Carnival sees Q2 profit jump on record sales, higher bookings

Carnival Corporation has reported a significant uplift in its financial performance for the second quarter of 2025, driven by record revenues and robust consumer demand. The cruise giant posted revenues of $6.3 billion, an increase of nearly $550 million compared to the same period in 2024.

This performance contributed to a net income of $565 million, marking a substantial improvement of almost $475 million from the previous year and outperforming the company's March guidance by $185 million. The results reflect a strong period for the operator, which also saw customer deposits reach an all-time high of $8.5 billion.

While overall cruise costs per available lower berth day (ALBD) saw a slight decrease of 0.3 per cent, adjusted cruise costs excluding fuel rose by 3.5 per cent compared to 2024, which the company attributed primarily to a higher number of dry-dock days. The company's fuel consumption per ALBD, however, decreased by 6.3 per cent year-on-year.

Bookings for the remainder of the year are described as strong, with pricing at historical highs. According to Chief Executive Officer Josh Weinstein, "close-in demand and onboard spending levels were incredibly strong for second quarter sailings and our booking curve continues to be the furthest out on record."

Looking ahead, Carnival has raised its full-year guidance. It now expects net yields to be approximately five per cent higher than in 2024, with adjusted net income forecast to be up by over 40 per cent.

For the third quarter, the company anticipates net yields will rise by around 3.5 per cent, though it also projects an increase in adjusted cruise costs excluding fuel of approximately seven per cent, citing operating expenses for its new Celebration Key destination and higher advertising investment.

The company also noted it had refinanced nearly $7 billion of debt this year and recently upsized its revolver capacity by 50 per cent to $4.5 billion.