Carnival Corporation & plc reported stellar third-quarter 2025 financial results on Monday, revealing an all-time high net income of $1.9 billion and adjusted net income of $2.0 billion.
The cruise giant—which owns renowned brands such as Carnival Cruise Line, AIDA Cruises, Cunard Line and Holland America Line, among others—also raised full-year 2025 adjusted net income guidance for the third quarter in a row and now expects it to be up nearly 55 percent year over year.
Other Q3 highlights include record revenues of $8.2 billion, which is a record for the tenth consecutive quarter.
"This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues. Strong demand and onboard spending drove a 4.6 percent improvement in net yields (in constant currency), all of which was achieved on a same ship basis," Carnival Corporation & plc's Chief Executive Officer Josh Weinstein, said in a statement.
"Adjusted return on invested capital reached 13 percent for the first time in nearly 20 years, a clear testament to the continued improvement in our operational execution—driven not only by consistently strong performance from Carnival Cruise Line and AIDA, but also great advancement across the rest of our portfolio of world-class brands," he added.
The CEO also praised Carnival's "game changing" opening of Celebration Key in the Bahamas this summer.
"Even with our rapid progress, we believe we have ample opportunity to increase same ship net yields and further close the unbelievable price-to-value gap versus land-based vacation alternatives, pushing margins and returns even higher over time," said Weinstein.
Guests enjoy the day at Celebration Key (Photo Credit: Carnival Cruise Line)
Looking ahead to the final quarter of 2025, Carnival has a rosy outlook, with net yields anticipated to be up approximately 4.3 percent compared to record 2024 levels and adjusted net income up over 60 percent compared to the fourth quarter of 2024.
That optimism is aided by encouraging booking trends.
"Since May, booking trends have continued to strengthen with higher booking volumes than last year and far outpacing capacity growth," said Weinstein. "This momentum affirms the success of our brands' demand generation efforts and the amazing experiences we continue to deliver, driving excess demand and ongoing pricing strength."
"With nearly half of 2026 booked, which is in line with 2025 record levels (at the same time last year) but now at historical high prices (in constant currency) for both our North America and Europe segments, we have built a strong base of business for next year," he added.
"Looking further ahead, 2027 is already off to a great start, achieving record booking volumes during the third quarter," concluded Weinstein.
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