Carnival Corporation reports record Q2 operating results

Carnival Corporation has reported record second-quarter operating results – and exceeded 2026 financial targets 18 months early.

 

For the three months ended May 31, the parent of cruise brands such as Cunard, Holland America Line and P&O Cruises had a record operating income of $934 million ($560m in Q2 2024).

 

Adjusted net income was $470 million ($134m in Q2 2024), led by higher ticket prices, higher onboard spending and the timing of expenses between the quarters.

 

The cruise giant posted record adjusted earnings before interest and taxes (Ebitda) of $1.5 billion, up 26% year on year; record revenues of $6.3 billion, up nearly $550 million compared to the second quarter last year; and all-time high customer deposits of $8.5 billion.

 

Josh Weinstein, Carnival Corporation & plc chief executive, said: “Our amazing team delivered yet another phenomenal quarter, more than tripling adjusted net income driven by record net yields (in constant currency) and strong close-in demand.

 

“We also remain on track for a strong 4% net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months.

 

“Combined, this has enabled us to raise full year guidance again.”

 

More: Carnival Corporation remains ‘on track’ for ‘another stellar year’

 

He added: “On top of this, thanks to our consistent track record of significant outperformance, we have already exceeded our 2026 Sea Change financial targets a full 18 months early, increasing adjusted Ebitda per ALBD [available lower berth day] by 52% and more than doubling adjusted ROIC [adjusted return on invested capital] to over 12.5% in less than two years.

 

“We also met our third 2026 Sea Change commitment to cut carbon intensity by 20% from 2019 levels. That’s a win for the planet and our bottom line.”

 

He continued: “Our strong results, booked position and outlook are a testament to the success of our ongoing strategy to deliver same-ship, high-margin revenue growth. We continue to set ourselves up well for 2026 and beyond, with so much more potential to take our margins, returns and results even higher over time.”

 

Weinstein noted: “Even with the price increases we have achieved over the last few years, our tremendous value compared to land-based alternatives has supported our ability to continue demonstrating remarkable resilience amid heightened volatility.

 

“In fact, close-in demand and onboard spending levels were incredibly strong for second quarter sailings and our booking curve continues to be the furthest out on record.”

 

For the full year 2025, the company expects adjusted net income up by more than 40% compared to 2024 and better than March guidance by $200 million.