Record Q3 Profit
Carnival reports record third-quarter profit of $1.9 billion and raises full-year guidance.
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Carnival reported record third-quarter 2026 net income of about $1.9 billion, revenue of $8.44 billion, up 3.5% year over year, and adjusted earnings of $1.43 per share, beating analyst estimates for the fourth consecutive quarter. Adjusted EBITDA was $3.0 billion, and customer deposits reached a record, nearly 7% above the prior-year level despite flat capacity. Carnival raised its 2026 adjusted EPS guidance to $2.22–$2.24 and forecast full-year EBITDA of about $7.14 billion; it said stronger demand and cost discipline improved its full-year adjusted net income outlook by more than $150 million compared with June guidance, offsetting higher fuel costs. Operating margin fell to 26.3% from 27.9% a year earlier amid fuel and currency pressures, although constant-currency net yields increased. Carnival forecast 2027 capacity growth of 0.5%, while its fourth-quarter adjusted EPS outlook of $0.20 was below analysts’ $0.26 estimate.
Key Points
1
CEO Josh Weinstein said Carnival plans to use its increasingly durable cash flow to reinvest in the business while returning more capital to shareholders.
2
Carnival reported a free-cash-flow margin of 8.4%, which the company’s results coverage said was similar to the same quarter a year earlier.
3
Carnival shares had fallen about 27.5% year to date, while the S&P 500 had gained 12.2%, according to the earnings coverage.
4
The quarterly adjusted EPS result of $1.43 was unchanged from a year earlier, despite exceeding the consensus estimate by 5.15%.
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