Carnival Corporation & plc Q3 2026 Earnings Recap

Carnival shares rose 10.8% after the company reported Q3 net income about $2 billion, $100 million above its guidance, with better-than-expected yields and costs. The call also pointed to record pricing and occupancy for 2027 bookings, though management said the spring booking disruption extended into early 2027 before rebounding.

Key Takeaways

• Q3 yields increased nearly 2.5%, more than 1 percentage point better than expected; stronger closing demand also led Carnival to raise its fourth-quarter yield expectations.
• Cruise costs excluding fuel came in 1 percentage point better than guidance. Fuel consumption was 3 points better than expected, and management said operational improvements since June had offset the impact of higher expected fuel prices.
• Carnival is half booked for 2027, with occupancy and pricing at record levels; 2028 bookings are also ahead year over year in both occupancy and price.
• Customer deposits reached a third-quarter record of approximately $7.6 billion, up about 7% despite flat capacity growth over the next 12 months.
• Celebration Key welcomed almost 2.5 million guests in its first year; Carnival expects approximately 3.5 million guests next year, with 31 ships calling versus 26 this year.