Carnival Corporation Reports 9.5% Revenue Increase to $6.3 Billion in Q2 2025

Carnival Corporation & plc reported a significant increase in financial performance for the second quarter of 2025, with total revenues reaching $6.3 billion, up from $5.8 billion in the same period last year, marking a 9.5% increase. Passenger ticket revenues contributed $4.1 billion, a 9.3% rise from $3.8 billion, while onboard and other revenues also saw a 9.7% increase to $2.2 billion. The company achieved a net income of $565 million, compared to a net income of $92 million in the prior year, resulting in earnings per share of $0.43, up from $0.07.

The financial results reflect a notable recovery in demand, driven by higher ticket prices and increased occupancy rates. The company reported a 3.1% increase in available lower berth days (ALBDs) and a 0.9 percentage point rise in occupancy, which contributed to the revenue growth. Additionally, the favorable foreign currency translation impact added $51 million to the passenger ticket revenues. The North America segment, which accounted for a significant portion of the revenues, saw passenger ticket revenues increase by 4.4% to $2.6 billion, while the Europe segment experienced an 18% increase to $1.5 billion.

Operationally, Carnival Corporation has made strategic adjustments, including the sunset of the P&O Cruises (Australia) brand, which has been integrated into Carnival Cruise Line. The company also reported a total of $8.5 billion in customer deposits as of May 31, 2025, up from $6.8 billion at the end of November 2024, indicating strong future revenue potential. The company’s total debt decreased slightly to $27.3 billion from $27.5 billion, reflecting ongoing efforts to manage its financial obligations effectively.

Looking ahead, Carnival Corporation expressed optimism about continued demand for cruise vacations, although it acknowledged potential risks from geopolitical uncertainties, inflation, and fluctuating fuel prices. The company plans to leverage its liquidity, which stood at $5.2 billion, including $2.1 billion in cash and cash equivalents, to support operations and capital expenditures. The recent establishment of a $4.5 billion unsecured multi-currency revolving credit facility, maturing in June 2030, further strengthens its financial position as it navigates the post-pandemic recovery landscape.