Carnival Corp. (CCL) Tops Q3 EPS by 8c

Carnival Corp. (NYSE: CCL) reported Q3 EPS of $1.43, $0.08 better than the analyst estimate of $1.35. Revenue for the quarter came in at $8.44 billion versus the consensus estimate of $8.39 billion.

2026 Outlook

For the full year 2026, the company expects:

Operational improvement of more than $150 million in adjusted net income compared to June guidance, driven by improvements in net yields, adjusted cruise costs excluding fuel per ALBD and fuel consumption per ALBD, overcoming $150 million impact from increased fuel prices.
Net yields (in constant currency) up approximately 2.3 percent compared to record 2025 levels and 0.5 percentage points better than June guidance. Net yields (in constant currency) up approximately 2.7 percent, after reflecting the impact of the summer 2025 close-in decision to redeploy away from the previously planned first quarter 2026 Arabian Gulf voyages and the impacts of loyalty program accounting for Carnival Cruise Line which requires the deferral of a portion of the ticket price paid by the guest.
Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.2 percent and better than June guidance. Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 1.1 percent, after reflecting the timing of certain expenses between the years, partial year operating expenses from two exclusive destinations and the impact of certain elevated logistics costs as a result of disruption from the Middle East conflict.

For the fourth quarter of 2026, the company expects net yields (in constant currency) up approximately 1.7 percent compared to 2025 record levels. Net yields (in constant currency) up approximately 2.3 percent after reflecting the impact of loyalty program accounting for Carnival Cruise Line.

See "Guidance" for additional information on the company's 2026 outlook, "Non-GAAP Financial Measures," "Reconciliation of Forecasted Data" and "Constant Currency."

For earnings history and earnings-related data on Carnival Corp. (CCL) click here.

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