CARNIVAL CORPORATION & PLC REPORTS RECORD-SETTING FIRST QUARTER OPERATING RESULTS, OUTPERFORMS DECEMBER GUIDANCE AND RAISES FULL YEAR 2025 GUIDANCE
Carnival reported record first quarter 2025 results, with revenues reaching $5.8 billion, up over $400 million year-over-year. The company achieved record operating income of $543 million, nearly double compared to 2024.
Key financial highlights include adjusted net income of $174 million ($0.13 per share), record adjusted EBITDA of $1.2 billion (up 38% vs 2024), and first quarter customer deposits reaching a record $7.3 billion. The company successfully refinanced $5.5 billion of debt, resulting in $145 million in annualized interest savings.
Looking ahead, Carnival raised its full-year 2025 guidance, expecting net yields to increase approximately 4.7% and adjusted net income to grow over 30% compared to 2024. The company anticipates achieving its 2026 SEA Change financial targets one year early, with adjusted ROIC reaching approximately 12% and record-high EBITDA per available lower berth.
Carnival ha riportato risultati record per il primo trimestre del 2025, con ricavi che hanno raggiunto 5,8 miliardi di dollari, in aumento di oltre 400 milioni di dollari rispetto all'anno precedente. L'azienda ha ottenuto un reddito operativo record di 543 milioni di dollari, quasi il doppio rispetto al 2024.
I principali punti finanziari includono un utile netto rettificato di 174 milioni di dollari (0,13 dollari per azione), un EBITDA rettificato record di 1,2 miliardi di dollari (in aumento del 38% rispetto al 2024) e depositi dei clienti per il primo trimestre che hanno raggiunto un record di 7,3 miliardi di dollari. L'azienda ha rifinanziato con successo 5,5 miliardi di dollari di debito, ottenendo un risparmio annualizzato sugli interessi di 145 milioni di dollari.
Guardando al futuro, Carnival ha alzato le previsioni per l'intero anno 2025, aspettandosi un aumento dei ricavi netti di circa il 4,7% e una crescita dell'utile netto rettificato di oltre il 30% rispetto al 2024. L'azienda prevede di raggiungere i suoi obiettivi finanziari SEA Change 2026 con un anno di anticipo, con un ROIC rettificato che raggiunge circa il 12% e un EBITDA record per ogni posto letto disponibile.
Carnival reportó resultados récord para el primer trimestre de 2025, con ingresos alcanzando 5.8 mil millones de dólares, un aumento de más de 400 millones de dólares en comparación con el año anterior. La compañía logró un ingreso operativo récord de 543 millones de dólares, casi el doble en comparación con 2024.
Los puntos financieros clave incluyen un ingreso neto ajustado de 174 millones de dólares (0.13 dólares por acción), un EBITDA ajustado récord de 1.2 mil millones de dólares (un aumento del 38% en comparación con 2024) y depósitos de clientes del primer trimestre alcanzando un récord de 7.3 mil millones de dólares. La compañía refinanció con éxito 5.5 mil millones de dólares de deuda, resultando en un ahorro anualizado de intereses de 145 millones de dólares.
De cara al futuro, Carnival elevó su guía para todo el año 2025, esperando que los ingresos netos aumenten aproximadamente un 4.7% y que el ingreso neto ajustado crezca más del 30% en comparación con 2024. La compañía anticipa alcanzar sus objetivos financieros SEA Change 2026 un año antes, con un ROIC ajustado que alcanza aproximadamente el 12% y un EBITDA récord por cada litera disponible.
카니발은 2025년 1분기 기록적인 실적을 보고했으며, 수익은 58억 달러에 달하며, 전년 대비 4억 달러 이상 증가했습니다. 회사는 2024년에 비해 거의 두 배에 달하는 5억 4300만 달러의 기록적인 운영 수익을 달성했습니다.
주요 재무 하이라이트로는 조정된 순이익 1억 7400만 달러(주당 0.13달러), 2024년 대비 38% 증가한 12억 달러의 기록적인 조정 EBITDA, 그리고 1분기 고객 예치금이 기록적으로 73억 달러에 달했습니다. 회사는 55억 달러의 부채를 성공적으로 재융자하여 연간 1억 4500만 달러의 이자 절감을 실현했습니다.
