Carnival Posts Record $2 Billion Quarterly Profit

Carnival Corporation has reported the strongest financial results in its history, posting a net income of $1.9 billion and adjusted net income of $2.0 billion for the third quarter of 2025. The cruise company, which owns Carnival Cruise Line, AIDA Cruises, Cunard, Holland America Line, and other brands, also raised its full-year earnings forecast for the third consecutive quarter, projecting nearly 55% growth year over year.

The record-setting quarter was fueled by unprecedented revenues of $8.2 billion, marking Carnival’s tenth straight quarter of revenue growth. Net yields rose 4.6% on a same-ship basis, reflecting robust demand and higher onboard spending. CEO Josh Weinstein highlighted the achievement as a milestone, noting adjusted return on invested capital reached 13%—the highest in nearly two decades.

Weinstein credited strong performances from Carnival Cruise Line and AIDA, alongside notable improvements across the wider portfolio. He also pointed to the “game-changing” launch of Celebration Key in the Bahamas as a driver of new demand.

Looking ahead, Carnival expects fourth-quarter net yields to climb 4.3% above record 2024 levels, with adjusted net income forecasted to rise more than 60%. Booking momentum remains strong, with nearly half of 2026 inventory already sold at historically high prices across North America and Europe.

Weinstein said demand is outpacing capacity growth, fueling confidence for sustained profitability. With record booking volumes already for 2027, Carnival believes it is positioned to push margins even higher while continuing to close the price gap with land-based vacations.

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