Q1 25 EPS
$0.13
BEAT +550.00%
Est. $0.02
Q1 25 Revenue
$5.81B
BEAT +1.16%
Est. $5.74B
vs S&P Since Q1 25
+5.9%
BEATING MARKET
CCL +37.5% vs S&P +31.5%
Market Reaction
Did CCL Beat Earnings? Q1 2025 Results
Carnival Corporation delivered a strong first-quarter beat to open 2025, posting adjusted diluted EPS of $0.13 against a consensus estimate of $0.02, a 485.59% beat, while revenue of $5.81 billion edged past the $5.74 billion Wall Street expected by … Read more Carnival Corporation delivered a strong first-quarter beat to open 2025, posting adjusted diluted EPS of $0.13 against a consensus estimate of $0.02, a 485.59% beat, while revenue of $5.81 billion edged past the $5.74 billion Wall Street expected by 1.16%. The clearest engine behind the quarter was a surge in net yields that exceeded the company's own December guidance by 270 basis points, fueled by robust close-in demand and solid onboard spending, lifting adjusted EBITDA 38% year-over-year to $1.21 billion and nearly doubling operating income to $543 million. On a GAAP basis, Carnival recorded a net loss of $78 million, a meaningful improvement from a $214 million loss a year ago, though results were weighed down by $252 million in one-time debt refinancing costs that ultimately locked in $145 million in annualized interest savings. Strong wave-season pricing and record customer deposits of $7.26 billion also underpinned management's decision to raise full-year 2025 adjusted net income guidance by roughly $185 million versus its prior outlook, with adjusted EBITDA now expected near $6.70 billion.
Key Takeaways
- • Exceptionally strong close-in demand exceeding expectations for both ticket prices and onboard spending
- • Net yields (constant currency) 7.3% higher than 2024, outperforming December guidance by 270 basis points
- • Gross margin yields 25% higher than 2024
- • Cruise costs per ALBD decreased 0.3% compared to 2024
- • Lower fuel cost per metric ton consumed ($643 vs $686 in prior year)
- • Improved fuel efficiency with consumption per thousand ALBDs declining from 31.8 to 30.3
- • Occupancy at 103%, up from 102% in prior year
CCL YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter was truly characterized by outperformance. This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending.”
— Josh Weinstein, Q1 2025 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 | — |