Companies /Consumer Cyclical

Carnival Corp (Paired Stock)

NYSE: CCL Travel Services
$23.48
▼ $0.26 (−1.10%) today
Markets closed · 7:05pm ET

Q1 2026 Earnings

Reported Mar 27, 2026, 9:18am ET · SEC source
$0.20
Beat +11.11%
EPS · est. $0.18
$6.2B
Beat +0.43%
Revenue · est. $6.1B
−6.5%
Trailing market
CCL vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0+2%Mar 27Mar 27report 9:18am ETearnings−1.4%−2.2%
−4%−2%0+2%Mar 27Mar 27earnings−1.4%−2.2%
CCL −2.2%S&P 500 −1.4%
−4%−2%0+2%Mar 27Mar 27report 9:18am ETearnings−1.7%−2.2%
−4%−2%0+2%Mar 27Mar 27earnings−1.7%−2.2%
CCL −2.2%NASDAQ −1.7%
−4%0+4%+8%Mar 26Apr 2report 9:18am ETearnings+2.6%+4.9%
−4%0+4%+8%Mar 26Apr 2earnings+2.6%+4.9%
CCL +4.9%S&P 500 +2.6%
−4%0+4%+8%Mar 26Apr 2report 9:18am ETearnings+3.2%+4.9%
−4%0+4%+8%Mar 26Apr 2earnings+3.2%+4.9%
CCL +4.9%NASDAQ +3.2%
−4.31%
Day of report
−0.95%
Next session
+7.36%
One week
+5.75%
30 days

S&P 500 over the same 30 days: +12.22%.

Did CCL Beat Earnings? Q1 2026 Results

Carnival Corporation kicked off fiscal 2026 with a strong first quarter, posting adjusted EPS of $0.20 against a consensus estimate of $0.18, a beat of 8.93% that marked the company's fourth consecutive quarter of exceeding analyst EPS expectations. Revenue climbed 6.1% year-over-year to $6.17 billion, edging past the $6.14 billion consensus, as robust close-in demand drove constant-currency net yields up 2.7%, more than a percentage point ahead of the company's own guidance. The underlying earnings story was further reinforced by a meaningful swing in GAAP net income to $258.00 million, compared to a loss of $78.00 million a year ago, with adjusted EBITDA reaching $1.27 billion. Customer deposits approached $8.00 billion, up nearly 10% year-over-year, with nearly 85% of 2026 capacity already booked at elevated prices. Looking ahead, Carnival guided full-year 2026 adjusted EBITDA to approximately $7.19 billion and adjusted EPS to approximately $2.21, even as unhedged fuel exposure remains a watchpoint for investors monitoring the company's leverage to global energy prices.

Key Takeaways
  • Strong close-in demand driving net yields above guidance by over 1 percentage point
  • Gross margin yields increased nearly 10% year-over-year
  • Record net yields in constant currency up 2.7%
  • Fuel consumption per ALBD decreased 4.7% due to efficiency investments
  • Interest expense declined to $291 million from $377 million year-over-year
  • Higher onboard revenues and acceleration in pre-cruise onboard sales
  • Customer deposits reached first quarter record of nearly $8 billion, up nearly 10% year-over-year

“We delivered a strong start to the year, with record first-quarter operating results that exceeded our guidance, driven by healthy fundamentals and solid execution across the business. This performance supported an increase to our full year operational outlook of nearly $150 million, helping to mitigate the impact of higher fuel prices.”

Carnival CEO, on the earnings call

Forward Guidance & Outlook

For full year 2026, Carnival expects net yields (in constant currency) up approximately 2.75% versus 2025, adjusted cruise costs excluding fuel per ALBD (constant currency) up approximately 3.1%, adjusted EBITDA of approximately $7.19 billion, adjusted net income of approximately $3.07 billion, and adjusted EPS of approximately $2.21. The company expects operational improvement of nearly $150 million in adjusted net income compared to December guidance, partially mitigating more than $500 million in higher fuel prices. For Q2 2026, the company guides to adjusted EBITDA of approximately $1.48 billion, adjusted net income of approximately $470 million, and adjusted EPS of approximately $0.34. Nearly 85% of 2026 is already booked at historically high constant-currency prices, with bookings up double digits. Through the PROPEL initiative targeting 2029, the company aims for greater than 16% return on invested capital, more than 50% adjusted EPS growth from 2025, and distribution of approximately $14 billion (more than 40% of cash from operations) to shareholders.

CCL YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$6.0B$5.8B$6.2BRevenue$543.0M$607.0MOperating Income$48.6M$258.0MNet Income
$0$2.0B$4.0B$6.0BRevenueOperating IncomeNet Income

CCL Revenue by Segment

Passenger Ticket$4.0B+5.0%
Onboard and Other$2.1B+8.3%

Figures from SEC filings and company reports. Not investment advice.