Q2 26 EPS
$0.20
Q2 26 Revenue
$6.17B
BEAT +0.43%
Est. $6.14B
vs S&P Since Q2 26
-8.7%
TRAILING MARKET
CCL +4.9% vs S&P +13.7%
Market Reaction
Did CCL Beat Earnings? Q2 2026 Results
Carnival Corporation delivered a clean beat to open its fiscal 2026, posting adjusted EPS of $0.20 against a consensus estimate of $0.18 for an 8.93% positive surprise, marking the fourth consecutive quarter the cruise giant has topped Wall Street's … Read more Carnival Corporation delivered a clean beat to open its fiscal 2026, posting adjusted EPS of $0.20 against a consensus estimate of $0.18 for an 8.93% positive surprise, marking the fourth consecutive quarter the cruise giant has topped Wall Street's EPS expectations. Revenue climbed 6.1% year-over-year to $6.17 billion, edging past the $6.14 billion consensus by 0.43%, as the company notched first-quarter records across revenue, adjusted EBITDA of $1.27 billion, and customer deposits that swelled to nearly $8.00 billion, up roughly 10% year-over-year. The single biggest operational tailwind came from fuel efficiency gains, with costs per metric ton falling to $559 from $643, even as the company's lack of a fuel hedging program remains a watch item for investors amid volatile oil markets. Net income swung to $258.00 million from a loss of $78.00 million a year ago. Looking ahead, Carnival raised its full-year adjusted net income outlook by nearly $150.00 million versus December guidance, targeting full-year adjusted EPS of approximately $2.21 and projecting Q2 adjusted EPS of approximately $0.34.
Key Takeaways
- • Strong close-in demand driving record net yields above guidance
- • Gross margin yields increased nearly 10% year-over-year
- • Fuel consumption per ALBD decreased 4.7% due to efficiency investments
- • Lower fuel cost per metric ton ($559 vs. $643 prior year)
- • Interest expense reduced to $291 million from $377 million year-over-year
- • Record customer deposits of nearly $8 billion, up approximately 10% year-over-year
- • Pre-cruise onboard sales acceleration and higher onboard revenues
CCL Forward Guidance & Outlook
For full year 2026, Carnival expects net yields (constant currency) up approximately 2.75% versus record 2025 levels, approximately 0.25 percentage points better than December guidance. Adjusted cruise costs excluding fuel per ALBD (constant currency) are expected to increase approximately 3.1% year-over-year, better than prior guidance. The company projects an operational improvement of nearly $150 million in adjusted net income compared to December guidance, partially mitigating more than $500 million in adverse fuel price impacts. Full-year adjusted EBITDA is expected to be approximately $7.19 billion, adjusted net income approximately $3.07 billion, and adjusted EPS approximately $2.21. For Q2 2026, the company expects adjusted EBITDA of approximately $1.48 billion, adjusted net income of approximately $470 million, and adjusted EPS of approximately $0.34. Net yields for Q2 2026 are expected to increase approximately 3.7% in current dollars and approximately 2.0% in constant currency. Under the newly introduced PROPEL framework through 2029, the company targets greater than 16% return on invested capital, more than 50% adjusted EPS growth from 2025, approximately $14 billion returned to shareholders, and a 2.75x net debt to adjusted EBITDA ratio.
CCL YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong start to the year, with record first-quarter operating results that exceeded our guidance, driven by healthy fundamentals and solid execution across the business. This performance supported an increase to our full year operational outlook of nearly $150 million, helping to mitigate the impact of higher fuel prices.”
— Josh Weinstein, Q2 2026 Earnings Press Release
CCL Earnings Trends
CCL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCL EPS Trend
Earnings per share: estimate vs actual
CCL Revenue Trend
Quarterly revenue: estimate vs actual
CCL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $0.20 | — | $6.17B | +0.43% |
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.25 | $0.34 | +36.00% | $6.33B | -0.42% |
| FY Full Year | $2.16 | $2.25 | +4.23% | $26.62B | -0.10% |
| Q3 25 BEAT | $1.32 | $1.43 | +8.54% | $8.15B | +0.56% |
| Q2 25 BEAT | $0.24 | $0.35 | +45.29% | $6.33B | +1.86% |
| Q1 25 BEAT | $0.02 | $0.13 | +485.59% | $5.81B | +1.16% |