Carnival Corporation quarterly net income surpasses 2019 record

Carnival Corporation has reported all-time high net income and its tenth consecutive quarter of record revenue, leading it to raise its full-year 2025 outlook for the third time this year.

For the three months ending August 31, the parent of cruise brands including Cunard, Holland America Line and P&O Cruises registered a record net income of $1.9 billion ($1.7 billion in Q3 2024), surpassing its previous record in 2019.

Adjusted net income was $2 billion (compared with $1.8 billion in Q3 2024) with strong late demand and onboard spending highlighted as factors behind the record performance as passenger numbers across the group reached almost four million in the peak summer quarter.

The cruise giant delivered record revenues of $8.2 billion, which was a record for the tenth consecutive quarter and outperformed the previous all-time high set in 2019.

This figure represented an increase of $250 million on the prior year despite lower capacity.

There were also record third-quarter customer deposits of $7.1 billion, which surpassed the previous high set in the third quarter of 2024.

Carnival Corporation chief executive Josh Weinstein called the earnings “phenomenal”, highlighting strong performance from Carnival Cruise Line and Aida, as well as the launch of private destination Celebration Key.

"Altogether, our exclusive Caribbean destinations will capture over 8 million guest visits next year, almost equal to the rest of the cruise industry combined," he said.

"And let’s not forget our strategic portfolio of brands and assets stretch far beyond the Caribbean. We have, by far, the most assets in and capacity dedicated to Alaska, which has been incredibly strong this year as well as the biggest reach into Europe, which has likewise been performing incredibly well for us."

Speaking on the company’s earnings call, Weinstein said booking trends had “continued to strengthen” since May with higher booking volumes than last year “far outpacing” capacity growth.

He added: “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.

“Looking further ahead, 2027 is already off to a great start, achieving record booking volumes during the third quarter.”

Weinstein hailed a "diversified" global portfolio as he revealed Caribbean cruises made up a third of the business, with Europe closing in on 30% and Alaska “inching towards double digits”.

Weinstein added that “laggard brands” in the portfolio were “showing improvement”, but acknowledged there is “a way to go” for them to catch up.

He said: “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.”