Carnival Corporation & plc has raised its profit forecast for the year following a successful first quarter, driven by record revenue and strong cruise demand.
In the first quarter, the company reported revenues of $5.8 million, an increase of $400 million from the same period last year. Operating income nearly doubled to $543 million, while adjusted EBITDA rose 38 percent year-over-year, reaching $1.2 billion for the quarter.
A key factor behind the revenue boost was a successful “wave season,” with higher prices due to a limited supply of 2025 cruise inventory. According to Carnival, prices are at historical highs, and occupancy levels are aligned with 2024’s record. Additionally, travelers are booking cruises further in advance than before.
Looking ahead, the company expects continued growth in the second quarter, with net yields up by 4.4 percent year-over-year. Adjusted EBITDA is projected to rise by 10 percent, reaching approximately $1.3 billion.
Thanks to this strong performance, Carnival has updated its profit forecast for the rest of the year. The company now expects net yields to increase by 4.7 percent over 2024, a half-point higher than previously anticipated.
While cruise costs remain unchanged, Carnival has increased its adjusted net income forecast by more than 30 percent compared to 2024, with adjusted EBITDA expected to be around $6.7 billion—better than earlier projections.
“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 remain on track for another stellar year across our cruise brands,” said Josh Weinstein, CEO of Carnival Corporation & plc.
Weinstein added, “This increase incorporates our strong first-quarter results and reduced interest expenses from recent refinancings. We also maintain our December yield guidance for the remainder of 2025, as bookings continue to be further out than ever before, at record prices, with robust onboard spending, proving our resilience.”
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