Carnival Corporation Shatters Revenue Record in First Quarter

Carnival Corporation smashed revenue records for the first quarter of 2025, earning revenues of US$5.8 billion, up over $400 million compared to the prior year. 

The quarter’s net yields significantly outperformed what Carnival expected in its guidance back in December 2024, due to strong close in demand and continued strength in onboard revenue. 

The first three months of Carnival Corp.’s financial year also saw record operating income of $543 million, nearly double the prior year.

More good news: cumulative advanced booked position for the remainder of the year is in line with the prior year’s record levels with pricing (in constant currency) at historical highs. Booking volumes taken during the first quarter for 2026 and beyond reached record levels. 

The company which accumulated significant debt during the pandemic accelerated efforts to manage its debt profile during the first quarter, opportunistically refinancing $5.5 billion of debt, delivering $145 million in annualized interest savings while reducing the debt balance by another $0.5 billion.

Adjusted net income guidance for 2025 is expected to be up over 30% compared to 2024 and better than December guidance by $185 million on improved revenue and interest expense expectations. 

As well, Carnival Corp. is expecting to achieve both 2026 SEA Change financial targets one year in advance, with adjusted return on invested capital (“ROIC”) and adjusted EBITDA per available lower berth (“ALBD”) for 2025 reaching the highest levels in nearly two decades. 

“Our first quarter was truly characterized 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,” said Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein. 

“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.” 

Weinstein summarized the positive first quarter and future outlook by saying: “We are delivering amazing vacation experiences every day in a time when people all over the world are placing increasing importance on experiences, particularly those spent with family and friends. Our value for money is truly a strength when people look to make their vacation dollars go further.”