CCL · Q2 2025 Earnings

Bullish

Carnival Corporation

Reported June 24, 2025

30-second summary

Carnival delivered $6.33B in Q2 revenue (+9.5% YoY) with non-GAAP EPS of $0.35, occupancy at 104%, and net yields up 6.4% in constant currency. Management announced it has already exceeded its 2026 SEA Change financial targets — adjusted ROIC above 12.5% and adjusted EBITDA per ALBD at $62.19 — a year and a half ahead of plan. Customer deposits hit an all-time high of $8.5B and 2026 is already booked in line with 2025's record at higher prices, which is the more important signal than the print itself.

Headline numbers

EPS

Q2 FY2025

$0.35

Revenue

Q2 FY2025

$6.33B

+9.5% YoY

Gross margin

Q2 FY2025

27.6%

Free cash flow

Q2 FY2025

$1.54B

Operating margin

Q2 FY2025

14.8%

Key financials

Q2 FY2025

Metric	Q2 FY2025	YoY
Revenue	$6.33B	+9.5%
EPS	$0.35	—
Gross margin	27.6%	—
Operating margin	14.8%	—
Free cash flow	$1.54B	—

Guidance

Prior quarter data unavailable — comparison not possible.

Segment performance

Q2 FY2025

Segment	Q2 FY2025	YoY
Passenger ticket revenue	$4.104B	+9.3%
Onboard and other revenue	$2.224B	+9.7%

Platform metrics

Q2 FY2025

Segment	Q2 FY2025
Available Lower Berth Days (ALBDs)	24.2 million
Occupancy percentage	104%
Adjusted EBITDA per ALBD	$62.19
Net yields (constant currency)	$200.07 per ALBD, +6.4% YoY
Customer deposits	$8.5 billion (all-time high)

Profitability

Q2 FY2025

Segment	Q2 FY2025
Adjusted EBITDA	$1.508 billion
Adjusted EBITDA margin	23.83%
Adjusted ROIC (trailing 12 months)	>12.5%

What to watch into next quarter

Q3 cost guide delivery: management is guiding adjusted cruise costs ex-fuel per ALBD up ~7.0% YoY in Q3 vs ~3.6% for the FY — watch whether Q3 lands at or below the +7.0% guide, or whether costs run hotter and force a FY cost revision.

2026 booked position commentary: management said 2026 is booked in line with 2025 record levels at historical high prices — watch for a hard number on advance bookings or pricing as 2026 wave season approaches.

Net yield trajectory into 2H: Q2 delivered +6.4%, Q3 guided +3.5%, full year ~+5.0% — watch whether the implied 2H ~+4% holds or comps prove tougher than guided.

Customer deposit balance: $8.5B record this quarter — watch whether it continues to build into Q3, the seasonal peak for forward bookings.

Capital return signal: with ROIC already above the 2026 target and FCF of $1.5B this quarter, watch for any update on debt paydown pace or a return to capital return (buybacks/dividend) on the Q3 call.

Sources

Carnival Corporation Q2 FY2025 earnings press release (8-K), filed 2025-06-24. https://www.sec.gov/Archives/edgar/data/815097/000081509725000047/a20252qearningsrelease8-k.htm

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