Carnival Corporation & plc (CUK)
NYSE:CUK
Earnings Data
Report Date
Jun 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.34Last Year’s EPS
0.35Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Q1 2026
Earnings Call Date:Mar 20, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum and multiple record Q1 metrics (revenues, yields, bookings, deposits, net income), plus an ambitious multi-year value creation plan (PROPEL) including buybacks and dividend growth. These positive developments were tempered by a substantial and volatile fuel headwind, near-term EPS pressure, rising cruise costs (albeit better than guidance), and geopolitical uncertainty affecting certain itineraries. On balance, management reiterated confidence in demand, cost discipline and long-term targets while acknowledging short-term fuel-driven headwinds.Company Guidance
Record First Quarter Results
Delivered record Q1 revenues, net yields, operating income, EBITDA and customer deposits. Net income was $275 million, more than 55% higher year-over-year and exceeded December guidance by $40 million ($0.03 per share).
Yield Strength and Booking Momentum
Net yields rose 2.7% year-over-year in Q1 (over 100 bps better than December guidance). Bookings for current year sailings increased 10% year-over-year, with nearly 85% of 2026 already booked and cumulative future-year bookings at a Q1 record.
Onboard Spend and Earlier Guest Engagement
Guests are purchasing more inclusive packages, excursions and experiences earlier in the booking journey, contributing to higher onboard revenue and stronger pricing.
Customer Deposits and Strong Cash Position
Customer deposits reached nearly $8.0 billion in Q1, a new first-quarter record and nearly 10% above last year, supporting a robust book position and liquidity.
Operational Cost Improvements and Fuel Efficiency
Q1 cruise costs without fuel per ALBD improved versus December guidance and cruise fuel consumption fell 4.7% year-over-year. Management cites cumulative consumption savings of roughly $650 million versus 2019 and ~$250 million versus 2023.
Upward Operational Guidance and Margin Outlook
Operationally increased full-year outlook by approximately $150 million versus December. March guidance assumes ~2.75% yield growth (3.25% normalized) and cruise costs without fuel per ALBD up ~3.1% (2.3% normalized), with expected margin expansion as yields grow faster than costs.
PROPEL Strategic Targets and Capital Returns
Introduced PROPEL with targets by 2029: ROIC above 16%, EPS growth >50% vs 2025, distribute >40% of cash from operations (~$14 billion) to shareholders, net debt/EBITDA ~2.75x, >25% reduction in GHG intensity vs 2019, reinvest >$15 billion, and announced an initial $2.5 billion buyback authorization.
Measured Capacity Growth and Asset Monetization Plans
Capacity growth remains intentionally measured with only 3 ships entering service during the PROPEL period; plans to modernize ships and further monetize destination assets (e.g., Celebration Key, Grand Bahama, RelaxAway, Half Moon Cay, Isla Tropicale, Roatan, Alaska footprint) to drive incremental returns.
CUK 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
CUK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 20, 2026 | $24.83 | $24.08 | -3.02% |
Dec 19, 2025 | $26.20 | $30.82 | +17.63% |
Sep 29, 2025 | $27.53 | $26.48 | -3.83% |
Jun 24, 2025 | $21.47 | $23.15 | +7.84% |
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 & plc (CUK) report earnings?
Carnival Corporation & plc (CUK) is schdueled to report earning on Jun 30, 2026, Before Open (Confirmed).
What is Carnival Corporation & plc (CUK) earnings time?
Carnival Corporation & plc (CUK) earnings time is at Jun 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is CUK EPS forecast?
CUK EPS forecast for the fiscal quarter 2026 (Q2) is 0.34.