Summary
Carnival Corporation & plc (CCL) reported a significant turnaround in its financial performance for the six months ended May 31, 2025, compared to the same period in the prior year. The company generated a net income of $486 million, a substantial improvement from a net loss of $123 million in the prior year, driven by strong revenue growth across both its North America and Europe segments. Total revenues increased to $12.1 billion from $11.2 billion, primarily fueled by higher passenger ticket prices and increased onboard spending, alongside a modest capacity expansion. While the company has made strides in improving profitability and strengthening its balance sheet through debt management and refinancing activities, it continues to carry a substantial debt load. Liquidity remains robust, with significant cash reserves and substantial borrowing capacity available under its credit facilities. Management is focused on navigating ongoing market trends, including fuel price volatility and increasing environmental regulations, while continuing to execute its fleet optimization and growth strategies.
Financial Highlights
50 data points| Revenue | $6.33B |
| Cost of Revenue | $3.89B |
| Gross Profit | $2.44B |
| SG&A Expenses | $816.00M |
| Operating Expenses | $5.39B |
| Operating Income | $934.00M |
| Net Income | $565.00M |
| EPS (Basic) | $0.43 |
| EPS (Diluted) | $0.42 |
| Shares Outstanding (Basic) | 1.31B |
| Shares Outstanding (Diluted) | 1.40B |
Key Highlights
- 1Net income for the six months ended May 31, 2025, was $486 million, a significant improvement from a net loss of $123 million in the prior year's comparable period.
- 2Total revenues increased by 8.5% to $12.1 billion for the six months ended May 31, 2025, compared to $11.2 billion in the prior year, driven by higher ticket prices and onboard spending.
- 3Occupancy percentage remained strong at 104% for both the three and six-month periods, indicating robust demand.
- 4Operating expenses increased by 2.0% to $7.7 billion for the six months, largely due to capacity increases and higher onboard costs, but were partially offset by lower fuel prices and gains on ship sales.
- 5The company significantly reduced its interest expense, net of capitalized interest, to $718 million for the six months, down from $921 million in the prior year, due to decreased debt levels and lower average interest rates.
- 6Carnival Corp & plc ended the period with $2.1 billion in cash and cash equivalents and $3.0 billion available under its revolving credit facility, demonstrating solid liquidity.
- 7The company actively managed its debt, issuing $4.1 billion and repaying $5.1 billion in long-term debt during the first six months of 2025.