# Carnival (CCL) Q3 FY2026 earnings

Results filed 2026-09-29 for the quarter ended 2026-08-31. Source page: https://earnings.opennash.com/companies/ccl/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/815097/000081509726000104/0000815097-26-000104-index.htm
> 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.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $8,435 | vs $8,153 in the prior-year quarter | GAAP |
| Net income attributable to Carnival Corporation | $1.9 billion | all-time high | GAAP |
| Diluted EPS | $1.40 | vs $1.33 in the prior-year quarter | GAAP |
| Adjusted diluted EPS | $1.43 | in line with prior year | non-GAAP |
| Operating income | 2,220 | vs 2,271 in the prior-year quarter | GAAP |
| Cash from operations | $1,410 | vs $1,383 in the prior-year quarter | GAAP |
| Adjusted EBITDA | $3.0 billion | in line with last year and $110 million better than June guidance | non-GAAP |
| Adjusted net income | $2.0 billion |  | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Net yields (constant currency) | 2.4 percent | over a point better than June guidance |
| Adjusted cruise costs excluding fuel per ALBD (constant currency) | 1.8 percent | one point better than June guidance |
| Customer deposits | $7.6 billion | surpassing the prior-year record by $0.5 billion |
| Occupancy | 111.8% | vs 111.7% a year ago |
| Fuel consumption per ALBD | 3.8 percent | improved vs prior year |
| Share repurchases year to date | $1.2 billion |  |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Net yields (constant currency) | fourth quarter of 2026 | approximately 1.7 percent |
| Adjusted EPS - diluted | fourth quarter of 2026 | Approx. $0.20 |
| Newbuild capital expenditures | fourth quarter of 2026 | $0.3 billion |
| Non-newbuild capital expenditures | fourth quarter of 2026 | $0.9 billion |
| Net yields (constant currency) | full year 2026 | approximately 2.3 percent |
| Adjusted cruise costs excluding fuel per ALBD (constant currency) | full year 2026 | approximately 2.2 percent |
| Adjusted EPS - diluted | full year 2026 | Approx. $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.

## 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.

## Slides and investor documents

- [Slide deck](https://www.carnivalcorp.com/wp-content/uploads/2026/03/Third-Quarter-2026-Earnings-Presentation.pdf) (Slide deck)