Carnival Cruise Lines Reports Q3 Passenger Carrying Record of 3.8M and Occupancy Rate of 112%.

Carnival Corporation has reported Q3 2022 financial results with 3.8 million passengers carried, a 112% occupancy rate, and revenue of $4.8 billion, exceeding pre-pandemic levels. The company's net income was $2.6 billion, a significant improvement from the $1.2 billion loss in Q3 2021. Carnival's strong performance is attributed to the recovery of the cruise industry and the company's efforts to enhance its operations and services.

Carnival Corporation & plc (CCL) has reported its Q3 2025 financial results, showcasing a significant improvement in performance compared to pre-pandemic levels and setting new records. The company achieved an all-time high net income of $1.9 billion, adjusted net income of $2.0 billion, and record revenues of $8.2 billion. These results highlight the resilience and recovery of the cruise industry, driven by strong demand and effective cost management.

Key highlights of the quarter include:

- Net Income and Adjusted Net Income: Carnival's net income of $1.9 billion exceeded the previous record set in 2019 by $116 million. Adjusted net income reached $2.0 billion, outperforming June guidance by $182 million.
- Revenue: Record revenues of $8.2 billion, up over $250 million compared to the prior year, reflect strong close-in demand and effective cost management.
- Net Yields: All-time high net yields (in constant currency) were 4.6 percent higher than 2024, outperforming June guidance by 1.1 points.
- Customer Deposits: Record third quarter customer deposits of $7.1 billion surpassed the previous record at August 31, 2024.
- Operational Efficiency: Adjusted return on invested capital reached 13% for the first time in nearly 20 years, a testament to the company's operational execution.

The company's CEO, Josh Weinstein, commented on the results, noting that strong demand and onboard spending drove a 4.6% improvement in net yields, and that the company's new exclusive destination, Celebration Key, received rave guest reviews and overwhelming media coverage. Weinstein also expressed confidence in the company's ability to increase same ship net yields and close the price-to-value gap versus land-based vacation alternatives, pushing margins and returns even higher over time.

Carnival Corporation's strong Q3 2025 results reflect the company's successful efforts to enhance its operations and services, as well as the recovery of the cruise industry. The company's financial performance is expected to continue to improve, supported by strong booking momentum and effective cost management.