앞으로 카니발은 2025년 전체 연도 가이드를 상향 조정하며, 순수익이 약 4.7% 증가하고 조정된 순이익이 2024년 대비 30% 이상 성장할 것으로 예상하고 있습니다. 회사는 2026년 SEA Change 재무 목표를 1년 앞당겨 달성할 것으로 예상하며, 조정된 ROIC가 약 12%에 도달하고 가용 침대당 기록적인 EBITDA를 기록할 것입니다.
Carnival a annoncé des résultats record pour le premier trimestre 2025, avec des revenus atteignant 5,8 milliards de dollars, en hausse de plus de 400 millions de dollars par rapport à l'année précédente. L'entreprise a réalisé un revenu opérationnel record de 543 millions de dollars, presque le double par rapport à 2024.
Les points financiers clés incluent un revenu net ajusté de 174 millions de dollars (0,13 dollar par action), un EBITDA ajusté record de 1,2 milliard de dollars (en hausse de 38 % par rapport à 2024) et des dépôts clients du premier trimestre atteignant un record de 7,3 milliards de dollars. L'entreprise a réussi à refinancer 5,5 milliards de dollars de dettes, entraînant des économies d'intérêts annualisées de 145 millions de dollars.
En perspective, Carnival a relevé ses prévisions pour l'année entière 2025, s'attendant à une augmentation des rendements nets d'environ 4,7 % et à une croissance du revenu net ajusté de plus de 30 % par rapport à 2024. L'entreprise prévoit d'atteindre ses objectifs financiers SEA Change 2026 avec un an d'avance, avec un ROIC ajusté atteignant environ 12 % et un EBITDA record par lit disponible.
Carnival hat im ersten Quartal 2025 Rekordergebnisse erzielt, mit Einnahmen von 5,8 Milliarden Dollar, was einem Anstieg von über 400 Millionen Dollar im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen rekordverdächtigen operativen Gewinn von 543 Millionen Dollar, fast doppelt so viel wie 2024.
Wichtige finanzielle Höhepunkte umfassen einen bereinigten Nettogewinn von 174 Millionen Dollar (0,13 Dollar pro Aktie), ein rekordverdächtiges bereinigtes EBITDA von 1,2 Milliarden Dollar (38% mehr als 2024) und Kundenanzahlungen im ersten Quartal, die einen Rekord von 7,3 Milliarden Dollar erreichten. Das Unternehmen hat erfolgreich 5,5 Milliarden Dollar Schulden refinanziert, was zu jährlichen Zinsersparnissen von 145 Millionen Dollar führte.
Für die Zukunft hat Carnival seine Prognose für das gesamte Jahr 2025 angehoben und erwartet, dass sich die Nettorenditen um etwa 4,7% erhöhen und der bereinigte Nettogewinn im Vergleich zu 2024 um über 30% wächst. Das Unternehmen rechnet damit, seine finanziellen Ziele für SEA Change 2026 ein Jahr früher zu erreichen, mit einem bereinigten ROIC von etwa 12% und einem rekordverdächtigen EBITDA pro verfügbaren Unterbringungsplatz.
- Record Q1 revenue of $5.8 billion, up $400+ million YoY
- Operating income doubled to $543 million vs 2024
- Refinancing resulted in $145 million annual interest savings
- Record customer deposits of $7.3 billion
- Booking volumes for 2026 reached all-time high at higher prices
- Expected 30% increase in adjusted net income for 2025
- Credit rating upgrade from Moody's with positive outlook
- Net loss of $78 million in Q1 2025
- Substantial debt load of $27.0 billion remains
- Increased cruise costs excluding fuel per ALBD of 1.0%
- Higher dry-dock costs expected in Q2 2025
Insights
Carnival 's Q1 2025 results demonstrate exceptional financial momentum with record first quarter revenues of $5.8 billion (up $400+ million year-over-year) and record operating income of $543 million (nearly double 2024). The company significantly outperformed its previous guidance across multiple metrics.
