Carnival Corporation & plc announced financial results for the first quarter 2025 and provided an updated outlook for the full year and an outlook for the second quarter 2025.
- Record first quarter revenues of $5.8 billion, up over $400 million compared to the prior year.
- Record net yields1 significantly outperformed December guidance due to strong close in demand and continued strength in onboard revenue.
- Record first quarter operating income of $543 million, nearly double the prior year.
- Cumulative advanced booked position for the remainder of the year is in line with the prior year’s record levels with pricing (in constant currency) at historical highs. Booking volumes taken during the first quarter for 2026 and beyond reached record levels.
- Accelerated efforts to manage the debt profile during the first quarter, opportunistically refinancing $5.5 billion of debt, delivering $145 million in annualized interest savings while reducing the debt balance by another $0.5 billion.
- Adjusted net income guidance for 2025 expected to be up over 30 percent compared to 2024 and better than December guidance by $185 million on improved revenue and interest expense expectations.
- Expecting to achieve both 2026 SEA Change financial targets one year in advance, with adjusted return on invested capital1 (“ROIC”) and adjusted EBITDA per available lower berth1 (“ALBD”) for 2025 reaching the highest levels in nearly two decades.
“Our first quarter was truly characterized by outperformance. This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending,” commented Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein.
“While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year and we remain on track to have another stellar year across our cruise brands. This raise incorporates our increased first quarter yield results and reduced interest expense thanks to our recent successful refinancings. We are also affirming our December yield guidance for the remainder of 2025, as our booking curve continues to be the farthest out on record, at record prices (in constant currency), onboard spending is robust and we have proven to be incredibly resilient,” Weinstein continued.
“We are delivering amazing vacation experiences every day in a time when people all over the world are placing increasing importance on experiences, particularly those spent with family and friends. Our value for money is truly a strength when people look to make their vacation dollars go further,” said Weinstein.