Carnival Corporation reported record revenue and net income last quarter as bookings rise, though shares dropped by 4.0%.
Net income was US$1.85 billion, up from $1.74 billion year-over-year, or $2.0 billion on an adjusted basis. Revenue was $8.15 billion, growing from $7.90 billion.
“This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues. Strong demand and onboard spending drove a 4.6% improvement in net yields (in constant currency), all of which was achieved on a same ship basis,” said Carnival CEO Josh Weinstein.
“Since May, booking trends have continued to strengthen with higher booking volumes than last year and far outpacing capacity growth,” said Weinstein. “With nearly half of 2026 booked, which is in line with 2025 record levels (at the same time last year) but now at historical high prices (in constant currency) for both our North America and Europe segments, we have built a strong base of business for next year.”
Operating income was $2.27 billion, up from $2.18 billion. Diluted earnings per share were $1.33, growing from $1.26, and adjusted EBITDA was up from $2.82 billion to $2.99 billion.
Passenger Ticket revenue rose from $5.24 billion to $5.43 billion, while Onboard & Other revenue increased from $2.66 billion to $2.72 billion.
Customer deposits also reached a new record of $7.1 billion last quarter.
Cruise costs per available lower berth day were up 4.6% year-over-year. Excluding fuel, costs increased by 5.5%, 1.5 percentage points below June guidance.
Total operating expenses were $4.39 billion, rising from $4.30 billion. Fuel expenses declined from $515 million to $451 million.
The company’s full-year guidance projects adjusted net income will increase by almost 55% over 2024, with adjusted EBITDA of around $7.05 billion.
Carnival’s (NYSE: CCL) share price closed at $29.40, down from its previous close at $30.62. Its market capitalisation is US$38.17 billion.
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