# Carnival (CCL) Q2 FY2026 earnings

Results filed 2026-06-23 for the quarter ended 2026-05-31. Source page: https://earnings.opennash.com/companies/ccl/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/815097/000081509726000086/0000815097-26-000086-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $6.7 billion |  | GAAP |
| Net income attributable to Carnival Corporation | $537 million |  | GAAP |
| Adjusted net income | $569 million | up over 20 percent compared to the prior year | non-GAAP |
| Diluted EPS | $0.39 |  | GAAP |
| Adjusted diluted EPS | $0.41 | up over 15 percent compared to the prior year | non-GAAP |
| Adjusted EBITDA | $1.6 billion |  | non-GAAP |
| Operating income | $851 |  | GAAP |
| Cash from operations | $2,629 |  | GAAP |

## Segments and operating metrics

| Name | 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 |  |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.