Carnival Corporation &Amp; Plc (CCL) Announces Record-Setting First Quarter Operating Earnings Results, Outperforms December Guidance And Raises Full Year 2025 Guidance

Carnival Corporation & plc (CCL) today announced its financial results for the latest quarter. The company reported a quarterly revenue of $7 million, meeting expectations. Additionally, Carnival posted a quarterly diluted earnings per share of -$0.06, which also aligned with market forecasts.

Key Highlights:

• Carnival Corporation reported record first-quarter revenues of $5.8 billion, surpassing the previous year by over $400 million.
• The company achieved record net yields, significantly outperforming December guidance due to strong demand and onboard revenue.
• Operating income for the first quarter was $543 million, nearly double the previous year.
• Carnival raised its full-year 2025 guidance, expecting adjusted net income to increase by over 30% compared to 2024.
• The company successfully refinanced $5.5 billion of debt, resulting in $145 million in annualized interest savings.
• Booking volumes for 2026 and beyond reached record levels, with pricing at historical highs.
• Carnival expects to achieve its 2026 SEA Change financial targets one year in advance.

Summary:

Carnival Corporation & plc reported a record-setting first quarter for 2025, with revenues reaching $5.8 billion, a significant increase from the previous year. The company achieved record net yields, driven by strong demand and onboard revenue, which exceeded December guidance. Operating income nearly doubled from the prior year, reaching $543 million. The company also raised its full-year 2025 guidance, expecting adjusted net income to increase by over 30% compared to 2024. CEO Josh Weinstein highlighted the strong demand across the portfolio, stating, “Our first quarter was truly characterized by outperformance… we remain on track to have another stellar year across our cruise brands.”

Carnival Corporation also made significant strides in managing its debt profile, refinancing $5.5 billion of debt, which delivered $145 million in annualized interest savings. The company reported record booking volumes for 2026 and beyond, with pricing at historical highs. The cumulative advanced booked position for the remainder of the year remains strong, with pricing at historical highs for each quarter. Carnival expects to achieve its 2026 SEA Change financial targets one year in advance, with adjusted return on invested capital and adjusted EBITDA per available lower berth reaching the highest levels in nearly two decades. CFO David Bernstein commented on the refinancing efforts, stating, “We have been opportunistically reducing interest expense while simplifying our capital structure and managing our future debt maturities.”

Carnival Corporation & plc (CCL) has experienced a rollercoaster ride in its stock price over the past year. Despite a significant one-year increase of 25.82%, the stock has faced recent volatility, with a notable decline of 13.68% over the past month and a more substantial drop of 20.90% over the last three months. However, the stock has shown resilience with a 10.88% increase in the past week and an 11.58% rise over the last six months. On the fundamental side, Carnival boasts a price-to-earnings ratio of 14.57, indicating a relatively moderate valuation compared to the broader market. The company’s revenue has been growing impressively, with a two-year compound annual growth rate (CAGR) of 43.39%, reflecting strong recovery and demand in the cruise industry. Additionally, Carnival’s return on invested capital stands at 8.49%, and a net profit margin of 6.18% suggests efficient management and profitability. These metrics paint a picture of a company that, despite recent price fluctuations, is fundamentally sound and poised for potential growth.

Carnival Corporation & plc operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard brand names. The company also provides port destinations and other services, as well as owns and owns and operates hotels, lodges, glass-domed railcars, and motor coaches. It sells its cruises primarily through travel agents, tour operators, vacation planners, and websites. The company operates in the United States, Canada, Continental Europe, the United Kingdom, Australia, New Zealand, Asia, and internationally. It operates 87 ships with 223,000 lower berths. Carnival Corporation & plc was founded in 1972 and is headquartered in Miami, Florida.