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Earnings Data
Report Date
Sep 17, 2026Before Open (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
1.36Last Year’s EPS
1.43Same Quarter Last Year
Strong Buy
Based on 21 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong operational and financial outperformance: record revenue metrics, solid yield and booking momentum (including strong early 2027 bookings), meaningful cost management wins, improved fuel efficiency and a stronger leverage profile that enabled material share repurchases and continued investment in fleet and destinations. These positives were partially offset by transitory but meaningful headwinds from the prolonged Middle East conflict that pressured yields—primarily in Europe—elevated fuel and travel costs, and produced short‑term demand disruption. Management characterizes the yield impact as temporary and emphasized durable structural improvements (commercial capabilities, disciplined fleet strategy, destination assets, and permanent cost savings). Given the breadth and magnitude of operational and balance-sheet gains relative to the described transitory disruptions, the overall tone is constructive.Company Guidance
Record Financial and Operating Results
Carnival reported a record quarter with records across revenues, yields, EBITDA, net income, and customer deposits (customer deposits reached an all-time high of $9.0 billion). Q2 net income was $569 million, more than 20% higher year-over-year.
Outperformance Versus Guidance
The company beat its March guidance by $100 million driven by commercial execution and cost efficiency; Q2 net income exceeded guidance by $100 million (~$0.07 per share). Full-year EPS guidance was modestly raised to $2.22, reflecting share repurchases.
Yield Strength and Booking Momentum
Yields were up 2.2% year-over-year in Q2 (the twelfth consecutive quarter of record yields). Management reported bookings for 2027 running ahead of last year, with European 2027 bookings up in the mid‑teens at higher prices and overall pricing/occupancy at record levels for 2027.
Cost Management and Unit Cost Control
Cruise costs excluding fuel per ALBD were essentially flat year-over-year in Q2, outperforming March cost guidance by ~250 basis points. Management implemented multiple cost initiatives expected to provide a $0.06 per share structural benefit to full-year guidance.
Improved Fuel Efficiency and Consumption
Fuel efficiency improved by more than 5% year-over-year (building on prior year's >6% gain). Fuel consumption improvements, fuel mix, and depreciation gains contributed to operational favorability in the quarter.
Balance Sheet and Capital Returns
Net debt / adjusted EBITDA improved from 3.4x at year-end 2025 to 3.1x at the end of Q2 2026. The company repurchased over $450 million of stock (17M+ shares) under an authorized $2.5 billion buyback and is returning ~$1.3 billion to shareholders this year including dividends.
EBITDA and Cash Flow Outlook
Management forecasts over $7.0 billion of EBITDA for the year despite recent disruptions, supporting continued investment, deleveraging and shareholder returns.
Fleet and Modernization Investments
Carnival placed orders for 3 new Princess ships (deliveries 2035, 2038, 2039) bringing the order book to 10 ships (including 5 for Carnival Cruise Line and 2 for AIDA). The company is accelerating mid-life modernization programs (AIDA evolution progress; Holland America Evolution program for 6 ships starting in fall 2027) to drive revenue and potential cabin additions.
Destination Enhancements and Differentiation
Investments in destinations: Celebration Key peer extension increases flexibility (accommodating up to 4 ships / ~13,000 guests per day; expected ~3.5M visitors in 2027), RelaxAway Half Moon Cay new pier increases capacity to over 12,000 guests/day, Isla Tropicale upgrades, and Paradise Collection expected to welcome >9M guest visits next year. ~85% of Caribbean itineraries call on at least one exclusive destination.
CCL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CCL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jun 23, 2026 | $30.19 | $28.72 | -4.87% |
Mar 27, 2026 | $25.13 | $24.04 | -4.31% |
Dec 19, 2025 | $28.04 | $30.79 | +9.81% |
Sep 29, 2025 | $30.29 | $29.09 | -3.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Carnival Corporation (CCL) report earnings?
Carnival Corporation (CCL) is schdueled to report earning on Sep 17, 2026, Before Open (Confirmed).
What is Carnival Corporation (CCL) earnings time?
Carnival Corporation (CCL) earnings time is at Sep 17, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CCL EPS forecast?
CCL EPS forecast for the fiscal quarter 2026 (Q3) is 1.36.
