Filing Flows › Carnival (CCL) › Q2 FY25
Carnival (CCL) Q2 FY25 earnings results (second quarter fiscal 2025)
10-Q filed Jun 26, 2025
Carnival (CCL) reported revenue of $6.3B for the second quarter fiscal 2025 (Q2 FY25), +9% from a year earlier and +9% from the quarter before. Operating margin was 14.8%, net earnings $568M (9.0% of revenue).
Carnival, Q2 FY25: revenue $6.3B (+10% year over year), operating margin 14.8%, net earnings $568M, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q2 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.3B | +9% | +9% |
| Operating profit | $934M | +72% | +67% |
| Net earnings | $568M | — | +517% |
| Operating cash flow | $2.4B | +159% | +17% |
| Free cash flow | $1.5B | +385% | +114% |
What changed
Revenue was $6.3B in Q2 FY25, up 9% year over year and up 9% from the previous quarter. North America was the largest line at 67% of revenue. Europe added $0.31B year over year (up 19%), 57% of the total change. Tour and Other declined 16%.
Operating profit was $0.93B, a 14.8% margin (up 5.1 points year over year). Of the extra revenue versus a year earlier, 68% reached operating profit, above the 10% margin then. Total costs grew 3% against revenue growth of 9%. Net earnings were $0.56B, up 514% year over year. The effective tax rate was 2.9%.
Operating cash flow was $2.4B (up 17% year over year), 421% of net earnings. Non-cash charges added back $0.69B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $0.85B left free cash flow of $1.5B.
Questions
What was Carnival's revenue in the second quarter fiscal 2025?
Carnival (CCL) reported revenue of $6.3B for the second quarter fiscal 2025 (Q2 FY25), +9% from a year earlier and +9% from the quarter before.
Was Carnival profitable in the second quarter fiscal 2025?
Operating profit was $934M (14.8% of revenue) and net earnings $568M.
Source: Carnival 10-Q on SEC EDGAR.