Carnival Cuts 2026 EBITDA by $650M as Fuel Costs Pressure Q1 Guidance
Bank of America cut Carnival’s 2026 EBITDA forecast by $650 million and EPS by $0.47 ahead of the March 27 Q1 report due to rising fuel costs. Analysts expect Q1 EBITDA of $1.26 billion and EPS of $0.17, noting a 10% fuel-price rise could trim Q1 net income by $37 million.
1. Q1 Earnings Preview
Carnival Corp is scheduled to release first-quarter results on March 27, with focus on net yields and cost trends. Bank of America projects constant-currency net yields rising 1.9% and net cruise costs up 5.2%, forecasting adjusted EBITDA of $1.26 billion and EPS of $0.17, in line with consensus.
2. Fuel Cost Exposure and Forecast Revisions
Rising fuel prices led Bank of America to reduce its 2026 EBITDA outlook by $650 million and EPS by $0.47. Carnival’s unhedged fuel exposure means a 10% fuel-price increase could cut Q1 net income by $37 million and full-year results by $145 million.