Skip to earnings analysis
← Back to feed
CCL FY2026 Q2 IN LINE

Carnival Corporation Ltd. Common Shares earnings call

Jun 23, 2026 · 06:00 ET Beth RobertsDavid BernsteinJosh Weinstein
Buzzberg read

Customer deposits reach all-time high of $9 billion

Carnival reported record Q2 FY2026 results with net income up 20%+ to $569M, beating guidance by $100M. However, full-year yield guidance was cut by ~1 ppt to 2.25% due to prolonged Middle East conflict impacting European deployments, offset by cost savings. Management views headwinds as transitory and maintained EPS guidance of $2.22. No cross-company mentions or supply-chain signals were identified. Q2 net income $569M, 20%+ YoY, $100M above March guidance.

Buzzberg read Customer deposits reach all-time high of $9 billion Carnival reported record Q2 FY2026 results with net income up 20%+ to $569M, beating guidance by $100M. However, full-year yield guidance was cut by ~1 ppt to 2.25% due to prolonged Middle East conflict impacting European deployments, offset by cost savings. Management views headwinds as transitory and maintained EPS guidance of $2.22. No cross-company mentions or supply-chain signals were identified. Q2 net income $569M, 20%+ YoY, $100M above March guidance. Read full analysisCollapse analysis

Carnival reported record Q2 FY2026 results with net income up 20%+ to $569M, beating guidance by $100M. However, full-year yield guidance was cut by ~1 ppt to 2.25% due to prolonged Middle East conflict impacting European deployments, offset by cost savings. Management views headwinds as transitory and maintained EPS guidance of $2.22. No cross-company mentions or supply-chain signals were identified. Q2 net income $569M, 20%+ YoY, $100M above March guidance.

  • Full-year EPS guidance maintained at $2.22 (one cent above prior).
  • Normalized yield growth guidance revised to ~2.25% from ~3.25% due to Middle East conflict impact on European itineraries.
  • Cost savings of $0.06/share offset yield weakness; cruise costs without fuel guidance improved by 1 ppt.
Revenue $6.663B +8% QoQ
EPS $0.41 reported
Gross margin 25.74% reported
Op margin 12.77% reported

What changed this quarter

01
Demand

Customer deposits reach all-time high of $9 billion

Management expressed confidence despite geopolitical headwinds, emphasizing the transitory nature of the disruption and strong underlying demand, with record results and a positive long-term outlook.

02
Guidance

Yield growth revised down ~1pp due to conflict

Guidance tone

03
Capital return

Repurchased $450 million in stock to date

Full-year EPS guidance maintained at $2.22 (one cent above prior).

04
Margins

Net debt/EBITDA improved to 3.1x

Reported gross margin was 25.74%, reinforcing the quarter's better-than-guided profitability.

AI, capex & demand read

AI

Platform & monetization

David Bernstein noted that as suppliers implement AI and gain efficiency, Carnival expects fee reductions from them.

Demand

Bookings & conversion

Customer deposits reach all-time high of $9 billion. Management expressed confidence despite geopolitical headwinds, emphasizing the transitory nature of the disruption and strong underlying demand, with record results and a positive long-term outlook.

Capex

Investment and capacity

Management emphasized disciplined capacity growth with one to two new ships per year and increased investment in modernization programs across existing fleet, but no specific capex magnitude change was discussed.

Tone · confident

Management expressed confidence despite geopolitical headwinds, emphasizing the transitory nature of the disruption and strong underlying demand, with record results and a positive long-term outlook.

Forward guidance

In LineGuidance tone
MetricPeriodRangeMidpointStatus
EPSFY2026$2.22$2.22MAINTAINED