Q1 25 EPS
$0.13
BEAT +485.59%
Est. $0.02
Q1 25 Revenue
$5.81B
BEAT +1.16%
Est. $5.74B
vs S&P Since Q1 25
-2.2%
TRAILING MARKET
CCL +25.6% vs S&P +27.8%
Market Reaction
Did CCL Beat Earnings? Q1 2025 Results
Carnival Corporation delivered a blowout first quarter for fiscal 2025, posting adjusted EPS of $0.13 against a consensus estimate of $0.02, a beat of 485.59%, while revenue of $5.81 billion edged past the $5.74 billion estimate by 1.16%. The single … Read more Carnival Corporation delivered a blowout first quarter for fiscal 2025, posting adjusted EPS of $0.13 against a consensus estimate of $0.02, a beat of 485.59%, while revenue of $5.81 billion edged past the $5.74 billion estimate by 1.16%. The single biggest driver behind the outperformance was an exceptional surge in close-in demand paired with record onboard spending, which pushed net yields 7.3% higher year-over-year in constant currency and lifted adjusted EBITDA to a record $1.21 billion, up 38% from the prior year. Aggressive debt refinancing, including swapping 10.38% notes for 6.13% paper, added further momentum by locking in $145 million in annualized interest savings. Customer deposits hit a first-quarter record of $7.26 billion, underscoring the durability of consumer appetite for cruising even amid macroeconomic uncertainty. Looking ahead, Carnival raised its full-year 2025 adjusted net income guidance to growth of over 30% versus 2024, with adjusted EBITDA now expected at approximately $6.70 billion, and management signaled it expects to hit its 2026 SEA Change financial targets a full year early.
Key Takeaways
- • Exceptionally strong close-in demand exceeding expectations for ticket prices and onboard spending
- • Net yields (constant currency) 7.3% higher than 2024, outperforming December guidance by 270 basis points
- • Gross margin yields 25% higher than 2024
- • Record first quarter customer deposits of $7.3 billion reflecting growth in ticket prices and pre-cruise onboard sales
- • Occupancy of 103% vs. 102% in prior year
- • Cruise costs per ALBD decreased 0.3% vs. prior year
- • Fuel cost per metric ton declined to $643 from $686 in prior year
CCL YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Josh Weinstein, Q1 2025 Earnings Press Release
CCL Earnings Trends
CCL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCL EPS Trend
Earnings per share: estimate vs actual
CCL Revenue Trend
Quarterly revenue: estimate vs actual
CCL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $0.20 | — | $6.17B | +0.43% |
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.25 | $0.34 | +36.00% | $6.33B | -0.42% |
| FY Full Year | $2.16 | $2.25 | +4.23% | $26.62B | -0.10% |
| Q3 25 BEAT | $1.32 | $1.43 | +8.54% | $8.15B | +0.56% |
| Q2 25 BEAT | $0.24 | $0.35 | +45.29% | $6.33B | +1.86% |
| Q1 25 BEAT | $0.02 | $0.13 | +485.59% | $5.81B | +1.16% |