# Carnival Corporation & plc (CCL) Q3 2025 Financial Results Summary
**Release Date:** September 29, 2025
Carnival Corporation & plc has reported impressive financial results for the third quarter of 2025, achieving record levels of net income and revenue. Below is a summary of the key highlights from their earnings report.
### Financial Highlights
– **Net Income:**
– Recorded net income of **$1.9 billion**, a **6.6% increase** compared to $1.74 billion in the third quarter of 2024.
– Adjusted net income reached **$2.0 billion**, an improvement of **13.2%** from the same period last year.
– **Earnings Per Share (EPS):**
– Diluted earnings per share came in at **$1.33**, up from **$1.26** in Q3 2024, marking a **5.6% increase**.
– Adjusted EPS was **$1.43**, reflecting nearly a **12.6% growth** year-over-year.
– **Revenue:**
– Total revenue reached **$8.2 billion**, a rise of **3.3%** compared to last year’s $7.9 billion.
– This marks the company’s **tenth consecutive quarter** of revenue growth.
### Performance Metrics
– **Net Yields:**
– Achieved **4.6% growth** in net yields (in constant currency) compared to Q3 2024.
– Gross margin yields were **6.4% higher** than the same quarter last year.
– **Costs:**
– Cruise costs per available lower berth day (ALBD) increased by **4.6%** compared to Q3 2024.
– Adjusted cruise costs excluding fuel per ALBD rose by **5.5%**, which was **1.5 percentage points** better than previous guidance.
– **Operational Efficiency:**
– Adjusted EBITDA reached **$3.0 billion**, up from $2.8 billion in Q3 2024, highlighting substantial operational improvements.
### Strategic Initiatives
– **Debt Management:**
– Successfully refinanced **$4.5 billion** of debt and prepaid an additional **$0.7 billion** to strengthen capital structure.
– The company’s net debt to adjusted EBITDA ratio improved to **3.6x**, a reduction from **4.7x** in the same period a year ago.
– **Booking Trends:**
– Bookings since May have exceeded previous year levels, laying a strong foundation for 2026, with nearly half of the year already booked.
### Operational Insights
– **Customer Deposits:**
– Customer deposits reached a record **$7.1 billion**, surpassing the previous record as of August 31, 2024.
– **New Destinations:**
– Notably opened **Celebration Key**, Carnival’s newest destination on Grand Bahama Island, receiving positive feedback and media coverage.
### Outlook
– **Full Year Guidance for 2025:**
– The company raised its adjusted net income guidance for the full year to expect an almost **55%** increase compared to 2024.
– Anticipated adjusted EBITDA for the full year is approximately **$7.05 billion**, reflecting a **15% increase** over the last year.
– **Fourth Quarter Expectations:**
– Projected net yields growth of approximately **4.3%** compared to Q4 2024 levels.
– Expected adjusted net income for the fourth quarter is up over **60%** relative to the same period last year.
### Shareholder Returns
– Carnival Corporation & plc has not declared a new quarterly dividend or indicated any share repurchase program as part of this earnings release.
### Conclusion
Carnival Corporation & plc’s Q3 2025 results demonstrate a strong recovery trajectory, marked by record-setting revenues and improved operational metrics. The enhanced guidance for the full year underlines management’s optimism about ongoing demand and operational efficiency growth, despite societal challenges in the broader travel industry.
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| August 31, 2025 | August 31, 2024 | August 31, 2025 | August 31, 2024 | |
| Passenger ticket | $5,430 | $5,239 | $13,366 | $12,609 |
| Onboard and other | $2,723 | $2,657 | $6,925 | $6,474 |
| Total Revenues | $8,153 | $7,896 | $20,292 | $19,083 |
| Cruise and tour operating expenses: | ||||
| Commissions, transportation and other | $973 | $958 | $2,603 | $2,510 |
| Onboard and other | $883 | $866 | $2,154 | $2,043 |
| Payroll and related | $636 | $575 | $1,915 | $1,812 |
| Fuel | $451 | $515 | $1,384 | $1,546 |
| Food | $398 | $393 | $1,124 | $1,099 |
| Other operating | $1,044 | $995 | $2,858 | $2,796 |
| Total Cruise and tour operating expenses | $4,385 | $4,303 | $12,037 | $11,805 |
| Selling and administrative expense | $779 | $763 | $2,442 | $2,366 |
| Depreciation and amortization expense | $717 | $651 | $2,064 | $1,898 |
| Operating Income | $2,271 | $2,178 | $3,748 | $3,013 |
| Interest income | $15 | $19 | $34 | $77 |
| Interest expense, net of capitalized interest | -$317 | -$431 | -$1,034 | -$1,352 |
| Debt extinguishment and modification costs | -$111 | -$13 | -$366 | -$78 |
| Other income (expense), net | -$2 | -$10 | -$14 | -$35 |
| Income Before Income Taxes | $1,857 | $1,743 | $2,368 | $1,626 |
| Income tax expense, net | -$6 | -$8 | -$30 | -$13 |
| Net Income (Loss) | $1,852 | $1,735 | $2,338 | $1,613 |
| Earnings Per Share | ||||
| Basic | $1.41 | $1.37 | $1.78 | $1.27 |
| Diluted | $1.33 | $1.26 | $1.71 | $1.21 |
| Weighted-Average Shares Outstanding | ||||
| Basic | 1,313 | 1,267 | 1,311 | 1,266 |
| Diluted | 1,402 | 1,399 | 1,401 | 1,398 |
| August 31, 2025 | November 30, 2024 | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $1,763 | $1,210 |
| Trade and other receivables, net | $651 | $590 |
| Inventories | $475 | $507 |
| Prepaid expenses and other | $979 | $1,070 |
| Total current assets | $3,868 | $3,378 |
| Property and Equipment, Net | $42,889 | $41,795 |
| Operating Lease Right-of-Use Assets, Net | $1,352 | $1,368 |
| Goodwill | $579 | $579 |
| Other Intangibles | $1,181 | $1,163 |
| Other Assets | $962 | $775 |
| Total | $50,831 | $49,057 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities | ||
| Current portion of long-term debt | $1,417 | $1,538 |
| Current portion of operating lease liabilities | $178 | $163 |
| Accounts payable | $1,173 | $1,133 |
| Accrued liabilities and other | $1,977 | $2,358 |
| Customer deposits | $6,691 | $6,425 |
| Total current liabilities | $11,436 | $11,617 |
| Long-Term Debt | $25,064 | $25,936 |
| Long-Term Operating Lease Liabilities | $1,201 | $1,239 |
| Other Long-Term Liabilities | $1,202 | $1,012 |
| Shareholders’ Equity | ||
| Carnival Corporation common stock, $0.01 par value; 1,960 shares authorized; 1,298 shares issued at 2025 and 1,294 shares issued at 2024 | $13 | $13 |
| Carnival plc ordinary shares, $1.66 par value; 217 shares issued at 2025 and 2024 | $361 | $361 |
| Additional paid-in capital | $17,238 | $17,155 |
| Retained earnings | $4,395 | $2,101 |
| Accumulated other comprehensive income (loss) | -$1,715 | -$1,975 |
| Treasury stock, 131 shares at 2025 and 130 shares at 2024 | -$8,364 | -$8,404 |
| Total shareholders’ equity | $11,928 | $9,251 |
| Total | $50,831 | $49,057 |
