Carnival CEO Josh Weinstein on Record Earnings, Consumer Spending, and Cruise Value

Record Financial Performance

• 🏆 Carnival reported record earnings and record yields for 2025, with yields increasing over 5.5% on top of an 11% rise the previous year.
• 🎯 The company's success is attributed to its portfolio of world-class brands catering to specific segments seeking amazing experiences at a great value.

2026 Outlook and Consumer Sentiment

• 📈 For 2026, Carnival projects a normalized 3% yield increase, despite a backdrop of consumer sentiment lows and global volatility.
• 🧠 Consumers are being thoughtful and specific with their spending, prioritizing significant experiences like time with friends and family and vacations.

Consumer Behavior and Booking Trends

• 🚀 Carnival has entered 2026 at its highest booking point ever for this time of year, and at higher prices.
• 🗺️ The company offers a range of products, from short cruises to 130-night world cruises, with consistent followings across all segments (contemporary, premium, luxury).

The Value Proposition of Cruising

• 💰 The price-to-experience ratio of a cruise is highlighted as exceptionally strong compared to land-based alternatives.
• 🌐 The cruise industry, and Carnival specifically, is improving its presence in the mainstream consideration set for vacation planning, attracting consumers looking to make their vacation dollars go further.