Carnival Corp
NYSE:CCL

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Carnival Corp
NYSE:CCL
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Price: 26.28 USD 3.02% Market Closed
Market Cap: 34.4B USD

Carnival Corp
Investor Relations

Carnival Corporation, a formidable force on the high seas, orchestrates an elaborate maritime symphony, ferrying millions to destinations across the globe. Founded in 1972, this Miami-based leisure giant has navigated the often turbulent waters of the cruising industry to become one of the most recognized names in travel. With a diverse portfolio of brands including Carnival Cruise Line, Holland America Line, and Princess Cruises, the company offers a comprehensive range of experiences from budget-friendly getaways to opulent voyages, each tailored to a distinct traveler profile. At its core, Carnival leverages its expansive fleet—comprising over 90 vessels—to capitalize on economies of scale, driving operational efficiencies and enhancing shareholder value.

Carnival's financial success is anchored to its adept ability to monetize experiences both on and off its ships. The company generates revenue primarily through ticket sales for cruises and carefully curates onboard offerings—dining, entertainment, and shopping—that facilitate substantial ancillary income. Shore excursions provide additional financial streams, inviting passengers to explore exotic locales while simultaneously partnering with local vendors, boosting both local economies and Carnival's bottom line. Additionally, collaboration with travel agents and a robust direct booking platform accentuates customer acquisition and retention, cementing Carnival's pivotal role not only as a transport provider but as a comprehensive orchestrator of holiday experiences.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Sep 29, 2025
AI Summary
Q3 2025

Record Quarter: Carnival delivered all-time high net income of $2 billion, record revenue, EBITDA, and customer deposits, outpacing pre-pandemic benchmarks despite lower capacity.

Yield Growth: Net yields rose 4.6% year-over-year, beating guidance by 1.1 points, driven by strong demand and onboard spending.

Cost Discipline: Unit costs beat guidance by 1.5 points due to continued cost control, supporting profit growth.

Raised Outlook: Full-year net income guidance increased to $2.9 billion, with EBITDA expected to exceed $7 billion, marking a 15% improvement over 2024.

Balance Sheet Progress: Net debt-to-EBITDA improved to 3.6x, with further deleveraging targeted and capital returns to shareholders on the horizon.

Strong Bookings: Nearly half of 2026 is already booked at higher prices, and bookings for 2027 are at unprecedented levels, reflecting strong forward demand.

Strategic Investments: Celebration Key and brand refurbishments (like AIDA’s evolution program) are delivering expected returns and providing future tailwinds.

Capital Return Plans: Company plans to reinstate dividends as leverage falls, with additional share buybacks possible over time.

Key Financials
Net Income
$2B
Revenue
Record level (exact figure not specified)
EBITDA
Over $7B
Customer Deposits
$7.1B
Net Debt to EBITDA
3.6x
Yield
Up 4.6% YoY
Cruise Costs without Fuel per ALBD
Up 5.5% YoY
ROIC
13% (trailing 12 months)
EPS
$2.14 (full year guidance)
Capacity Growth
Up approximately 1% YoY in 2025; forecasted 0.8% increase in 2026
Earnings Call Recording
Other Earnings Calls

Management

Mr. Micky Meir Arison
Executive Chairman of the Board
No Bio Available
Mr. Joshua Ian Weinstein
President, CEO, Chief Climate Officer & Director
No Bio Available
Mr. David Bernstein
CFO & Chief Accounting Officer
No Bio Available
Mr. Enrique Miguez J.D.
General Counsel
No Bio Available
Ms. Bettina Deynes
Global Chief Human Resources Officer
No Bio Available
Vice Admiral William R. Burke
Chief Maritime Officer
No Bio Available
Ms. Beth Roberts
Senior Vice President of Investor Relations
No Bio Available
Hon. E. H. Horst Rahe
Life President of AIDA Cruises
No Bio Available
Mr. Tom Strang
Senior Vice President of Maritime Affairs
No Bio Available
Ms. Janet G. Swartz
Executive Vice President of Strategic Operations
No Bio Available

Contacts

Address
FLORIDA
Miami
3655 North West 87th Avenue, PO Box 1347
Contacts