Aug 2026 (Q3 FY26) — Sep 29, 2026
Carnival Q3 FY26 — Record Revenue, Yields, and Customer Deposits Drive Earnings Beat
Read the full callCarnival (CCL) earnings
- Aug 2026
- Aug 2026 (Q3 FY26)
- Nov 2025
Carnival earnings: last reported Tue, 29 Sep 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,435 | +1508944443.8% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 26.3 | +9.3 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,920 | +1714285614.3% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
28 of 29 judged targets kept · 41 open · verdicts reflect calls analysed to Aug 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch of Carnival Rewards loyalty program | Launch program | May 2025 | On September 1, we successfully launched Carnival Cruise Line's new loyalty program, Carnival Rewards. | Missed |
| Adjusted earnings per share | $2.21 | Feb 2026 | Full year EPS guidance is now $2.24, up $0.02 from our previous guidance. | Revised Up |
| Completion of new pier at RelaxAway, Half Moon Cay | Ready in November of 2026 | Nov 2024 | This month, we also opened a new peer at RelaxAway, Half Moon Cay enabling 2 of our larger ships to dock simultaneously while maintaining tender operations for midsized vessels. | Achieved |
1 of Carnival Corp Ltd.'s 70 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 67 more targets are in the full ledger.
Claimed
- Q3 revenues, yields, and reported net income reached new highs, with net income exceeding guidance by over $100 million or $0.08 per share.
- Customer deposits set a new Q3 record of approximately $7.6 billion, up 7% year-over-year despite flat capacity growth.
- Yields increased nearly 2.5% year-over-year, 1.2 percentage points better than June guidance, driven by strong close-in demand and robust onboard spending.
- Fuel consumption came in 3 points better than expected, contributing to a 26% reduction per ALBD since 2019, saving nearly $750 million.
- Full-year EPS guidance raised to $2.24, up $0.02 from previous guidance, reflecting $150 million operational improvement offsetting higher fuel prices.
Qualified
- Booking disruption experienced in spring extended into Q1 2027, leading to expected accounting-driven yield headwinds of 0.4 points for FY27 due to the new loyalty program.
- Higher-than-expected inflation continued to pressure unit costs, though partially offset by efficiency gains.
- Fuel prices remained volatile, with a $0.11 per share headwind for full-year EPS, despite significant consumption reductions.
Price
$26.45 +2.12% · +$0.55
Performance −96.8% 1Y
1Y: $835.25 on 17 Oct 2025 → $26.45. High $1,229.7 (13 Jul 2026), low $21.79 (24 Sept 2026).
- Previous close
- $25.9
- 52-week range
- $21.79 – $1,229.7
- One year
- −96.87%
Overview
- Symbol
- CCL
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
28 of 29 judged targets kept · 41 open · verdicts reflect calls analysed to Aug 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch of Carnival Rewards loyalty program | Launch program | May 2025 | On September 1, we successfully launched Carnival Cruise Line's new loyalty program, Carnival Rewards. | Missed |
| Adjusted earnings per share | $2.21 | Feb 2026 | Full year EPS guidance is now $2.24, up $0.02 from our previous guidance. | Revised Up |
| Completion of new pier at RelaxAway, Half Moon Cay | Ready in November of 2026 | Nov 2024 | This month, we also opened a new peer at RelaxAway, Half Moon Cay enabling 2 of our larger ships to dock simultaneously while maintaining tender operations for midsized vessels. | Achieved |
Claimed
- Q3 revenues, yields, and reported net income reached new highs, with net income exceeding guidance by over $100 million or $0.08 per share.
- Customer deposits set a new Q3 record of approximately $7.6 billion, up 7% year-over-year despite flat capacity growth.
- Yields increased nearly 2.5% year-over-year, 1.2 percentage points better than June guidance, driven by strong close-in demand and robust onboard spending.
- Fuel consumption came in 3 points better than expected, contributing to a 26% reduction per ALBD since 2019, saving nearly $750 million.
- Full-year EPS guidance raised to $2.24, up $0.02 from previous guidance, reflecting $150 million operational improvement offsetting higher fuel prices.
Qualified
- Booking disruption experienced in spring extended into Q1 2027, leading to expected accounting-driven yield headwinds of 0.4 points for FY27 due to the new loyalty program.
- Higher-than-expected inflation continued to pressure unit costs, though partially offset by efficiency gains.
- Fuel prices remained volatile, with a $0.11 per share headwind for full-year EPS, despite significant consumption reductions.
