Carnival Reports Record 2025 Bookings and Strong Q4 Earnings

The cruise operator exceeded Q4 profit expectations but projected 2025 earnings slightly below analyst estimates due to rising costs.

Carnival Corporation reported Q4 adjusted earnings of $0.14 per share, surpassing the consensus estimate of $0.08 and reversing a $0.07 per-share loss from the previous year.
Quarterly revenue rose 10% year-over-year to $5.94 billion, slightly beating analysts' expectations of $5.93 billion.
The company announced record advanced bookings for 2025, with occupancy and pricing surpassing 2024 levels across all quarters.
Despite strong demand, Carnival forecasted 2025 adjusted earnings of $1.70 per share, below the $1.74 consensus, citing increased costs for fuel, maintenance, and advertising.
Carnival ended 2024 with $4.155 billion in liquidity and reported significant year-over-year improvements in operating income, adjusted EBITDA, and return on invested capital.