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Investing.com -- Carnival Corporation shares jumped 5% premarket after the cruise operator reported record third-quarter earnings that exceeded analyst expectations, driven by strong demand and higher pricing.
The world’s largest cruise company posted adjusted earnings of $1.43 per share for its third quarter, beating analyst estimates of $1.32. Revenue reached an all-time high of $8.2 billion, surpassing the consensus forecast of $8.09 billion and marking the tenth consecutive quarter of record revenues.
The strong performance was fueled by a 4.6% improvement in net yields in constant currency, achieved entirely on a same-ship basis.
"This was a phenomenal quarter delivering all-time high net income and our tenth consecutive quarter of record revenues," said Carnival’s Chief Executive Officer Josh Weinstein. "Strong demand and onboard spending drove a 4.6% improvement in net yields (in constant currency), all of which was achieved on a same ship basis."
The company reported record net income of $1.9 billion and adjusted net income of $2.0 billion. Gross margin yields increased 6.4% compared to the same period last year. Carnival also noted that its adjusted return on invested capital reached 13% for the first time in nearly 20 years.
Looking ahead, Carnival raised its full-year 2025 outlook for the third time this year. The company now expects adjusted net income to increase nearly 55% compared to 2024, which is $235 million better than its previous guidance. For the fourth quarter, Carnival forecasts net yields to rise approximately 4.3% in constant currency compared to record 2024 levels.
The company also highlighted strong booking trends for 2026, with cumulative advanced bookings in line with 2025’s record levels and at historically high prices. During the quarter, Carnival successfully opened Celebration Key, its new exclusive destination on Grand Bahama Island.