Carnival Tops Earnings Estimates, Gives Positive Booking Outlook

The Key Takeaways

• Carnival Corp.'s fourth-quarter earnings exceeded forecasts, and the company gave optimistic guidance about demand.
• Cruise line operator reported strong increases in revenue from both ticket sales and revenue on board and elsewhere.
• CEO Josh Weinstein said that 2025 is looking to be "another banner year" for the company, as bookings for future trips jumped.

Carnival Corporation (CCL), the operator of cruise lines, posted a profit that was better than expected and provided an optimistic outlook for the coming year.

Carnival announced fourth-quarter earnings of $0.23 per share, which is almost triple what analysts expected. Visible Alpha surveyed a total of eight analysts and the results were $0.08. Adjusted EPS was also $0.14, exceeding expectations. The Q4 revenue record was $5.94billion, a 10% increase. However, this figure is slightly lower than expected.

Onboard revenue and other revenues increased 10.5%, to $2.08 Billion.

CEO Says 2025 'Shaping Up to Be Another Banner Year'

Josh Weinstein is the Chief Executive (CEO). “2025 is shaping up to be another banner year, with yield growth expected to far outpace historical growth rates and again exceed unit cost growth.”

Carnival reported that the booking volume for the 4th quarter of 2025 was higher than it had been the previous year, even though there were less inventory available and because the period surrounding the elections is traditionally slower. It added that booking volumes taken for 2026 "continued to break records, reflecting sustained demand even for further out sailings."

Carnival Corporation shares have gained 4.5% over the last few days and more than 40 percent year to date.

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