TLDR
- Carnival beat Q3 earnings by $0.11 with $1.43 per share versus $1.32 expected
- Revenue hit record $8.2 billion, topping estimates of $8.09 billion for tenth straight quarter
- Net yields increased 4.6% on same-ship basis driven by strong demand and higher onboard spending
- Company raised full-year 2025 outlook for third time, projecting 55% jump in adjusted net income
- Shares surged 5% in premarket trading following the earnings announcement
Carnival Corp posted another quarter of record-breaking results that sent shares climbing in early trading. The cruise operator delivered third-quarter earnings of $1.43 per share, beating analyst expectations by 11 cents.
Revenue reached a new high of $8.2 billion for the quarter. This topped Wall Street estimates of $8.09 billion and marked the company’s tenth consecutive quarter of record revenues.
The strong performance came from robust passenger demand and higher onboard spending. Net yields increased 4.6% on a same-ship basis in constant currency terms.
CEO Josh Weinstein called it “a phenomenal quarter delivering all-time high net income.” The company reported record net income of $1.9 billion and adjusted net income of $2.0 billion.
Record Financial Performance
Gross margin yields jumped 6.4% compared to the same quarter last year. This shows the company’s ability to generate more profit from each cruise.
Adjusted return on invested capital hit 13%. This level hasn’t been seen in nearly two decades for the cruise operator.
The company’s financial health continues to improve after the pandemic challenges. Strong demand patterns suggest the cruise industry recovery remains on track.
Carnival raised its full-year 2025 outlook for the third time this year. The company now projects adjusted net income will rise nearly 55% over 2024 levels.
This represents $235 million above previous guidance. The repeated guidance increases show management’s growing confidence.
For the fourth quarter, net yields are expected to increase roughly 4.3% in constant currency. This would continue the positive momentum from Q3 results.
Strong Booking Trends Continue
Advance bookings for 2026 are already matching 2025’s record levels. These bookings are coming in at historically high prices.
The company debuted Celebration Key during the quarter. This exclusive new destination sits on Grand Bahama Island.

Carnival’s stock price closed at $30.62 before the earnings announcement. The shares have gained 65.69% over the last 12 months.
Over the past three months, the stock has risen 2.20%. The premarket surge of 5% following earnings shows investor enthusiasm.
Analysts have been mostly positive on the stock recently. The company saw 8 positive EPS revisions and 3 negative EPS revisions in the last 90 days.
According to InvestingPro, Carnival’s Financial Health score rates as “great performance.” This reflects the company’s improved financial position.
The cruise operator continues to benefit from pent-up travel demand. Higher onboard spending per passenger is also boosting profitability.
Carnival’s tenth consecutive quarter of record revenues shows consistent execution. The company has successfully navigated the post-pandemic recovery period.