Cue the gong, fog machines, and dramatic rise from the corporate grave… Carnival Corporation just pulled off a comeback so epic, Vince McMahon might sue for copyright infringement.

A couple of years ago, Carnival was the poster child for pandemic despair… one “outbreak” headline away from a permanent dry dock. Now? They’re back like a buffet line after a health inspection, reminding everyone why people still willingly pay to float in a chlorinated Petri dish, sipping $15 margaritas while dodging kids cannonballing into the pool. Carnival just dropped its fiscal 2024 earnings, and the numbers are downright ridiculous. We’re talking about $25 billion in revenue (15% jump over last year). If their earnings release sounds a bit smug, that’s because it is. The word “record” pops up 17 times in the document. Subtle? Not even close.

Let’s break it down. In the fourth quarter alone, Carnival counted $5.94 billion… a 10% boost over last year and a solid win over Wall Street’s already-high expectations. Adjusted earnings per share came in at $0.14, blowing past analyst predictions of $0.08. Remember when Carnival was posting losses a little over a year ago? Now, they’ve clocked six straight quarters of double-digit earnings beats. If that’s not a glow-up, I don’t know what is.

So, how are they pulling this off? Higher ticket prices, for starters. Turns out, people are happy to pay top dollar to float in the middle of nowhere. Onboard spending is through the roof, too, with passengers shelling out for drinks, excursions, and who knows what else. And let’s not forget Carnival’s new money-making superpower: squeezing more profit out of every dollar. Gross margin yields were up 20%, while net yields climbed 6.7%. Basically, Carnival’s figured out how to turn middle-of-the-ocean boredom into an art form… and a very profitable one at that.

Speaking of cash, let’s talk about bookings. Carnival pulled in a record $6.8 billion in Q4 deposits. Yes, people are pre-paying for vacations months (or even years) in advance. Either FOMO is at an all-time high, or we’re all so desperate for a break that we’ll willingly fund Carnival’s next quarter.

And remember when the company was drowning in pandemic debt? Well, since January 2023, they’ve wiped out $8 billion in debt. Carnival’s stock is trading at less than 15 times its projected 2025 earnings.

Carnival’s CEO, Josh Weinstein, is already hyping up 2025 as a “banner year.” Advanced bookings are at record highs, with two-thirds of next year’s sailings already sold. Ships are packed and demand is higher than Snoop Dogg at the Olympics.

The company’s projecting $2.3 billion in adjusted net income for 2025, up from $1.9 billion in 2024. And it’s not just about summer anymore… Carnival’s proving it can print cash even during the slower fall months. (Take that, pumpkin spice season.)

In case you’re worried about the planet, Carnival’s also going green. Ten of its ships now run on LNG, reducing emissions without compromising your piña coladas. Since 2011, they’ve cut greenhouse gas emissions by 11% while expanding their fleet by 37%. Impressive, sure, but let’s be real… most people only care if the Wi-Fi works.

Stocks.News has positions in Carnival, Costco, and WWE mentioned in the article.