Carnival Corporation & plc reported strong financial results for the first quarter of 2025, surpassing its December guidance and raising expectations for the full year.

First quarter revenue reached $5.8 billion, over $400 million higher than the same period last year. Net yields rose 7.3 percent (in constant currency), significantly outperforming previous forecasts, while operating income grew to $543 million, nearly double that of Q1 2024.

Despite a net loss of $78 million due to $252 million in refinancing-related costs, adjusted net income came in at $174 million, or $0.13 per share. Adjusted EBITDA rose to $1.2 billion, a 38 percent increase year over year. Both operating margins and EBITDA margins exceeded 2019 levels.

Customer deposits reached a first-quarter record of $7.3 billion, driven by higher ticket prices and pre-cruise onboard spending. Booking trends remained strong with pricing at historic highs, and 2026 booking volumes hit record levels.

For full-year 2025, the company expects net yields to rise approximately 4.7 percent (constant currency) and adjusted EBITDA to reach $6.7 billion. Adjusted net income is expected to increase more than 30 percent from 2024, and the company now expects to reach its 2026 financial targets one year early.

Carnival also refinanced $5.5 billion in debt during the quarter, reducing annual interest expense by $145 million and simplifying its capital structure. Total debt declined by $0.5 billion to $27.0 billion. Moody’s upgraded the company’s credit rating with a positive outlook.

Carnival brands received industry awards and continued enhancing guest offerings. The company remains focused on strong demand, booking growth, and delivering value while managing macroeconomic and geopolitical risks.