Carnival Corporation (CCL) Q2 2026: Record Revenues and Earnings Growth — Strong Performance

Carnival Corporation (NYSE: CCL) reported a remarkable second quarter for 2026, achieving record revenues and adjusted net income. The company generated $6.7 billion in revenue, marking an increase of $1.1 billion or +19% compared to the prior year. Adjusted net income reached $569 million, up over 20% from the previous year, reflecting the company's strong operational performance despite external challenges.

This quarter's results are undoubtedly positive for shareholders. The significant growth in both revenue and adjusted net income demonstrates Carnival's ability to capitalize on strong demand for its cruise offerings, even in the face of geopolitical uncertainties and rising fuel costs. The company has successfully navigated these challenges, which bodes well for future performance.

Key Financial Metrics

• Net Income: $537 million
• Adjusted Net Income: $569 million, up over 20% YoY
• Revenue: $6.7 billion, up $1.1 billion or +19% YoY
• Diluted EPS: $0.39
• Adjusted EPS: $0.41, up over 15% YoY
• Adjusted EBITDA: $1.6 billion
• Gross Margin Yields: Down 3.9% due to higher fuel prices
• Record Net Yields: Up 2.2% in constant currency
• Customer Deposits: $9.0 billion, up over $450 million YoY

Shareholder Returns and Capital Allocation

Carnival has accelerated its shareholder returns, repurchasing over $450 million in stock to date. Additionally, the company distributed $207 million in dividends during the quarter, bringing the year-to-date total to $414 million. This commitment to returning capital to shareholders, combined with strong cash flow growth, reinforces the company's financial health and shareholder value proposition.

Guidance and Future Outlook

Looking ahead, Carnival expects net yields to increase by approximately 3.2% compared to record 2025 levels, with adjusted cruise costs excluding fuel per available lower berth day (ALBD) projected to rise by about 3.7%. The company is also on track for record net yields in the second half of 2026, with 93% of its booked position for the year already secured at historically high prices.

Investors should keep an eye on the following catalysts in the upcoming quarter:

• Continued strength in booking trends for 2027 and beyond.
• The impact of geopolitical conditions on European deployments.
• The company's ability to maintain cost discipline amid rising fuel prices.

In summary, Carnival Corporation's second quarter results reflect a robust operational performance and a strong demand environment, positioning the company well for future growth. The proactive measures taken to enhance shareholder returns and manage costs further solidify its appeal to investors.

Note: All amounts are in millions.

	Six Months Ended May 31, 2026	Six Months Ended May 31, 2025
Total revenues	$8,820	$7,956
Operating income	2,184	1,862
Total other expense	1,483	1,175
Income before taxes	701	687
Income tax expense	162	203
Net income attributable to Carnival Corporation Ltd.	$539	$484
Earnings per share - diluted	$0.39	$0.37
Weighted-average shares used to compute net income per share, basic	1,388	1,309
Weighted-average shares used to compute net income per share, diluted	1,388	1,309

	May 31, 2026	November 30, 2025
Cash and cash equivalents	$2,243	$1,928
Trade and other receivables, net	633	678
Inventories	552	505
Prepaid expenses and other	1,063	1,108
Total current assets	4,492	4,219
Property and Equipment, Net	43,616	43,494
Operating Lease Right-of-Use	1,260	1,328
Goodwill	579	579
Other Intangibles	1,181	1,177
Other Assets	1,100	890
Total Assets	$52,228	$51,687
Current portion of long-term debt	$1,471	$2,603
Current liabilities	11,786	10,437
Long-Term Debt	23,418	24,037
Total liabilities	36,282	36,450
Total shareholders’ equity	$15,946	$15,237
Total Liabilities and Shareholders’ Equity	$52,228	$51,687

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