Carnival Reports Record $25B Revenue as Cruise Recovery Continues

The cruise giant’s performance signals a robust recovery in the maritime tourism sector following the COVID-19 pandemic. CEO Josh Weinstein highlighted the company’s exceptional performance, noting they exceeded initial 2024 guidance by $700 million. “This has been an incredibly strong finish to a record year,” Weinstein stated. “The progress was broad based as we drove strong pricing in 2024 as compared to 2023 across our major cruise lines and trades.”  

The company’s financial health shows significant improvement, with full-year net income reaching $1.9 billionand operating income hitting $3.6 billion, an 80% increase from the previous year. Fourth-quarter results were equally impressive, with revenues of $5.9 billion, up 10% year-over-year.

Looking ahead to 2025, Carnival projects continued growth with adjusted net income expected to reach approximately $2.3 billion. The company’s booking position for 2025 has reached all-time highs in both pricing and occupancy. “2025 is shaping up to be another banner year, with yield growth expected to far outpace historical growth rates and again exceed unit cost growth,” said Weinstein.

On the sustainability front, Carnival continues to lead the cruise industry in environmental initiatives, now operating ten LNG-powered ships representing nearly 20% of its fleet capacity. The company has also achieved an 11% reduction in absolute greenhouse gas emissions compared to 2011 levels, despite a 37% increase in capacity.

The strong financial performance has enabled Carnival to significantly improve its balance sheet, reducing its debt by over $8 billion from its peak in January 2023. CFO David Bernstein expects interest expenses in 2025 to be more than $200 million lower than 2024.