Carnival reports record third-quarter results and raises outlook

• Carnival Corporation reported third-quarter 2026 net income of $1.9 billion, with adjusted net income reaching $2 billion.
• The company expects full-year adjusted net income of approximately $3.08 billion and higher constant-currency net yields compared with 2025.
• Carnival continued debt reduction, completed share repurchases, and received an investment-grade credit upgrade from S&P.

Carnival Corporation (NYSE:CCL) reported third-quarter 2026 financial results, with record revenue and stronger operating expectations for the full year.

The company generated net income of $1.9 billion during the quarter, while adjusted net income reached $2.0 billion. Diluted earnings per share were $1.40.

Carnival reported record revenue during the quarter, with constant-currency net yields increasing 2.4% compared with the prior-year period.

However, gross margin yields declined 1.3% due to higher fuel costs.

Customer deposits reached a third-quarter record of $7.6 billion, increasing by $0.5 billion compared with the previous year’s record level.

Carnival now expects full-year 2026 constant-currency net yields to increase approximately 2.3% compared with 2025 and forecasts adjusted net income of approximately $3.08 billion.

The company said booked occupancy and pricing for 2027 are currently at record levels.

Meanwhile, Carnival completed approximately $1.2 billion in share repurchases year to date and redeemed $500 million of 7% notes during the quarter.

The company also reported that S&P upgraded Carnival to investment grade and that it has no remaining secured debt.