The full ledger
Open Carnival Corp Ltd.’s full ledger
A free account opens 5 company ledgers a month. All 70 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q2 FY26) — Jun 23, 2026
Carnival Corporation Q2 FY26 — 12th straight record-yield quarter as cost discipline offsets a transitory Middle-East yield hit
Read the full callFeb 2026 (Q1 FY26) — Mar 27, 2026
Carnival Corporation & plc Q1 FY26 — Record Results and New PROPEL Targets
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Carnival earnings calls (CCL)
Financials
What the filings say
Net profit, year on year: +1714285614% (quarter to aug 2026 against sep 2025).
| Line item | Sep 2025 | Nov 2025 | Dec 2025 | Feb 2026 | Mar 2026 | May 2026 | Jun 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 6,331 | 0 | 6,165 | 0 | 6,663 | 0 | 8,435 |
| Expenses | 0 | — | 0 | — | 0 | — | 0 | — |
| Operating profit | 0 | 735 | 0 | 607 | 0 | 851 | 0 | 2,220 |
| Operating margin | 17.0% | 11.6% | 13.0% | 9.8% | 9.0% | 12.8% | 11.0% | 26.3% |
| Other income | 0 | — | 0 | — | 0 | — | 0 | — |
| Interest | 0 | 314 | 0 | 291 | 0 | 285 | 0 | 285 |
| Depreciation | 0 | — | 0 | — | 0 | — | 0 | — |
| Profit before tax | 0 | 404 | 0 | 280 | 0 | 555 | 0 | 1,939 |
| Tax rate | 18.0% | −4.5% | 25.0% | 6.1% | 5.0% | 3.1% | 39.0% | 0.8% |
| Net profit | 0 | 421 | 0 | 258 | 0 | 537 | 0 | 1,920 |
| EPS ($ per share) | 8.41 | — | 2.71 | 0.19 | 8.04 | 0.39 | 1.68 | 1.41 |
| Line item | Nov 2018 | Nov 2019 | Nov 2020 | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 25,066 | 26,653 | 16,075 | 6,448 | 269 | 185 | 2,101 | 4,817 |
| Total liabilities | 17,958 | 19,693 | 33,038 | 41,200 | 44,638 | 42,238 | 39,806 | 39,403 |
| Fixed assets | 35,336 | 38,131 | 38,073 | 38,107 | 38,687 | 40,116 | 41,795 | 43,494 |
| Investments | — | — | 0 | 200 | 0 | — | — | — |
| Total assets | 42,401 | 45,058 | 53,593 | 53,344 | 51,703 | 49,120 | 49,057 | 51,687 |
| Line item | Nov 2018 | Nov 2019 | Nov 2020 | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,549 | 5,475 | -6,301 | -4,109 | -1,670 | 4,281 | 5,923 | 6,218 |
| Cash from investing | -3,514 | -5,277 | -3,240 | -3,543 | -4,767 | -2,810 | -4,535 | -3,321 |
| Cash from financing | -1,460 | -655 | 18,650 | 6,949 | 3,577 | -5,089 | -2,584 | -2,189 |
| Net cash flow | 574 | -465 | 9,161 | -715 | -2,940 | -3,601 | -1,204 | 727 |
| Capital expenditure | -3,749 | -5,429 | -3,620 | -3,607 | -4,940 | -3,284 | -4,626 | -3,611 |
| Free cash flow | 1,800 | 46 | -9,921 | -7,716 | -6,610 | 997 | 1,297 | 2,607 |
CCL revenue by segment
Tour and Other grew from 1% to 2% of revenue over the last two years.
| Segment | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America | — | — | — | — | — | 65% | 66% | 66% | — |
| Europe | 32% | 32% | 32% | 31% | 33% | 34% | 32% | 31% | +2.2% |
| Tour and Other | 1% | <1% | <1% | 2% | <1% | 0% | 1% | 2% | +6.7% |
| Cruise | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | +29.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q3 FY2026 · share of revenue
- US 59%
- All Other Geographic Areas 18% ↑ 16 pt
- DE 12%
- GB 11%
As CCL cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
53 filings between Nov 25, 2025 and Aug 25, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$13.54M
5 sales by 4 insiders
Compensation
not trading decisions- 19
- Award — granted as compensation
- 26
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bernstein David | — | $12.02M | Feb 10, 2026 |
| deynes bettina alejandra | — | $1.21M | May 28, 2026 |
| BAND SIR JONATHON | — | $314.3K | Apr 1, 2026 |
| SUBOTNICK STUART | — | $5 | May 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 25, 2026 | ARISON MICKY MEIR Chairman of the Board | Gift | 248,015 | — |
| Aug 24, 2026 | ARISON MICKY MEIR Chairman of the Board | Gift | 91,028 | — |
| May 28, 2026 | deynes bettina alejandra Chief Human Resources Officer | Sale | 43,058 | $1.21M |
