Carnival Corp. on Tuesday reported record revenue for an eighth consecutive quarter with margins the company hasn't seen in nearly 20 years, said CEO Josh Weinstein.
Second-quarter revenue of $6.3 billion was nearly 9% higher than the $5.8 billion reported a year earlier. Net income was $565 million, up from $92 million last year.
The company saw volatility in bookings in April, though pricing strengthened in May and has improved even more thus far in June, Weinstein said. He also said close-in bookings and onboard spending were "incredibly strong" in Q2.
The company's 2026 prices are currently at historic highs, and next year's booked position is similar to last year's record pace. Customer deposits were at an all-time high of $8.5 billion in the second quarter, Carnival Corp. said.
Net yields, adjusted cruise costs, adjusted net income and adjusted EBITDA all outperformed March guidance.
The company has raised its guidance for the full year. In the third quarter, it expects a year-over-year increase in net yields and higher adjusted cruise costs due to the cost of opening private Bahamian destination Celebration Key this July, plus higher advertising costs.
Carnival Cruise Line's new rewards program, which launches in June 2026, will not add any meaningful costs, said CFO David Bernstein, and is expected to have a positive impact on yields about two years after the launch.
War between the U.S. and Israel versus Iran has not impacted Carnival, but it "is all unfolding too quickly in real time to try to project how it could impact our future business," Weinstein said.