Carnival, Royal Caribbean, Norwegian, Viking, MSC & Marella Cruise Lines Set Record Revenues, Bookings & Fleet Growth in 2025!

Published on December 20, 2025

By: Paramita Sarkar

The global cruise travel sector is experiencing one of its most dramatic growth years in history as heavyweights like Carnival Corporation, Royal Caribbean Group, Norwegian Cruise Line Holdings, Viking Cruises, MSC Cruises and Marella Cruises post record revenues, booking surges, fleet expansion milestones and passenger forecasts in 2025. Industry‑wide figures suggest a vibrant recovery and expansion in cruise travel demand, with millions of passengers and billions of dollars at stake. This article examines the who, what, when, where, why and how behind these record‑breaking achievements across major cruise operators and global cruise traffic trends.

Who Is Leading the Cruise Boom?

Carnival Corporation & plc, the world’s largest cruise company, reported all‑time high revenues for fiscal 2025 with $26.6 billion in total revenue and adjusted net income surpassing $3.1 billion, marking a more than 60% increase over the prior year. Customer deposits hit a record $7.2 billion, indicating massive future travel demand. 

Royal Caribbean Group, the second‑largest global cruise operator, followed suit with strong financial results. Official earnings for 2024 showed record adjusted EPS of $11.80, and guidance for 2025 projected continued growth backed by strong global bookings and seismic demand for new ships like Icon of the Seas. 

Norwegian Cruise Line Holdings (NCLH) achieved record quarterly revenues in 2025 with $2.94 billion in Q3 revenue — marking a multi‑year high for the line — while raising its full‑year earnings outlook.

Viking Cruises celebrated naming its 100th ship in October 2025, an industry milestone which expands its river, ocean and expedition capacity. The company now operates over 103 vessels worldwide — a diverse fleet traveling across dozens of destinations. 

MSC Cruises reported a stunning 160% increase in future onboard bookings for its Future Cruise Programme — a dramatic surge indicating strong passenger interest for sailings through upcoming peak seasons and beyond. (source official)

Marella Cruises, part of the TUI Group, delivered its strongest financial performance in over 30 years in 2025 with an EBITA of €167 million — a historic milestone for the UK‑origin flag carrier. (source official)

What Are the Major Cruise Lines Reporting?

Carnival Corporation & plc

Carnival’s 2025 performance stunned the travel sector with multi‑category records:

• Record Revenues of $26.6 billion for FY2025 — the highest ever recorded in Carnival’s history. 
• Adjusted Net Income exceeded $3.1 billion, representing a double‑digit increase compared with the prior year. 
• Record Customer Deposits reached $7.2 billion — signaling robust future bookings and high consumer confidence in cruise travel demand. 
• Passenger Metrics surged in the first half of 2025, with millions of travelers carried and strong occupancy that helped boost ticket and onboard revenue. 

Carnival’s booking pace through peak promotional periods showed historically high levels, which has the company already reporting strong early revenues for 2026 demand. 

Royal Caribbean Group

Royal Caribbean’s official investor relations indicate:

• Record Adjusted EPS of $11.80 for 2024 — itself a record — and raised forecasts for gains in 2025.
• A global fleet of 68 ships across its brands — including Royal Caribbean International, Celebrity Cruises and Silversea — serving travelers worldwide. 
• Strong cruise pricing and booking trends further lifted revenue expectations into 2025, as demand remains robust globally. [Royal Caribbean investor relations]

Royal Caribbean’s position as the largest cruise line by revenue and second largest by passenger counts underscores its market influence and broad appeal.

Norwegian Cruise Line Holdings (NCLH)

Official financial results from NCLH show:

• Record Q3 2025 Revenue of $2.94 billion, up roughly 4.7–5% year‑over‑year.
• Record adjusted EBITDA and EPS figures that beat guidance. 
• A fleet of 34 ships visiting roughly 700 global destinations, with growth plans adding 13 new ships through 2036. 

While passenger revenue growth remains strong, NCLH’s 2025 performance highlights its broad itinerary reach and expansion across key global markets. 

