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Carnival: Bookings Outpacing Capacity Growth

  • September 29, 2025
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Josh Weinstein, CEO of Carnival Corporation, said on the company’s third-quarter earnings call that booking trends have continued to improve since the company’s last update, outpacing capacity growth at higher prices and setting a record for bookings made on sailings.

“Two years out and with nearly half of 2026 already on the books at higher prices, we feel pretty good about next year,” he said.

David Bernstein, chief financial officer, added that the company now has nearly half of 2026 on the books at higher prices.

Weinstein said: “If you look back, we said in the third quarter we had a pretty great booking 13-week period. We booked more year-over-year than we did in the third quarter of 2024. Carnival booked 8 percent more in the third quarter of 2025 than it did in the third quarter of 2024. So, we feel like we’re pushing ahead very well. And we don’t really have capacity growth.

“We feel good about 2026; we’re not giving guidance yet. We’re not really talking about 2026, we’re just trying to give a little bit of an understanding about where we’re sitting,” he added.

The company’s 2027 bookings have also seen an unprecedented start, Weinstein said.

“We’ve never had more bookings in a 13-week window over the third quarter. So, this is a record for us for 2027,” he added.

Regarding Celebration Key’s impact on forward bookings, Weinstein said that Carnival is already seeing the destination’s impact on business.

“It’s hard because it’s such a massive set of businesses that’s actually just shifted and is now inclusive of Celebration Key. But (the destination) certainly is getting the returns as anticipated when we came up with it a long time ago,” he explained.

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