Carnival Corporation (CCL) investor relations material

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.