Filing Flows › Carnival (CCL) › Q3 FY25
Carnival (CCL) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Sep 29, 2025
Carnival (CCL) reported revenue of $8.2B for the third quarter fiscal 2025 (Q3 FY25), +3% from a year earlier and +29% from the quarter before. Operating margin was 27.9%, net earnings $1.9B (22.7% of revenue).
Carnival, Q3 FY25: revenue $8.2B (+3% year over year), operating margin 27.9%, net earnings $1.9B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.2B | +29% | +3% |
| Operating profit | $2.3B | +143% | +4% |
| Net earnings | $1.9B | +226% | +7% |
| Operating cash flow | $1.4B | -42% | +15% |
| Free cash flow | $736M | -52% | +17% |
What changed
Revenue was $8.2B in Q3 FY25, up 3% year over year and up 29% from the previous quarter. North America was the largest line at 66% of revenue. Europe added $0.22B year over year (up 9%), 86% of the total change. Tour and Other declined 1%.
Operating profit was $2.3B, a 27.9% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, above the 28% margin then. Total costs grew 3% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $1.9B, up 7% year over year. The effective tax rate was 0.3%.
Operating cash flow was $1.4B (up 15% year over year), 75% of net earnings. Non-cash charges added back $0.72B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $1.2B. Capital expenditures of $0.65B left free cash flow of $0.74B.
Questions
What was Carnival's revenue in the third quarter fiscal 2025?
Carnival (CCL) reported revenue of $8.2B for the third quarter fiscal 2025 (Q3 FY25), +3% from a year earlier and +29% from the quarter before.
Was Carnival profitable in the third quarter fiscal 2025?
Operating profit was $2.3B (27.9% of revenue) and net earnings $1.9B.
Source: Carnival 10-Q on SEC EDGAR.