Carnival (CCL) Q3 2026 Earnings
Adjusted EPS excludes $2 million in losses on ship sales and impairments, $23 million in debt extinguishment and modification costs, $8 million in restructuring expense, and $10 million in other items
How Did CCL Stock React to Q3 2026 Earnings?
Did CCL Beat Earnings? Q3 2026 Results
Yes. Carnival reported Q3 2026 earnings of $1.43 a share on Sep 29, 2026, beating the $1.35 consensus estimate by 5.9%. Revenue was $8.4B against a $8.4B estimate.
Carnival Corporation delivered a convincing beat across the board in Q3 2026, extending its streak of consensus EPS beats to seven consecutive quarters as the cruise giant reported adjusted EPS of $1.43, clearing the $1.35 consensus estimate by 5.86%. Revenue climbed 3.5% year-over-year to $8.44 billion, edging past the $8.39 billion Wall Street had expected, with stronger passenger ticket and onboard spending driving the upside. The headline numbers were particularly notable given that higher fuel costs and currency headwinds created an approximately $131 million unfavorable impact on adjusted earnings, a drag the company absorbed while still exceeding its own June guidance. The key engine behind the outperformance was yield discipline, as net yields in constant currency rose 2.4%, more than a point above prior guidance, while cost control kept adjusted cruise expenses per available lower-berth day well in check. Looking ahead, management raised its full-year 2026 adjusted net income outlook to approximately $3.08 billion, with adjusted EPS of approximately $2.24, even after absorbing $150 million in incremental fuel costs.
- Net yields in constant currency up 2.4% year-over-year, over a point better than June guidance
- Adjusted cruise costs excluding fuel per ALBD in constant currency up only 1.8%, one point better than June guidance
- Fuel consumption per ALBD improved 3.8% year-over-year
- Occupancy of 111.8% in Q3 2026 versus 111.7% in Q3 2025
- Accelerating demand with booking volumes meaningfully ahead of last year
“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.”
Carnival CEO, on the earnings call
What Is Carnival's Outlook?
For full-year 2026, Carnival expects an operational improvement of more than $150 million in adjusted net income versus June guidance, overcoming $150 million in higher fuel prices. Full-year adjusted net income is expected at approximately $3.08 billion with adjusted EPS of approximately $2.24 on 1,376 million adjusted diluted shares. Full-year adjusted EBITDA is expected at approximately $7.14 billion. Net yields in constant currency are expected up approximately 2.3% for the full year (approximately 2.7% after adjusting for Arabian Gulf redeployment and loyalty program accounting impacts). For Q4 2026, the company expects adjusted EBITDA of approximately $1.30 billion, adjusted net income of approximately $274 million, and adjusted EPS of approximately $0.20. Q4 net yields in constant currency are expected up approximately 1.7% year-over-year. For 2027, both booked occupancy and pricing are at record levels, and 2028 is off to an excellent start at higher occupancy and prices than last year.
CCL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $8.4B | $8.2B | +3.5% |
| Gross Profit | $3.1B | $3.8B | −19.0% |
| Operating Income | $2.2B | $2.3B | −2.3% |
| Net Income | $1.9B | $1.9B | +3.7% |
CCL Revenue by Segment
When Does Carnival Report Next?
Figures from SEC filings and company reports. Not investment advice.