Carnival Corporation & plc has reported its second-quarter 2025 financial results, surpassing its 2026 Sea Change financial targets 18 months early. The company's achievements include a record second-quarter revenue of $6.3 billion, with net yields (in constant currency) significantly outperforming March guidance by 200 basis points. The company's cumulative advanced booked position for 2026 is in line with 2025 record levels and at historical high prices (in constant currency), while all-time high customer deposits reached $8.5 billion.
The company's net income for the second quarter was $565 million, an improvement of nearly $475 million compared to 2024, while adjusted net income more than tripled compared to 2024, outperforming March guidance by $185 million. Additionally, record operating income of $934 million and record adjusted EBITDA of $1.5 billion exceeded 2024 by 26 percent. The company also extended and upsized its revolver capacity to $4.5 billion in June, a 50 percent increase.
For the full year 2025, the company expects net yields (in constant currency) to be approximately 5.0 percent higher than strong 2024 levels, adjusted cruise costs excluding fuel per ALBD (in constant currency) to be up approximately 3.6 percent compared to 2024, adjusted net income to be up over 40 percent compared to 2024, and adjusted EBITDA of approximately $6.9 billion, up over 10 percent compared to 2024.
Furthermore, the company has made efforts to reduce interest expense, simplify its capital structure, and manage future debt maturities, refinancing nearly $7 billion of debt at favorable rates. The company has also prepaid $350 million of its $1.4 billion 7.625 percent senior unsecured notes due 2026 and refinanced the remainder with $1.0 billion 5.875 percent senior unsecured notes due 2031, reducing net interest expense by over $20 million through its original scheduled maturity in 2026.
In addition to its financial achievements, the company has made significant announcements including ordering two new builds for AIDA Cruises, launching a new loyalty program called "Carnival Rewards," introducing the Paradise Collection by Carnival, and being named one of America’s best employers for new grads in 2025 by Forbes.
The company's conference call with analysts to discuss its earnings release is scheduled for today at 10:00 a.m. EDT. For further details, the company's earnings presentation and debt maturities schedule can be found on its website. The market has reacted to these announcements by moving the company's shares 7.47% to a price of $25.835. For more information, read the company's full 8-K submission here.
