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Carnival Corp. outperformed Wall Street's expectation with a higher third quarter profit and revenues and added two cents per share to its full-year earnings outlook.
Net yields in constant currency and revenues reached an all-time high.
Adjusted net income was a record $2b, and earnings per share of $1.43 were in line with the prior year despite a 10-cent ($131m) impact from fuel prices and currency rates. This beat the company's June guidance and the consensus expectation of $1.35.
Revenues were $8.44b, slightly higher than Wall Street's $8.39b forecast.
Adjusted EBITDA of $3b was in line with last year's historic high and $110m better than June guidance.
The all-time high net yields (in constant currency) were up 2.4%, over a point better than June guidance.
Cruise costs per available lower berth day increased 4.2% year over year, driven by higher fuel prices. Adjusted cruise costs excluding fuel per ALBD (in constant currency) increased 1.8%, one point better than June guidance.
Fuel consumption per ALBD improved 3.8% compared to the prior year, reflecting efforts and investments to continuously reduce fuel consumption.
"We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations," Carnival Corp. CEO Josh Weinstein said.
Record Q3 customer deposits were up nearly 7% to $7.6b, $0.5b higher than the prior year record, on flat capacity growth over the next 12 months.
Carnival projects a full year operational improvement of more than $150m in adjusted net income compared to June guidance, overcoming a spike in fuel prices.
Net yields (in constant currency) are projected to be up approximately 2.3% compared to record 2025 levels and 0.5 points better than June guidance. Net yields (in constant currency) are expected to grow 2.7%, after reflecting the impact of the summer 2025 close-in decision to redeploy away from the previously planned first quarter 2026 Arabian Gulf voyages and the impacts of loyalty program accounting for Carnival Cruise Line.
Adjusted cruise costs excluding fuel per ALBD (in constant currency) are forecast to be up approximately 2.2% and better than June guidance. Adjusted cruise costs excluding fuel per ALBD (in constant currency) are expexted to rise approximately 1.1%.
For the fourth quarter of 2026, the company expects net yields (in constant currency) up approximately 1.7% compared to 2025 record levels. Net yields (in constant currency) are projected to rise approximately 2.3% after reflecting the impact of loyalty program accounting for Carnival Cruise Line.
It all translates into a forecasted approximately 20 cents EPS in Q4, compared to Wall Street's 24-cent consensus, and approximately $2.24 EPS for full year 2026, higher than the $2.15 consensus and prior $2.22 guidance.
"For full year 2027, both booked occupancy and pricing are at record levels, providing a strong foundation for another year of solid yield growth," Weinstein said. "Looking further ahead, 2028 is also off to an excellent start at higher occupancy and prices than last year."
