Carnival Corporation

Latest Results (29.08.2026):

Carnival Corporation — second quarter 2026: the company reported record second-quarter revenues and net yields, with net income of $537 million and record adjusted net income of $569 million (up >20% year‑over‑year). Revenue totaled about $6.7 billion and adjusted EBITDA was a record ~$1.6 billion. Management highlighted strong advance sales, all‑time high customer deposits, continued pricing strength, and active share repurchases while noting higher fuel costs and geopolitical headwinds that were largely offset by commercial execution and cost discipline.

Revenue & yields

Second quarter 2026 revenues were a record $6.7 billion and net yields (constant currency) were a record, up 2.2% versus prior year; gross margin yields were down 3.9% driven by higher fuel prices.

Profitability

Net income attributable to Carnival Corporation was $537 million; adjusted net income (non‑GAAP) was a record $569 million, more than 20% higher than a year ago. Adjusted EBITDA for the quarter was ~$1.6 billion.

Earnings per share

Diluted EPS was $0.39 for the quarter and adjusted diluted EPS was $0.41 (both up over 15% year‑over‑year despite unfavorable fuel and currency impacts).

Costs & fuel

Cruise costs per ALBD rose 6.0% driven by nearly 30% higher fuel prices; adjusted cruise costs excluding fuel per ALBD were roughly in line with prior year. Fuel consumption per ALBD improved 5.6%, and fuel cost per metric ton for the quarter was ~$793.

Advance sales & deposits

Management reported a booked position for the remainder of 2026 ahead of last year at historically high prices and all‑time high customer deposits of $9.0 billion (up >$450 million versus the prior year record), supporting demand visibility and cash flow.

Capital allocation & shareholder returns

Carnival accelerated shareholder returns, repurchasing over $450 million of stock to date and paying $207 million in dividends during the quarter (year‑to‑date dividends $414 million). Net debt to adjusted EBITDA improved to 3.1x.

Balance sheet & cash flow

Cash and cash equivalents were $2.243 billion at May 31, 2026. Cash from operations for the quarter was $2.629 billion; quarter capital expenditures were $875 million. Total debt (current and long‑term) stood at ~$24.9 billion.

Outlook (2026 guidance)

For full year 2026 the company expects net yields up ~3.2% (approx. 1.75% in constant currency), adjusted cruise costs excluding fuel per ALBD up ~3.7% (~2.4% constant), adjusted EBITDA of ~ $7.11 billion and adjusted net income of ~ $3.07 billion; management said Q2 outperformance and cost actions exceeded prior guidance by about $100 million and that booking trends remain strong into 2027.