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Carnival

CCL Q2 2025 Earnings

Reported Jun 24, 2025 at 9:17 AM ET · SEC Source

Q2 25 EPS

$0.35

BEAT +40.00%

Est. $0.25

Q2 25 Revenue

$6.33B

BEAT +1.86%

Est. $6.21B

vs S&P Since Q2 25

-8.3%

TRAILING MARKET

CCL +13.8% vs S&P +22.2%

Market Reaction

Did CCL Beat Earnings? Q2 2025 Results

Carnival Corporation delivered a standout second quarter, posting earnings per share of $0.35 against a consensus estimate of $0.24, a beat of 45.29%, as the cruise giant's revenue climbed 9.5% year-over-year to a quarterly record of $6.33 billion, e… Read more Carnival Corporation delivered a standout second quarter, posting earnings per share of $0.35 against a consensus estimate of $0.24, a beat of 45.29%, as the cruise giant's revenue climbed 9.5% year-over-year to a quarterly record of $6.33 billion, edging past the $6.21 billion Wall Street had expected. The primary engine behind the outperformance was a powerful combination of stronger-than-expected ticket pricing and elevated onboard spending, which helped adjusted net income more than triple year-over-year to $470 million, exceeding the company's own March guidance by $185 million. Net yields in constant currency rose 6.4%, beating guidance by 200 basis points, while customer deposits reached $8.53 billion, with the 2026 booked position matching 2025's record levels at historically high constant-currency prices. With the stock up roughly 70% over the past year, investor enthusiasm appears well-anchored in the fundamentals; management reinforced that confidence by raising full-year 2025 adjusted net income guidance to more than 40% above 2024 levels, with adjusted EBITDA now expected at approximately $6.90 billion.

Key Takeaways

  • • Record net yields in constant currency up 6.4% year-over-year, outperforming March guidance by 200 basis points
  • • Strong close-in demand and elevated onboard spending
  • • Higher ticket prices driving passenger ticket revenue growth
  • • Fuel consumption per ALBD decreased 6.3% year-over-year from energy efficiency investments
  • • Operating margins increased over 500 basis points versus 2024
  • • Adjusted EBITDA margins increased over 300 basis points versus 2024
24/7 Wall St

CCL YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

CCL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 24 Q2 26

“Our amazing team delivered yet another phenomenal quarter, more than tripling adjusted net income driven by record net yields (in constant currency) and strong close-in demand. We also remain on track for a strong 4 percent net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months. Combined, this has enabled us to raise full year guidance again.”

— Josh Weinstein, Q2 2025 Earnings Press Release

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