Carnival Corporation & plc has reported exceptional financial results for the third quarter of 2025, highlighting the company’s robust performance and the successful launch of its exclusive destination, Celebration Key.

Record Financial Performance

The company achieved an all-time high net income of $1.9 billion, with adjusted net income reaching $2.0 billion. Revenues totaled $8.2 billion, marking the tenth consecutive quarter of record earnings. This performance was driven by strong demand, effective cost management, and increased onboard spending.

Net yields improved by 4.6% year-over-year on a same-ship basis, surpassing previous guidance. Additionally, Carnival’s adjusted return on invested capital reached 13%, the highest in nearly 20 years.

Celebration Key: A Game-Changer for Carnival

Celebration Key, Carnival’s new private resort destination on Grand Bahama Island, has been a significant contributor to the company’s success.

CEO Josh Weinstein described the destination as “phenomenal,” praising the efforts of the destination development teams for delivering the project on time and within budget. The opening of Celebration Key generated nearly 1.5 billion media impressions, bolstered by extensive social media coverage and live footage.

Looking ahead, Carnival projects that 2.8 million guests will visit Celebration Key in 2026, with 20 ships departing from 12 different home ports. The pier extension currently in progress will accommodate up to four ships simultaneously by next fall.

Altogether, Carnival’s exclusive Caribbean destinations are expected to capture over 8 million guest visits next year, nearly equal to the rest of the cruise industry combined.

Sustainability and Guest Experience

Celebration Key is designed to honor Bahamian culture and the natural environment. The destination features two freshwater lagoons, the largest in the Caribbean, sustained by a state-of-the-art desalination system.

Sustainability initiatives include the planting of native trees through the “Plant a Tree” community engagement program. Guest feedback has been overwhelmingly positive, and Carnival is committed to continuous improvement, focusing on enhancing guest experiences and environmental stewardship.

Outlook for 2026 and Beyond

Carnival’s booking trends remain strong, with nearly half of 2026 already booked at higher prices compared to previous years. The company anticipates continued growth, with 2027 also showing promising early momentum.

Despite macroeconomic uncertainties, Carnival’s strategic investments in exclusive destinations like Celebration Key are expected to drive consumer consideration and conversion, taking market share from land-based alternatives.

In summary, Carnival Corporation’s record financial performance and the successful launch of Celebration Key underscore the company’s commitment to delivering exceptional guest experiences while driving sustainable growth in the cruise industry.