Carnival Corporation reported record third-quarter 2026 net income of $1.9 billion and adjusted net income of $2 billion, alongside all-time-high revenue and constant-currency net yields.
Adjusted EBITDA reached $3 billion, matching the prior year’s record and coming in approximately $110 million above Carnival’s June guidance.
Diluted EPS was $1.40, with adjusted EPS of $1.43.
Those results absorbed an unfavorable $131 million, or $0.10 per share, impact from fuel prices and currency movements.
Constant-currency net yields increased 2.4%, more than one percentage point better than Carnival’s previous guidance.
Adjusted cruise costs excluding fuel per available lower berth day increased 1.8%, also better than prior expectations.
Fuel consumption per available lower berth day improved 3.8%, reflecting efficiency initiatives and fleet investments.
Booking momentum also strengthened.
Carnival said 2027 booked occupancy and pricing are at record levels, while 2028 bookings have started ahead of the comparable prior-year period in both occupancy and price.
Customer deposits reached a third-quarter record of $7.6 billion, approximately $500 million above the previous record despite roughly flat capacity growth over the next 12 months.
Carnival has also been returning more capital to shareholders.
The company completed approximately $1.2 billion of share repurchases year to date.
For fiscal 2026, Carnival raised its operational outlook by more than $150 million of adjusted net income compared with its June forecast, despite higher fuel costs.
KEY QUOTES:
“We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations. This performance reinforces the underlying trajectory of our business and the consistency of our commercial execution, as evidenced by our sustained track record of high-quality same-ship yield growth.
Our world-class cruise lines and destinations, exceptional guest experiences delivered by the best team in travel and leisure, and enhanced demand-generation against intentionally measured capacity growth position us to continue driving higher returns. At the same time, we are putting our increasingly durable cash flow to work, reinvesting in our business while returning more capital to shareholders.”
Josh Weinstein, CEO Of Carnival Corporation