Viking Cruises

Viking’s fleet growth reflects ambitious expansion:

• 100th ship named in October 2025 — a historic fleet milestone.
• Operational capacity expands across river, ocean and expedition categories to meet rising travel demand. 

Viking’s growth trajectory adds considerable competition to the cruise marketplace, appealing to both traditional sea travelers and adventure‑oriented passengers.

MSC Cruises

MSC Cruises reported:

• 160% surge in future cruise bookings through its Future Cruise Programme — a key indicator of demand for future itineraries. (source official)
• Guinness‑certified onboard record achievements, adding to the brand’s engagement appeal. (source official)

The unprecedented booking growth underscores a willingness among travelers to lock in long‑term future cruise journeys.

Marella Cruises (TUI Group)

Official financial reporting for Marella Cruises shows:

• Best financial performance in its 30‑year history with €167 million EBITA in 2025. (source official)

Marella’s steady performance contributes to broader European cruise demand and highlights the vitality of mid‑market cruise travel options.

When Is Cruise Travel Peaking?

According to the 2025 State of the Cruise Industry Report by the Cruise Lines International Association (CLIA):

• 37.7 million ocean‑going passengers are forecast to travel by cruise in 2025, up from 34.6 million in 2024 — a new industry record. 
• The total number of cruise vessels is expected to reach 310 ocean‑going vessels — another indicator of industry growth.

CLIA’s report also notes ongoing cruise industry resilience, with cruising representing a growing share of global tourism demand and continuing to innovate toward sustainability and broader travel experiences. 

Here’s the table summary of the cruise line records presented in a text format:

Where Are Cruises Driving Growth?

Cruises are increasingly popular worldwide, with key regions experiencing surging passenger activity:

• Caribbean, Mediterranean, Northern Europe and Asia Pacific itineraries show strong booking and occupancy growth.
• USA departure ports — including Miami, Fort Lauderdale, Galveston, and New York — remain major hubs for Atlantic and Caribbean sailings.
• Europe’s Mediterranean routes draw huge numbers of travelers seeking cultural and scenic itineraries.
• Asia Pacific demand growth is fueling investment in port infrastructure and expanding cruise offerings across China, Japan and Southeast Asia.

While official national tourism sources vary, cruise destinations in these regions consistently top global travel demand lists throughout 2025.

Why Is the Cruise Sector Breaking Records Now?

Several key factors are driving the cruise boom in 2025:

• Pent‑up travel demand following global travel normalization post‑pandemic.
• Rising disposable incomes and consumer confidence in experiential travel.
• Innovations in cruise product offerings, including larger, amenity‑rich ships and diversified itineraries.
• Strong global booking patterns, especially during peak booking seasons and promotional windows.
• Expansion of fleet capacity and new vessel introductions across major lines.

The combination of these factors has pushed cruise lines to leverage scale, pricing power, and broad global networks to meet growing consumer interest in extended vacations at sea.

How Is This Growth Affecting the Broader Economy?

CLIA’s industry data shows that the cruise sector is not only growing passenger counts but also driving significant economic benefit:

• Global economic impact expected to exceed $168 billion — another all‑time industry record.
• Cruise employment, port development, and global tourism value chains benefit from expanded cruise itineraries and passenger spending.

Cruise travel is becoming a larger pillar of the broader international tourism industry, with ripple effects for hotels, transport, local vendor economies, and destination development.

Conclusion: 2025 — A Record Year at Sea

2025 stands out as a milestone year for the cruise industry, with major lines such as Carnival, Royal Caribbean, Norwegian, Viking, MSC and Marella posting extraordinary financial and operational achievements. Whether through record revenues, unprecedented bookings, massive fleet milestones or dramatic passenger growth forecasts, the cruise segment is rewriting industry performance benchmarks.

As global demand for sea travel continues to rise, these results suggest a sustained period of growth ahead, with implications for travelers, investors and destinations around the world. With 37.7 million passengers projected and cruise lines investing heavily in future fleet and itinerary expansion, the maritime travel experience remains one of the most dynamic and rapidly evolving sectors in global tourism.

(All records and figures referenced are drawn strictly from official investor relations reports and industry association data.)