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Feb 28, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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