Following a strong 2024 rally, Carnival’s (CCL) shares have fallen roughly 15% year-to-date compared with a gain of similar magnitude for rival Royal Caribbean Cruises (RCL:NYSE).

As such, there’s pressure on the P&O, Cunard and Princess cruise line operator to dock with solid second-quarter results on 19 June that at least match the 7% year-on-year revenue rise to $6.2 billion (£4.6 billion) the market is expecting.

Investors will want to see continued momentum in bookings and pricing as well as evidence Carnival continues to tackle its onerous debt pile following recent successful refinancings.

While the Florida-headquartered company continues to sail in with robust results, investors have booked profits on worries heightened macroeconomic and geopolitical uncertainty could hit demand for cruises, while the FTSE 250 constituent’s $27 billion debt load has been an overhang on the stock.

On 21 March, Carnival raised its full-year 2025 guidance after reporting record first-quarter revenues of $5.8 billion, up over $400 million year-on-year, and record first-quarter operating income of $543 million, nearly double the prior year.

‘Our first quarter was truly characterized by outperformance,’ enthused chief executive Josh Weinstein, who predicted his charge remained ‘on track to have another stellar year across our cruise brands’.

Weinstein also highlighted a booking curve which ‘continues to be the farthest out on record, at record prices’.

He added that ‘onboard spending is robust and we have proven to be incredibly resilient. 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.’ 

UK UPDATES OVER THE NEXT 7 DAYS

FULL-YEAR RESULTS

16 June: NextEnergy Solar Fund, Peel Hunt

17 June: Ashtead, IG Design

18 June: AO World, Speedy Hire

19 June: Carnival, First Property, XPS Pensions

FIRST-HALF RESULTS

17 June: RWS Holdings

18 June: Oxford Metrics

19 June: NCC

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