Carnival Corporation & plc (NYSE: CCL) reported record third-quarter 2025 results, with net income of $1.9 billion, beating analyst expectations. Revenue rose to $8.153 billion, and adjusted EBITDA reached $3.0 billion. Net yields in constant currency increased 4.6%, while fuel consumption per ALBD fell 5.2%.

Customer deposits reached a record $7.1 billion, with cash from operations at $1.38 billion in the quarter. Liquidity stood at $6.26 billion, and total debt was $26.5 billion. CEO Josh Weinstein highlighted strong demand and onboard spending, driving a 4.6% improvement in net yields.

The company refinanced debt, prepaid $700 million, and issued new senior unsecured notes totaling $4.2 billion. Moody’s upgraded its credit rating, and Carnival raised its full-year 2025 outlook for the third time. Advanced bookings for 2026 remain strong, with 2027 volumes setting a new record.

For the full year 2025, Carnival projects adjusted net income of about $2.93 billion, above estimates, and adjusted EBITDA of roughly $7.05 billion. Net yields are expected to increase by 5.3% in constant currency, with adjusted cruise costs rising by 3.3%. In the fourth quarter, adjusted EPS is forecasted at about 23 cents, with net yields expected to increase by 4.3%.

CCL shares were trading lower by 5.44% to $28.96 at last check Monday. The company’s strong financial performance, record bookings, and outlook for the rest of the year showcase its resilience and ability to navigate challenges in the cruise industry.

Read more at Yahoo Finance: Carnival Lifts Outlook Again As Booking Momentum Outpaces Capacity Growth