Carnival posts record Q3 net income of $1.92 billion, lifts full-year outlook

Carnival Corporation said third-quarter 2026 net income attributable to the company hit an all-time high of $1.92 billion, or $1.40 a share on a diluted basis, as record revenues and higher net yields outweighed a jump in fuel costs. Shares closed Monday at $22.14, down about 0.5% on the session and down roughly 28% year to date.

In an 8-K earnings release Tuesday, the cruise operator reported total revenues of $8.44 billion for the three months ended August 31, 2026, up from $8.15 billion a year earlier. Adjusted net income was $2.0 billion, and adjusted diluted EPS was $1.43—in line with the prior year despite what the company called a $0.10 per share ($131 million) unfavorable net impact from fuel prices and currency rates. Adjusted EBITDA was $3.0 billion, matching last year’s historic high and $110 million above June guidance.

Net yields in constant currency rose 2.4% to an all-time high and finished more than a point better than June guidance, according to the release. Gross margin yields fell 1.3% year over year on higher fuel prices. Occupancy was 111.8%, versus 111.7% a year earlier. Fuel expense climbed to $615 million from $451 million, while fuel consumption per available lower berth day improved 3.8%.

Third-quarter customer deposits reached a record $7.6 billion, up nearly 7% from the prior-year record on flat capacity growth, the release said. CEO Josh Weinstein said full-year 2027 booked occupancy and pricing are at record levels.

For full-year 2026, Carnival now expects operational improvement of more than $150 million in adjusted net income versus June guidance, overcoming a $150 million hit from higher fuel prices. Guidance points to adjusted net income of about $3.08 billion and adjusted diluted EPS of about $2.24, with constant-currency net yields up roughly 2.3% and adjusted cruise costs excluding fuel per ALBD up about 2.2%. Fourth-quarter adjusted net income is pegged at about $274 million, or about $0.20 adjusted diluted EPS.

On capital returns, the company said it has completed about $1.2 billion of share repurchases year to date—nearly $800 million since the start of the third quarter—and paid $204 million in dividends in the quarter ($618 million year to date). It also redeemed $500 million of 7% coupon notes during the quarter. CFO David Bernstein said S&P upgraded the company’s credit rating, leaving Carnival with no remaining secured debt.

By the numbers

• Q3 revenue: $8.44 billion (vs. $8.15 billion)
• Q3 net income attributable: $1.92 billion (vs. $1.85 billion)
• Diluted EPS: $1.40; adjusted diluted EPS: $1.43
• Adjusted EBITDA: $3.0 billion
• Occupancy: 111.8%
• Customer deposits (current and long-term): $7.64 billion
• FY2026 adjusted net income guidance: ~$3.08 billion (~$2.24 adjusted diluted EPS)

Sources

1. Carnival Corporation Ltd., Form 8-K (Items 2.02, 9.01) and Exhibit 99.1 earnings release, filed September 29, 2026, accession 0000815097-26-000104

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