Carnival Corporation & PLC reported record third-quarter results for 2025, with net income of $19 billion ($1.33 per diluted share), significantly up from $1.7 billion the previous year. Adjusted net income was $2 billion ($1.43 per share), surpassing analyst expectations of $1.32. Revenues reached $8.153 billion, exceeding the forecast of $8.11 billion, with adjusted EBITDA at $3 billion.
Key metrics included a 4.6% increase in net yields, a 6.4% improvement in gross profit margin, and a record $7.1 billion in customer deposits. Despite rising cruise costs, fuel consumption per available lower berth day (ALBD) decreased by 5.2%, thanks to efficient investments. The occupancy rate was notably high at 112%, and cash from operations was $1.38 billion for the quarter.
Carnival’s liquidity stood at $62.6 billion against total debt of $26.5 billion, with improved net debt-adjusted EBITDA ratios. The company refinanced $4.5 billion in debt and maintained a positive credit outlook from Moody’s.
Looking ahead, adjusted net profit forecasts for 2025 are revised to approximately $2 billion, with a projected EBITDA of $7.05 billion and a 5.3% increase in net yields expected. The fourth quarter adjustments show an anticipated EPS of 23 cents and EBITDA of $1.34 billion. Despite a recent decline in stock prices (CCL down 5.44% to $28.96), positive momentum in booking trends and capacity growth is expected to bolster future performance.
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