Most impressive is the 7.3% increase in net yields (in constant currency), exceeding December guidance by 270 basis points. This yield growth stems from both stronger ticket pricing and robust onboard spending, highlighting Carnival's pricing power and operational efficiency. While reporting a net loss of
Carnival's debt management strategy shows significant progress, having refinanced
The increased full-year guidance (adjusted net income now expected up over
The record
- Record first quarter revenues of
, up over$5.8 billion compared to the prior year.$400 million - Record net yields1 significantly outperformed December guidance due to strong close in demand and continued strength in onboard revenue.
- Record first quarter operating income of
, nearly double the prior year.$543 million - Cumulative advanced booked position for the remainder of the year is in line with the prior year's record levels with pricing (in constant currency) at historical highs. Booking volumes taken during the first quarter for 2026 and beyond reached record levels.
- Accelerated efforts to manage the debt profile during the first quarter, opportunistically refinancing
of debt, delivering$5.5 billion in annualized interest savings while reducing the debt balance by another$145 million .$0.5 billion - Adjusted net income guidance for 2025 expected to be up over 30 percent compared to 2024 and better than December guidance by
on improved revenue and interest expense expectations.$185 million - Expecting to achieve both 2026 SEA Change financial targets one year in advance, with adjusted return on invested capital1 ("ROIC") and adjusted EBITDA per available lower berth1 ("ALBD") for 2025 reaching the highest levels in nearly two decades.
"Our first quarter was truly characterized by outperformance. This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending," commented Carnival Corporation & plc's Chief Executive Officer Josh Weinstein.
"While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year and we remain on track to have another stellar year across our cruise brands. This raise incorporates our increased first quarter yield results and reduced interest expense thanks to our recent successful refinancings. We are also affirming our December yield guidance for the remainder of 2025, as our booking curve continues to be the farthest out on record, at record prices (in constant currency), onboard spending is robust and we have proven to be incredibly resilient," Weinstein continued.
"We are delivering amazing vacation experiences every day in a time when people all over the world are placing increasing importance on experiences, particularly those spent with family and friends. Our value for money is truly a strength when people look to make their vacation dollars go further," said Weinstein.
First Quarter 2025 Results
- Record first quarter revenues of
, with record net yields (in constant currency)$5.8 billion - Gross margin yields were 25 percent higher than 2024.
- Net yields (in constant currency) were 7.3 percent higher than 2024 and significantly outperformed December guidance by 270 basis points.
- Cruise costs per ALBD decreased 0.3 percent compared to 2024. Adjusted cruise costs excluding fuel per ALBD1 (in constant currency) increased 1.0 percent compared to 2024 and were also better than December guidance, mainly due to the timing of expenses between the quarters.
- Record first quarter operating income of
exceeded 2024 by$543 million , nearly doubling that of the prior year.$267 million - Net loss was
, or$78 million diluted EPS, an improvement of$(0.06) compared to 2024. Net loss included$136 million of debt extinguishment costs associated with the company's refinancing transactions which will be highly accretive to future earnings.$252 million - Adjusted net income1 of
, or$174 million adjusted EPS1, outperformed December guidance by$0.13 led by strong net yield improvement.$173 million - Record first quarter adjusted EBITDA1 of
increased 38 percent compared to 2024 and outperformed December guidance by$1.2 billion .$165 million - Operating margins and adjusted EBITDA margins1 both exceeded 2019 levels.
- Total customer deposits reached a first quarter record of
.3 billion, surpassing the previous first quarter record at February 29, 2024, reflecting continued growth in both ticket prices and pre-cruise onboard sales.$7
1 See "Non-GAAP Financial Measures" at the end of this release for additional information. |
Bookings
The company experienced another early start to a successful wave season, continuing to execute on its proven yield management strategy. Having entered the year with less 2025 inventory available for sale, the company achieved higher prices (in constant currency) than last year on bookings taken during the first quarter for the remainder of 2025.
"Our brands are continuing to deliver on our strategy to generate sustained demand, even for further out sailings. With the vast majority of 2025 booked, we continue to drive strong pricing for the remainder of the year in both
The company's cumulative advanced booked position for the remainder of the year remains strong, with pricing (in constant currency) at historical highs for each quarter, and occupancy in line with the prior year's record levels. The company's booking curve continues to be the furthest out on record.
2025 Outlook
For the full year 2025, the company expects:
- Net yields (in constant currency) approximately 4.7 percent higher than 2024, 0.5 percentage points better than December guidance.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.8 percent compared to 2024, in line with December guidance.
