Carnival (CCL) Q3 FY26 earnings call

Carnival delivered a strong Q3 FY26, surpassing earnings guidance with record revenues, yields, and customer deposits, driven by robust demand and operational efficiencies. The company is strategically shifting deployment towards high-opportunity markets like Northern Europe, while continuing to invest in differentiated destinations and fleet modernization. Despite some near-term booking volatility for Q1 FY27 and persistent fuel price headwinds, management remains confident in its PROPEL targets and ability to drive long-term earnings growth and shareholder returns.