Carnival Q3 2026 Earnings Beat on Record Revenue
Carnival Q3 2026 earnings reported record $8.4 billion revenue, higher net income and an improved full-year outlook, boosting sector flows.
KEY TAKEAWAYS
- Reported record revenue of $8.4 billion and attributable net income of $1.9 billion.
- Adjusted EBITDA matched last year at about $3.0 billion and topped June guidance by $110 million.
- Raised full-year operational outlook by more than $150 million in adjusted net income on stronger bookings.
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Carnival Corporation reported higher net income for the quarter ended August 31, 2026, in its Q3 2026 earnings released on September 29, 2026. Stronger-than-expected bookings led the company to raise its full-year operational outlook.
Record Revenue and Earnings
Carnival posted fiscal third-quarter 2026 revenue of approximately $8.435 billion, an all-time high and up from about $8.153 billion a year earlier. Attributable net income rose to roughly $1.920 billion, with diluted earnings per share of $1.40, compared with $1.852 billion and $1.33 a year earlier. Adjusted net income was about $1.963 billion, and adjusted diluted EPS was $1.43, unchanged from the prior year.
Adjusted EBITDA reached approximately $2.993 billion, matching the prior-year record and exceeding June operational guidance by $110 million. Passenger-ticket revenue totaled about $5.529 billion, while onboard and other revenue contributed roughly $2.906 billion, reflecting continued strength in ancillary spending. The results surpassed published pre-release estimates for adjusted EPS and revenue.
Carnival described the quarter as delivering "best ever revenues, net yields and net income."
Yields, Costs, Bookings, and Outlook
Constant-currency net yields increased 2.4% year over year, more than one percentage point above June guidance, while gross-margin yields declined 1.3%. Cruise costs per available lower berth day rose 4.2%, primarily due to higher fuel prices. Adjusted cruise costs excluding fuel increased 1.8% in constant currency. Fuel and currency headwinds reduced adjusted results by about $131 million, or $0.10 per share.
Customer deposits hit a third-quarter record of approximately $7.6 billion, nearly $500 million above the prior-year mark despite flat capacity growth for the next 12 months. The company reported record 2027 booked occupancy and pricing, signaling strong demand momentum.
Operating cash flow was roughly $1.410 billion, steady with the prior year. Carnival completed about $1.2 billion in share repurchases year to date and paid $204 million in dividends during the quarter, bringing year-to-date dividends to $618 million.
The company raised its full-year 2026 operational outlook by more than $150 million in adjusted net income compared with June guidance, although higher fuel prices partially offset the improvement.
