Carnival Corporation (CCL) Q3 FY2026 earnings

Reported results

• Net income attributable to Carnival Corporation Ltd. of $1.9 billion (GAAP) and adjusted net income of $2.0 billion for Q3 2026.
• Diluted EPS of $1.40 (GAAP) and adjusted EPS of $1.43 for Q3 2026, in line with prior year despite $0.10 unfavorable net impact from fuel prices and currency rates.
• Adjusted EBITDA of $3.0 billion for Q3 2026, in line with prior year’s historic high and $110 million better than June guidance.
• Net yields (in constant currency) up 2.4 percent in Q3 2026 compared to prior year, over a point better than June guidance.
• Customer deposits reached record third-quarter level of $7.6 billion, surpassing prior-year record by $0.5 billion despite flat capacity growth.
• Full-year 2026 net yields (in constant currency) expected up approximately 2.3 percent compared to record 2025 levels; adjusted cruise costs excluding fuel per ALBD (in constant currency) expected up approximately 2.2 percent.

Guidance

• Full year 2026 adjusted net income operational improvement of more than $150 million compared to June guidance, overcoming $150 million impact from increased fuel prices.
• Full year 2026 net yields (in constant currency) up approximately 2.3 percent compared to 2025; up approximately 2.7 percent after reflecting summer 2025 Arabian Gulf redeployment and loyalty program accounting impacts.
• Full year 2026 adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.2 percent; up approximately 1.1 percent after reflecting timing of expenses, exclusive destinations, and Middle East conflict logistics costs.
• Q4 2026 net yields (in constant currency) up approximately 1.7 percent compared to 2025; up approximately 2.3 percent after reflecting loyalty program accounting impacts.
• Full year 2026 adjusted EBITDA of approximately $7.14 billion.
• Full year 2026 adjusted net income of approximately $3,080 million.
• Full year 2026 adjusted earnings per share - diluted of approximately $2.24.
• Q4 2026 adjusted EBITDA of approximately $1.30 billion.
• Q4 2026 adjusted net income of approximately $274 million.
• Q4 2026 adjusted earnings per share - diluted of approximately $0.20.

Notes

Non-GAAP measures (adjusted net income, adjusted EPS, adjusted EBITDA, net yields, adjusted cruise costs excluding fuel per ALBD) are presented alongside GAAP equivalents. Constant currency reporting removes impacts of foreign exchange rate changes. Company completed approximately $1.2 billion of share repurchases year to date. S&P upgraded company’s credit rating to investment grade during the quarter, making it the second rating agency to award investment grade. Company has no remaining secured debt following the upgrade. Dividends of $204 million paid in Q3 2026, bringing year-to-date total to $618 million. Reconciliation of forecasted non-GAAP measures not provided due to inability to predict future currency movements and fuel prices without unreasonable effort.

Price and volatility reaction

The stock moved +13.4% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -5.7 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-29 (8-K, Item 2.02). Read the original filing on sec.gov.