Cruise operator Carnival Corporation’s second quarter earnings and revenue beat estimates, with the company lifting its full-year guidance.
Adjusted earnings per share were US$0.35, rising from $0.11 year-over-year and passing LSEG estimates of $0.24. Revenue was a record $6.3 billion, above estimates of $6.2 billion.
“Our amazing team delivered yet another phenomenal quarter, more than tripling adjusted net income driven by record net yields (in constant currency) and strong close-in demand. We also remain on track for strong 4% net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months,” said Carnival CEO Josh Weinstein.
“Our strong results, booked position and outlook are a testament to the success of our ongoing strategy to deliver same-ship, high-margin revenue growth. We continue to set ourselves up well for 2026 and beyond, with so much more potential to take our margins, returns and results even higher over time.”
The company’s net income was US$565 million, up from $92 million one year ago.
Adjusted EBITDA reached a new record of US$1.5 billion, rising 26% year-over-year. Operating income also increased to a record $934 million, compared with $560 million in 2024’s Q2.
Cruise costs by available lower berth day fell by 0.3% from one year ago, though adjusted cruise costs excluding fuel increased by 3.5%. Fuel consumption per available lower berth day dropped by 6.3%.
Carnival has raised its full-year guidance, and now projects adjusted cruise costs per available lower berth day to rise by 3.6%, lower than the previously expected 3.8%. Adjusted EBITDA will be around US$6.9 billion, the company estimates, higher than former guidance of $6.7 billion.
Carnival’s (NYSE: CCL) share price closed at US$25.70, above its previous close at $24.04. Its market capitalisation is $33.22 billion.
