- Carnival press release (NYSE:CCL): Q3 Non-GAAP EPS of $1.43 beats by $0.11.
- Revenue of $8.15B (+3.2% Y/Y) beats by $40M.
- Record adjusted EBITDA of $3.0 billion.
- Cruise costs per available lower berth day (“ALBD”) increased 4.6 percent compared to 2024. Adjusted cruise costs excluding fuel per ALBD2 (in constant currency) increased 5.5 percent compared to 2024, 1.5 points better than June guidance.
- Fuel consumption per ALBD decreased 5.2 percent compared to the prior year due to the company’s efforts and investments to continuously improve the energy efficiency of its operations.
- Record third quarter customer deposits of $7.1 billion surpassed the previous record at August 31, 2024.
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2025 Outlook
For the full year 2025, the company expects:
- Net yields (in constant currency) up approximately 5.3 percent compared to 2024, 0.3 percentage points better than June guidance.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.3 percent compared to 2024, better than June guidance.
- Adjusted net income up nearly 55 percent compared to 2024 and better than June guidance by $235 million.
- Adjusted EBITDA of approximately $7.05 billion, up 15 percent compared to 2024 and better than June guidance.
For the fourth quarter of 2025, the company expects:
- Net yields (in constant currency) up approximately 4.3 percent compared to record 2024 levels, consistent with the company’s prior expectation.
- Adjusted net income up over 60 percent compared to the fourth quarter 2024.
Carnival beats top-line and bottom-line estimates; initiates Q4 and raises FY25 outlook
