Q3 25 EPS
$1.43
BEAT +9.16%
Est. $1.31
Q3 25 Revenue
$8.15B
BEAT +0.56%
Est. $8.11B
vs S&P Since Q3 25
-10.1%
TRAILING MARKET
CCL +1.2% vs S&P +11.3%
Market Reaction
Did CCL Beat Earnings? Q3 2025 Results
Carnival Corporation delivered a strong third quarter, posting adjusted EPS of $1.43 against a consensus estimate of $1.32, an 8.54% beat, while revenue of $8.15 billion edged past expectations by 0.56% and grew 3.3% year-over-year. The standout driv… Read more Carnival Corporation delivered a strong third quarter, posting adjusted EPS of $1.43 against a consensus estimate of $1.32, an 8.54% beat, while revenue of $8.15 billion edged past expectations by 0.56% and grew 3.3% year-over-year. The standout driver behind the results was a 4.6% constant-currency net yield improvement, achieved entirely on a same-ship basis, as robust close-in demand and onboard spending lifted per-passenger economics without relying on fleet expansion. Adjusted EBITDA reached $2.99 billion for the quarter, and the company's leverage profile improved materially, with net debt to adjusted EBITDA tightening to 3.6x from 4.7x a year ago following $4.50 billion in debt refinancing activity. Looking ahead, Carnival raised its full-year 2025 adjusted net income outlook for the third consecutive time, now guiding for roughly 55% growth year-over-year and full-year adjusted EBITDA of approximately $7.05 billion; despite the results, shares slipped modestly in trading, even as analysts broadly maintained a constructive view on the stock.
Key Takeaways
- • Strong close-in demand driving net yield outperformance of 4.6% in constant currency year-over-year
- • Robust onboard spending growth contributing to record revenues
- • All net yield improvement achieved on a same-ship basis without capacity growth
- • Effective cost management with adjusted cruise costs excluding fuel 1.5 points better than guidance
- • Fuel consumption per ALBD decreased 5.2% year-over-year from energy efficiency investments
- • Occupancy held steady at 112%
- • Lower fuel cost per metric ton consumed ($607 vs $670 year-over-year)
CCL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues. Strong demand and onboard spending drove a 4.6% improvement in net yields (in constant currency), all of which was achieved on a same ship basis.”
— Josh Weinstein, Q3 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 | — |