Net Income

FY 2025

$2.5 billion " "

$2,700,000,000 "

raised

Yields

FY 2025

4.7% " "

5% higher than strong 2024 levels "

raised

EBITDA

FY 2025

$6.7 billion (nearly 10% improvement) "

$6,900,000,000 (13% improvement) "

raised

Cruise Costs without Fuel per ALBD

FY 2025

Up 3.8% "

Up 3.6% "

lowered

Fuel Consumption and Fuel Mix Favorability

FY 2025

no prior guidance

$30,000,000 "

no prior guidance

Interest Income and Expense Favorability

FY 2025

no prior guidance

$30,000,000 "

no prior guidance

Favorable Net Impact of Currency and Fuel Price

FY 2025

no prior guidance

$35,000,000 "

no prior guidance

Cruise Costs without Fuel per ALBD

Q3 2025

no prior guidance

Up 7% compared to the prior year "

no prior guidance

Demand & Onboard Spending

Discussed robust demand and strong onboard spending in Q1 2025 ( " " " " ), consistent record revenues and booking trends in Q4 2024 ( " " " ), and broad‐based demand with record booking volumes in Q3 2024 ( " " " ).

Highlighted strong onboard spending across all major spend categories and steady demand despite external turbulence ( " " " " ).

Consistent strong demand and onboard spending across periods with slight improvements in booking volatility despite external challenges.

Yield Management & Pricing Power

Detailed in Q1 2025 with strong yield increases, high ticket prices and forward booking strength ( " " " " " " ), demonstrated solid pricing and yield management in Q4 2024 ( " " " " ) and emphasized record per diems and guiding price metrics in Q3 2024 ( " " " " ).

Emphasized nearly 6.5% yield growth, improved pricing power and raised full‐year yield guidance driven by strong close-in demand ( " " ).

Consistent yield improvement with incremental gains and strong pricing power maintained across periods.

New Destination Initiatives

In Q1 2025, Celebration Key development, operational readiness and strong marketing for premium itineraries were noted ( " " " ); Q4 2024 detailed expansion of Celebration Key and RelaxAway with strategic and cost considerations ( " " " " " ); Q3 2024 highlighted features, phased development and strategic differentiation ( " " " " " ).

Focused on launching Celebration Key and expanding island assets with ramped-up operations, premium marketing and operational impact on costs ( " " " " ).

Steady evolution with increasing strategic focus and heightened marketing; initiatives continue to differentiate the cruise experience and drive premium pricing.

Enhanced Loyalty Program

No mention in Q1 2025, Q4 2024 or Q3 2024 (data not available).

Introduced Carnival Rewards to tie benefits to total spending; expected to be cash flow positive from day one with initial yield impact ( " " " ).

Newly introduced topic, marking a shift in focus toward customer engagement and lifetime value enhancement.

Geopolitical & Macroeconomic Volatility

Q1 2025 acknowledged volatility with strong close‐in bookings positive despite uncertainty ( " " " ); Q3 2024 noted Middle East conflict with minimal regional impact ( " " ); Q4 2024 had no specific mention.

Addressed escalating Middle East tensions and macroeconomic turbulence while emphasizing adaptability and ability to meet guidance ( " " " ).

Consistently acknowledged; sentiment remains resilient with management emphasizing effective navigation despite external unpredictability.

Cost Inflation & Rising Operating Expenses

Q1 2025 discussed modest increases in cruise costs and highlighted permanent cost savings and structural adjustments ( " " " " ); Q4 2024 outlined a 3.7% increase driven by new initiatives, dry dock days and inflation effects ( " " " ); Q3 2024 focused on inflationary pressures and targeted cost-saving opportunities ( " " " ).

Detailed rising cruise costs partly driven by Celebration Key and operational timing, offset by energy efficiency improvements and savings initiatives ( " " ).

Upward cost pressures persist across periods but are being mitigated through targeted cost-saving measures and operational efficiencies; sentiment reflects cautious management of inflationary trends.

Financial Leverage & Debt Management

Q1 2025 described successful refinancing, debt reduction and strengthened leverage metrics with substantial interest savings ( " " " ); Q4 2024 highlighted over $5B in debt payments and improved net debt ratios ( " " " " ); Q3 2024 emphasized prepayments, refinancing efforts and a path toward investment-grade metrics ( " " " ).

Focused on refinancing key notes, prepaying portions of debt and extending revolving credit to reduce net interest expense and lower the net debt-to-EBITDA ratio ( " " ).

Ongoing deleveraging with consistent refinancing strategies leading to steadily improving financial metrics and closer proximity to investment-grade status.

European Market Performance

Q1 2025 noted strong performance with European brands outperforming in pricing, occupancy and record deposits ( " " " " ); Q4 2024 mentioned record advanced booking windows and improved yields ( " ); Q3 2024 showed high occupancy growth and robust booking trends ( " " " " ).

Highlighted robust European market performance with particularly strong Q3 outlook comments by the CEO ( " ).

Consistently robust with steady gains in occupancy and yield performance, confirming European market as a key revenue driver with positive growth sentiment.

Operational Improvements & Cost-Saving Measures

Q1 2025 highlighted permanent cost savings, refinancing benefits and operational adjustments to control dry dock and charter costs ( " " " ); Q4 2024 emphasized yield growth, operational execution improvements and unit cost savings ( " " " ); Q3 2024 detailed efficiency initiatives, cost-savings across brands and a strong EBITDA flow-through ( " " " " " ).

Focused on energy efficiency investments, enhanced onboard experiences through destination expansions and disciplined cost management strategies to lower operating expenses ( " " " ).

Continuous improvements are evident with persistent cost optimization measures and operational efficiencies, reinforcing a focus on driving yield growth while containing expenses.

Increasing Competition in Key Markets

Q3 2024 briefly addressed competitor expansion in key ports, with management downplaying potential encroachment ( " ); no mention in Q1 2025 or Q4 2024.

No mention in Q2 2025.

Previously noted in Q3 2024 but has receded in recent discussions, suggesting limited competitive pressure relative to Carnival's market share and brand strength.

Capacity Constraints & Fleet Growth Management

Q1 2025 emphasized minimal capacity additions, a focused new build pipeline and opportunistic fleet sales to optimize yields ( " " " " ); Q4 2024 discussed organic growth with limited capacity additions and highlighted industry dynamics with positive market comparisons ( " " ); Q3 2024 reiterated minimal newbuild orders and same-ship yield focus ( " " " ).

Emphasized limited capacity growth supported by an elongated booking window and moderate new-build pipeline to enhance yield and manage fleet investments effectively ( " ).

Consistently conservative fleet growth strategy, ensuring capacity constraints drive yield enhancement; this approach remains stable over the periods.

Brand Recovery to 2019 Performance

Q1 2025 indicated that some brands have exceeded 2019 performance while others continue to improve, with optimism regarding further upside ( " ); Q3 2024 touched on occupancy and yield opportunities relative to 2019 benchmarks ( " " ); Q4 2024 did not explicitly address this comparison.

Reported EBITDA margins 200 basis points above 2019 levels and ROIC surpassing 2019 benchmarks, demonstrating significant recovery and improved efficiency ( " ).

Strong and accelerating brand recovery with performance metrics now significantly exceeding 2019 levels, reflecting improved operational efficiency and market positioning.