Carnival PLC & Corp on Friday reported stronger first quarter earnings backed by an uptick in net yields.

The Miami, Florida-based cruise operator said first quarter revenue in the three months to February 28 rose 7.4% to $5.81 billion from $5.41 billion a year prior. Of this, passenger ticket revenue grew 5.8% to $3.83 billion from $3.62 billion a year prior. Onboard and other revenue was $1.98 billion, up 11% from $1.79 billion.

First quarter net loss narrowed to $78 million from $214 million a year prior. Diluted loss per share was $0.06 compared to $0.17 in the first quarter of last year.

Adjusted net income was $174 million, swung from a $180 million loss in the year prior.

Net yields ‘significantly outperformed’ December guidance of 3.5% growth due to ‘strong close in demand and continued strength in onboard revenue’.

Net yields per average lower berth day was $185 in the quarter, compared to $175 in the year prior, up 5.5%.

Chief Executive Officer Josh Weinstein commented: ‘Our first quarter was truly characterized by outperformance. This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending.’

‘We are delivering amazing vacation experiences every day in a time when people all over the world are placing increasing importance on experiences, particularly those spent with family and friends. Our value for money is truly a strength when people look to make their vacation dollars go further,’ said Weinstein.

During the quarter, Carnival refinanced $5.5 billion of debt, delivering $145 million in annualized interest savings.

The company reduced its debt to $27.0 million at quarter-end from $27.48 million a year prior.

Looking ahead, Carnival expects second quarter net yields in constant currency about 4.7% higher than 2024 and 0.5% ahead of guidance given in December.

For the year, Carnival expects adjusted net income to rise 30%; and net yields to increase 4.4%.

Noting economic constraints, CEO Weinstein said: ‘While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year and we remain on track to have another stellar year across our cruise brands. This raise incorporates our increased first quarter yield results and reduced interest expense thanks to our recent successful refinancings. We are also affirming our December yield guidance for the remainder of 2025, as our booking curve continues to be the farthest out on record, at record prices (in constant currency), onboard spending is robust and we have proven to be incredibly resilient.’

Carnival traded 1.5% lower at $20.88 on Friday morning in New York.

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