Key Highlights 

• Full year revenues hit an all-time high of USD 25 billion, over 15 percent higher than the prior year, with continued strength in demand.
• Full year net income of USD 1.9 billion; adjusted net income of USD 1.9 billion outperforms September guidance by over USD 130 million.
• Record full year adjusted EBITDA of USD 6.1 billion, over 40 percent higher than the prior year.
• Record full year operating income of USD 3.6 billion, over 80 percent higher than the prior year.
• Adjusted return on invested capital ("ROIC") of 11 percent.
• Record fourth quarter revenues of USD 5.9 billion, 10 percent higher than prior year, delivering record adjusted EBITDA.
• Cumulative advanced booked position for full year 2025 is at an all-time high for both price (in constant currency) and occupancy.
• Adjusted EBITDA per available lower berth ("ALBD") for 2025 expected to be the highest in almost two decades, achieving 2026 SEA Change target one year in advance.

"This has been an incredibly strong finish to a record year. Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year, enabling us to outperform our initial 2024 guidance by USD 700 million and deliver nearly USD 2 billion more to the bottom line, year over year," commented Carnival Corporation & plc's Chief Executive Officer Josh Weinstein. "The progress was broad based as we drove strong pricing in 2024 as compared to 2023 across our major cruise lines and trades."

"We are delivering long-term value for our shareholders through improved operational execution across our brands, essentially on a same ship basis. We ended 2024 with adjusted ROIC of 11 percent, comfortably above our cost of capital. In fact, with one year down, we're already over 80 percent of the way toward achieving our 2026 SEA Change EBITDA and adjusted ROIC targets," Weinstein continued.

According to Weinstein, there is even more in store to continue the momentum as the company is actively working on an enhanced destination strategy to provide guests with yet another reason to take a cruise vacation offered exclusively by Carnival Corporation & plc's portfolio of cruise lines. The company is also working to increase awareness and consideration for cruise travel globally.

"2025 is shaping up to be another banner year, with yield growth expected to far outpace historical growth rates and again exceed unit cost growth, thanks to the efforts of our amazing team members. They have delivered a step-change improvement in 2024 which sets us up for a fantastic 2025 and beyond, while delivering unforgettable happiness to over 13.5 million guests last year," Weinstein noted.

2025 Outlook 

For the full year 2025, the company expects:

• Net yields (in constant currency) approximately 4.2 percent higher than record 2024 levels based on continued strength in demand.
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.7 percent compared to 2024, in part due to higher dry-dock days, higher advertising expense and operating costs for the company's new exclusive destination, Celebration Key.
• Adjusted net income of approximately USD 2.3 billion, over 20 percent higher than 2024.
• Adjusted EBITDA of approximately USD 6.6 billion, up approximately USD 500 million compared to 2024. Adjusted EBITDA per ALBD to reach its 2026 SEA Change target one year in advance.
• Adjusted ROIC of approximately 11.7 percent.  

Full report https://www.carnivalcorp.com/news-releases/news-release-details/carnival-corporation-plc-outperforms-fourth-quarter-guidance