Q3 2025 Carnival Corp and Carnival PLC Earnings Call Transcript
Key Points
- Carnival PLC (CUK) achieved record revenues, yields, operating income, EBITDA, and customer deposits in Q3 2025.
- Net income reached an all-time high of $2 billion, surpassing pre-pandemic levels by nearly 10%.
- Yields increased by 4.6% on a same-ship basis, driven by strong demand and onboard spending.
- The company's leverage improved to 3.6x net debt to EBITDA, moving closer to investment-grade metrics.
- Booking trends have continued to improve, with nearly half of 2026 already booked at higher prices.
- Net interest expense increased by nearly 600% compared to 2019, impacting overall financial performance.
- The company faces a 200 basis point headwind in 2026 due to loyalty program changes, dry dock expenses, and destination development costs.
- Despite strong performance, some brands have not yet returned to their 2019 levels or historical highs.
- The company has limited capacity growth planned, which may constrain future revenue opportunities.
- There are ongoing challenges in optimizing occupancy and pricing to maximize total revenue.
Greetings, and welcome to the Carnival Corporation and plc Q3 2025 earnings results conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Beth Roberts. Please go ahead, Beth.
Thank you. Good morning, and welcome to our third quarter 2025 earnings conference call. I'm joined today by our CEO, Josh Weinstein, our CFO, David Bernstein; and our Chair, Micky Arison.
Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to today's press release and our filings with the SEC for additional information on factors and risks that could cause actual results to differ from our expectations. We will be referencing certain non-GAAP financial measures, including yields, cruise costs without fuel, EBITDA, net income, ROIC and related statistics for all, which are on a net basis or adjusted as defined, unless otherwise stated. A
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