Bookings for Holland America Line’s 2026 European season, a key division of Carnival Corporation, are up more than one-third year over year. The strongest growth has been in Northern Europe, where reservations have climbed nearly 50% compared with this time last year. Contributing factors include new departures from Rotterdam and Dover and an expanded roster of immersive itineraries that feature longer port days and overnight stays.

In the latest regulatory filings, Asset Management One Co. Ltd. raised its Carnival position by 5.4%, acquiring an additional 22,652 shares to reach a total holding of 442,829 shares valued at approximately $12.8 million. Other funds such as Farmers & Merchants Investments Inc. and Whipplewood Advisors LLC also boosted their stakes by over 140% and 300%, respectively, underscoring growing confidence among institutional investors in Carnival’s recovery trajectory.

Carnival reported fourth-quarter earnings per share of $0.34, exceeding consensus by $0.09, on revenues of $6.33 billion, just shy of the $6.38 billion consensus but up 6.6% versus the prior year. Net margin for the quarter reached 10.37%, while return on equity stood at 28.39%. Management set first-quarter 2026 earnings per share guidance at $0.17 and full-year guidance at $2.48, compared with analysts’ average forecast of $1.77 for the current fiscal year.

Carnival’s operating income per berth day, a key efficiency metric, climbed to its highest level in nearly twenty years, driven by strong onboard spend growth and effective cost controls. This improvement has translated into robust flow-through of incremental revenue to the bottom line, reinforcing the cruise operator’s ability to drive margin expansion even as fuel and labor costs rise.