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CCL FY2026 Q1 IMPROVING

Carnival Corporation Ltd. Common Shares 실적 발표

Mar 27, 2026 · 06:00 ET Beth RobertsDavid BernsteinJosh Weinstein
Buzzberg 분석

New Propel plan targets ROIC above 16%, EPS growth >50% by 2029

Carnival reported record Q1 2026 results ahead of guidance, driven by higher yields and cost control. Management introduced the Propel long-term plan targeting ROIC above 16% and $14B in shareholder returns by 2029. Guidance for full-year EPS is $2.21, absorbing a significant fuel price headwind. Q1 net income $275M, 55% higher YoY, beating guidance by $40M (3 cents).

Buzzberg 분석 New Propel plan targets ROIC above 16%, EPS growth >50% by 2029 Carnival reported record Q1 2026 results ahead of guidance, driven by higher yields and cost control. Management introduced the Propel long-term plan targeting ROIC above 16% and $14B in shareholder returns by 2029. Guidance for full-year EPS is $2.21, absorbing a significant fuel price headwind. Q1 net income $275M, 55% higher YoY, beating guidance by $40M (3 cents). 전체 분석 보기분석 접기

Carnival reported record Q1 2026 results ahead of guidance, driven by higher yields and cost control. Management introduced the Propel long-term plan targeting ROIC above 16% and $14B in shareholder returns by 2029. Guidance for full-year EPS is $2.21, absorbing a significant fuel price headwind. Q1 net income $275M, 55% higher YoY, beating guidance by $40M (3 cents).

  • Record Q1 revenues, net yields, customer deposits (~$8B, up 10% YoY).
  • Full-year 2026 EPS guided to $2.21, with $500M fuel headwind partially offset by $150M operational improvement.
  • Propel plan: ROIC >16% by 2029, >50% EPS growth vs 2025, $14B+ capital returns (dividend + $2.5B buyback authorized).
Revenue $6.165B -3% QoQ
EPS $0.20 -41% QoQ
Gross margin 36.11% reported
Op margin 9.85% reported

이번 분기에 달라진 점

01
Guidance

New Propel plan targets ROIC above 16%, EPS growth >50% by 2029

Guidance tone

02
Demand

Record bookings: current-year up 10%, 85% of 2026 already on books

Management expressed strong confidence in long-term targets and resilience despite geopolitical volatility, emphasizing record bookings, strategic agility, and a proven track record.

03
Macro

Fuel price spike creates $500M headwind, partially absorbed by operational gains

Record Q1 revenues, net yields, customer deposits (~$8B, up 10% YoY).

04
Buybacks

Share repurchase program of $2.5 billion announced

Full-year 2026 EPS guided to $2.21, with $500M fuel headwind partially offset by $150M operational improvement.

AI, 자본지출 및 수요 분석

AI

플랫폼 및 수익화

Management sees AI as a growing factor in how consumers discover and book cruises, with efforts to optimize their presence in AI engines, though full adoption for complex cruise purchases is expected to lag other retail experiences.

수요

수주 및 전환

Record bookings: current-year up 10%, 85% of 2026 already on books. Management expressed strong confidence in long-term targets and resilience despite geopolitical volatility, emphasizing record bookings, strategic agility, and a proven track record.

자본지출

투자 및 생산능력

Capital allocation through 2029 includes reinvesting over $15 billion into the business, funding disciplined capacity growth (only three ships during 2026-2029) and modernization programs like IEDL Evolution, while returning more than 40% of cash from operations to shareholders.

톤 · Confident

Management expressed strong confidence in long-term targets and resilience despite geopolitical volatility, emphasizing record bookings, strategic agility, and a proven track record.

향후 가이던스

ImprovingGuidance tone · was IN LINE last Q
지표기간범위중간값상태
EPSFY2026$2.21$2.21GUIDED