Carnival Corp (NYSE: CCL) shares surged 13.4% today after the cruise operator reported record third-quarter results and lifted its 2026 outlook. The company also said bookings for 2027 are at record levels.
The rally followed the results, which Carnival released today from Miami. The company said it had beaten the guidance it gave in June, in a quarter where profit held up even as fuel costs rose.
Net income attributable to Carnival reached an all-time high of $1.9bn, with adjusted net income at $2.0bn. Adjusted earnings per share came to $1.43, in line with last year, even after a $0.10 ($131m) net drag from fuel prices and currency rates.
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Net yields hit a record, rising 2.4% at constant currency and more than a point better than June guidance. Adjusted EBITDA of $3.0bn matched last year’s historic high and beat June guidance by $110m.
We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations.
Josh Weinstein, chief executive of Carnival
Demand looks set to carry into next year. Customer deposits reached a record $7.6bn, up nearly 7% on the previous record, while capacity is flat over the next twelve months. Carnival said 2027 occupancy and pricing are at record levels, and 2028 has started strongly.
For 2026, Carnival now expects operational improvement of more than $150m in adjusted net income against June guidance, offsetting the $150m from higher fuel prices. It guides to adjusted net income of about $3,080m and adjusted EPS of about $2.24.
Shareholder returns and the balance sheet also featured. Carnival has bought back about $1.2bn of shares this year and redeemed $500m of 7% notes. S&P upgraded its credit rating, the second agency to award investment grade.
Fuel remains the watch point. For the fourth quarter Carnival guides to adjusted EPS of about $0.20 and fuel at $896 a metric ton; a 10% move in fuel would shift adjusted net income by $59m.
