Overview

• The cruise operator posted Q3 revenue of $8.15 billion and adjusted EPS of $1.43, beating estimates, with GAAP profit reaching $1.85 billion.
• Management raised its fiscal 2025 adjusted EPS outlook to about $2.14 from roughly $1.97 previously.
• The upgrade was attributed to resilient demand, higher ticket pricing and increased onboard spending through bundled offerings such as drinks, Wi‑Fi and excursions.
• Carnival is investing about $600 million in its Celebration Key private destination on Grand Bahama to bolster differentiation and future spending.
• The company said nearly half of 2026 capacity is already booked at historically high prices and reported record booking volumes for 2027 during the quarter, while shares fell about 3% in early trading.