Carnival Q4 2024 Earnings Report
Key Takeaways
Carnival Corporation & plc announced strong Q4 2024 results, with revenues hitting a record $5.9 billion, a 10% increase compared to the previous year. Net income was $303 million, and adjusted EBITDA reached $1.2 billion, exceeding September guidance. The company anticipates continued growth in 2025, with net yields expected to increase by approximately 4.2% and adjusted net income projected to rise over 20%.
Record fourth quarter revenues of $5.9 billion, 10 percent higher than prior year.
Net income was $303 million, or $0.23 diluted EPS, versus a net loss of $48 million in 2023.
Record fourth quarter adjusted EBITDA of $1.2 billion was 29 percent higher than 2023.
Total customer deposits reached a fourth quarter record of $6.8 billion.
Carnival
Carnival
Forward Guidance
For the full year 2025, the company expects continued growth in demand, with net yields (in constant currency) approximately 4.2 percent higher than record 2024 levels. Adjusted net income of approximately $2.3 billion, over 20 percent higher than 2024.
Positive Outlook
- Net yields (in constant currency) approximately 4.2 percent higher than record 2024 levels based on continued strength in demand.
- Adjusted net income of approximately $2.3 billion, over 20 percent higher than 2024.
- Adjusted EBITDA of approximately $6.6 billion, up approximately $500 million compared to 2024.
- Adjusted EBITDA per ALBD to reach its 2026 SEA Change target one year in advance.
- Adjusted ROIC of approximately 11.7 percent.
Challenges Ahead
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.7 percent compared to 2024, in part due to higher dry-dock days, higher advertising expense and operating costs for the company’s new exclusive destination, Celebration Key.
- Newbuild capital expenditures are $1.1 billion
- Non-newbuild capital expenditures are $2.5 billion.
- Interest expense is currently expected to be over $200 million lower than 2024 and over $500 million lower compared to 2023
- Debt maturities for full year 2025 and 2026 are $1.5 billion and $2.7 billion.