Carnival Corporation & plc (NYSE: CCL) (NYSE: CUK) reported record third-quarter 2025 results, posting net income of $1.9 billion, or $1.33 per diluted share, up from $1.7 billion a year earlier. Adjusted net income was $2.0 billion, or $1.43 per diluted share, topping analyst expectations of $1.32.
Revenue rose to $8.153 billion, beating the $8.101 billion consensus estimate and increasing from $7.9 billion last year. Adjusted EBITDA reached $3.0 billion.
Net yields in constant currency increased 4.6% year over year, while gross margin yields improved 6.4%. Cruise costs per available lower berth day (ALBD) rose 4.6% from 2024, but adjusted cruise costs excluding fuel increased 5.5%, 1.5 points better than guidance.
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Fuel consumption per ALBD fell 5.2% due to efficiency investments. Passenger cruise days totaled 27.5 million, with occupancy steady at 112%.
Customer deposits reached a record $7.1 billion as of Aug. 31. Cash from operations was $1.38 billion in the quarter and $4.7 billion year-to-date, while capital expenditures totaled $648 million in the quarter.
Liquidity stood at $6.26 billion, and total debt was $26.5 billion. The company …