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May 31, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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