Carnival PLC

Latest Results (19.05.2026):

Carnival PLC — First quarter 2026: Carnival Corporation & plc reported record first-quarter operating results for Q1 2026, with diluted EPS of $0.19 (adjusted EPS $0.20, +50% year‑over‑year), record revenues of about $6.2 billion and record adjusted EBITDA (~$1.3 billion). The company also announced an initial $2.5 billion share buyback, introduced a new long‑term framework called PROPEL with 2029 targets, and raised its operational outlook for full‑year 2026 by roughly $150 million versus prior guidance.

Key financials

Q1 2026 net income attributable to Carnival Corporation & plc was $258 million and adjusted net income was $275 million. Adjusted EBITDA was $1.267 billion (reported as a record ~ $1.3 billion). Diluted EPS was $0.19 and adjusted diluted EPS was $0.20.

Revenue and yields

Record first‑quarter revenues of ~$6.2 billion. Gross margin yields rose nearly 10%; record net yields (constant currency) were up ~2.7%, outperforming guidance by over one percentage point.

Bookings and advance sales

Bookings for 2026 were up double digits and the company noted a record booked position at historically high prices (constant currency). Customer deposits reached a Q1 record of nearly $8 billion (≈ +10% YoY), with ~85% of 2026 on the books.

Costs, fuel and efficiency

Adjusted cruise costs excluding fuel per ALBD rose 5.3% (better than guidance). Cruise fuel consumption per ALBD declined ~4.7% year‑over‑year; fuel cost per metric ton fell to $559 from $643 in the prior year period.

Outlook and guidance (2026)

Full‑year 2026 guidance includes net yields (constant currency) up ≈2.75% vs 2025, adjusted EBITDA ≈ $7.19 billion, adjusted net income ≈ $3,070 million and adjusted EPS ≈ $2.21. The company expects an operational improvement of nearly $150 million versus December guidance and uses specified Brent price assumptions for fuel.

Capital returns and shareholder actions

Boards approved an initial $2.5 billion share buyback (to commence after shareholder meetings expected April 17, 2026). Management indicated more than $800 million of dividend distributions expected this year and a roadmap to deliver ~ $14 billion to shareholders through 2029 as part of PROPEL.

PROPEL long‑term targets (through 2029)

PROPEL targets include >16% return on invested capital, >50% adjusted EPS growth from 2025, distributing >40% of cash from operations to shareholders (≈ $14 billion), maintaining ~2.75x net debt/adjusted EBITDA and reducing GHG emissions rate >25% vs 2019.

Cash flow and balance sheet highlights

Operating cash flow in Q1 was $1.263 billion; capital expenditures in the quarter were $566 million and dividends paid totaled $208 million. Total debt (current + long‑term) was $25.29 billion with cash and cash equivalents of $1.424 billion at February 28, 2026.