Carnival (CCL) Q2 2025: Earnings Report & Analysis

Carnival shares climbed nearly 7% on Tuesday after the cruise line posted stronger-than-expected second-quarter results and raised its full-year guidance.

According to the company’s earnings reportthe cruise operator posted adjusted earnings of 35 cents per share while beating analysts’ estimates of 24 cents, according to LSEG. Adjusted revenue came in at a record $6.3 billion compared with the expected $6.2 billion.

Net income rose to $565 million, which was a significant increase from $92 million a year ago.

CEO Josh Weinstein said on Tuesday’s earnings call with analysts that there was a “strong momentum” across all of the company’s brands.

Due to outperformance, Carnival raised its full-year guidance and said it now expects adjusted net income to be 40% higher than 2024, which is about $200 million more than its March forecast.

Meanwhile, the cruise line said it expects full-year adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, to be $6.9 billion, up from a prior estimate of $6.7 billion.

Weinstein noted in the earnings call that it is less than a month away from the opening of the island Celebration Key in the Bahamas. Carnival’s island is expected to open on July 19.

Cruise demand remains strong post-pandemic, with higher prices and fuller ships expected to push profits closer to pre-pandemic levels, according to Nerdwallet.