Carnival Corporation, the world’s largest cruise company, achieved the best result in its history in the third quarter of the current year.
The Miami-based cruise group achieved a net profit of USD 1.9 billion (previous year: USD 1.78 billion). Adjusted net income was even higher at $2.0 billion and exceeded the June forecast by $182 million. Earnings per share amounted to $ 1.33, or $ 1.43 on an adjusted basis.
The Miami-based group also reported another record turnover: at $8.2 billion, revenue was up by around $250 million on the same quarter of the previous year – despite lower fleet capacity. This is the tenth consecutive quarter in which Carnival has set a new sales record. Adjusted EBITDA amounted to 3.0 billion dollars.
Carnival Corporation includes the cruise brands Aida Cruises (Germany), Carnival Cruise Line (USA), Costa Crociere (Italy), Cunard Line (UK), Holland America Line (USA), P&O Cruises (UK), Princess Cruises (USA) and Seabourn Cruise Line (USA).
Strong demand drives revenue
According to the company, net revenue per available lower berth capacity (ALBD) increased by 4.6% in constant currency compared to 2024, 1.1 percentage points above expectations. Short-term demand (“close-in demand”) in particular contributed to the improved results. Gross revenue improved by 6.4%.
“This was a phenomenal quarter with the highest net profit and the tenth consecutive revenue record,” said CEO Josh Weinstein. Strong demand and higher spending on board were the key factors. At the same time, energy efficiency was increased: Fuel consumption per ALBD fell by 5.2%.
Weinstein also referred to the sustained profitability of the Carnival Cruise Line and Aida brands, while the other brands also made significant progress. With an adjusted return on invested capital (ROIC) of 13%, Carnival achieved double-digit figures for the first time in almost two decades.
Demand is reflected not only in the current results, but also in future capacity utilization. According to Carnival, advance bookings for 2026 are at the level of the record year 2025, albeit at even higher prices. Around 50% of capacity has already been booked for the coming year. 2027 has also got off to a strong start with record booking volumes in the third quarter.
Carnival has revised its annual forecast for 2025 upwards for the third time in a row. The company now expects net revenue per ALBD (in constant currency) to increase by 5.3% compared to 2024. Adjusted costs excluding fuel are expected to rise by 3.3%, while adjusted net income is expected to increase by 55%. Carnival expects EBITDA of around USD 7.05 billion, which corresponds to an increase of 15%. In the fourth quarter, profits are even forecast to increase by more than 60% compared to the previous year. “While we have already made tremendous progress, we continue to see great potential to increase our revenue per ship and close the price-performance gap with land-based vacation offerings,” said CEO Weinstein.
