Carnival (CCL) Fiscal Q3 2026 Earnings Call: Record Yields, EPS Guidance Raised
Source Tradingkey
Key Takeaways
- Carnival Corporation (NYSE: CCL) reported record fiscal Q3 2026 revenue, yields and net income. Net income exceeded the company’s June guidance by more than $100 million, or $0.08 per share.
- Net yields increased nearly 2.5% year over year, driven by stronger close-in demand and robust onboard spending. This was 1.2 percentage points above June guidance.
- Cruise costs excluding fuel per ALBD rose 1.8%, 100 basis points better than guidance. Fuel consumption declined nearly 4% year over year.
- Full-year EPS guidance increased by $0.02 to $2.24. More than $150 million of operational improvement offset an approximately $150 million headwind from higher fuel prices.
- Customer deposits reached a third-quarter record of approximately $7.6 billion, up about 7%, while capacity growth over the next 12 months remains broadly flat.
- Carnival has repurchased nearly $1.2 billion of stock, representing 45 million shares. Total debt has fallen below $24 billion from a peak of $36 billion in 2023.
Core Financial Data
| Metric | Fiscal Q3 2026 / Updated Outlook | Context |
|---|---|---|
| Revenue | Record | Exact amount was not stated on the call |
| Net income | Record | More than $100 million above June guidance |
| EPS outperformance | $0.08 per share | $0.05 from revenue, $0.02 from costs and $0.01 from fuel consumption |
| Net yield growth | Nearly 2.5% YoY | 1.2 percentage points above June guidance |
| Cruise costs excluding fuel per ALBD | Up 1.8% YoY | 100 basis points better than June guidance |
| Fuel consumption | Down nearly 4% YoY | Following a reduction of more than 5% in the prior-year quarter |
| Customer deposits | Approximately $7.6 billion | Up about 7% YoY |
| FY2026 EPS guidance | $2.24 | Increased by $0.02 from prior guidance |
| Expected FY2026 EBITDA | More than $7 billion | Supports investment, deleveraging and shareholder returns |
| Total debt | Below $24 billion | Down from a $36 billion peak in 2023 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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