Carnival Beats Third-Quarter Expectations, Forecasts Record 2027
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Carnival Corporation posted record financial results for the third quarter of 2026, with net income of $1.9 billion and adjusted EBITDA of $3.0 billion, figures that topped analysts' expectations. Total revenue reached an all-time high of $8.4 billion, while adjusted earnings per share came in at $1.43, in line with the prior year despite a $131 million negative impact from fuel prices and foreign exchange.
Record bookings for 2027 and 2028
The company reported that it has already booked half of its capacity for 2027, with occupancy and pricing at record levels, and that 2028 also got off to a strong booking pace, with higher occupancy and pricing than the prior year at the same stage. Customer deposits reached a quarterly record of $7.6 billion, an increase of nearly 7% over the prior-year record, equivalent to $500 million more, despite essentially flat capacity growth for the next twelve months.
Cost control amid fuel price pressures
Carnival explained that rising fuel prices created a $150 million impact for the year, but the company managed to offset it with an operational improvement of more than $150 million versus the June guidance, driven by stronger net yields, lower costs per available lower berth day, and a 3.8% year-over-year decline in fuel consumption. With these adjustments, the company now projects full-year 2026 adjusted net income of approximately $3.08 billion and adjusted EBITDA of around $7.14 billion.
Buybacks, dividends and credit rating upgrade
On the capital allocation front, Carnival completed share buybacks of approximately $1.2 billion so far this year, of which nearly $800 million were carried out since the start of the third quarter, in addition to distributing $618 million in dividends. The company also redeemed $500 million in 7% coupon notes and received a credit rating upgrade from S&P, which lifted it to investment grade and left it with no outstanding secured debt.
Resilient demand amid geopolitical tension
During the earnings call with analysts, CEO Josh Weinstein noted that June marked a turning point in booking momentum, which accelerated in July and August even though macroeconomic and geopolitical conditions did not improve. Weinstein highlighted that yields rose nearly 3% in a year marked by what he described as the biggest geopolitical crisis in decades, and attributed the strength of demand to the value that cruises represent for consumers. Following the results announcement, Carnival's stock rose more than 13% on a day when major stock indices fell.
