OpenNashEarnings

Carnival (CCL) · Internet & Travel

Carnival Q3 FY2026 earnings: summary, key numbers & outlook

Results filed 29 Sep 2026 · Quarter ended 31 Aug 2026

Slides (18 pages)Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Carnival Corporation outperforms guidance with all-time high net income of $1.9 billion, adjusted net income of $2.0 billion, diluted EPS of $1.40 and adjusted EPS of $1.43 in the third quarter 2026.

Carnival had a record third quarter. Total revenues were $8,435 million, and net income attributable to the company was $1.9 billion, an all-time high. Net yields, which measure revenue per cruise berth day, rose 2.4 percent in constant currency, more than a point better than June guidance. Adjusted EPS of $1.43 matched last year even though fuel prices and currency rates cost $0.10. Customer deposits reached a third-quarter record of $7.6 billion.

Management raised its full-year 2026 outlook to adjusted EPS of approximately $2.24 and net yields up approximately 2.3 percent in constant currency. Fourth-quarter net yields are expected up approximately 1.7 percent. Booked occupancy and pricing for 2027 are at record levels. The main tension is fuel: the company absorbed a $150 million hit from higher fuel prices, and fuel cost per metric ton is guided to $896 in the fourth quarter, up from $826 in the third.

Slides & documents

Open the slide deck (PDF, 18 pages) ↗

Carnival Q3 FY2026 slide deck, page 1Carnival Q3 FY2026 slide deck, page 2Carnival Q3 FY2026 slide deck, page 3Carnival Q3 FY2026 slide deck, page 4Carnival Q3 FY2026 slide deck, page 5Carnival Q3 FY2026 slide deck, page 6

Showing the first 6 of 18 pages.

SEC filing

Key numbers

Total revenues · GAAP
$8.4B

vs $8,153 in the prior-year quarter

Net income attributable to Carnival Corporation · GAAP
$1.9 billion

all-time high

Diluted EPS · GAAP
$1.40

vs $1.33 in the prior-year quarter

Adjusted diluted EPS · non-GAAP
$1.43

in line with prior year

Operating income · GAAP
$2.2B

vs 2,271 in the prior-year quarter

Cash from operations · GAAP
$1.4B

vs $1,383 in the prior-year quarter

Adjusted EBITDA · non-GAAP
$3.0 billion

in line with last year and $110 million better than June guidance

Adjusted net income · non-GAAP
$2.0 billion

Segment or metricValueChange
Net yields (constant currency)2.4 percentover a point better than June guidance
Adjusted cruise costs excluding fuel per ALBD (constant currency)1.8 percentone point better than June guidance
Customer deposits$7.6 billionsurpassing the prior-year record by $0.5 billion
Occupancy111.8%vs 111.7% a year ago
Fuel consumption per ALBD3.8 percentimproved vs prior year
Share repurchases year to date$1.2 billion
Where each number comes from
  • Total revenues: “Total Revenues | $8,435 | $8,153 | $21,263 | $20,292 Less: Cruise and tour operating expenses | (4,628) | (4,385)”
  • Net income attributable to Carnival Corporation: “All-time high net income1 of $1.9 billion with adjusted net income2 of $2.0 billion.”
  • Diluted EPS: “Diluted EPS of $1.40; adjusted EPS2 of $1.43, in line with prior year despite a $0.10 ($131 million) unfavorable net impact from fuel prices and currency rates.”
  • Adjusted diluted EPS: “Diluted EPS of $1.40; adjusted EPS2 of $1.43, in line with prior year despite a $0.10 ($131 million) unfavorable net impact from fuel prices and currency rates.”
  • Operating income: “Operating Income | 2,220 | 2,271 | 3,678 | 3,748 Interest income | 17 | 15 | 41 | 34”
  • Cash from operations: “Cash from operations | $1,410 | $1,383 | $5,303 | $4,700 Capital expenditures (Purchases of Property and Equipment) | $698 | $648”
  • Adjusted EBITDA: “Adjusted EBITDA2 of $3.0 billion, in line with last year’s historic high and $110 million better than June guidance.”
  • Adjusted net income: “All-time high net income1 of $1.9 billion with adjusted net income2 of $2.0 billion.”
  • Net yields (constant currency): “All-time high net yields (in constant currency) up 2.4 percent, over a point better than June guidance.”
  • Adjusted cruise costs excluding fuel per ALBD (constant currency): “Adjusted cruise costs excluding fuel per ALBD2 (in constant currency) increased 1.8 percent, one point better than June guidance.”
  • Customer deposits: “reached a third-quarter record of $7.6 billion, surpassing the prior-year record by $0.5 billion despite flat capacity growth”
  • Occupancy: “Occupancy percentage (c) | 111.8% | 111.7% | 106.5% | 106.5% Passengers carried (in millions) | 3.9 | 3.8 | 10.5 | 10.3”
  • Fuel consumption per ALBD: “Fuel consumption per ALBD improved 3.8 percent compared to prior year, reflecting the company’s efforts and investments to continuously reduce fuel consumption.”
  • Share repurchases year to date: “Completed approximately $1.2 billion of share repurchases year to date.”