| May 11, 2026 | BAND SIR JONATHON Director | Tax withheld | 3,471 | $91.6K |
| May 11, 2026 | Gearhart Jeffrey J Director | Tax withheld | 616 | $16.3K |
| May 11, 2026 | SUBOTNICK STUART Director | Sale | 0 | $5 |
| May 11, 2026 | Deeble Helen Director | Tax withheld | 3,625 | $95.6K |
| May 11, 2026 | WEIL LAURA A Director | Tax withheld | 616 | $16.3K |
| May 11, 2026 | cahilly jason glen Director | Tax withheld | 616 | $16.3K |
| May 11, 2026 | SUBOTNICK STUART Director | Tax withheld | 616 | $16.3K |
| May 11, 2026 | Lahey Katie Director | Tax withheld | 616 | $16.3K |
| May 11, 2026 | Connors Nelda J Director | Tax withheld | 616 | $16.3K |
| May 8, 2026 | weinstein joshua ian Chief Executive Officer | Award | 190,965 | $0 |
| May 8, 2026 | WEISENBURGER RANDALL J Director | Award | 7,712 | $0 |
| May 8, 2026 | SUBOTNICK STUART Director | Award | 7,712 | $0 |
| May 8, 2026 | BAND SIR JONATHON Director | Award | 7,712 | $0 |
| May 8, 2026 | Bernstein David CFO & CAO | Award | 49,894 | $0 |
| May 8, 2026 | cahilly jason glen Director | Award | 7,712 | $0 |
| May 8, 2026 | Connors Nelda J Director | Award | 7,712 | $0 |
| May 8, 2026 | Deeble Helen Director | Award | 7,712 | $0 |
| May 8, 2026 | deynes bettina alejandra Chief Human Resources Officer | Award | 20,778 | $0 |
| May 8, 2026 | Gearhart Jeffrey J Director | Award | 7,712 | $0 |
| May 8, 2026 | Lahey Katie Director | Award | 7,712 | $0 |
| May 8, 2026 | Ljoen Lars Jakob Chief Maritime Officer | Award | 21,795 | $0 |
| May 8, 2026 | MIGUEZ ENRIQUE General Counsel | Award | 31,399 | $0 |
| May 8, 2026 | WEIL LAURA A Director | Award | 7,712 | $0 |
| Apr 21, 2026 | Bernstein David CFO & CAO | Tax withheld | 7,578 | $217.8K |
| Apr 21, 2026 | Bernstein David CFO & CAO | Tax withheld | 9,734 | $279.8K |
| Apr 21, 2026 | deynes bettina alejandra Chief Human Resources Officer | Tax withheld | 2,304 | $66.2K |
| Apr 21, 2026 | deynes bettina alejandra Chief Human Resources Officer | Tax withheld | 3,918 | $112.6K |
| Apr 21, 2026 | Ljoen Lars Jakob Chief Maritime Officer | Tax withheld | 1,710 | $49.1K |
| Apr 21, 2026 | Ljoen Lars Jakob Chief Maritime Officer | Tax withheld | 3,059 | $87.9K |
| Apr 21, 2026 | MIGUEZ ENRIQUE General Counsel | Tax withheld | 2,649 | $76.1K |
| Apr 21, 2026 | MIGUEZ ENRIQUE General Counsel | Tax withheld | 4,465 | $128.3K |
| Apr 21, 2026 | weinstein joshua ian Chief Executive Officer | Tax withheld | 22,185 | $637.6K |
| Apr 21, 2026 | weinstein joshua ian Chief Executive Officer | Tax withheld | 34,613 | $994.8K |
| Apr 1, 2026 | BAND SIR JONATHON Director | Sale | 11,988 | $314.0K |
| Mar 31, 2026 | BAND SIR JONATHON Director | Sale | 12 | $300 |
| Feb 10, 2026 | deynes bettina alejandra Chief Human Resources Officer | Tax withheld | 1,725 | $57.3K |
| Feb 10, 2026 | weinstein joshua ian Chief Executive Officer | Award | 635,820 | $0 |
| Feb 10, 2026 | weinstein joshua ian Chief Executive Officer | Tax withheld | 250,196 | $8.31M |
| Feb 10, 2026 | weinstein joshua ian Chief Executive Officer | Tax withheld | 20,976 | $696.7K |
| Feb 10, 2026 | Bernstein David CFO & CAO | Award | 333,805 | $0 |
| Feb 10, 2026 | Bernstein David CFO & CAO | Sale | 361,790 | $12.02M |
| Feb 10, 2026 | deynes bettina alejandra Chief Human Resources Officer | Award | 47,686 | $0 |
| Feb 10, 2026 | deynes bettina alejandra Chief Human Resources Officer | Tax withheld | 18,765 | $623.3K |
| Feb 10, 2026 | Ljoen Lars Jakob Chief Maritime Officer | Award | 18,164 | $0 |
| Feb 10, 2026 | Ljoen Lars Jakob Chief Maritime Officer | Tax withheld | 7,513 | $249.5K |
| Feb 10, 2026 | Ljoen Lars Jakob Chief Maritime Officer | Tax withheld | 2,940 | $97.7K |
| Feb 10, 2026 | MIGUEZ ENRIQUE General Counsel | Award | 63,581 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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