Overview
- Reported $1.9 billion net income, $2.0 billion adjusted net income (EPS $1.43), $8.15 billion revenue, and $3.0 billion adjusted EBITDA, all topping estimates.
- Raised 2025 guidance to about $2.14 adjusted EPS and roughly $7.05 billion adjusted EBITDA, with fourth-quarter EPS guided to about $0.23.
- Booking volumes outpaced capacity with nearly half of 2026 already sold at historically high prices and 2027 off to a record start.
- Shares fell roughly 4% as Carnival projected 2025 net yields up 5.3%, below the ~5.79% analyst consensus, even after a 4.6% third-quarter net-yield increase.
- Refinanced about $4.5 billion of debt and prepaid $700 million, improving net debt to roughly 3.6x adjusted EBITDA, as customer deposits hit a record $7.1 billion and fuel use per berth day declined 5.2%.