Carnival posts record Q3 revenue of $8.44B, raises full-year EPS guidance to $2.24; shares surge ~12%
What happened
Carnival Corporation (CCL) reported fiscal Q3 2026 results for the quarter ended August 31: net income of $1.92 billion ($1.40/share), up from $1.85 billion ($1.33) a year earlier; adjusted EPS of $1.43 vs. the $1.35 consensus (+5.9%); and record revenue of $8.44 billion (+3.5% YoY) vs. $8.35-8.39 billion estimates. Adjusted EBITDA was $2.99 billion vs. $2.93 billion expected. Management raised full-year adjusted EPS guidance to $2.24 (from $2.22) and reported record customer deposits of $7.6 billion (+7%), with booked occupancy and pricing for 2027 at record levels. CEO Josh Weinstein said booking trends strengthened throughout the quarter with volumes 'meaningfully ahead of last year and far outpacing capacity growth.' Shares gapped up roughly 10-13% (to about $24.34-$24.96), on track for the largest single-day gain since April; Royal Caribbean rose 5.7% and Norwegian Cruise Line 4.1% in sympathy.
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Start your free 14-day trialWho’s affected
- Carnival (CCL): +10-13%, largest single-day gain since April; S&P 500 constituent read on U.S. leisure demand
- Royal Caribbean (RCL) +5.7%, Norwegian Cruise Line (NCLH) +4.1%: sympathy rally across the cruise complex
- Consumer discretionary/travel-leisure broadly: a counterpoint to the day's weak consumer-confidence print — the high-end consumer is still spending on big-ticket leisure at 5%-plus rates