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Feb 28
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Carnival Q1 2025 Earnings Report
Carnival reported record-setting Q1 2025 results with strong revenue, improved yields, and a significant rise in operating income.
Key Takeaways
Carnival achieved record first-quarter revenue of $5.81 billion, driven by higher ticket prices and onboard spending. Operating income nearly doubled compared to the prior year, and adjusted net income turned positive. Despite a reported net loss, results exceeded expectations due to strong demand and effective cost management.
Revenue reached $5.81 billion, up from $5.41 billion in Q1 2024.
Operating income rose to $543 million, nearly double the prior year.
Adjusted net income reached $174 million, or $0.13 per share.
Occupancy percentage reached 103%, up from 102% in Q1 2024.
Carnival
Carnival
Carnival Revenue by Segment
Revenue by Segment
Passenger Ticket Revenue
CapyFin.comOnboard and Other Revenue
CapyFin.com Forward Guidance
For full year 2025, Carnival raised its earnings guidance, expecting net yields to rise and adjusted EBITDA to reach approximately $6.7 billion.
Positive Outlook
- Net yields expected to increase by approximately 4.7% year-over-year.
- Adjusted net income expected to be up over 30% compared to 2024.
- Adjusted EBITDA forecasted at around $6.7 billion, up nearly 10%.
- Strong booking volumes for 2026 and beyond at record prices.
- Continued robust onboard spending trends observed.
Challenges Ahead
- Higher dry-dock days impacting Q2 cruise costs.
- Macroeconomic and geopolitical uncertainties may pose risks.
- Fuel costs remain volatile with potential expense impacts.
- Debt servicing continues to be a significant expenditure.
- Foreign currency exchange fluctuations could affect financial results.