- Record Financial Performance: Carnival Corporation & plc achieved all-time high net income of $1.9 billion and adjusted net income of $2.0 billion for the third quarter of 2025, with record revenues of $8.2 billion and increased net yields.
- Strong Booking Trends and Outlook: Booking volumes for 2026 remain strong, aligning with record 2025 levels at historical high prices, and the company has raised its full-year 2025 adjusted net income guidance for the third consecutive quarter.
- Debt Refinancing and Financial Strengthening: The company refinanced $4.5 billion of debt and prepaid $0.7 billion, actively managing its capital structure to reduce interest expense and working towards investment-grade leverage metrics, reflected in a credit rating upgrade by Moody’s.
- New Destinations and Brand Recognition: Carnival opened Celebration Key, its new exclusive destination, and its brands received significant recognition, including Condé Nast Traveler’s award for Princess Cruises and Travel + Leisure awards for Holland America Line.
Carnival Corporation & plc has released its financial results for the third quarter of 2025, reporting all-time high net income and adjusted net income. The company exceeded its previous guidance and has raised its full-year 2025 outlook for the third time this year. This financial performance is attributed to improved net yields and effective cost and balance sheet management.
For the third quarter of 2025, Carnival reported a net income of $1.9 billion and an adjusted net income of $2.0 billion. Revenues reached a record $8.2 billion, marking the tenth consecutive quarter of record revenues. Net yields, in constant currency, also achieved an all-time high, outperforming June guidance due to strong close-in demand. The company’s adjusted return on invested capital reached 13% for the first time in nearly 20 years. Josh Weinstein, Carnival Corporation & plc’s Chief Executive Officer, noted that these results were achieved on a same-ship basis, driven by strong performance from Carnival Cruise Line and AIDA, along with advancements across other brands.
Bookings have reportedly strengthened since May, with higher volumes outpacing capacity growth. The cumulative advanced booked position for 2026 remains strong, aligning with 2025 record levels at historical high prices in constant currency for both North America and Europe segments. Nearly half of 2026 is already booked, establishing a solid foundation for the coming year. Bookings for 2027 are also off to a good start, with record volumes during the third quarter.
Financially, Carnival refinanced $4.5 billion of debt during the quarter, aiming to simplify its capital structure, reduce interest expense, and manage future debt maturities. An additional $0.7 billion of debt was prepaid. David Bernstein, Carnival Corporation & plc’s Chief Financial Officer, commented on the progress towards reaching investment-grade leverage metrics, with a focus on achieving a net debt to adjusted EBITDA ratio under 3x. During the quarter, Moody’s upgraded the company’s credit rating, maintaining a positive outlook, which the company views as a reflection of improved leverage metrics and momentum. The total debt at the end of the quarter stood at $26.5 billion, an improvement from the previous year.
In other developments, Carnival successfully opened Celebration Key, its new exclusive destination on Grand Bahama Island, which features the largest freshwater lagoon in the Caribbean and the world’s largest swim-up bar. Carnival Cruise Line hosted nearly half a million guests at Celebration Key since its opening in July. Princess Cruises welcomed Star Princess, a sister ship to the Sun Princess, which was recognized as Condé Nast Traveler’s 2024 Mega Ship of the Year in the United States.
Holland America Line received recognition as Best Large Ship Ocean Cruise Line and Best Mid-Sized Ship Ocean Cruise Line in Travel + Leisure’s 2025 World’s Best Awards. Cunard launched a new campaign, “Why cruise when you can Cunard,” promoting its blend of style and luxury. Carnival was also named by Forbes as one of America’s Best Employers for Women and Best-in-State Employers for Florida in 2025. The company released its 15th annual sustainability report, “Doing Business Responsibly from Ship to Shore,” detailing progress towards its sustainability goals.