Carnival Posts Record Q2, Lifts 2025 Guidance

Carnival Corporation reported record-breaking second-quarter 2025 results, with net income jumping to $565 million from $92 million the previous year and revenue hitting $6.3 billion, surpassing analyst expectations and marking an eighth straight quarter of revenue records. Adjusted earnings per share reached $0.35, and EBITDA grew 26% year over year, with both adjusted EBITDA per available lower berth day and return on invested capital at their highest in nearly 20 years. The company exceeded its 2026 financial and sustainability targets 18 months early and has raised its full-year guidance, projecting adjusted net income to rise over 40% from 2024. Booking momentum remains strong, with customer deposits at an all-time high of $8.5 billion and robust onboard spending fueling results. Carnival is making strategic investments in exclusive destinations, including the upcoming Celebration Key in the Bahamas, expected to enhance yields and market share. Despite operational and financial successes, Carnival's shares have underperformed the broader market so far this year.