Carnival Corporation (CCL) Q4 2024 earnings summary

Executive summary

• Achieved record full-year revenues of $25 billion in 2024, with net income of $1.9 billion and adjusted EBITDA of $6.1 billion, driven by strong demand, pricing, and operational execution across all major brands.

• Outperformed fourth quarter guidance on all key financial measures, including net income, adjusted EBITDA, and adjusted net income, with Q4 net income over $250 million higher year-over-year.

• Record booking trends and customer deposits signal continued strong demand into 2025 and 2026, with nearly two-thirds of 2025 capacity already booked at higher prices and occupancy.

• Delivered three new ships in 2024, including Carnival Jubilee, Sun Princess, and Queen Anne, and expanded exclusive Caribbean destinations.

• Sustainability progress includes a 17.5% reduction in greenhouse gas emissions intensity versus 2019 and a 44% reduction in food waste per person since 2019.

Financial highlights

• Full-year 2024 adjusted EBITDA reached $6.1 billion, up over 40% from prior year and $500 million above guidance; adjusted net income was $1.9 billion, $700 million above guidance.

• Q4 net income exceeded guidance by $126 million, with Q4 revenues at a record $5.9 billion and adjusted EBITDA of $1.22 billion.

• Net yields for FY 2024 increased 11% year-over-year; Q4 yields up 6.7%, and per diems up over 5%.

• Customer deposits at year-end were $6.8 billion, a record and up $1.9 billion from 4Q19.

• Ended 2024 with $27.5 billion in debt, down over $8 billion from January 2023 peak.

Outlook and guidance

• 2025 net yields (constant currency) expected to be 4.2% higher than record 2024 levels, with adjusted cruise costs excluding fuel per ALBD projected to rise 3.7%.

• Adjusted net income forecast at $2.3 billion for 2025, over 20% higher than 2024; adjusted EBITDA expected at $6.6 billion.

• Celebration Key to open in July 2025, initially impacting 5% of sailings, with greater impact in 2026; expansion of Half Moon Cay planned for 2H 2026.

• On track to achieve 2026 SEA Change targets for EBITDA per ALBD and ROIC a year early.

• Interest expense in 2025 expected to be over $200 million lower than 2024 and $500 million lower than 2023.