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May 31
Carnival Q2 2025 Earnings Report
Carnival delivered record Q2 results with strong revenue and profitability growth.
Key Takeaways
Carnival Corporation reported a record-breaking Q2 2025 with significant increases in net income, revenue, and operating income, exceeding previous guidance and achieving its 2026 financial targets ahead of schedule.
Net income surged to $565 million, nearly $475 million higher than Q2 2024.
Record revenue of $6.3 billion driven by strong demand and onboard spending.
Adjusted EPS of $0.35, beating March guidance by $185 million.
Highest-ever second quarter operating income of $934 million and adjusted EBITDA of $1.5 billion.
Carnival
Carnival
Carnival Revenue by Segment
Revenue by Segment
Passenger Ticket Revenue
CapyFin.comOnboard and Other Revenue
CapyFin.com Forward Guidance
Carnival expects continued revenue and income growth in 2025, supported by strong booking trends and operational efficiencies.
Positive Outlook
- Net yields expected to be 5.0% higher than 2024.
- Adjusted net income forecast to rise over 40% from 2024.
- Adjusted EBITDA projected at approximately $6.9 billion.
- Customer bookings and pricing remain at record levels.
- Fuel efficiency improvements and lower-than-expected costs.
Challenges Ahead
- Adjusted cruise costs excluding fuel per ALBD to increase 3.6%.
- Third-quarter adjusted cruise costs expected to rise 7.0%.
- Higher advertising and operating expenses for Celebration Key.
- Impacts of lower 2025 capacity.
- Exposure to macroeconomic and geopolitical uncertainty.