Carnival (0EV1) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jun 30, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.34

Last Year’s EPS

0.35

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 17 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Mar 27, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call communicated strong operational momentum and several record-setting Q1 metrics (revenue, bookings, deposits, net income growth and improved yields), supported by a clear multi-year strategic plan (PROPEL) with ambitious ROIC, EPS and capital return targets. Major concerns centered on sharply higher fuel prices and geopolitical volatility that create meaningful near-term earnings headwinds and potential itinerary risks. On balance, management demonstrated confidence in demand, cost discipline and long-term value creation while acknowledging short-term fuel-driven pressure.

Company Guidance

Carnival raised its March guidance while detailing 2026 assumptions and 2029 PROPEL targets: full‑year 2026 EPS guidance of $2.21 (Q1 net income $275M, up >55% y/y; Q1 EPS beat vs Dec by $0.03/sh or $40M), Q1 yields +2.7% y/y, bookings ~85% of 2026 on the books with current‑year bookings +10% y/y and customer deposits nearly $8.0B (≈+10% y/y); Q1 delivered $0.07/sh of operational improvement (revenue +$0.04/sh, cruise costs w/o fuel per ALBD +5.3% y/y but ~0.5pp better than Dec, fuel consumption -4.7% y/y) and management expects an additional $0.04/sh of operational gains in the balance of 2026, but a $0.38/sh fuel headwind (company fuel assumptions: March/early‑April actuals, Brent $90/bbl for Apr–May, $85/bbl Q3, $80/bbl Q4; a 10% change in fuel cost/metric ton = $160M or $0.11/sh impact); full‑year yield growth ~2.75% (normalized ~3.25% ex special items), cruise costs w/o fuel guided +3.1% (normalized +2.3%), and EBITDA is forecast around $7B; PROPEL targets by 2029 include ROIC >16%, >50% EPS growth vs 2025, returning >40% of cash from operations (~$14B) to shareholders, net debt/EBITDA ~2.75x, >25% GHG intensity reduction vs 2019, >$15B reinvestment, a $2.5B buyback authorization today, and measured capacity with only 3 ships entering service in the PROPEL period.

Record First Quarter Results

Delivered record Q1 revenues, net yields, operating income and EBITDA; net income of $275 million, up more than 55% year-over-year and $40 million ($0.03 per share) ahead of December guidance.

Yield and Bookings Strength

Net yields rose 2.7% year-over-year in Q1; bookings for current-year sailings increased ~10% YoY with nearly 85% of 2026 capacity already booked and cumulative future-year bookings at a first-quarter record.

Higher Customer Deposits and Onboard Spend

Customer deposits reached a Q1 record of almost $8.0 billion, nearly 10% above prior-year; guests are purchasing more pre-cruise packages and onboard spend is strengthening, contributing to revenue upside.

Operational Cost Improvements

Q1 operational improvements (including a 4.7% reduction in fuel consumption YoY) contributed approximately $0.07 per share of favorability vs prior year and were ~100+ bps better than December yield guidance and >0.5 point better on cruise costs without fuel vs guidance.

Raised Confidence & Strategic Plan (PROPEL)

Introduced 'PROPEL' with targets by 2029: ROIC >16%, EPS growth >50% vs 2025, distribution of >40% of cash from operations (~$14B), invest >$15B back into the business, net debt/EBITDA target ~2.75% and >25% reduction in GHG intensity vs 2019.

Measured Capacity and Capital Allocation

Disciplined capacity growth planned (only 3 ships to enter service during PROPEL period), $2.5 billion initial share buyback authorization announced, and strategy to balance reinvestment with returning capital to shareholders.

Improved Full-Year Assumptions (Excluding Fuel Volatility)

March guidance assumes ~2.75% yield growth (25 bps better than December), cruise costs without fuel per ALBD up ~3.1% (15 bps better than December) and normalized full-year yield growth ~3.25% after certain adjustments; EBIT/EBITDA outlook remains strong (reference $7B EBITDA forecast).

Carnival (GB:0EV1) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GB:0EV1 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jun 30, 2026	2026 (Q2)	0.34 / -	0.35	―	―	―
Mar 27, 2026	2026 (Q1)	0.18 / 0.20	0.13	53.85% (+0.07)		―
Dec 19, 2025	2025 (Q4)	0.25 / 0.34	0.14	142.86% (+0.20)	―	―
Sep 29, 2025	2025 (Q3)	1.32 / 1.43	1.27	12.60% (+0.16)
Jun 24, 2025	2025 (Q2)	0.25 / 0.35	0.11	218.18% (+0.24)
Mar 21, 2025	2025 (Q1)	0.03 / 0.13	-0.14	192.86% (+0.27)
Dec 20, 2024	2024 (Q4)	0.07 / 0.14	-0.07	300.00% (+0.21)
Sep 30, 2024	2024 (Q3)	1.18 / 1.27	0.86	47.67% (+0.41)
Jun 25, 2024	2024 (Q2)	-0.01 / 0.11	-0.31	135.48% (+0.42)	―
Mar 27, 2024	2024 (Q1)	-0.18 / -0.14	-0.55	74.55% (+0.41)	―

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

GB:0EV1 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 27, 2026	$25.22	$23.70	-6.03%
Dec 19, 2025	$27.95	$30.68	+9.76%
Sep 29, 2025	$30.49	$28.91	-5.19%
Jun 24, 2025	$23.65	$25.68	+8.61%

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.