Carnival reports third-quarter record net income of $1.9 billion

Carnival Corporation Ltd. (CCL) reported financial results for the third quarter of 2026 on Monday, posting an all-time high net income of $1.9 billion, according to a regulatory filing.

Here's how the company did:

• Revenue: $8.435 billion vs. $8.153 billion a year earlier
• Net income: $1.923 billion vs. $1.854 billion a year earlier
• Diluted earnings per share: $1.40 vs. $1.33 a year earlier
• Adjusted net income: $1.963 billion vs. $1.982 billion a year earlier
• Adjusted diluted earnings per share: $1.43 vs. $1.43 a year earlier
• Adjusted EBITDA: $2.993 billion vs. $2.993 billion a year earlier

“We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations,” said Chief Executive Officer Josh Weinstein.

Total revenues reached $8.435 billion, up from $8.153 billion a year earlier. Passenger ticket revenue grew to $5.529 billion from $5.430 billion, while onboard and other revenue rose to $2.906 billion from $2.723 billion. Cruise and tour operating expenses increased to $4.628 billion compared to $4.385 billion a year earlier, driven in part by higher fuel costs of $615 million versus $451 million.

Customer deposits reached a third-quarter record of $7.6 billion, surpassing the prior-year record of $7.1 billion by $0.5 billion despite flat capacity growth. Booked occupancy and pricing for full-year 2027 are at record levels.

For the full year 2026, the company expects operational improvement of more than $150 million in adjusted net income compared to June guidance. Full-year adjusted net income is projected at approximately $3.080 billion, with adjusted diluted earnings per share of approximately $2.24 and adjusted EBITDA of approximately $7.14 billion. For the fourth quarter of 2026, the company expects adjusted net income of approximately $274 million and adjusted diluted earnings per share of approximately $0.20.

Chief Financial Officer David Bernstein said the company completed approximately $1.2 billion of share repurchases year to date, including nearly $800 million since the beginning of the third quarter. The company also distributed $204 million in dividends during the quarter, bringing the year-to-date total to $618 million. During the quarter, S&P upgraded the company's credit rating, making it the second rating agency to award an investment grade rating, and leaving the company with no remaining secured debt.