Carnival Corp (Paired Stock)
Q4 2024 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.39%.
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 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.
- 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
“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.”
Carnival CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Carnival expects adjusted net income of approximately $2.3 billion (over 20% higher than 2024), adjusted EBITDA of approximately $6.6 billion (up ~$500 million vs. 2024), and adjusted EPS of approximately $1.70. Net yields in constant currency are expected to grow approximately 4.2% over record 2024 levels, driven by continued strength in demand. Adjusted cruise costs excluding fuel per ALBD in constant currency are expected to increase approximately 3.7%, partly due to higher dry-dock days, higher advertising expense, and operating costs for the new Celebration Key destination. Adjusted ROIC is expected to reach approximately 11.7%. The company expects to achieve its 2026 SEA Change EBITDA per ALBD target one year early. Interest expense is expected to be over $200 million lower than 2024 and over $500 million lower than 2023. For Q1 2025, the company expects adjusted EBITDA of approximately $1.04 billion, adjusted net income of approximately $1 million, and adjusted EPS of approximately $0.00. The cumulative advanced booked position for full year 2025 is at an all-time high for both price (in constant currency) and occupancy, with all four quarters of 2025 showing higher price and occupancy than 2024.
CCL YoY Financials
CCL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.