Carnival Corporation & plc (CCL) Earnings
Carnival Corporation & plc is expected to report next earnings on June 23, 2026 (in NaN days), with a consensus EPS estimate of $0.34. CCL has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +110.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 27, 2026 | $0.18 | $0.20 | +8.5% | $6.2B | +0.4% |
| Sep 29, 2025 | $1.32 | $1.43 | +8.3% | $8.2B | +0.6% |
| Jun 24, 2025 | $0.25 | $0.35 | +41.9% | $6.3B | +2.0% |
| Mar 21, 2025 | $0.03 | $0.13 | +381.5% | $5.8B | +1.1% |
| Dec 20, 2024 | $0.06 | $0.14 | +133.3% | $5.9B | +0.0% |
| Sep 30, 2024 | $1.16 | $1.27 | +9.5% | $7.9B | +0.9% |
| Dec 21, 2023 | $-0.12 | $-0.07 | +41.7% | $5.4B | -0.7% |
| Dec 21, 2022 | $-0.89 | $-0.85 | +4.5% | $3.8B | -2.3% |
| Sep 30, 2022 | $-0.12 | $-0.58 | -383.3% | $4.3B | -14.7% |
| Jun 24, 2022 | $-1.14 | $-1.64 | -43.9% | $2.4B | -11.7% |
| Mar 22, 2022 | $-1.23 | $-1.65 | -34.1% | $1.6B | -28.0% |
| Dec 20, 2021 | $-1.45 | $-1.72 | -18.6% | $1.3B | -43.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · March 27, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Business off to excellent start in 2026, first quarter results ahead of guidance due to higher yields and better cost performance. • Close-in demand robust, guests spending more on board, pricing strengthened, leading to record first quarter revenues, etc. • Bookings for current year sailings increased 10% year over year, cumulative future year bookings reached first quarter record, customer deposits at new record. • Introduced Propel strategy targeting return on invested capital above 16%, earnings per share growth of more than 50% versus 2025, and distribution of more than 40% of cash from operations to shareholders by 2029. Four drivers: yield expansion, discipline capacity growth and high returning capital allocation, further monetizing destination portfolio, continued cost discipline.
Guidance
• Full year guidance calls for earnings per share of $2.21, including first quarter operational improvement of $0.07 per share and additional $0.04 per share improvement over remaining quarters, but offset by $0.38 per share headwind from higher fuel prices. • Guidance assumes Brent averaging $90 per barrel for remainder of April and May, $85 per barrel for third quarter, $80 per barrel for fourth quarter. 10% change in fuel costs per metric ton impacts bottom line by $160 million or 11 cents per share. • Yield growth assumption for 2026 is approximately 2.75%, cruise costs without fuel per ALBD expected to be up approximately 3.1%.
Segment performance
First quarter results came in ahead of guidance. Record first quarter revenues, net yields, operating income, EBITDA, and customer deposits. Net income of $275 million was more than 55% higher than the prior year. Yields were up 2.7% versus the prior year. Cruise costs without fuel per available lower birthday (ALBD) were up 5.3% versus the prior year. Revenue favorability contributed $0.04 per share, cruise costs without fuel per ALBD contributed one cent per share, and remaining operational favorability came from improvements in depreciation expense, net interest expense, and fuel consumption with a 4.7% year-over-year reduction in fuel consumption. Full year guidance calls for earnings per share of $2.21, with yield growth assumption of approximately 2.75% and cruise costs without fuel per ALBD expected to be up approximately 3.1%.
Risks & headwinds
• Unpredictable macroeconomic and geopolitical backdrop, such as the ongoing conflict in the Middle East, which could impact the business. • Volatility in fuel prices poses a risk, as seen in the current higher fuel prices affecting the guidance.
Analyst Q&A
Q: Robin Farley of UBS asked about long-term targets and share repurchase.
A: Long-term targets are based on confidence in delivering over the period, minimal exposure to the Middle East region, and capital allocation with significant free cash flow to give back to shareholders with dividend and $2.5 billion share repurchase authorization.
Q: Steve Wozinski of CFO asked about bookings across brands and cancellation rates.
A: No significant cancellation trends, bookings vary by region with Alaska and Caribbean stronger, but overall progressing well with pull forward of bookings.
Q: Matthew Boss of J.P. Morgan asked about bookings well into 2028 and pricing power.
A: Booking curve strong across brands, broad-based improvements in commercial space, revenue management, and technology driving yield growth.
Q: Jian Xu of BNP Paribas asked about 2Q guidance and longer-term net yield drivers.
A: 2Q guidance based on consistent outlook despite differences in periods, longer-term net yield drivers from incremental improvement in commercial space, marketing, revenue management, and technology.
Q: Brant Montour of Barclays asked about AI integration and ship orders.
A: AI already impacting interaction with guests, teams working on optimizing presence in AI engines, ship orders measured with one ship per year, focus on improving underlying business with existing fleet.
Q: Trey Bowers of Wells Fargo asked about trends in Med and Europe, and fuel hedging.
A: Caribbean and Alaska trends strong, fuel hedging evaluated but focus on consumption savings, no current plan to reintroduce hedging program.
Q: Ben Chaykin of Mizuho asked about free cash flow and share buybacks.
A: Expect opportunistic share buybacks, 40% of cash from operations returned to shareholders, CapEx predictable with one ship per year.
Q: Connor Cunningham of Melius Research asked about fuel recapture and demand destruction.
A: Price of fuel somewhat irrelevant to day-to-day revenue management, focus on consumption savings, guidance set based on curve on a specific day.
Q: Chris Stalusopoulos of SIG asked about plan for extended elevated energy prices.
A: Focus on consumption savings in short term, ability to change itineraries in longer term, strategic investments in destinations, still a value gap to land and convenience for travelers.