Carnival Corp. Posts Results Reaching Highest Levels in Two Decades
Carnival Corporation, which bills itself as the largest global cruise company and among the largest leisure travel companies, reported strong results, beating analyst estimates and providing a further demonstration of the strength of the cruise market. It was a quarter filled with superlatives contributing to the company increasing its outlook and forecasting a 40 percent increase in adjusted net income for FY 2025.
“Our amazing team delivered yet another phenomenal quarter, more than tripling adjusted net income driven by record net yields (in constant currency) and strong close-in demand,” said Carnival Corporation & plc's Chief Executive Officer Josh Weinstein.
The company highlighted that it achieved the highest ever second quarter operating results with record revenues of $6.3 billion and net income of $565 million was nearly $475 million ahead of 2024. Weinstein highlighted to investors that the corporation achieved its highest margins in nearly 20 years. Earnings on the basis of available lower berth days also reached the highest level in nearly two decades.
The rebound for Carnival Corporation has been dramatic post-pandemic. At the height of the pandemic, with its operations suspended, many were prepared to write the company off. The strength of the results in the first two quarters of the fiscal year led Carnival to exceed financial targets 18 months ahead of schedule with management forecasting a strong continued outlook.
The company reports for the near-term, its cumulative advanced booked position remains strong with occupancy the second-highest on record and pricing at historical highs. The records seen in 2025 are also continuing into 2026, with the company saying that while it is early, booking positions for 2026 are in line with this year’s records.
Carnival’s Princess Cruises is set to take delivery shortly on the last of the company’s pre-pandemic newbuild orders. After pausing the activity, Carnival has placed a series of orders, including the recent deal with Fincantieri for two mid-size cruise ships for AIDA. Carnival Cruise Line has two large LNG-fueled sister ships on order from Meyer Werft and is starting work on its Project Ace, three massive 230,000 GT cruise ships, which, when full, will each hold over 8,000 people.
The downsizing of the fleets has also largely come to an end after selling off older ships during and after the pandemic. Costa Fortuna was recently sold for delivery in 2026. They are also scheduled to deliver a cruise ship to Japan’s Mitsui O.S.K. Lines in 2026.
Weinstein was optimistic speaking to investors, and while recognizing the current global uncertainties, said cruising continues to grow due to the value it represents for travelers. He said Carnival, so far, has not seen a major impact from the war in the Middle East while noting its cruise brands have limited exposure to the region. He said they have already been avoiding the Red Sea and have further contingency plans if required.