- Adjusted net income up over 30 percent compared to 2024 and better than December guidance by
.$185 million - Adjusted EBITDA of approximately
, up nearly 10 percent compared to 2024 and better than December guidance.$6.7 billion - Adjusted ROIC of approximately 12 percent is now expected to reach the 2026 SEA Change target one year in advance, alongside exceeding the company's 2026 SEA Change EBITDA per ALBD target.
For the second quarter of 2025, the company expects:
- Net yields (in constant currency) up approximately 4.4 percent compared to strong 2024 levels.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 5.5 percent compared to the second quarter of 2024 primarily due to higher dry-dock days.
- Adjusted EBITDA of approximately
, up 10 percent compared to the second quarter of 2024.$1.3 billion
See "Guidance" and "Reconciliation of Forecasted Data" for additional information on the company's 2025 outlook.
Financing
"During the quarter we stepped up our refinancing efforts, tackling
The company continued its efforts to proactively manage its debt profile. Since November 30, 2024, the company has:
- Repriced approximately
of its first-priority senior secured term loan facilities maturing in 2027 and 2028, which will result in interest expense savings of approximately$2.45 billion on an annualized basis.$18 million - Refinanced its
$2.03 billion 10.375% senior priority notes due 2028 with$2.0 billion 6.125% senior unsecured notes due 2033, which will result in interest expense savings of approximately on an annualized basis. In addition, this refinancing simplified the company's capital structure and managed its future debt maturities.$80 million - Refinanced its
$1.0 billion 10.5% senior unsecured notes due 2030 with$1.0 billion 5.75% senior unsecured notes due 2030, which will result in interest expense savings of approximately on an annualized basis.$45 million - Reduced its debt balance by another
, ending the quarter with$0.5 billion of total debt.$27.0 billion
During the quarter, Moody's upgraded the company's credit rating and maintained a positive outlook. The company believes this is a reflection of its improved leverage metrics and continuing journey to investment grade ratings.
As of February 28, 2025, the company's debt maturities for the remainder of 2025 and full year 2026 are
Other Recent Highlights
- The company was recognized as one of the World's Most Admired Companies by Fortune (learn more here) and America's Best Large Employers by Forbes (learn more here).
- Carnival Cruise Line was voted 'Best Ocean Cruise Line', 'Best Cruise Line for Shore Excursions' and 'Best Alaska Cruise' with Carnival Spirit in USA Today's 10Best Readers' Choice Awards 2025 (learn more here).
- Carnival Cruise Line showcased Celebration Key while lighting the iconic New Year's Eve ball in Times Square (learn more here) and continued highlighting its new destination at Super Bowl LIX through partnerships with celebrity chefs and brand ambassador Shaquille O'Neal in
New Orleans (learn more here). - Holland America Line announced a
multi-year expansion to enhance Denali Lodge and$70 million Alaska cruisetours, building on leadership in wildlife experiences (learn more here). - Holland America Line and The HISTORY Channel™ introduced a multi-year partnership featuring exclusive historically focused itineraries and immersive shore excursions (learn more here).
- The company sold Seabourn Sojourn in March and recorded a gain on the sale (learn more here).
- AIDA Cruises was recognized as the most popular cruise line among Germans, according to YouGov (learn more here).
- Costa Cruises maintained its partnership with the Sanremo Music Festival 2025 for the 4th consecutive year, a prominent media event in
Italy (learn more here).
