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Company Research20 Mar 2024
Companies That Had Their IPO in 1987: From Optimism to Black Monday
An overview of 1987's IPO landscape and stock market sentiment, as conditions turned from unabridged optimism to panic in the wake of Black Monday.
Carnival (CCL) investor relations material
Carnival Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Sep, 2025
Executive summary
Achieved record Q3 2025 financial results, with net income of $2 billion and adjusted net income of $2 billion, surpassing guidance and pre-pandemic levels by nearly 10%, driven by strong demand and cost management.
Delivered record revenues, yields, operating income, EBITDA, and customer deposits, all on 2.5% lower capacity than Q3 2024.
ROIC reached 13% for the trailing 12 months, the highest since 2007, and leverage improved to 3.6x net debt to EBITDA.
Booking trends remain robust, with nearly half of 2026 already booked at higher prices and 2027 bookings off to a record start.
Opened Celebration Key, a new exclusive destination, with strong guest and media feedback.
Financial highlights
Q3 2025 net income reached $2 billion ($1.43 adjusted EPS), exceeding guidance by $182 million, with record adjusted EBITDA of $3 billion.
Customer deposits hit a Q3 record at $7.1 billion, up $300 million year-over-year and ~45% above Q3 2019.
Net yields increased 4.6% year-over-year, exceeding guidance, driven by strong close-in demand and onboard spending.
EBITDA for the year expected to exceed $7 billion, a 15% increase over 2024, primarily from same-ship yield improvement.
Gross margin yields up 6.4% year-over-year in constant currency.
Outlook and guidance
Full-year 2025 net income guidance raised to $2.9 billion ($2.14/share), a $235 million improvement over prior guidance, with net yields expected up 5.3% year-over-year.
2026 bookings at historical highs on price and occupancy, with nearly half of 2026 already booked at higher prices.
Carnival Rewards loyalty program launches June 2026, expected to impact yields by 0.5 points in the second half.
Operating expenses for new destinations and dry docks in 2026 expected to increase costs by up to 1.5 points year-over-year.
Q4 2025 net yields expected up 4.3% year-over-year; adjusted net income up over 60% from Q4 2024.
What is the target net debt to adjusted EBITDA ratio?
Describe 2026 booking trends and pricing.
How did ROIC reach 13% for the first time in 20 years?
What triggers capital return to shareholders?
Mitigation for 2026 yield/cost headwinds?
Drivers for ROIC improvement beyond top brands?
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Next Carnival earnings date
Q4 202522 Dec, 2025
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Frequently asked questions
All Aboard
Carnival Corporation, a name synonymous with cruises, is one of the industry leaders in leisure travel. Operating a fleet of ships that sail to hundreds of ports across the world, the company has for many consumers become synonymous with relaxation, entertainment, and adventure on the high seas. The company today operates under multiple brands offering varied cruise experiences with itineraries and activities catering to a wide range of consumers.
Charting the Course of Carnival’s History
The story of Carnival Corporation began in 1972 when Ted Arison started Carnival Cruise Line with just one ship, the Mardi Gras. This vessel would embark on its maiden voyage, setting the course for a company that would soon grow to become a force to be reckoned with within oceanic travel. Over the decades, Carnival expanded its operations, acquiring other cruise lines and establishing a family of brands providing lots of options for consumers.
Cruising the High Seas
Carnival Corporation’s offerings are expansive and cater to a broad audience. The company operates under multiple brands, including Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn, to name a few. Each brand has its unique flavor and appeal. From the family-friendly adventures onboard Carnival Cruise Line with its activities and entertainment options to the premium experiences on Holland America Line with its gourmet dining and luxury accommodations, there's an experience for every traveler. Whether it's the allure of exploring remote Alaskan landscapes or the romance of the Mediterranean's historic ports Carnival crafts itineraries and onboard experiences ensure there is something for all guests to do.
Navigating the Waters Today
In current operations, Carnival Corporation and its 90 ships sail to over 700 ports worldwide, covering nearly every corner of the globe. From the azure waters of the Caribbean to the icy vistas of Antarctica, Carnival's ships traverse diverse routes, introducing travelers to new cultures, cuisines, and landscapes. Carnival is one of the largest cruise ship companies in the world, together with Royal Caribbean and Norwegian.
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