Carnival Corporation (NYSE:CCL) shares climbed 5% in premarket trading Monday after the cruise giant reported record third-quarter results that exceeded Wall Street expectations, driven by robust demand and higher onboard pricing.
The company posted adjusted earnings of $1.43 per share for Q3, surpassing analyst forecasts of $1.32. Revenue reached a new high of $8.2 billion, topping the consensus estimate of $8.09 billion and marking Carnival’s tenth consecutive quarter of record revenues.
The performance was supported by a 4.6% increase in net yields on a same-ship basis in constant currency.
“This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues,” said Carnival CEO Josh Weinstein. “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.”
The company reported record net income of $1.9 billion and adjusted net income of $2.0 billion, while gross margin yields rose 6.4% compared to the same quarter last year. Adjusted return on invested capital reached 13%, a level not seen in nearly two decades.
Looking forward, Carnival raised its full-year 2025 outlook for the third time this year, now projecting adjusted net income to rise nearly 55% over 2024, $235 million above prior guidance. For Q4, net yields are expected to increase roughly 4.3% in constant currency versus last year’s record.
Strong booking trends for 2026 were also highlighted, with cumulative advance bookings matching 2025’s record levels at historically high prices. During the quarter, Carnival debuted Celebration Key, its exclusive new destination on Grand Bahama Island.
Carnival Corporation stock price
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