Q2 2025 Carnival Corp and Carnival PLC Earnings Call Transcript
Key Points
- Carnival Corp (CCL) achieved record revenues for the eighth consecutive quarter, with EBITDA and operating income reaching new second-quarter highs.
- Net income exceeded guidance by $185 million, driven by strong ticket prices and onboard spending.
- The company surpassed its 2026 targets for EBITDA per ALBD growth and ROIC 18 months ahead of schedule.
- Customer deposits reached an all-time high, indicating strong future demand.
- Carnival Corp (CCL) is launching new destinations like Celebration Key and expanding existing ones, which are expected to enhance guest experiences and drive future revenue.
- The geopolitical conflict in the Middle East presents uncertainty, although it has not yet impacted business.
- Third-quarter cruise costs are expected to be higher due to new destination openings and other factors.
- The new loyalty program will initially impact yields negatively due to revenue deferral, with benefits expected only after two years.
- Volatility in booking patterns was observed, particularly in April, affecting the overall trajectory.
- Despite strong performance, the company acknowledges that the upside potential for the second half of the year is not as high as initially expected due to global uncertainties.
Greetings. Welcome to the Carnival Corporation & plc second-quarter 2025 earnings call.
(Operator Instructions)
As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor relations.
Thank you, Beth. You may now begin.
Thank you. Good morning and welcome to our second 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 the forward-looking statement in today's press release. All references to ticket prices, yields, and cruise costs without fuel will be in constant currency unless otherwise stated. Reference to yields will be on a net basis. References to cruise costs without fuel, EBITDA, net income, ROIC, and related statistics
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