Carnival Corporation has reported record first-quarter revenues of $5.8 billion – up by more than $400 million compared to the three months to the end of February 2024.
The parent of cruise brands such as Cunard, Holland America Line and P&O Cruises also saw record Q1 operating income of $543 million, nearly twice that seen in the first quarter of last year.
The net loss was $78 million, an improvement of $136 million compared to Q1 2024 ($214 million loss).
Josh Weinstein, Carnival Corporation & plc chief executive, said: “While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year and we remain on track to have another stellar year across our cruise brands.”
The results statement said the cumulative advanced booked position for the remainder of the year is in line with the prior year’s record levels – and booking volumes taken during the first quarter for 2026 and beyond reached record levels.
Weinstein said: “Our first quarter was truly characterised by outperformance.
“This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending.”
He noted that the booking curve continues to be “the farthest out on record, at record prices, onboard spending is robust and we have proven to be incredibly resilient”.
“With the vast majority of 2025 booked, we continue to drive strong pricing for the remainder of the year in both North America and Europe, while also building demand for future years,” he continued.
For the full year 2025, the company expects adjusted net income to increase by more than 30% compared to 2024 and be better than December guidance by $185 million.
Pictured: Carnival Horizon
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