Guidance
(See "Reconciliation of Forecasted Data")
2Q 2025 | Full Year 2025 | ||||||
Year over year change | Current | Constant | Current | Constant | |||
Net yields | Approx. | Approx. | Approx. | Approx. | |||
Adjusted cruise costs excluding fuel per ALBD | Approx. | Approx. | Approx. | Approx. |
2Q 2025 | Full Year 2025 | ||
ALBDs (in millions) (a) | 24.2 | 96.2 | |
Capacity growth compared to prior year | 3.2 % | 0.7 % | |
Fuel consumption in metric tons (in millions) | 0.7 | 2.9 | |
Fuel cost per metric ton consumed (excluding European Union Allowance ("EUA")) | $ 617 | $ 617 | |
Fuel expense (including EUA expense) (in billions) | $ 0.48 | $ 1.88 | |
Depreciation and amortization (in billions) | $ 0.69 | $ 2.76 | |
Interest expense, net of capitalized interest and interest income (in billions) | $ 0.33 | $ 1.40 | |
Adjusted EBITDA (in billions) | Approx. | Approx. | |
Adjusted net income (loss) (in millions) | Approx. | Approx. | |
Adjusted earnings per share - diluted (b) | Approx. | Approx. | |
Weighted-average shares outstanding - basic | 1,312 | 1,312 | |
Adjusted weighted-average shares outstanding - diluted (b) | 1,401 | 1,401 |
(a) | See "Notes to Statistical Information" |
(b) | Diluted adjusted earnings per share includes the add-back of dilutive interest expense related to the company's convertible notes of |
Currencies (USD to 1) | 2Q 2025 | Full Year 2025 | |
AUD | $ 0.63 | $ 0.63 | |
CAD | $ 0.70 | $ 0.70 | |
EUR | $ 1.08 | $ 1.07 | |
GBP | $ 1.29 | $ 1.28 |
Sensitivities (impact to adjusted net income (loss) in millions) | 2Q 2025 | Remainder of 2025 | |
$ 42 | $ 149 | ||
$ 26 | $ 82 | ||
$ 46 | $ 131 | ||
100 basis point change in variable rate debt (including derivatives) | — | $ 35 | |
$ 5 | $ 20 |
Capital Expenditures
For the remainder of 2025, newbuild capital expenditures are
Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EDT (2:00 p.m. GMT) today to discuss its earnings release. This call can be listened to live, and additional information including the company's earnings presentation and debt maturities schedule, can be obtained via Carnival Corporation & plc's website at www.carnivalcorp.com and www.carnivalplc.com.
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn.
Additional information can be found on www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com and www.seabourn.com.
Cautionary Note Concerning Factors That May Affect Future Results
Some of the statements, estimates or projections contained in this document are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:
• Pricing | • Adjusted EBITDA |
• Booking levels | • Adjusted EBITDA per ALBD |
• Occupancy | • Adjusted EBITDA margin |
• Interest, tax and fuel expenses | • Adjusted earnings per share |
• Currency exchange rates | • Net debt to adjusted EBITDA |
• Goodwill, ship and trademark fair values | • Net yields |
• Liquidity and credit ratings | • Adjusted cruise costs per ALBD |
• Investment grade leverage metrics | • Adjusted cruise costs excluding fuel per ALBD |
• Estimates of ship depreciable lives and residual values | • Adjusted ROIC |
• Adjusted net income (loss) |
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following:
- Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations.
- Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage.
- Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.
- Factors associated with climate change, including evolving and increasing regulations, increasing concerns about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could have a material impact on our business.
- Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business.
- Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology have adversely impacted and may in the future materially adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage.
- The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations.
- Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs.
- We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business.
- Fluctuations in foreign currency exchange rates may adversely impact our financial results.
- Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options.
- Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests.
- We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations.
- Our substantial debt could adversely affect our financial health and operating flexibility.
The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations. There may be additional risks that we consider immaterial or which are unknown.
Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.
Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change- and environmental-related matters). In addition, historical, current, and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.
CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (in millions, except per share data) | |||
Three Months Ended | |||
2025 | 2024 | ||
Revenues | |||
Passenger ticket | $ 3,832 | $ 3,617 | |
Onboard and other | 1,978 | 1,790 | |
5,810 | 5,406 | ||
Operating Expenses | |||
Commissions, transportation and other | 850 | 819 | |
Onboard and other | 599 | 550 | |
Payroll and related | 640 | 623 | |
Fuel | 465 | 505 | |
Food | 354 | 346 | |
Other operating | 858 | 862 | |
Cruise and tour operating expenses | 3,766 | 3,705 | |
Selling and administrative | 848 | 813 | |
Depreciation and amortization | 654 | 613 | |
5,268 | 5,131 | ||
Operating Income (Loss) | 543 | 276 | |
Nonoperating Income (Expense) | |||
Interest income | 7 | 33 | |
Interest expense, net of capitalized interest | (377) | (471) | |
Debt extinguishment and modification costs | (252) | (33) | |
Other income (expense), net | 8 | (18) | |
(614) | (489) | ||
Income (Loss) Before Income Taxes | (71) | (214) | |
Income Tax Benefit (Expense), Net | (7) | — | |
Net Income (Loss) | $ (78) | $ (214) | |
Earnings Per Share | |||
Basic | $ (0.06) | $ (0.17) | |
Diluted | $ (0.06) | $ (0.17) | |
Weighted-Average Shares Outstanding - Basic | 1,309 | 1,264 | |
Weighted-Average Shares Outstanding - Diluted | 1,309 | 1,264 |
CARNIVAL CORPORATION & PLC CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions, except par values) | |||
February 28, | November 30, | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 833 | $ 1,210 | |
Trade and other receivables, net | 543 | 590 | |
Inventories | 518 | 507 | |
Prepaid expenses and other | 1,083 | 1,070 | |
Total current assets | 2,977 | 3,378 | |
Property and Equipment, Net | 41,654 | 41,795 | |
Operating Lease Right-of-Use Assets, Net | 1,341 | 1,368 | |
Goodwill | 579 | 579 | |
Other Intangibles | 1,162 | 1,163 | |
Other Assets | 822 | 775 | |
$ 48,535 | $ 49,057 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities | |||
Current portion of long-term debt | $ 1,531 | $ 1,538 | |
Current portion of operating lease liabilities | 164 | 163 | |
Accounts payable | 1,091 | 1,133 | |
Accrued liabilities and other | 1,939 | 2,358 | |
Customer deposits | 6,853 | 6,425 | |
Total current liabilities | 11,578 | 11,617 | |
Long-Term Debt | 25,487 | 25,936 | |
Long-Term Operating Lease Liabilities | 1,209 | 1,239 | |
Other Long-Term Liabilities | 1,078 | 1,012 | |
Shareholders' Equity | |||
Carnival Corporation common stock, | 13 | 13 | |
Carnival plc ordinary shares, | 361 | 361 | |
Additional paid-in capital | 17,180 | 17,155 | |
Retained earnings | 1,991 | 2,101 | |
Accumulated other comprehensive income (loss) | (1,986) | (1,975) | |
Treasury stock, 131 shares at 2025 and 130 shares at 2024 of Carnival Corporation and | (8,376) | (8,404) | |
Total shareholders' equity | 9,182 | 9,251 | |
$ 48,535 | $ 49,057 |
CARNIVAL CORPORATION & PLC OTHER INFORMATION | |||
OTHER BALANCE SHEET INFORMATION (in millions) | February 28, 2025 | November 30, 2024 | |
Liquidity | $ 3,772 | $ 4,155 | |
Debt (current and long-term) | $ 27,018 | $ 27,475 | |
Customer deposits (current and long-term) | $ 7,257 | $ 6,779 |
Three Months Ended February 28/29, | |||
CASH FLOW INFORMATION (in millions) | 2025 | 2024 | |
Cash from operations (a) | $ 925 | $ 1,768 | |
Capital expenditures (Purchases of Property and Equipment) | $ 607 | $ 2,138 |
(a) Cash from operations for the three months ended February 29, 2024 includes the release of |
Three Months Ended February 28/29, | |||
STATISTICAL INFORMATION | 2025 | 2024 | |
Passenger cruise days ("PCDs") (in millions) (a) | 24.3 | 23.5 | |
ALBDs (in millions) (b) | 23.6 | 23.0 | |
Occupancy percentage (c) | 103 % | 102 % | |
Passengers carried (in millions) | 3.2 | 3.0 | |
Fuel consumption in metric tons (in millions) | 0.7 | 0.7 | |
Fuel consumption in metric tons per thousand ALBDs | 30.3 | 31.8 | |
Fuel cost per metric ton consumed (excluding EUA) | $ 643 | $ 686 | |
Currencies (USD to 1) | |||
AUD | $ 0.63 | $ 0.66 | |
CAD | $ 0.70 | $ 0.74 | |
EUR | $ 1.04 | $ 1.09 | |
GBP | $ 1.25 | $ 1.27 |
Notes to Statistical Information | |
(a) | PCD represents the number of cruise passengers on a voyage multiplied by the number of revenue-producing ship operating days for that voyage. |
(b) | ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, based on consistently applied formulas that we use to perform analyses to determine the main non-capacity driven factors that cause our cruise revenues and expenses to vary. ALBDs assume that each cabin we offer for sale accommodates two passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period. |
