Carnival Corporation Ltd. (CCL) Earnings Call Transcripts

Carnival Corporation Ltd.'s Latest Earnings Call - Q3 FY2026

In the third quarter of fiscal year 2026, Carnival Corporation reported record revenues and net income, with total revenues reaching $5.5 billion and net income of approximately $2 billion, exceeding guidance by $100 million. Yields increased nearly 2.5%, surpassing expectations, while cruise costs, excluding fuel, were better than anticipated. Management raised their yield expectations for the fourth quarter and provided a full-year EPS guidance of $2.24, up $0.02 from previous estimates, signaling strong operational momentum and effective cost management despite ongoing inflationary pressures.

Reported metrics

Guidance from management

Management raised yield expectations for the fourth quarter to approximately 1.7% year-over-year growth, and full-year EPS guidance is now $2.24, up $0.02 from previous estimates.

What management said

Thanks for the question, Amanda. We talked about the first quarter because it does just out for us a little bit because of the knock-on impact of the spring volatility. I don't actually think that there's too much to talk about. I mean, clearly, we love our deployment strategy. We think the combination of our European base, the Alaska portfolio that we've got, including the land side to help. And then obviously, the ...

Yes. No, if anything, on board has just accelerated. So we see continued strength from the consumer. And always with asterisk because of the way we do packages and bundles and things of that nature. You always should look at the total revenue because of how things might fall between ticket and onboard. But overall, just to reiterate, no, we haven't seen the slow down beyond board trajectory has been really quite stro...

What analysts pressed on

Analysts expressed concerns regarding the impact of geopolitical events on consumer behavior and booking trends, particularly for the first quarter of 2027. There were questions about the sustainability of yield improvements amidst rising costs and inflationary pressures.

Main topics on the call

• Record Revenue and Net Income — Carnival reported revenues of $5.5 billion and net income of approximately $2 billion, exceeding guidance by $100 million. CEO Josh Weinstein stated, "Strong execution delivered approximately $2 billion to the bottom lin...
• Yield Improvement — Yields increased nearly 2.5%, which was more than 1 point better than expected. Management noted, "The improvement in booking trends we highlighted on our last call continued to build throughout the quarter with better c...
• Cost Management — Cruise costs, excluding fuel, came in 1 point better than guidance, with a year-over-year increase of only 1.8%. CFO David Bernstein remarked, "Continued cost discipline drove additional upside," contributing positively ...
• Customer Deposits and Booking Trends — Customer deposits reached a record $7.6 billion, up 7% year-over-year, indicating strong demand. Management highlighted that "demand remains broad-based, including very healthy demand for our peak summer European deploym...

Read the full Carnival Corporation Ltd. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 Carnival Corporation Ltd. earnings call transcripts on record, spanning June 8, 2020 to September 29, 2026. Based on this history, Carnival Corporation Ltd. reports quarterly. The most recent call on file is dated September 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CCL

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

28

First call

June 8, 2020

Most recent

September 29, 2026

Reporting cadence

quarterly