Carnival Corp (Paired Stock)
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.00%.
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, 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.
- 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
“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.”
Carnival CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Carnival expects net yields (constant currency) approximately 5.0% higher than 2024, adjusted cruise costs excluding fuel per ALBD (constant currency) up approximately 3.6%, adjusted net income up over 40% versus 2024 (better than March guidance by $200 million), and adjusted EBITDA of approximately $6.9 billion. For Q3 2025, the company expects net yields (constant currency) up approximately 3.5% versus 2024, adjusted cruise costs excluding fuel per ALBD (constant currency) up approximately 7.0% primarily due to Celebration Key opening costs and higher advertising, adjusted EBITDA of approximately $2.87 billion, adjusted net income of approximately $1.8 billion, and adjusted EPS of approximately $1.30. The 2026 booked position is in line with 2025 record levels at historical high constant-currency prices. Full year 2025 ALBDs are expected at 96.5 million with 1.0% capacity growth.
CCL YoY Financials
CCL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.