Carnival (CCL) Q1 2026 Earnings
How Did CCL Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +12.22%.
Did CCL Beat Earnings? Q1 2026 Results
Yes. Carnival reported Q1 2026 earnings of $0.20 a share on Mar 27, 2026, beating the $0.18 consensus estimate by 11.1%. Revenue was $6.2B against a $6.1B estimate.
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.
- 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
What Was Carnival's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $6.2B | $5.8B | +6.1% |
| Operating Income | $607.0M | $543.0M | +11.8% |
| Net Income | $258.0M | $48.6M | +430.8% |
CCL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.