Carnival Corporation has achieved a historic milestone with their Q3 revenue reaching an all-time high of $7.9 billion. The company has seen a remarkable increase of $1 billion compared to the same period last year. Strong demand and cost-saving measures have contributed to a 60% rise in net income, amounting to $1.7 billion. The company has revised its full-year earnings guidance upward, reflecting a 40% growth over 2023. Future bookings are already set to surpass previous records, showcasing sustained momentum.
Carnival Corporation’s financial performance in the third quarter has been extraordinary, marking an unprecedented milestone with revenues soaring to $7.9 billion. This achievement reflects not only exceptional operational execution but also an increase of $1 billion compared to the previous year, indicating a solid growth trajectory for the company. Net income has seen a substantial rise, growing by 60% to reach $1.7 billion, a figure that outstrips earlier projections by $170 million.
The company attributes its strong financial results to robust demand for cruise travel and strategic cost-saving initiatives. This positive financial outlook has led Carnival to adjust its full-year 2024 earnings guidance upward, projecting adjusted EBITDA to touch $6 billion, marking an impressive 40% increase compared to 2023. This adjustment underscores the confidence Carnival has in its ability to sustain growth and maximise profitability.
The outlook for the company’s future also appears promising, with advanced bookings for the full year 2025 already surpassing the record levels set in 2024. CEO Josh Weinstein highlighted the operational excellence achieved, stating that the company has experienced the highest level of unit operating income in 15 years due to same-ship yield growth. This development has driven significant improvements across all metrics, underpinning the record operating performance expected for the full year.
Weinstein elaborated that the heightened demand has enabled Carnival to enhance its yield guidance for the third consecutive time this year, improving cost management and revenue accrual in the process. He emphasized that nearly half of 2025’s inventory is booked, with fewer available slots compared to previous years. This strategic advantage has facilitated record ticket pricing in constant currency, aligning with successful demand generation efforts and the enticing experiences on offer.
In terms of growth strategy, Carnival is continuing its targeted capacity expansion by commissioning three additional ships for its highest performing brand, Carnival Cruise Line. The ships expected to enter service in 2029, 2031, and 2033, will be the largest in the company’s fleet, carrying more passengers than any other cruise ships to date. This growth is being carefully managed to maintain a delicate balance between expanding capacity and strengthening the financial foundation through substantial free cash flow, earmarked for reducing leverage over the coming years.
Carnival Corporation’s strategic initiatives and robust demand have set the stage for sustained growth and remarkable financial performance.
