Carnival reported third-quarter 2026 revenue of $8.44 billion, up 3.5% year on year and ahead of analyst estimates of $8.35 billion, while adjusted earnings per share of $1.43 beat the consensus estimate of $1.35 by 5.9%. Adjusted EBITDA came in at $2.99 billion against estimates of $2.93 billion, a 35.5% margin, and management slightly raised its full-year adjusted EPS guidance to $2.24 at the midpoint while keeping full-year EBITDA guidance at $7.14 billion, in line with expectations. CEO Josh Weinstein attributed the outperformance to strong demand and effective cost controls, noting that close-in bookings accelerated through the quarter for both European and Caribbean itineraries, and that bookings for 2027 and 2028 are already at record occupancy and pricing levels. CFO David Bernstein said the new loyalty program, selective fleet upgrades, and expansion into Northern European itineraries are expected to support earnings growth, though management cautioned that accounting changes tied to the loyalty program will temporarily weigh on reported yields in coming quarters. The company's destination portfolio, including Celebration Key, RelaxAway, and Half Moon Cay, continued to drive onboard spending, with Celebration Key alone expected to serve 3.5 million guests next year, and Carnival said Europe is projected to match the Caribbean as its largest deployment region by 2027.
Carnival CorporationQ3 revenue of $8.44B topped estimates, adjusted EPS of $1.43 beat consensus, and full-year EPS guidance was raised.
