Q2 26 EPS
$0.20
BEAT +11.11%
Est. $0.18
Q2 26 Revenue
$6.17B
BEAT +0.43%
Est. $6.14B
vs S&P Since Q2 26
-2.2%
TRAILING MARKET
CCL +14.8% vs S&P +17.0%
Market Reaction
Did CCL Beat Earnings? Q2 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. … Read more 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
CCL 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
Q2 2026 vs Q2 2025, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Josh Weinstein, Q2 2026 Earnings Press Release
CCL Earnings Trends
CCL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCL EPS Trend
Earnings per share: estimate vs actual
CCL Revenue Trend
Quarterly revenue: estimate vs actual
CCL Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.18 | $0.20 | +11.11% | $6.17B | +0.43% |
| Q1 26 BEAT | $0.18 | $0.20 | +11.11% | $6.17B | +0.43% |
| Q4 25 BEAT FY | $0.25 | $0.34 | +36.00% | $6.33B | -0.68% |
| FY Full Year | $2.16 | $2.25 | +4.23% | $26.62B | -0.10% |
| Q3 25 BEAT | $1.31 | $1.43 | +9.16% | $8.15B | +0.56% |
| Q2 25 BEAT | $0.25 | $0.35 | +40.00% | $6.33B | +1.86% |
| Q1 25 BEAT | $0.02 | $0.13 | +550.00% | $5.81B | +1.16% |
| Q4 24 BEAT FY | $0.07 | $0.14 | +100.00% | $5.94B | +0.06% |
| FY Full Year | — | $1.42 | — | $25.02B | — |