Carnival Corp & plc Reports Record-Breaking Q1 Results

By Bobby Samwell • Friday, March 21 18:46 • Permanent Link

Carnival Corporation & plc has reported record-setting first quarter operating results, outperforming December guidance and raising its full-year 2025 guidance. The company's first quarter revenues reached $5.8 billion, up over $400 million compared to the prior year. Notably, the company achieved a record first quarter operating income of $543 million, nearly double the prior year.

The company's 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 for 2026 and beyond reached record levels, indicating strong demand and pricing. Carnival also successfully managed its debt profile during the first quarter, opportunistically refinancing $5.5 billion of debt, delivering $145 million in annualized interest savings, and reducing the debt balance by another $0.5 billion.

For the full year 2025, the company expects net yields (in constant currency) to be approximately 4.7 percent higher than 2024, adjusted cruise costs excluding fuel per available lower berth (ALBD) (in constant currency) to increase by approximately 3.8 percent compared to 2024, adjusted net income to be up over 30 percent compared to 2024, and adjusted EBITDA of approximately $6.7 billion, up nearly 10 percent compared to 2024.

In the second quarter of 2025, the company expects net yields (in constant currency) to be up approximately 4.4 percent compared to strong 2024 levels, adjusted cruise costs excluding fuel per ALBD (in constant currency) to increase approximately 5.5 percent compared to the second quarter of 2024, and adjusted EBITDA of approximately $1.3 billion, up 10 percent compared to the second quarter of 2024.

The company also provided insights into its financing activities, highlighting efforts to proactively manage its debt profile and reduce interest expense. Moody’s upgraded the company’s credit rating and maintained a positive outlook, reflecting improved leverage metrics and continuing journey to investment-grade ratings.

Today the company's shares have moved -1.2% to a price of $20.94. Check out the company's full 8-K submission here.

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