Companies /Consumer Cyclical

Carnival Corp (Paired Stock)

NYSE: CCL Travel Services
$23.47
▼ $0.27 (−1.14%) today
Markets closed · 4:50pm ET

Q1 2025 Earnings

Reported Mar 21, 2025, 9:16am ET · SEC source
$0.13
Beat +550.00%
EPS · est. $0.02
$5.8B
Beat +1.16%
Revenue · est. $5.7B
−6.7%
Trailing market
CCL vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Mar 21Mar 21report 9:16am ETearnings+1.0%−0.9%
−6%−3%0Mar 21Mar 21earnings+1.0%−0.9%
CCL −0.9%S&P 500 +1.0%
−6%−3%0Mar 21Mar 21report 9:16am ETearnings+1.5%−0.9%
−6%−3%0Mar 21Mar 21earnings+1.5%−0.9%
CCL −0.9%NASDAQ +1.5%
0+3%+6%Mar 20Mar 28report 9:16am ETearnings−1.0%−1.4%
0+3%+6%Mar 20Mar 28earnings−1.0%−1.4%
CCL −1.4%S&P 500 −1.0%
0+3%+6%Mar 20Mar 28report 9:16am ETearnings−1.8%−1.4%
0+3%+6%Mar 20Mar 28earnings−1.8%−1.4%
CCL −1.4%NASDAQ −1.8%
−1.23%
Day of report
+2.39%
Next session
−5.11%
One week
−11.75%
30 days

S&P 500 over the same 30 days: −5.06%.

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 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

“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.”

Carnival CEO, on the earnings call

Forward Guidance & Outlook

For full year 2025, Carnival expects net yields (constant currency) approximately 4.7% higher than 2024, 0.5 percentage points better than December guidance. Adjusted cruise costs excluding fuel per ALBD (constant currency) are expected up approximately 3.8% versus 2024, in line with December guidance. Adjusted net income is expected up over 30% versus 2024 and $185 million better than December guidance. Adjusted EBITDA is expected at approximately $6.7 billion, up nearly 10% versus 2024. Adjusted ROIC of approximately 12% is now expected to reach the 2026 SEA Change target one year early. For Q2 2025, the company expects net yields (constant currency) up approximately 4.4% versus 2024, adjusted cruise costs excluding fuel per ALBD (constant currency) up approximately 5.5% due to higher dry-dock days, and adjusted EBITDA of approximately $1.3 billion, up 10% versus Q2 2024. The cumulative advanced booked position for the remainder of 2025 remains at historically high pricing in constant currency with occupancy in line with prior year record levels.

CCL YoY Financials

Revenue$5.8B
Operating Income$543.0M
Net Income$-78,000,000

CCL Revenue by Segment

Passenger Ticket$3.8B
Onboard and Other$2.0B

Figures from SEC filings and company reports. Not investment advice.