Carnival Corporation (CCL) Q2 2026 earnings summary

Executive summary

• Achieved record second quarter revenues, net yields, EBITDA, and net income, with customer deposits at an all-time high of $9.0 billion, reflecting robust demand and commercial execution.

• Outperformed March guidance by $100 million in adjusted EBITDA and $99 million in adjusted net income, driven by strong onboard revenue and cost discipline.

• Accelerated shareholder returns with over $450 million in stock repurchases and annualized total shareholder returns exceeding $1.3 billion.

• Maintained strategic focus on cost management, delivering flat unit operating costs and outperforming cost guidance by 2.5 points.

• Despite geopolitical volatility and high fuel prices, operational outperformance and accelerated cost efforts offset yield moderation in the outlook.

Financial highlights

• Adjusted EBITDA for the quarter was a record $1.6 billion, exceeding guidance; adjusted net income was $569 million, surpassing $470 million guidance.

• Net income for Q2 was $569 million, over 20% higher year-over-year, despite a 30% increase in fuel price.

• Net yields increased 2.2% year-over-year in constant currency; adjusted cruise costs excluding fuel per ALBD were flat year-over-year.

• Customer deposits rose 5% year-over-year to $9.0 billion in Q2 2026, with the booking curve at a record high and higher booked prices.

• Fuel consumption per ALBD improved 5.6%, saving over $200 million versus 2019 and $80 million versus 2023 in Q2 alone.

Outlook and guidance

• Full-year 2026 EPS guidance raised to $2.22, $0.01 above previous guidance, reflecting share repurchases.

• Full-year 2026 adjusted EBITDA expected at $7.11 billion and adjusted net income at $3.1 billion.

• Net yields for full year 2026 projected to rise approximately 1.75% in constant currency; adjusted cruise costs excluding fuel per ALBD to increase about 2.4%.

• Booked position for the remainder of 2026 is ahead of last year at record prices, with strong demand for 2027 and beyond.

• Yield growth for 2026 normalized at approximately 2.25%, revised down by 1 percentage point due to Middle East conflict.