Carnival Corp (Paired Stock)
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.57%.
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 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.
- 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)
“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.”
Carnival CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Carnival raised guidance for the third consecutive time: net yields (constant currency) expected up approximately 5.3% vs 2024 (0.3 points better than June guidance); adjusted cruise costs excluding fuel per ALBD (constant currency) up approximately 3.3%; adjusted net income up nearly 55% year-over-year, $235 million better than June guidance; adjusted EBITDA of approximately $7.05 billion, up 15% vs 2024; adjusted EPS approximately $2.14. For Q4 2025: net yields (constant currency) up approximately 4.3%; adjusted net income up over 60% vs Q4 2024; adjusted net income approximately $300 million; adjusted EPS approximately $0.23; adjusted EBITDA approximately $1.34 billion. Cumulative advanced booked position for 2026 remains strong, in line with 2025 record levels at historical high prices in constant currency. 2027 bookings are off to a record start.
CCL YoY Financials
CCL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.