Carnival Corporation Reports Record Earnings and Optimistic Outlook

Carnival Corporation ( (CCL) ) has released its Q3 earnings. Here is a breakdown of the information Carnival Corporation presented to its investors.

Carnival Corporation & plc is the world’s largest cruise company, operating a diverse portfolio of cruise lines including Carnival Cruise Line, Princess Cruises, and Holland America Line, among others, in the leisure travel industry.

Carnival Corporation has reported its highest-ever financial results for the third quarter of 2025, with a net income of $1.9 billion and adjusted net income of $2 billion, surpassing previous guidance and raising its full-year outlook for the third time this year.

Key highlights from the earnings report include record revenues of $8.2 billion, driven by strong demand and onboard spending, and a 4.6% improvement in net yields. The company also successfully refinanced $4.5 billion of debt, simplifying its capital structure and prepaying an additional $0.7 billion of debt. Additionally, Carnival introduced a new exclusive destination, Celebration Key, which has been well-received by guests.

Looking forward, Carnival Corporation anticipates continued growth with a strong booking position for 2026 and 2027, and aims to further increase net yields and close the price-to-value gap compared to land-based vacations. The company is focused on enhancing its financial strength and achieving investment-grade leverage metrics.

Carnival’s management remains optimistic about the future, with expectations of increased net yields and adjusted net income for the full year 2025, reflecting the company’s strategic initiatives and operational improvements.