Carnival Corporation continues record performance in Q1

Cruise giant Carnival Corporation has reported record revenues of $6.2 billion for its first quarter, compared to $5.8 billion in Q1 2025.

The record three-month period to the end of February followed a year of record revenues and profit – but the quarter ended before the outbreak of the war in the Middle East which has prompted soaring fuel prices.

Operating income was up to $607 million, from $543 million in Q1 last year, while net income was $258 million compared to a net loss of $78 million in the same period last year.

Josh Weinstein, Carnival Corporation & plc chief executive, said: “We delivered a strong start to the year, with record first-quarter operating results that exceeded our guidance, driven by healthy fundamentals and solid execution across the business.

“This performance supported an increase to our full year operational outlook of nearly $150 million, helping to mitigate the impact of higher fuel prices.”

Commenting on sales, he said: “We delivered an incredibly strong start to the year, achieving our highest level of bookings ever on strong demand that extended well into 2028 sailings.

“Bookings for 2026 were up double digits, which further pulled forward our already record booked position for the remainder of the year at historically high prices (in constant currency).

“With nearly 85% of 2026 already on the books and an even smaller amount of inventory available compared to this time last year, we are well positioned to deliver yield improvement in the back half of the year.

“Continued demand strength is also clearly reflected in higher first quarter onboard revenues and an acceleration in pre-cruise onboard sales.”

Customer deposits reached a first quarter record of nearly $8 billion, surpassing the previous year’s high by nearly 10%, “reflecting the demand momentum and reinforcing the company’s strong cash flow profile”.

Weinstein continued: “We remain on track to deliver solid yield growth, continued cost discipline and $7 billion in adjusted Ebitda this year, underscoring the strength of demand across our portfolio, progress on our long-term strategy, and the advancements we have made positioning the business to perform across a range of environments.

“With this strong foundation in place, we are focused on the next chapter of value creation for Carnival. Today, we are introducing Propel: Powering Growth and Returns, Responsibly – our new set of long-term targets.

“At its core, Propel is about converting strong demand into higher returns, earnings growth and cash flow while maintaining disciplined capacity growth and a strong balance sheet.”

Carnival Corporation & plc is the largest global cruise company, with brands such as Carnival Cruise Line, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn.

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