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Aug 31, 2025
Carnival Q3 2025 Earnings Report
Carnival achieved record-breaking Q3 results with all-time high net income and revenues, surpassing previous records set in 2019.
Key Takeaways
Carnival delivered a strong Q3 2025, setting records in revenue, adjusted EPS, and net income driven by strong close-in demand, improved yields, and cost management.
Recorded all-time high net income of $1.9 billion, surpassing the previous record from 2019
Generated $8.2 billion in revenue, the highest ever and 10th consecutive quarter of record revenue
Achieved adjusted EPS of $1.43, beating guidance by $0.14
Fuel consumption per ALBD decreased 5.2% YoY due to energy efficiency efforts
Revenue by Segment
Forward Guidance
Carnival raised its full-year 2025 outlook again, with stronger-than-expected yields and improved cost performance, while continuing to target investment grade metrics.
Positive Outlook
- Adjusted net income for full year expected to be up nearly 55% YoY
- Net yields for Q4 expected to rise 4.3% YoY
- Adjusted cruise costs excluding fuel for Q4 expected to improve over prior guidance
- Q4 adjusted net income expected to be up over 60% YoY
- Strong booking trends for 2026 at historically high prices
Challenges Ahead
- Cruise costs per ALBD increased 4.6% YoY
- Adjusted cruise costs excluding fuel per ALBD rose 5.5% YoY
- Fuel cost per metric ton remains elevated at $598
- Q3 saw $111 million in debt extinguishment and modification costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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