$CCL · Carnival Corp Ltd.
Carnival Corporation reported Q3 2026 results with all-time high net income of $1.9B ($1.40 diluted EPS) and record revenues of $8.4B. Adjusted EBITDA of $3.0B beat June guidance by $110M. The company raised its full-year 2026 adjusted net income outlook by more than $150M, overcoming a $150M fuel price headwind. Record Q3 customer deposits of $7.6B, up ~7% YoY on flat capacity, and record 2027 booked occupancy and pricing provide strong forward visibility.
- Q3 net income hit an all-time high of $1.9B, with adjusted net income of $2.0B.
- Q3 revenues reached an all-time high of $8.4B, up 3.5% YoY.
- Full-year 2026 adjusted net income outlook raised by $150M+ vs. June guidance, overcoming a fuel price spike.
- 2027 booked occupancy and pricing are at record levels, with 2028 also starting ahead of prior year.
- $1.2B in share repurchases completed YTD, plus $618M in dividends paid.
CCL surged 13.4% to $25.11 in the regular session following the earnings release, reflecting strong investor reaction to record results, raised guidance, and record forward bookings.
Carnival's trifecta of record current results, raised guidance, and record 2027 forward bookings signals durable demand and accelerating capital returns to shareholders.
Carnival's record net yields (+2.4% constant currency) and 2027 booking strength reinforce the cruise industry's post-pandemic demand durability. S&P upgraded CCL to investment grade during the quarter, eliminating all remaining secured debt.
Fuel costs remain a headwind — fuel price per metric ton consumed rose to $826 from $607 YoY, and a 10% change in fuel cost swings adjusted net income by $59M in Q4 alone. Geopolitical disruption from the Middle East conflict continues to elevate logistics costs.
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