(c) | Occupancy, in accordance with cruise industry practice, is calculated using a numerator of PCDs and a denominator of ALBDs, which assumes two passengers per cabin even though some cabins can accommodate three or more passengers. Percentages in excess of |
CARNIVAL CORPORATION & PLC | |||
Three Months Ended | |||
(in millions, except per share data) | 2025 | 2024 | |
Net income (loss) | $ (78) | $ (214) | |
(Gains) losses on ship sales and impairments | — | — | |
Debt extinguishment and modification costs | 252 | 33 | |
Restructuring expenses | — | 1 | |
Other | — | — | |
Adjusted net income (loss) | $ 174 | $ (180) | |
Interest expense, net of capitalized interest | 377 | 471 | |
Interest income | (7) | (33) | |
Income tax benefit (expense), net | 7 | — | |
Depreciation and amortization | 654 | 613 | |
Adjusted EBITDA | $ 1,205 | $ 871 | |
Earnings per share - diluted (a) | $ (0.06) | $ (0.17) | |
Adjusted earnings per share - diluted (a) | $ 0.13 | $ (0.14) | |
Adjusted weighted-average shares outstanding - diluted (a) | 1,316 | 1,264 | |
(See Non-GAAP Financial Measures) |
(a) The company's convertible notes are antidilutive for the first quarter of 2025 adjusted earnings per share and therefore are not included in the calculation of diluted adjusted earnings per share. |
CARNIVAL CORPORATION & PLC | |||||
Gross margin yields and net yields were computed by dividing the gross margin and adjusted gross margin by ALBDs as follows: | |||||
Three Months Ended February 28/29, | |||||
(in millions, except yields data) | 2025 | 2025 Constant Currency | 2024 | ||
Total revenues | $ 5,810 | $ 5,406 | |||
Less: Cruise and tour operating expenses | (3,766) | (3,705) | |||
Depreciation and amortization | (654) | (613) | |||
Gross margin | 1,390 | 1,089 | |||
Less: Tour and other revenues | (2) | (4) | |||
Add: Payroll and related | 640 | 623 | |||
Fuel | 465 | 505 | |||
Food | 354 | 346 | |||
Ship and other impairments | — | — | |||
Other operating | 858 | 862 | |||
Depreciation and amortization | 654 | 613 | |||
Adjusted gross margin | $ 4,359 | $ 4,435 | $ 4,033 | ||
ALBDs | 23.6 | 23.6 | 23.0 | ||
Gross margin yields (per ALBD) | $ 58.99 | $ 47.34 | |||
% increase (decrease) | 25 % | ||||
Net yields (per ALBD) | $ 184.95 | $ 188.20 | $ 175.36 | ||
% increase (decrease) | 5.5 % | 7.3 % | |||
(See Non-GAAP Financial Measures) |
CARNIVAL CORPORATION & PLC | |||||
Cruise costs per ALBD, adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD were computed by | |||||
Three Months Ended February 28/29, | |||||
(in millions, except costs per ALBD data) | 2025 | 2025 Constant Currency | 2024 | ||
Cruise and tour operating expenses | $ 3,766 | $ 3,705 | |||
Selling and administrative expenses | 848 | 813 | |||
Less: Tour and other expenses | (19) | (19) | |||
Cruise costs | 4,595 | 4,498 | |||
Less: Commissions, transportation and other | (850) | (819) | |||
Onboard and other costs | (599) | (550) | |||
Gains (losses) on ship sales and impairments | — | — | |||
Restructuring expenses | — | (1) | |||
Other | — | — | |||
Adjusted cruise costs | 3,146 | 3,181 | 3,128 | ||
Less: Fuel | (465) | (465) | (505) | ||
Adjusted cruise costs excluding fuel | $ 2,681 | $ 2,716 | $ 2,624 | ||
ALBDs | 23.6 | 23.6 | 23.0 | ||
Cruise costs per ALBD | $ 194.99 | $ 195.60 | |||
% increase (decrease) | (0.3) % | ||||
Adjusted cruise costs per ALBD | $ 133.50 | $ 134.98 | $ 136.03 | ||
% increase (decrease) | (1.9) % | (0.8) % | |||
Adjusted cruise costs excluding fuel per ALBD | $ 113.76 | $ 115.24 | $ 114.09 | ||
% increase (decrease) | (0.3) % | 1.0 % | |||
(See Non-GAAP Financial Measures) |
Non-GAAP Financial Measures |
We use non-GAAP financial measures and they are provided along with their most comparative |
Non-GAAP Measure | Use Non-GAAP Measure to Assess | |||
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The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared in accordance with
Adjusted net income (loss) and adjusted earnings per share provide additional information to us and investors about our future earnings performance by excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance. We believe that gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other gains and losses are not part of our core operating business and are not an indication of our future earnings performance.
