Carnival Corporation reports...

Strong demand led to line outperforming guidance by US$700m

Carnival Corporation has reported record high revenues of US$25 billion for 2024 with full-year revenues up 15% compared to 2023 because of “continued strength in demand”.

The company posted record adjusted earnings before interest and taxes (Ebitda) of US$6.1 billion, which was 40% higher than 2023. Full-year net income was US$1.9 billion, outperforming September guidance by more than US$130 million. Revenue in the fourth quarter hit US$5.9 billion, an increase of 10% year-on-year, which also broke records for the company.

Adjusted Ebitda for the quarter was up 29% on 2023 reaching a record US$1.2 billion and surpassing guidance by US$80 million

A total of 13.5 million passengers travelled with Carnival brands in 2024, and the corporation’s full-year earnings showed its cumulative advanced booked position for 2025 was at “an all-time high” for both price and occupancy.

Josh Weinstein, Carnival Corporation chief executive, said: “Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year, enabling us to outperform our initial 2024 guidance by US$700 million and deliver nearly US$2 billion more to the bottom line, year over year. The progress was broad-based as we drove strong pricing in 2024 as compared to 2023 across our major cruise lines and trades.”

Weinstein said on an earnings call: “At the outset and with about two-thirds of the year already on the books, 2025 is shaping up to be another banner year, with yield growth exceeding 4%, far outpacing historical growth rates and again exceeding unit cost growth, delivering more than US$400 million incrementally to the bottom line. In fact, booking trends even accelerated during the quarter.

“Booking volumes for 2026 also continue to break records, reflecting sustained demand even for further-out sailings."

Carnival's North American and European segments are each at their longest advanced booking windows on record

Weinstein also outlined plans for “an enhanced destination strategy” to provide passengers with yet another reason to take a cruise.

“While we retain by far the largest footprint in the Caribbean with six owned and operated destinations that captured 6.5 million guest visits in 2024, we believe we have a meaningful opportunity to expand and capitalise on this strategic advantage,” Weinstein said.

“These destinations are among our highest-rated guest experiences today, and we have plans to lean into these assets even further. While historically, the marketing of our own assets have really focused on the ships, we have untapped potential to create demand for these amazing destination experiences.

“I have never been more excited about these prospects, as we begin to unfold this multiyear strategy with the opening of Celebration Key in about six months. This will be by far our largest and most Carnival-centric destination in our portfolio, with five awesome portals built for fun, from family-friendly to exclusive beach club experiences.”

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