Carnival (CCL) · Internet & Travel
Carnival Q2 FY2026 earnings: summary, key numbers & outlook
Results filed 23 Jun 2026 · Quarter ended 31 May 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Carnival reported record second quarter revenues of $6.7 billion, net income of $537 million, record adjusted net income of $569 million and diluted EPS of $0.39 (adjusted EPS of $0.41).
Carnival's second quarter revenues were a record $6.7 billion. Net income was $537 million and adjusted net income was a record $569 million, up over 20 percent from a year earlier. Net yields, which measure revenue per available passenger berth day, rose 2.2 percent in constant currency. Fuel prices rose nearly 30 percent, but the company held its non-fuel cost per berth day flat. Customer deposits reached an all-time high of $9.0 billion, and it spent over $450 million on share buybacks.
For full year 2026, management expects adjusted net income of about $3.07 billion and adjusted EPS of about $2.22. It says the company is 93 percent booked for the year. The main risk is the Middle East conflict, which hurt bookings for Mediterranean trips and raised some logistics costs. Fuel prices are another risk. Management says recent bookings suggest those headwinds are starting to reverse and that 2027 demand is running ahead of last year.
Key numbers
- Total revenues · GAAP
- $6.7 billion
- Net income attributable to Carnival Corporation · GAAP
- $537 million
- Adjusted net income · non-GAAP
- $569 million
- Diluted EPS · GAAP
- $0.39
- Adjusted diluted EPS · non-GAAP
- $0.41
- Adjusted EBITDA · non-GAAP
- $1.6 billion
- Operating income · GAAP
- $851.0M
- Cash from operations · GAAP
- $2.6B
up over 20 percent compared to the prior year
up over 15 percent compared to the prior year
| Segment or metric | Value | Change |
|---|---|---|
| Net yields (constant currency) | 2.2 percent | record, up from prior year |
| Customer deposits | $9.0 billion | up over $450 million compared to the prior year record |
| Fuel consumption per ALBD | 5.6 percent | improved |
| Occupancy | 104% | 104% a year ago |
| Share of 2026 booked | 93 percent |
Where each number comes from
- Total revenues: “Record revenues3 of $6.7 billion with record net yields2,3 (in constant currency), demonstrating continued demand strength.”
- Net income attributable to Carnival Corporation: “Net income1 of $537 million with record adjusted net income2,3 of $569 million, up over 20 percent compared to the prior year.”
- Adjusted net income: “Net income1 of $537 million with record adjusted net income2,3 of $569 million, up over 20 percent compared to the prior year.”
- Diluted EPS: “Diluted EPS of $0.39 and adjusted EPS2 of $0.41, up over 15 percent compared to the prior year despite a $0.06 ($73 million) unfavorable impact from fuel prices and currency rates.”
- Adjusted diluted EPS: “Diluted EPS of $0.39 and adjusted EPS2 of $0.41, up over 15 percent compared to the prior year despite a $0.06 ($73 million) unfavorable impact from fuel prices and currency rates.”
- Adjusted EBITDA: “Record adjusted EBITDA2,3 of $1.6 billion. •Gross margin yields down 3.9 percent driven by higher fuel prices.”
- Operating income: “Depreciation and amortization expense | 723 | 692 | 1,419 | 1,346 Operating Income | 851 | 934 | 1,458 | 1,477 Interest income | 12 | 12 | 24 | 18”
- Cash from operations: “Cash from operations | $2,629 | $2,392 | $3,893 | $3,317 Capital expenditures (Purchases of Property and Equipment) | $875 | $850 | $1,441 | $1,458”
- Net yields (constant currency): “Gross margin yields down 3.9 percent driven by higher fuel prices. Record net yields (in constant currency) up 2.2 percent.”
- Customer deposits: “Reached all-time high customer deposits of $9.0 billion, up over $450 million compared to the prior year record.”
- Fuel consumption per ALBD: “Fuel consumption per ALBD improved 5.6 percent, reflecting the company’s efforts and investments to continuously reduce fuel consumption, which helped partially mitigate a nearly 30 percent increase in fuel prices.”
