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Carnival

Carnival (CCL) Q2 2026 Earnings

Reported Jun 23, 2026 at 9:16 AM ET · SEC Source

Q2 26 EPS

$0.41

BEAT +21.09%

Est. $0.34

Q2 26 Revenue

$6.66B

MISS 0.46%

Est. $6.69B

vs S&P Since Q2 26

-9.0%

TRAILING MARKET

CCL -7.4% vs S&P +1.6%

Market Reaction

Did CCL Beat Earnings? Q2 2026 Results

Carnival Corporation delivered a stronger-than-expected second quarter for fiscal 2026, posting adjusted earnings per share of $0.41, up from $0.35 a year ago, and revenue of $6.66 billion, a 5.3% increase year-over-year, extending the company's stre… Read more Carnival Corporation delivered a stronger-than-expected second quarter for fiscal 2026, posting adjusted earnings per share of $0.41, up from $0.35 a year ago, and revenue of $6.66 billion, a 5.3% increase year-over-year, extending the company's streak of beating consensus EPS estimates to six consecutive quarters. The results topped Carnival's own March guidance by $100 million, driven by disciplined commercial execution and accelerating cost efficiency, even as nearly 30% higher fuel costs and $73 million in unfavorable currency impacts created meaningful headwinds. Adjusted net income climbed more than 20% year-over-year to $569 million, with adjusted EBITDA reaching $1.58 billion, while net yields in constant currency rose 2.2% to new highs as management prioritized pricing integrity over volume for Mediterranean itineraries affected by Middle East geopolitical pressures. Customer deposits reached $9 billion, well ahead of the prior year on flat forward capacity, underscoring robust underlying demand. Looking ahead, Carnival guided for full-year 2026 adjusted EPS of approximately $2.22 and adjusted net income of approximately $3.07 billion, with analysts broadly noting a structurally favorable demand environment across the cruise sector.

Key Takeaways

  • • Continued strong demand for cruise vacations with record net yields in constant currency up 2.2%
  • • Accelerated cost efficiency efforts with adjusted cruise costs excluding fuel per ALBD flat in constant currency year-over-year
  • • Fuel consumption per ALBD improved 5.6%, partially mitigating nearly 30% higher fuel prices
  • • Higher onboard revenues and increased pre-cruise onboard sales
  • • Record customer deposits of $9.0 billion, up over $450 million versus prior year
  • • Favorable foreign currency translation effects contributing to net yield growth

CCL Forward Guidance & Outlook

For full year 2026, Carnival expects net yields up approximately 3.2% (1.75% in constant currency) compared to 2025, adjusted cruise costs excluding fuel per ALBD up approximately 3.7% (2.4% in constant currency), full-year adjusted EBITDA of approximately $7.11 billion, adjusted net income of approximately $3.07 billion, and adjusted EPS of approximately $2.22. For Q3 2026, the company guides adjusted EBITDA of approximately $2.88 billion, adjusted net income of approximately $1.86 billion, and adjusted EPS of approximately $1.35. The booked position for the second half of 2026 is ahead of last year at historically high prices in constant currency. The company is 93% booked for 2026. Demand for 2027 and beyond continues to exceed prior-year levels. The guidance incorporates the transitory impact of Middle East geopolitical headwinds on European deployments, with recent booking trends suggesting a reversal of those headwinds. Remaining 2026 newbuild capex is $0.6 billion and non-newbuild capex is $1.3 billion. Full-year capacity growth is expected at 1.0%.

24/7 Wall St

CCL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CCL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 24 Q2 26

“We achieved another quarter of record results, marking our twelfth consecutive quarter of record net yields and delivering over 20 percent more to the bottom line, overcoming extreme geopolitical headwinds and nearly 30 percent higher fuel costs. Continued commercial execution and a step up in our cost efficiency efforts enabled us to exceed our March guidance by $100 million. These results reflect the strong demand for our portfolio of world-class cruise lines and the continued progress we are making across the business.”

— Josh Weinstein, Q2 2026 Earnings Press Release

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