Q3 25 EPS
$1.43
BEAT +8.54%
Est. $1.32
Q3 25 Revenue
$8.15B
BEAT +0.56%
Est. $8.11B
vs S&P Since Q3 25
-15.7%
TRAILING MARKET
CCL -7.5% vs S&P +8.2%
Market Reaction
Did CCL Beat Earnings? Q3 2025 Results
Carnival Corporation delivered a blowout third quarter, posting adjusted EPS of $1.43 against a consensus estimate of $1.32 for an 8.54% beat, while revenue of $8.15 billion edged past the $8.11 billion estimate and grew 3.3% year over year, marking … Read more Carnival Corporation delivered a blowout third quarter, posting adjusted EPS of $1.43 against a consensus estimate of $1.32 for an 8.54% beat, while revenue of $8.15 billion edged past the $8.11 billion estimate and grew 3.3% year over year, marking the company's tenth consecutive quarter of record revenues. The headline driver was an unprecedented combination of strong close-in demand and disciplined cost management, which pushed record adjusted net income to $1.98 billion, nearly 10% above the pre-pandemic peak set in 2019. Net yields in constant currency rose 4.6% year over year, beating June guidance by 1.1 percentage points, while adjusted EBITDA reached a record $2.99 billion and customer deposits hit $7.15 billion, signaling durable forward demand. Despite a modest post-earnings pullback in the stock, institutional sentiment remains broadly constructive, with analysts maintaining a "Moderate Buy" rating. Looking ahead, management raised full-year 2025 adjusted EPS guidance to approximately $2.14, with adjusted net income now expected to climb nearly 55% year over year.
Key Takeaways
- • Strong close-in demand driving net yields 4.6% higher YoY in constant currency
- • Strong onboard spending contributing to record revenues
- • All improvement achieved on same-ship basis
- • Fuel consumption per ALBD decreased 5.2% YoY due to energy efficiency investments
- • Effective cost management with adjusted cruise costs excluding fuel per ALBD 1.5 points better than guidance
- • Occupancy steady at 112%
CCL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues. Strong demand and onboard spending drove a 4.6% improvement in net yields (in constant currency), all of which was achieved on a same ship basis.”
— Josh Weinstein, Q3 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% |