by Sarah Kuta
Last updated: 10:55 AM ET, Wed June 25, 2025
Carnival Corporation & plc achieved its highest margins in nearly 20 years during the second quarter of 2025, buoyed by cruising’s affordability and value compared to land-based vacations.
On Tuesday, the company raised its annual profit forecast after beating its second-quarter estimates, largely due to last-minute bookings, higher cruise fares and robust onboard spending.
Carnival has been able to demonstrate “remarkable resilience amid heightened volatility,” says Josh Weinstein, chief executive officer.
“Our guests continue to look to us as their preferred vacation choice given the amazing experiences our cruise lines provide,” adds Weinstein. “In fact, close-in demand and onboard spending levels were incredibly strong for second quarter sailings and our booking curve continues to be the furthest out on record.”
Carnival reported $6.33 billion in revenue and a record $8.5 billion in customer deposits for the second quarter, which ended May 31. Adjusted net income rose to $470 million, or 35 cents per share, beating analysts’ estimates of 24 cents.
Carnival raised its full-year guidance and now anticipates its adjusted net income will be 40 percent higher than 2024. It expects full-year adjusted earnings before EBITDA to be $6.9 billion, up from the earlier estimate of $6.7 billion.
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