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 filingQ3 FY2026vs year agovs last quarter
Revenue$8.4B+3.5%+26.6%
Operating income$2.2B−2.2%+160.9%
Net income$1.9B+3.7%+257.5%
Diluted EPS$1.40+5.3%+259.0%
Free cash flow$712.0M−3.3%−59.4%
Operating margin26.3%−1.6 pts+13.5 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Net yields (constant currency)fourth quarter of 2026approximately 1.7 percent
Adjusted EPS - dilutedfourth quarter of 2026Approx. $0.20
Newbuild capital expendituresfourth quarter of 2026$0.3 billion
Non-newbuild capital expendituresfourth quarter of 2026$0.9 billion
Net yields (constant currency)full year 2026approximately 2.3 percent
Adjusted cruise costs excluding fuel per ALBD (constant currency)full year 2026approximately 2.2 percent
Adjusted EPS - dilutedfull year 2026Approx. $2.24

Key takeaways

  1. Record quarter, ahead of June guidance

    Net yields rose 2.4 percent in constant currency against guidance of 1.2%, and adjusted EPS was $1.43 against $1.35 guided in June.

  2. Fuel prices offset the operating gains

    Fuel and currency rates cost $0.10 ($131 million), so adjusted EPS of $1.43 was in line with prior year. Fuel expense was $615 million against $451 million a year ago.

  3. Full-year adjusted EPS guidance rises to $2.24

    Adjusted EPS guidance moved from $2.22 in June to approximately $2.24, with operational improvement of more than $150 million overcoming a $150 million fuel impact.

  4. 2027 bookings are at record levels

    Booked occupancy and pricing for 2027 are at record levels, and 2028 is off to an excellent start. Customer deposits reached $7.6 billion on flat capacity.

  5. Capital returns up and debt coming down

    Carnival repurchased about $1.2 billion of shares year to date and paid $204 million in dividends in the quarter. It also redeemed $500 million of seven percent notes, and debt fell to $23,912 million from $26,640 million at November 30, 2025.

Charts

Revenue$8.4B+3.5% y/yQ3 FY26
Q4 FY24: $5.9B (worked out from the annual figure)Q4 24$5.9BQ1 FY25: $5.8BQ1 25$5.8BQ2 FY25: $6.3BQ2 25$6.3BQ3 FY25: $8.2BQ3 25$8.2BQ4 FY25: $6.3B (worked out from the annual figure)Q4 25$6.3BQ1 FY26: $6.2BQ1 26$6.2BQ2 FY26: $6.7BQ2 26$6.7BQ3 FY26: $8.4BQ3 26$8.4B

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
Diluted EPS (GAAP)$1.40+5.3% y/yQ3 FY26
Q1 FY25: -$0.06Q1 25-$0.06Q2 FY25: $0.42Q2 25$0.42Q3 FY25: $1.33Q3 25$1.33Q1 FY26: $0.19Q1 26$0.19Q2 FY26: $0.39Q2 26$0.39Q3 FY26: $1.40Q3 26$1.40
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.

Operating margin26.3%−1.6 pts y/yQ3 FY26
Q4 FY24: 9.4%Q4 249.4%Q1 FY25: 9.3%Q1 259.3%Q2 FY25: 14.8%Q2 2514.8%Q3 FY25: 27.9%Q3 2527.9%Q4 FY25: 11.6%Q4 2511.6%Q1 FY26: 9.8%Q1 269.8%Q2 FY26: 12.8%Q2 2612.8%Q3 FY26: 26.3%Q3 2626.3%
Data
Q4 FY249.4%
Q1 FY259.3%
Q2 FY2514.8%
Q3 FY2527.9%
Q4 FY2511.6%
Q1 FY269.8%
Q2 FY2612.8%
Q3 FY2626.3%
Free cash flow$712.0M−3.3% y/yQ3 FY26
Q4 FY24: $319.0MQ4 24$319.0MQ1 FY25: $318.0MQ1 25$318.0MQ2 FY25: $1.5BQ2 25$1.5BQ3 FY25: $736.0MQ3 25$736.0MQ4 FY25: $12.0MQ4 25$12.0MQ1 FY26: $697.0MQ1 26$697.0MQ2 FY26: $1.8BQ2 26$1.8BQ3 FY26: $712.0MQ3 26$712.0M
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 third-quarter 2026 results?

Total revenues were $8,435 million and net income attributable to Carnival was $1.9 billion, both all-time highs. Diluted EPS was $1.40 and adjusted EPS was $1.43.

How did the quarter compare with Carnival's own guidance?

Net yields rose 2.4 percent against 1.2% guided in June. Adjusted EBITDA was $3.0 billion against $2.9B guided, and adjusted EPS was $1.43 against $1.35.

What is Carnival's outlook for full-year 2026?

Carnival expects adjusted EPS of approximately $2.24, up from $2.22 in June guidance. It also expects net yields up approximately 2.3 percent in constant currency and adjusted net income of approximately $3,080 million.

What is the biggest risk Carnival highlighted?

Fuel is the main cost risk: higher fuel prices cost $150 million versus June guidance, and fuel cost per metric ton is guided at $896 in the fourth quarter. A 10% change in fuel cost per metric ton is worth $59 million of fourth-quarter adjusted net income.

How is demand looking for 2027?

Booked occupancy and pricing for 2027 are at record levels, and about half of 2027 is already on the books. Third-quarter customer deposits were a record $7.6 billion, up $0.5 billion from the prior-year record on flat capacity.

Call recording

Call recording on YouTube ↗. Official replay ↗.