Q2 25 EPS
$0.35
BEAT +45.29%
Est. $0.24
Q2 25 Revenue
$6.33B
BEAT +1.86%
Est. $6.21B
vs S&P Since Q2 25
-14.7%
TRAILING MARKET
CCL +4.0% vs S&P +18.7%
Market Reaction
Did CCL Beat Earnings? Q2 2025 Results
Carnival Corporation delivered a blowout second quarter for fiscal 2025, posting adjusted EPS of $0.35 against a consensus estimate of $0.24, a beat of 45.29%, while revenue of $6.33 billion topped expectations by 1.86% and grew 9.5% year-over-year, … Read more Carnival Corporation delivered a blowout second quarter for fiscal 2025, posting adjusted EPS of $0.35 against a consensus estimate of $0.24, a beat of 45.29%, while revenue of $6.33 billion topped expectations by 1.86% and grew 9.5% year-over-year, marking yet another record for the cruise giant. The single most material driver was a 6.4% increase in net yields in constant currency, which exceeded the company's own March guidance by 200 basis points and powered adjusted net income to $470 million, more than tripling from a year ago. GAAP net income surged to $565 million from just $92 million in the prior-year period, while adjusted EBITDA reached a Q2 record of $1.51 billion, up 26% year-over-year. Customer deposits hit an all-time high of $8.53 billion, and the 2026 booking curve is tracking at historically high prices. With the company having already exceeded its 2026 SEA Change financial targets 18 months early, management raised full-year 2025 guidance, now calling for adjusted net income up over 40% versus 2024 and adjusted EBITDA of approximately $6.90 billion, reflecting continued confidence in demand strength heading into the back half of the year.
Key Takeaways
- • Record net yields (constant currency) up 6.4% year-over-year, significantly outperforming guidance by 200 basis points
- • Strong close-in demand and higher onboard spending levels
- • Higher ticket prices driving revenue growth
- • Fuel consumption per ALBD decreased 6.3% from energy efficiency investments
- • Operating margins expanded over 500 basis points year-over-year
- • Adjusted EBITDA margins increased over 300 basis points year-over-year
CCL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our amazing team delivered yet another phenomenal quarter, more than tripling adjusted net income driven by record net yields (in constant currency) and strong close-in demand. We also remain on track for a strong 4 percent net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months. Combined, this has enabled us to raise full year guidance again.”
— Josh Weinstein, Q2 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% |