Carnival Reports “Phenomenal” Quarter with All-Time High Net Income

Carnival Corporation reported third-quarter 2025 results this morning and it was described by CEO Josh Weinstein as “a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues.”

 The cruise company posted net income of $1.9 billion and revenues of $8.2 billion.

Key Financial Numbers

• Net income of $1.9 billion, or $1.33 diluted earnings per share, breaking previous records.
• Adjusted net income of $2.0 billion, or $1.43 adjusted EPS, surpassing June guidance by $182 million.
• Revenues reached $8.2 billion, representing the tenth consecutive quarter of record revenues.
• Adjusted return on invested capital reached 13%, the highest in nearly 20 years.
• Successful refinancing of $4.5 billion in debt and additional $0.7 billion prepaid.
• Bookings for 2026 track at record levels seen in 2025, with historically high prices.
• Fuel consumption per available lower berth day decreased 5.2%, improving efficiency.

Comments from the CEO

Weinstein mentioned, “Strong demand and onboard spending drove a 4.6% improvement in net yields (in constant currency), all achieved on a same-ship basis.” He also noted the successful opening of Celebration Key, Carnival’s exclusive private destination, which has been well received by passengers.

What’s Driving These Numbers?

Carnival’s results show that the popularity of cruising is only growing stronger.  The company has also been helped by adding the popular Excel-class in addition to the new private destination that has been getting a lot of media buzz since it recently opened.

Going Forward

With full-year 2025 adjusted net income guidance raised for the third time, Carnival expects nearly 55% growth year over year.

Q4 adjusted net income is forecast to rise more than 60% compared to the same period last year, showing that demand isn’t backing down and that people are still booking vacations well into 2026 and beyond.