Carnival posts record Q1 revenue despite “geopolitical volatility”
Carnival Corporation has reported record first quarter revenue of $5.8 billion (£4.5 billion) despite ongoing macroeconomic and geopolitical uncertainty
The global cruise conglomerate’s earnings for the three months to 28/29 February were up $400 million (£309 million) on the same period last year.
The company, which owns Cunard, Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, P&O Cruises, Costa Cruises and AIDA Cruises, saw another early start to a successful wave season despite having started the year with less inventory available for sale.
“While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year and we remain on track to have another stellar year across our cruise brands,” said Carnival CEO Josh Weinstein.
“Our first quarter was truly characterised by outperformance. This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending.”
Total customer deposits reached a first quarter record of $7.3 billion (£5.65 billion), surpassing the previous first quarter record on 29 February 2024, reflecting continued growth in both ticket prices and pre-cruise onboard sales.
“Our brands are continuing to deliver on our strategy to generate sustained demand, even for further out sailings. With the vast majority of 2025 booked, we continue to drive strong pricing for the remainder of the year in both North America and Europe, while also building demand for future years,” Weinstein added.
By the end of the year the company expects net yields to be approximately 4.7 per cent higher than 2024 and its adjusted net income up over 30 per cent, bettering estimations it issued in December 2024 by $185 million (£143 million).
