With still one more quarter remaining, the company that owns Carnival Cruise Line, Holland America Line, Princess Cruises, Seabourn, Cunard, P&O Cruises, AIDA Cruises, and Costa Cruises revealed record-breaking revenue for a third time in 2024.
On September 30, the company reported a net income of $1.7 billion – a 60 percent increase over the same period in 2023. Additionally, third-quarter revenue reached an all-time high of $7.9 billion, up by $1 billion from the previous year.
Josh Weinstein, chief executive officer of Carnival Corporation, said of the earnings, “We delivered a phenomenal third quarter, breaking operational records and outperforming across the board.”
He continued, “Our strong improvements were led by high-margin, same-ship yield growth, driving a 26 percent improvement in unit operating income, the highest level we have reached in 15 years.”
Strong demand for cruises helped the company exceed its June guidance by $170 million. The company reported Q3 yields, driven by higher ticket prices and increased onboard spending, rose by 8.7 percent.
Looking ahead, Carnival’s booking volumes for 2025 are already at record levels, with nearly half of the year’s sailings booked. Customer deposits during the third quarter reached a record of $6.8 billion.
Prices are also trending higher than in 2024, further indicating strong demand for Carnival’s cruise operations.
Moreover, bookings for 2026 have started at an unprecedented pace, also “achieving record-booking volumes in the last three months.”
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Carnival is projecting a 5 percent increase in the fourth quarter and has raised its full-year forecast to $6 billion. This represents a 40 percent year-over-year increase for the company.
Said Weinstein, “Looking forward, the momentum continues as our enhanced commercial execution drives demand well in excess of our capacity growth.”
He says it leaves Carnival “well-positioned with an even stronger base of business for 2025, a record start to 2026, and firmly on the path towards our SEA Change targets.”
What’s Driving Carnival’s Growth?
Carnival’s remarkable 2024 has been fueled by several key developments across its cruise brands.
Several notable ships joined the global cruise fleet, including the 113,000-gross-ton Queen Anne, Cunard’s first new ship in 14 years. The 3,000-passenger ship debuted in Liverpool on June 3, 2024.
Carnival Cruise Line also welcomed Carnival Firenze to its fleet on April 23, 2024, after a full refurbishment from its original Costa Cruises identity, bringing the 135,156-gross-ton vessel to Long Beach, California, as a key player in the West Coast market.
Also, Princess Cruises launched its first Sphere-class ship, the 175,000-gross-ton, 4,300-passenger Sun Princess. The ship is the first in the cruise line’s fleet to be powered by liquefied natural gas (LNG). Its sister ship, Star Princess, is expected to debut in September 2025.
Its future also looks bright, with Carnival announcing in the spring the order of its fourth and fifth Excel-Class ships for Carnival Cruise Line in 2027 and 2028, anticipated to accommodate 6,400 passengers.
The company then dropped an additional announcement by summer that three more ships were ordered with delivery slated between 2026 and 2028. The ships will be constructed at Meyer Werft in Papenburg, Germany.
Outside of its new ships, the company is also introducing a new private destination in the Bahamas, Celebration Key, in 2025. The $600-million project is expected to bring 2.2 million guests to the resort via 12 ships from eight different home ports.
The project is so anticipated that Carnival already announced an expansion by 2028, which will accommodate 4 million passengers annually.
