LSE$CUK
Carnival · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reached a meaningful inflection point for revenue, surpassing 2019’s strong levels, and achieved positive operating income, cash from operations and adjusted free cash flow.
Carnival Corporation & plc reports a record second quarter revenue of $4.9 billion and an operating income of $120 million, turning positive for the first time since the resumption of guest cruise operations. The company saw continued acceleration of demand, with total bookings made during the quarter reaching a new all-time high for all future sailings. Total customer deposits reached an all-time high of $7.2 billion.
- U.S. GAAP net loss of $407 million, or $(0.32) diluted EPS, and adjusted net loss of $395 million, or $(0.31) adjusted EPS.
- Adjusted EBITDA for the second quarter of 2023 was $681 million.
- Record second quarter revenue of $4.9 billion.
- Total customer deposits reached an all-time high of $7.2 billion.
Headline financials
Revenue & EPS history
Carnival · Revenue · Quarterly
£4.91B
Revenue by segment
Carnival · £4.31B total across 2 segments · Q3 2022
- Passenger Ticket£2.6B—60.3%
- Onboard and Other£1.71B—39.7%
Forward guidance
For the full year 2023, the company expects Adjusted EBITDA of $4.10 billion to $4.25 billion, Occupancy of 100% or higher and Net per diems of 5.5% to 6.5%. For the third quarter of 2023, the company expects Adjusted EBITDA of $2.05 billion to $2.15 billion and Occupancy of 107% or higher
Tailwinds
- Adjusted EBITDA of $4.10 billion to $4.25 billion for full year 2023
- Occupancy of 100% or higher for full year 2023
- Net per diems of 5.5% to 6.5% for full year 2023
- Adjusted EBITDA of $2.05 billion to $2.15 billion for third quarter 2023
- Occupancy of 107% or higher for third quarter 2023
Headwinds
- Approximately $0.5 billion unfavorable impact from fuel price and currency compared to 2019 for full year 2023
- Slower expected ramp down in inflationary pressures than previously estimated for full year 2023
- Headwinds from the loss of St. Petersburg as a marquee destination due to the suspension of cruises to Russia
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) one and a half points higher than March guidance
- Incentive compensation increases reflecting expected improvements in the company’s current and long-term performance and continued increases in advertising investments
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
+1.4%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+1.8%
Avg return
30 days after
64%
21 / 33 earnings
Positive
+19.5%
Q4 2025
Best reaction
-25.4%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +1.5% | — | — | |
| Q4 2025 | +19.5% | +18.2% | +9.0% | |
| Q3 2025 | -4.8% | -4.8% | -8.6% | |
| Q2 2025 | +11.1% | +14.8% | +25.8% | |
| Q1 2025 | -2.0% | -1.0% | -14.8% | |
| Q4 2024 | +2.2% | +1.8% | +2.5% | |
| Q3 2024 | -3.4% | -3.0% | +19.1% | |
| Q1 2024 | -4.3% | -5.0% | -11.6% | |
| Q4 2023 | +4.5% | +2.6% | -4.7% | |
| Q3 2023 | -5.7% | -9.1% | -21.9% | |
| Q2 2023 | +0.1% | +18.9% | +12.8% | |
| Q1 2023 | +0.6% | +10.8% | -4.4% | |
| Q4 2022 | -2.8% | -3.2% | +31.2% | |
| Q3 2022 | -25.4% | -18.5% | -1.1% | |
| Q2 2022 | +9.7% | -7.3% | -6.1% | |
| Q1 2022 | -3.6% | -3.7% | +2.2% | |
| Q4 2021 | +12.4% | +16.9% | +17.3% | |
| Q3 2021 | +6.8% | +3.4% | -9.5% | |
| Q2 2021 | -1.8% | -6.4% | -18.5% | |
| Q4 2017 | +1.7% | -0.0% | +5.0% | |
| Q3 2017 | +0.5% | +1.1% | +4.8% | |
| Q2 2017 | -0.3% | -1.7% | +0.9% | |
| Q1 2017 | +0.1% | +0.3% | +5.2% | |
| Q4 2016 | +2.9% | +2.7% | +3.1% | |
| Q3 2016 | +3.1% | +3.6% | -1.0% | |
| Q2 2016 | +2.7% | +4.3% | +9.3% | |
| Q1 2016 | +5.8% | — | — | |
| Q4 2015 | +7.0% | — | — | |
| Q3 2015 | -2.4% | — | — | |
| Q2 2015 | +0.3% | — | — | |
| Q1 2015 | +8.5% | — | — | |
| Q1 2014 | -5.1% | — | — | |
| Q4 2013 | +8.0% | — | — |
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