Adjusted EBITDA, adjusted EBITDA per ALBD and adjusted EBITDA margin provide additional information to us and investors about our core operating profitability, including on a per ALBD basis, by excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance as well as excluding interest, taxes and depreciation and amortization. In addition, we believe that the presentation of adjusted EBITDA provides additional information to us and investors about our ability to operate our business in compliance with the covenants set forth in our debt agreements. We define adjusted EBITDA as adjusted net income (loss) adjusted for (i) interest, (ii) taxes and (iii) depreciation and amortization. There are material limitations to using adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items that directly affect our net income (loss). These limitations are best addressed by considering the economic effects of the excluded items independently and by considering adjusted EBITDA in conjunction with net income (loss) as calculated in accordance with
Net debt to adjusted EBITDA provides additional information to us and investors about our overall leverage. We define net debt to adjusted EBITDA as total debt less cash and cash equivalents excluding a minimum cash balance divided by twelve-month adjusted EBITDA.
Net yields enable us and investors to measure the performance of our cruise segments on a per ALBD basis. We use adjusted gross margin rather than gross margin to calculate net yields. We believe that adjusted gross margin is a more meaningful measure in determining net yields than gross margin because it reflects the cruise revenues earned net of only our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees.
Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD enable us and investors to separate the impact of predictable capacity or ALBD changes from price and other changes that affect our business. We believe these non-GAAP measures provide useful information to us and investors and expanded insight to measure our cost performance. Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD are the measures we use to monitor our ability to control our cruise segments' costs rather than cruise costs per ALBD. We exclude gains and losses on ship sales, impairment charges, restructuring costs and certain other gains and losses that we believe are not part of our core operating business as well as excluding our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees. We exclude fuel expense to calculate adjusted cruise costs excluding fuel. The price of fuel, over which we have no control, impacts the comparability of period-to-period cost performance. The adjustment to exclude fuel provides us and investors with supplemental information to understand and assess the company's non-fuel adjusted cruise cost performance. Substantially all of our adjusted cruise costs excluding fuel are largely fixed, except for the impact of changing prices once the number of ALBDs has been determined.
Adjusted ROIC provides additional information to us and investors about our operating performance relative to the capital we have invested in the company. We define adjusted ROIC as the twelve-month adjusted net income (loss) before interest expense and interest income divided by the monthly average of debt plus equity minus construction-in-progress, excess cash, goodwill and intangibles.
Reconciliation of Forecasted Data
We have not provided a reconciliation of forecasted non-GAAP financial measures to the most comparable
Constant Currency
Our operations primarily utilize the
Constant currency reporting removes the impact of changes in exchange rates on the translation of our operations plus the transactional impact of changes in exchange rates from revenues and expenses that are denominated in a currency other than the functional currency.
We report adjusted gross margin, net yields, adjusted cruise costs excluding fuel and adjusted cruise costs excluding fuel per ALBD on a "constant currency" basis assuming the current periods' currency exchange rates have remained constant with the prior periods' rates. These metrics facilitate a comparative view for the changes in our business in an environment with fluctuating exchange rates.
Examples:
- The translation of our operations with functional currencies other than
U.S. dollar to ourU.S. dollar reporting currency results in decreases in reportedU.S. dollar revenues and expenses if theU.S. dollar strengthens against these foreign currencies and increases in reportedU.S. dollar revenues and expenses if theU.S. dollar weakens against these foreign currencies. - Our operations have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.
SOURCE Carnival Corporation & plc