Carnival Corporation Ltd. Common Shares (CCL) Earnings

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Nov 2026upcoming

Next quarter

Reports Dec 18, 2026.

Consensus is $0.22 EPS for Nov 2026 across 7 estimates, ranging $0.20 to $0.26.

CCL Aug 2026

Reported Sep 29, 2026 · before the open

: 5.15%

: $1.36
: $1.43
: —
: $8.44B

Reported results

: $8.44B; from $8.15B
: $2.22B; from $2.27B
: 26.32%; from 27.85%
: $1.92B; from $1.85B
: $1.40; from $1.33

Highlights

Earnings beat: Adjusted EPS was $1.43 versus the $1.36 consensus, a 5.15% surprise; GAAP diluted EPS was $1.40, up from $1.33 a year earlier.
Record quarter: Revenue reached $8.44 billion, up 3.5% year over year, and attributable net income was $1.92 billion, up 3.7%; adjusted EBITDA of $2.99 billion matched the prior-year high.
Yield gains overcame fuel: Constant-currency net yields rose 2.4%, while higher fuel prices and currency reduced EPS by an estimated $0.10, or $131 million. Fuel consumption per available lower berth day fell 3.8%.
Better full-year outlook: Carnival raised 2026 adjusted EPS guidance by $0.02 to $2.24 and expects adjusted net income of about $3.08 billion, after more than $150 million of operational improvement offset a similar fuel-price impact.
Strong forward bookings: Customer deposits reached a third-quarter record of $7.6 billion, up nearly 7% year over year. 2027 booked occupancy and pricing are at record levels, with the year already half booked.
Capital returns and debt: Year-to-date share repurchases approached $1.2 billion, alongside $618 million of dividends. Debt was below $24 billion after a $500 million redemption of 7% notes; S&P’s upgrade made it the second agency to assign investment grade.

Analysis

Carnival’s peak-season quarter combined record revenue, constant-currency net yields and attributable net income with a modest adjusted-EPS beat: $1.43 versus the $1.36 consensus. Revenue of $8.44 billion rose 3.5% from a year ago, while attributable net income increased 3.7% to $1.92 billion. Adjusted EBITDA was $2.99 billion, level with last year’s historic high. GAAP operating income, however, slipped 2.2% to $2.22 billion as costs rose faster than revenue. Against Q2, the seasonal surge was substantial: revenue increased from $6.66 billion and net income from $537 million to $1.92 billion.

The defining feature was demand and execution strong enough to absorb a sharp fuel headwind. Net yields rose 2.4% in constant currency, and lower fuel consumption and better-than-guided non-fuel unit costs helped lift results about $100 million above June expectations. Carnival raised 2026 adjusted EPS guidance to $2.24, while record deposits and booked 2027 occupancy and pricing provide visibility into the next year. The outlook is not free of near-term friction: the first quarter of 2027 still carries booking-disruption effects, and the new loyalty program’s accounting defers some revenue. Meanwhile, Carnival is pairing debt reduction with sizable shareholder returns, including nearly $1.2 billion of year-to-date buybacks.

Demand and yield

Record net yields: Constant-currency net yields increased 2.4% year over year, more than a percentage point ahead of June expectations. Adjusted EBITDA was $2.99 billion, in line with the prior-year record and $110 million above guidance.
Revenue mix: Passenger-ticket revenue rose 1.8% to $5.53 billion, while onboard and other revenue advanced 6.7% to $2.91 billion. Management attributed the latter increase largely to higher guest spending, which added $104 million, and capacity, which added $47 million.
Capacity and occupancy: Available lower berth days increased 1.5% year over year, and occupancy was 111.8% versus 111.7%. The company said stronger close-in demand and onboard spending lifted revenue through the quarter.

Fuel and cost control

Fuel headwind: Fuel expense rose to $615 million from $451 million, as the average fuel price per metric ton climbed to $826 from $607. Carnival estimated fuel and currency together reduced quarterly EPS by $0.10, or $131 million.
Efficiency gains: Fuel consumption per available lower berth day improved 3.8% year over year. Management said consumption is down 26% from 2019, providing nearly $750 million of savings at current full-year guidance fuel prices.
Non-fuel costs: Adjusted cruise costs excluding fuel per available lower berth day increased 1.8% in constant currency, one percentage point better than June guidance. Gross margin yield fell 1.3%, reflecting the fuel burden despite higher net yields.

2026 outlook

Raised earnings view: Full-year adjusted EPS guidance increased $0.02 to $2.24, with adjusted net income estimated at approximately $3.08 billion and adjusted EBITDA at approximately $7.14 billion.
Operating improvement: Compared with June guidance, Carnival expects more than $150 million of operational improvement in adjusted net income, offsetting an estimated $150 million impact from higher fuel prices. The guidance increase reflects improved yields, non-fuel costs and fuel consumption.
Full-year assumptions: Constant-currency net yields are expected to rise approximately 2.3% from 2025 record levels; Carnival cites approximately 2.7% on a normalized basis after specified deployment and loyalty-accounting effects. Adjusted cruise costs excluding fuel per available lower berth day are expected to rise 2.2% in constant currency, or approximately 1.1% on the company’s normalized basis.
Fourth-quarter yield: Carnival expects constant-currency net yields to increase approximately 1.7% year over year, or approximately 2.3% after adjusting for the loyalty program’s accounting impact.

Bookings into 2027

Record booked position: Customer deposits stood at $7.6 billion, up nearly 7% year over year despite flat capacity growth over the next 12 months. Management said 2027 is already half booked, with occupancy and pricing at record levels; 2028 bookings have also started at higher occupancy and prices than a year ago.
First-quarter caveat: Bookings for the first quarter of 2027 still reflect residual effects from spring disruption, although management said trends rebounded meaningfully in recent months. Carnival has not yet provided full-year 2027 financial guidance.
Deployment mix: Carnival expects 2027 capacity growth of 0.5%. Europe is set to tie the Caribbean as its largest deployment region, each representing 34% of the mix.

Debt and shareholder returns

Balance-sheet progress: Debt was below $24 billion, compared with a $36 billion peak in 2023. During the quarter Carnival redeemed $500 million of 7% notes, and S&P’s credit upgrade made it the second rating agency to award an investment-grade rating; the company said no secured debt remained.
Shareholder distributions: Carnival repurchased nearly $1.2 billion of shares year to date, including nearly $800 million since the start of the third quarter, and paid $204 million of dividends in the quarter. Dividends paid year to date totaled $618 million.
Cash generation: Operating cash flow was $1.41 billion in the quarter, compared with $1.38 billion a year earlier. The company continued investing in its ships and destinations while reducing debt and returning capital.

Carnival Corporation Ltd. Common Shares

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