Carnival Corp ($CCL) Rockets 15% After Smashing Q2 Forecasts—2025 Guidance Now Even Juicier

Wall Street's cruise skeptics got torpedoed today as Carnival Corporation ($CCL) posted record-breaking Q2 earnings—beating profit estimates by a nautical mile.

The onboard revenue machine

Food, drinks, and casino wallets got drained faster than a margarita during happy hour. Passenger spending hit new highs while fuel costs dropped—because nothing fuels profits like addicting guests to overpriced cocktails.

2025 sails into the sunset

Management raised full-year guidance (again), betting that recession-weary consumers will keep trading mortgages for mai tais. 'Debt? What debt?' laughed CFO David Bernstein while adjusting his deckchair.

One cynical footnote: The stock's still 60% below its pre-pandemic ATH—proving even zombie companies float when you drown them in $30B of liquidity. Anchors aweigh!

TLDR

• CCL stock closed at $25.70 on June 24, up 6.91% after Q2 earnings beat and raised full-year guidance.

• Revenue rose 9% year over year to a record $6.33 billion, with adjusted EPS at $0.35.

• Net income more than tripled to $565 million, exceeding prior guidance by $185 million.

• Carnival raised 2025 net income forecast by $200 million, now expecting ~$2.7 billion.

• Yields increased 6.4%, EBITDA jumped 26%, and customer deposits hit all-time high.

Carnival Corporation (NYSE: CCL) posted a strong fiscal Q2 2025 performance on June 24, sending its stock up 6.91% to $25.70 at close. The cruise line beat both revenue and profit estimates, raised its full-year outlook, and reported record second-quarter results driven by strong passenger volumes and reduced costs.

Carnival Corporation & plc (CCL)

Revenue came in at $6.33 billion, a second-quarter record and a 9% increase year over year. Adjusted earnings per share reached $0.35, topping analyst expectations of $0.24. Net income surged to $565 million from $92 million a year ago.

It's true: Carnival Corporation exceeds expectations YET AGAIN! The cruise operator's stock has soared this morning and helped lift the rest of the industry. Is $30 a share finally in our future?

Full coverage:https://t.co/lSkTEWyr1X$CCL $RCL $NCLH pic.twitter.com/7b2Mtb6QCF

— This Cruise Life (@thiscruiselife) June 24, 2025

Passenger Growth and Operational Efficiency Drive Results

Carnival carried 3.4 million passengers during the quarter, up 3%, while cruise days ROSE 4% to 25.3 million. Yields increased by 6.4%, outperforming guidance by 200 basis points. The company more than tripled adjusted net income and achieved its highest Q2 margins in nearly 20 years.

Cruise costs per available lower berth day (ALBD) fell 0.3%, and fuel consumption per ALBD dropped by more than 6%, helping boost operating income by 67% and EBITDA by 26%. Notably, EBITDA per ALBD grew 52% above the 2023 baseline.

Upgraded Full-Year Guidance on Strong Booking Trends

CEO Josh Weinstein described the results as “another phenomenal quarter,” driven by strong close-in demand and disciplined cost controls. Carnival now forecasts full-year adjusted EBITDA of $6.9 billion, up from $6.7 billion, and expects net income to exceed 2024 levels by more than 40%.

Return on invested capital (ROIC) surpassed 12.5%, doubling in under two years. Customer deposits reached an all-time high, reflecting robust future demand.

Strategic Investments and Caution for H2

Carnival continues to invest in growth, with its new destination Celebration Key in the Bahamas set to open on July 19. The cruise line is also expanding other destinations to enhance guest experience and future revenue.

However, the company acknowledged some risks. The opening of new destinations and loyalty program changes will increase third-quarter costs and may pressure near-term yields. Geopolitical tensions, especially in the Middle East, also add uncertainty to the outlook.

Despite these factors, Carnival remains optimistic about sustained profitability, having already met its 2026 financial targets 18 months early.