aggressive deleveraging continued, with $3.30 billion in debt prepayments during 2024 and interest expense expected to fall by more than $200.00 million in 2025. Management guided for 2025 adjusted net income of approximately $2.31 billion, representing over 20% growth, with adjusted EPS of approximately $1.70, as shares climbed roughly 5% on the news.
Key Takeaways
- • Higher ticket prices across major cruise lines and trades
- • Higher onboard spending
- • Improved cost management vs. guidance
- • Strong demand environment elevated throughout the year
- • Occupancy of 103% in Q4 and 105% for full year
- • Net yields in constant currency exceeded prior year Q4 by 6.7%
- • Gross margin yields exceeded 2023 levels by 20% in Q4
CCL YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“This has been an incredibly strong finish to a record year. Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year, enabling us to outperform our initial 2024 guidance by $700 million and deliver nearly $2 billion more to the bottom line, year over year. The progress was broad based as we drove strong pricing in 2024 as compared to 2023 across our major cruise lines and trades.”
— Josh Weinstein, Q4 2024 Earnings Press Release
CCL Earnings Trends
CCL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCL EPS Trend
Earnings per share: estimate vs actual
CCL Revenue Trend
Quarterly revenue: estimate vs actual
CCL Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.18 | $0.20 | +11.11% | $6.17B | +0.43% |
| Q1 26 BEAT | $0.18 | $0.20 | +11.11% | $6.17B | +0.43% |
| Q4 25 BEAT FY | $0.25 | $0.34 | +36.00% | $6.33B | -0.68% |
| FY Full Year | $2.16 | $2.25 | +4.23% | $26.62B | -0.10% |
| Q3 25 BEAT | $1.31 | $1.43 | +9.16% | $8.15B | +0.56% |
| Q2 25 BEAT | $0.25 | $0.35 | +40.00% | $6.33B | +1.86% |
| Q1 25 BEAT | $0.02 | $0.13 | +550.00% | $5.81B | +1.16% |
| Q4 24 BEAT FY | $0.07 | $0.14 | +100.00% | $5.94B | +0.06% |
| FY Full Year | — | $1.42 | — | $25.02B | — |