Carnival posts record Q3 net income of $1.9B, raises full-year outlook despite fuel spike
Carnival reported record third-quarter net income of $1.9 billion and raised its 2026 outlook despite higher fuel costs.
Carnival Corporation (NYSE: CCL) reported all-time-high third-quarter results on Sept. 29 and raised its full-year adjusted net income outlook, saying stronger yields and cost discipline more than offset a spike in fuel prices.
As of Yahoo Finance chart data ~11:42 ET on Sept. 30, 2026: CCL’s prior daily close (Tuesday, Sept. 29) was $25.11, and the Sept. 30 regular-session print was about $25.13. Secondary press had cited the Sept. 29 close near $25.11 with a roughly 13% session gain after the premarket release; the Yahoo prior-close figure locks that Tuesday print.
According to the company’s third-quarter 2026 earnings materials and wire syndication, net income attributable to Carnival Corporation Ltd. reached an all-time high of $1.9 billion for the quarter ended Aug. 31, 2026, with adjusted net income of $2.0 billion. Diluted earnings per share were $1.40; adjusted EPS was $1.43. Total revenues were about $8.44 billion, and adjusted EBITDA was about $3.0 billion, in line with last year’s historic high and $110 million better than June guidance, the company said.
Constant-currency net yields rose 2.4% year over year to an all-time high, more than a point better than June guidance. Gross margin yields fell 1.3%, which management attributed to higher fuel prices. Cruise costs per available lower berth day (ALBD) rose 4.2%, also driven by fuel; adjusted cruise costs excluding fuel per ALBD in constant currency increased 1.8%, one point better than June guidance. Fuel consumption per ALBD improved 3.8% versus the prior year.
Chief Executive Officer Josh Weinstein said the company delivered “another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations.”
On bookings, Carnival said third-quarter customer deposits hit a record $7.6 billion, up $0.5 billion from the prior-year record despite flat capacity growth over the next twelve months. Management added that booked occupancy and pricing for full-year 2027 are at record levels, and that 2028 is also off to a strong start at higher occupancy and prices than a year earlier.
For full-year 2026, Carnival said it expects an operational improvement of more than $150 million in adjusted net income versus June guidance, overcoming about $150 million of higher fuel-price impact. Constant-currency net yields are expected up about 2.3% versus record 2025 levels (about 0.5 percentage points better than June guidance). Adjusted cruise costs excluding fuel per ALBD in constant currency are expected up about 2.2%, also better than June guidance. Fourth-quarter constant-currency net yields are guided up about 1.7% versus 2025 record levels.
Capital returns remained active. The company said it completed about $1.2 billion of share repurchases year to date, including nearly $800 million since the start of the third quarter, and distributed $204 million in dividends in the quarter ($618 million year to date). During the quarter it also redeemed $500 million of 7% coupon notes. S&P upgraded Carnival’s credit rating, leaving the company with no remaining secured debt, management said.
Fuel and currency were a headwind in the quarter: adjusted EPS was in line with the prior year despite a $0.10 ($131 million) unfavorable net impact from fuel prices and currency rates, according to the release.
This article summarizes company-reported GAAP and non-GAAP figures and outlook statements. Adjusted metrics are company-defined and are not a substitute for GAAP results. It is not personalized investment advice and does not recommend buying or selling CCL or any other security.
