Carnival's Q3 revenue, net income rise on strong demand
CCL•Carnival reported Q3 revenue of $8.44 billion and net income of $1.92 billion. It raised its 2026 adjusted net income outlook by more than $150 million from June guidance, to about $3.08 billion.
1. Quarterly results
Carnival reported Q3 revenue of $8.44 billion, net income of $1.92 billion, adjusted EBITDA of $3 billion and operating profit of $2.22 billion. The company said accelerating demand and strong booking trends drove all-time high net yields and revenues.
2. 2026 outlook
Carnival expects 2026 adjusted net income of about $3.08 billion and adjusted EPS of $2.24. It sees Q4 2026 adjusted net income of about $274 million and adjusted EPS of $0.20.
3. Costs and deposits
The company said improved fuel consumption per ALBD and lower adjusted cruise costs excluding fuel contributed to operational improvement, while higher fuel prices raised cruise costs and reduced gross margin yields. Customer deposits reached a record, rising nearly 7% despite flat capacity growth, and Carnival completed $1.2 billion in share repurchases year to date.
