Carnival (CCL) Q2 FY26 earnings call

A record quarter where resilient close-in demand and an intensified, largely structural cost push absorbed a prolonged-conflict yield revision that management frames as transitory and Europe-centric — bookings are already reversing. The thesis is intact: extended booking curve into 2027 at historic highs, measured fleet growth plus destination and modernization investment, continued deleveraging and stepped-up, opportunistic capital return.