- Occupancy: “Occupancy percentage (c) | 104% | 104% | 104% | 104% Passengers carried (in millions) | 3.4 | 3.4 | 6.5 | 6.5”
- Share of 2026 booked: “We are now 93 percent booked for the year with less inventory remaining for sale than this time last year and are on track for record net yields in the second half of 2026,””
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 FY2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $6.7B | +5.3% | +8.1% |
| Operating income | $851.0M | −8.9% | +40.2% |
| Net income | $537.0M | −5.0% | +108.1% |
| Diluted EPS | $0.39 | −7.1% | +105.3% |
| Free cash flow | $1.8B | +13.9% | +151.8% |
| Operating margin | 12.8% | −2.0 pts | +3.0 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Net yields, year-over-year change (current dollars) | 3Q 2026 | Approx. 1.3% |
| Adjusted EPS - diluted | 3Q 2026 | Approx. $1.35 |
| Adjusted EBITDA (in billions) | 3Q 2026 | Approx. $2.88 |
| Net yields, year-over-year change (current dollars) | full year 2026 | Approx. 3.2% |
| Adjusted cruise costs excluding fuel per ALBD, year-over-year change (current dollars) | full year 2026 | Approx. 3.7% |
| Adjusted EPS - diluted | full year 2026 | Approx. $2.22 |
| Adjusted net income (in billions) | full year 2026 | Approx. $3.07 |
| Newbuild capital expenditures | remainder of 2026 | $0.6 billion |
Key takeaways
Record revenue and adjusted profit despite fuel
Revenues were a record $6.7 billion and adjusted net income was a record $569 million, up over 20 percent. Fuel prices rose nearly 30 percent.
Non-fuel cost discipline offset higher fuel prices
Adjusted cruise costs excluding fuel per ALBD (in constant currency) were in line with prior year. Fuel consumption per ALBD improved 5.6 percent.
Demand indicators remain at record levels
Customer deposits reached an all-time high of $9.0 billion, and the company is 93 percent booked for the year. Bookings for 2027 and beyond are running ahead of prior year levels.
Middle East conflict hit European bookings
Geopolitical volatility primarily affected bookings for European deployments, particularly the Mediterranean. Management chose to prioritize pricing integrity over occupancy there.
Buybacks, dividends and lower leverage
The company repurchased over $450 million of stock to date and paid $207 million in dividends in the quarter. Net debt to adjusted EBITDA was 3.1x, and Moody's upgraded its credit rating.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 FY24 | $5.9B * |
| Q1 FY25 | $5.8B |
| Q2 FY25 | $6.3B |
| Q3 FY25 | $8.2B |
| Q4 FY25 | $6.3B * |
| Q1 FY26 | $6.2B |
| Q2 FY26 | $6.7B |
| Q3 FY26 | $8.4B |
Data
| Q1 FY25 | -$0.06 |
| Q2 FY25 | $0.42 |
| Q3 FY25 | $1.33 |
| Q1 FY26 | $0.19 |
| Q2 FY26 | $0.39 |
| Q3 FY26 | $1.40 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 FY24 | 9.4% |
| Q1 FY25 | 9.3% |
| Q2 FY25 | 14.8% |
| Q3 FY25 | 27.9% |
| Q4 FY25 | 11.6% |
| Q1 FY26 | 9.8% |
| Q2 FY26 | 12.8% |
| Q3 FY26 | 26.3% |
Data
| Q4 FY24 | $319.0M |
| Q1 FY25 | $318.0M |
| Q2 FY25 | $1.5B |
| Q3 FY25 | $736.0M |
| Q4 FY25 | $12.0M |
| Q1 FY26 | $697.0M |
| Q2 FY26 | $1.8B |
| Q3 FY26 | $712.0M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Carnival's second quarter 2026 results?
Revenues were a record $6.7 billion, net income was $537 million and adjusted net income was a record $569 million. Diluted EPS was $0.39 and adjusted EPS was $0.41.
What is Carnival's full-year 2026 outlook?
The company expects adjusted EPS of approximately $2.22 and adjusted net income of approximately $3.07 billion. It also expects net yields up approximately 3.2 percent in current dollars.
How did higher fuel prices affect Carnival?
Fuel prices rose nearly 30 percent, which had a $0.06 ($73 million) unfavorable impact on EPS together with currency rates. Fuel consumption per ALBD improved 5.6 percent, which partly offset the increase.
How strong is booking demand?
Customer deposits hit a record $9.0 billion and the company is 93 percent booked for 2026. Since March, bookings for 2027 and beyond have run ahead of prior-year levels.
What is Carnival doing with its cash?
It has repurchased over $450 million of stock to date and paid $207 million in dividends in the quarter. Net debt to adjusted EBITDA improved to 3.1x.
Documents
SEC filing