Carnival Corporation has announced its financial results for the first quarter of 2025 and provided an updated outlook for the full year and an outlook for the second quarter 2025.
Carnival said it achieved record first quarter revenues of US$5.8 billion, up over US$400 million compared to the prior year, while record net yields significantly outperformed December guidance due to strong close in demand and continued strength in onboard revenue.
Carnival also posted record first quarter operating income of US$543 million, nearly double the prior year.
The 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 level
The adjusted net income guidance for 2025 is expected to be up over 30 per cent compared to 2024 and better than the December guidance by US$185 million on improved revenue and interest expense expectations.
"Our first quarter was truly characterised by outperformance," commented Carnival Corporation's Chief Executive Officer Josh Weinstein. "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.
"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."