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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Carnival Corporation
Carnival Corporation (CCL) investor relations material
Carnival Corporation Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Sep, 2026
Executive summary
Achieved record revenues, net yields, and net income for Q3 2026, with net income reaching $2.0 billion and diluted EPS of $1.43, exceeding guidance and reflecting robust demand and operational execution.
Customer deposits reached a Q3 record of $7.6 billion, up nearly 7% year-over-year, with 2027 and 2028 bookings at record occupancy and pricing.
New Carnival Rewards loyalty program launched September 1, 2026, driving strong early adoption and a 300%+ increase in co-branded credit card issuances.
Strategic focus remains on maximizing returns from existing assets, enhancing guest experiences, and leveraging technology for efficiency.
Operating income for Q3 was $2.22 billion, with total revenues of $8.44 billion, up from $8.15 billion in Q3 2025.
Financial highlights
Q3 2026 adjusted EBITDA reached $3.0 billion, exceeding guidance by $110 million, with adjusted net income of $2.0 billion and adjusted EPS of $1.43.
Net yields in constant currency rose 2.4% year-over-year, over a point above guidance.
Cruise costs excluding fuel per ALBD rose 1.8% year-over-year, while total cruise costs per ALBD increased 4.2% mainly due to fuel.
Q3 occupancy was 111.8%, with a 1.5% increase in available lower berth days (ALBDs).
Interest expense for the quarter decreased 9.9% to $285 million, reflecting lower total debt.
Outlook and guidance
Full-year 2026 adjusted EPS guided at $2.24, with net yields expected to rise 2.3% in constant currency, both above prior guidance despite $150 million higher fuel costs.
2027 is already half booked at record occupancy and pricing, with strong booking trends for 2028 as well.
Capacity growth remains measured, with a 0.5% increase forecasted for 2027.
Accounting for the new loyalty program will create temporary yield headwinds in late 2026 and 2027, turning positive in 2028.
Management expects continued pressure from fuel prices and evolving regulatory requirements, including full scope EU ETS costs in 2026 estimated at $160 million.
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Latest events from Carnival Corporation
- Record revenues, net income, and customer deposits highlight strong demand and execution.CCL
Q2 2026 - Record Q1 results, raised 2026 outlook, $2.5B buyback, and new long-term growth targets announced.CCLQ1 2026
- Shareholders to vote on unification and redomiciliation, creating a single Bermuda-based entity.CCLProxy Filing
- Votes sought on director re-elections, pay, auditor, and share authority at April 2026 meeting.CCLProxy Filing
- Record revenues, board unification, and strong ESG progress headline this year's proxy.CCLProxy Filing
- Record Q2 results, raised guidance, and 2026 targets exceeded 18 months early.CCLQ2 2025
- Record 2024 results and strong 2025 outlook driven by robust demand, pricing, and cost discipline.CCLQ4 2024
- Record Q3, raised 2024 guidance, and bookings at all-time highs on strong demand.CCLQ3 2024
- Record Q2, raised 2024 outlook, and strong 2025 bookings signal robust ongoing demand.CCLQ2 2024
Next Carnival Corporation earnings date
Q4 202618 Dec, 2026
Carnival Corporation
Next Carnival Corporation earnings date
Q4 202618 Dec, 2026
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Frequently asked questions
All Aboard
Carnival Corporation, a name synonymous with cruises, is one of the industry leaders in leisure travel. Operating a fleet of ships that sail to hundreds of ports across the world, the company has for many consumers become synonymous with relaxation, entertainment, and adventure on the high seas. The company today operates under multiple brands offering varied cruise experiences with itineraries and activities catering to a wide range of consumers.
Charting the Course of Carnival’s History
The story of Carnival Corporation began in 1972 when Ted Arison started Carnival Cruise Line with just one ship, the Mardi Gras. This vessel would embark on its maiden voyage, setting the course for a company that would soon grow to become a force to be reckoned with within oceanic travel. Over the decades, Carnival expanded its operations, acquiring other cruise lines and establishing a family of brands providing lots of options for consumers.
Cruising the High Seas
Carnival Corporation’s offerings are expansive and cater to a broad audience. The company operates under multiple brands, including Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn, to name a few. Each brand has its unique flavor and appeal. From the family-friendly adventures onboard Carnival Cruise Line with its activities and entertainment options to the premium experiences on Holland America Line with its gourmet dining and luxury accommodations, there's an experience for every traveler. Whether it's the allure of exploring remote Alaskan landscapes or the romance of the Mediterranean's historic ports Carnival crafts itineraries and onboard experiences ensure there is something for all guests to do.
In current operations, Carnival Corporation and its 90 ships sail to over 700 ports worldwide, covering nearly every corner of the globe. From the azure waters of the Caribbean to the icy vistas of Antarctica, Carnival's ships traverse diverse routes, introducing travelers to new cultures, cuisines, and landscapes. Carnival is one of the largest cruise ship companies in the world, together with Royal Caribbean and Norwegian.