The Carnival 2026 outlook improved after the cruise operator reported record quarterly net income of $1.9 billion and adjusted EBITDA of $3 billion, about $110 million above its June guidance.
Carnival Corporation (NYSE: CCL) earned adjusted profit of $2 billion in its fiscal third quarter. Adjusted earnings were $1.43 per share, while GAAP diluted earnings were $1.40, both broadly level with the prior year despite a $131 million drag from fuel prices and currency movements.
Carnival 2026 Outlook Absorbs Higher Fuel Costs
The company now expects full-year adjusted net income to improve by more than $150 million from its June forecast, even after incorporating another $150 million of unfavorable fuel-price effects, according to its official quarterly results.
Full-year net yields are forecast to rise 2.3% in constant currency, half a percentage point more than Carnival projected in June. Fourth-quarter net yields are expected to increase 1.7% from a year earlier.
Third-quarter net yields rose 2.4% in constant currency, more than one percentage point above guidance. Cruise costs excluding fuel per available lower-berth day increased 1.8%, roughly one percentage point better than the company’s previous estimate.
Bookings and Debt Reduction Support the Forecast
Customer deposits reached a record $7.6 billion, approximately $500 million, or 7%, above the previous year even though capacity was broadly flat. The deposit figure gives Carnival forward cash visibility, although it is not the same as revenue already earned.
The company repurchased nearly $1.2 billion of shares during the year to date, including about $800 million since the start of the third quarter. It also redeemed $500 million of 7% notes and said it no longer has secured debt outstanding.
S&P Global Ratings restored Carnival to investment-grade status during the quarter. That upgrade, together with the debt redemption, may lower refinancing pressure, but fuel and currency remain important variables for the final quarter.
Carnival’s fourth-quarter results will show whether yield growth and cost control are sufficient to deliver the raised full-year forecast as the company absorbs the higher fuel bill.
