Carnival (GB:CCL)
LSE:CCL
Earnings Data
Report Date
Jun 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.26Last Year’s EPS
0.26Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Q1 2026
Earnings Call Date:Mar 20, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call presented a largely positive operational and commercial performance: record Q1 results, stronger yields, robust bookings (+10% YoY), nearly $8 billion in customer deposits, and meaningful operational/fuel-efficiency gains. Management raised near-term guidance operationally and introduced an ambitious PROPEL plan (ROIC >16%, >50% EPS growth vs 2025, >40% cash returns) supported by disciplined capacity, destination monetization and a $2.5 billion buyback authorization. The principal near-term negatives are significant fuel price volatility (material headwind of ~$500M / $0.38 per share embedded in guidance), elevated cost trends and geopolitical uncertainty impacting regional demand. Overall, the strength in demand, margin improvement levers and clear capital-return framework outweigh the headwinds tied to fuel and macro uncertainty.Company Guidance
Record First Quarter Results
Q1 net income of $275 million, more than 55% higher year-over-year; results beat December guidance by $40 million (≈ $0.03 per share). Company reported record first-quarter revenues, net yields, operating income, EBITDA and customer deposits.
Yield Strength and Bookings Momentum
Net yields increased 2.7% year-over-year in Q1; bookings for current year sailings rose 10% YoY. Nearly 85% of 2026 capacity already booked and cumulative future-year bookings reached a Q1 record, indicating extended booking curve and strong demand.
Customer Deposits and Pricing
Customer deposits reached nearly $8.0 billion, up nearly 10% versus prior-year, contributing to a record book position at historically high prices and supporting pricing power and yield expansion.
Operational Improvements and Fuel Efficiency
Cruise costs without fuel per available lower berth day (ALBD) were up 5.3% YoY in Q1 but came in ~0.5 point better than December guidance. Fuel consumption fell 4.7% YoY. Q1 operational improvements contributed ~$0.07 per share. Management cites fleet consumption savings of roughly $650 million versus 2019 and about $250 million versus 2023.
Upgraded Full-Year Guidance
Operationally increased FY 2026 outlook by approximately $150 million versus December. Full-year EPS guidance set at $2.21. March guidance assumes yield growth of ~2.75% (≈3.25% normalized) and cruise costs without fuel up ≈3.1% (≈2.3% normalized).
PROPEL: Long-Term Targets and Capital Plan
Introduced PROPEL with 2029 targets: return on invested capital (ROIC) above 16%, earnings per share growth >50% versus 2025, distribution of >40% of cash from operations to shareholders (≈$14 billion). Targets include net debt-to-EBITDA ~2.75x, >25% reduction in greenhouse gas intensity vs 2019, and >$15 billion reinvested in the business through 2029.
Measured Capacity Growth and Destination Monetization
Disciplined capacity plan with only 3 ships entering service during the PROPEL period (roughly one per year). Continued investment in high-returning modernization (AIDA Evolution success) and monetization of destination assets (Celebration Key, Grand Bahama, RelaxAway, Half Moon Cay, Isla Tropicale, Roatan, Alaska land footprint).
Capital Return Authorization and Balance Sheet Focus
Announced initial $2.5 billion buyback authorization and signaled a reinstated dividend program with opportunistic buybacks over time; emphasis on maintaining financial strength while returning >40% of operating cash flow to shareholders.
GB: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
GB:CCL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 20, 2026 | 1812.50 p | 1829.00 p | +0.91% |
Dec 19, 2025 | 1973.81 p | 2302.28 p | +16.64% |
Sep 29, 2025 | 2044.48 p | 1952.90 p | -4.48% |
Jun 24, 2025 | 1533.36 p | 1714.52 p | +11.81% |
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 (GB:CCL) report earnings?
Carnival (GB:CCL) is schdueled to report earning on Jun 30, 2026, Before Open (Confirmed).
What is Carnival (GB:CCL) earnings time?
Carnival (GB:CCL) 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?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Carnival stock?
The P/E ratio of Carnival is N/A.
What is GB:CCL EPS forecast?
GB:CCL EPS forecast for the fiscal quarter 2026 (Q2) is 0.26.