Carnival Corporation Sets All-Time High Net Income in Q3

After a record-breaking fiscal third quarter, Carnival Corporation has raised full year 2025 adjusted net income guidance for the third quarter in a row.

Citing improved net yields and effective cost & balance sheet management, the company says net income is now expected to be up nearly 55% year over year.

Some highlights from Carnival Corp’s latest results:

• The company achieved all-time high net income of US$1.9 billion and adjusted net income of US$2.0 billion.
• Delivered record revenues of US$8.2 billion — a record for the tenth consecutive quarter — and all-time high net yields, outperforming June guidance due to strong close-in demand.
• The cumulative advanced booked position for 2026 remains strong, in line with 2025 record levels and at historical high prices.
• Refinanced $4.5 billion of debt during the quarter, simplifying its capital structure and prepaid an additional $0.7 billion of debt.

“This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues. Strong demand and onboard spending drove a 4.6% improvement in net yields, all of which was achieved on a same ship basis,” commented Carnival Corporation CEO Josh Weinstein.

“Adjusted return on invested capital reached 13% for the first time in nearly 20 years, a clear testament to the continued improvement in our operational execution — driven not only by consistently strong performance from Carnival Cruise Line and AIDA, but also great advancement across the rest of our portfolio of world class brands,” Weinstein added.

“We also welcomed our game-changing new exclusive destination, Celebration Key, to rave guest reviews and overwhelming media coverage. It joins our unparalleled footprint of seven Caribbean gems that are set to host eight million guest visits next year,” Weinstein continued.

“Even with our rapid progress, we believe we have ample opportunity to increase same ship net yields and further close the unbelievable price-to-value gap versus land based vacation alternatives, pushing margins and returns even higher over time,” Weinstein said.