Carnival Posts Highest Margins in Nearly Two Decades
Carnival Corporation & plc has reported its strongest quarterly margins in nearly 20 years, driven by strong demand for cruises, competitive pricing, and increased onboard spending. In the second quarter of 2025, the company exceeded analyst expectations and raised its full-year profit forecast, signaling continued momentum in the cruise industry’s post-pandemic resurgence.
For the quarter ending May 31, Carnival generated $6.33 billion in revenue and posted a record $8.5 billion in customer deposits. Adjusted net income rose to $470 million, or 35 cents per share, outperforming Wall Street’s estimate of 24 cents per share. The results reflect a surge in last-minute bookings, higher cruise fares, and spending by guests while onboard.
Carnival CEO Josh Weinstein credited the performance to the growing appeal of cruises as a value-driven alternative to land-based vacations. “Our guests continue to look to us as their preferred vacation choice given the amazing experiences our cruise lines provide,” he said. “In fact, close-in demand and onboard spending levels were incredibly strong for second quarter sailings and our booking curve continues to be the furthest out on record.”
Weinstein also noted the company’s resilience in the face of market volatility, positioning Carnival as a standout in the travel sector. The strength of demand and customer engagement helped Carnival raise its full-year guidance, with adjusted net income now expected to be 40 percent higher than in 2024.
Carnival now anticipates full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach $6.9 billion, up from its earlier projection of $6.7 billion. The updated forecast reflects continued confidence in cruise market recovery and strong consumer interest in value-packed vacations at sea.
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