The record booking curve extending into 2027-2028 and the raised FY guidance suggest accelerating demand momentum. Watch Q4 net yield guidance of +1.7% (constant currency) and any further buyback acceleration as catalysts.
Price Chart
Executive Summary
Carnival reported Q3 2026 adjusted EPS of $1.43, in line with the prior year and above the $1.35 consensus, on record revenues of $8.435B (vs. $8.39B consensus). The company raised full-year adjusted net income guidance by >$150M, driven by better yields and cost control, and completed ~$1.2B in share repurchases year-to-date. Despite a $0.10/share headwind from fuel and currency, the beat-and-raise narrative supports a bullish read.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS $1.43 vs. consensus $1.35 (beat by 5.9%)
- Q3 2026 total revenue $8.435B vs. consensus $8.39B (beat by 0.5%)
- Record Q3 revenue, net yields (constant currency) up 2.4% YoY, over a point above June guidance
- Full-year 2026 adjusted net income guidance raised by >$150M vs. June guidance
- Record Q3 customer deposits of $7.6B, up ~7% YoY on flat capacity
- Completed ~$1.2B in share repurchases YTD, including ~$800M in Q3 alone
- S&P upgraded credit rating to investment grade; no remaining secured debt
- Q3 adjusted EBITDA of $3.0B, $110M above June guidance, in line with prior-year record
Financial Impact
Adjusted net income guidance raised by >$150M for FY2026; $1.2B in share repurchases YTD; $500M of 7% notes redeemed in Q3
Risk Factors
- Fuel prices remain elevated ($826/metric ton in Q3 vs. $607 a year ago), a $150M headwind for FY2026
- Currency fluctuations could pressure reported results; 1% FX move impacts adjusted net income by ~$7M
- Capacity growth is flat (0.1% decline in Q4 ALBDs), limiting volume-driven revenue upside
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302892070 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | Press Release | $25.11 $26.58 | ▲ +5.85% | ▲ +3.91% | $26.11 (+3.98%) |
Sep 15, 2026 5w ago | Press Release | $22.11 | awaiting T+5 | — | $26.11 (+18.09%) |
Aug 5, 2026 11w ago | 8-K | $29.67 $27.67 | ▼ −6.74% | ▼ −7.09% | $26.11 (−12.00%) |
Jun 30, 2026 17w ago | Court Ruling | $28.52 $26.72 | ▼ −6.31% | ▼ −7.11% | $26.11 (−8.45%) |
Jun 30, 2026 17w ago | Court Ruling | $28.52 $26.72 | ▼ −6.31% | ▼ −7.11% | $26.11 (−8.45%) |
Apr 8, 2026 28w ago | Court Ruling | $26.31 $25.79 | ▼ −1.98% | ▼ −3.67% | $26.11 (−0.75%) |
Mar 30, 2026 30w ago | Court Ruling | $23.96 $25.20 | ▲ +5.18% | ▲ +0.88% | $26.11 (+8.98%) |
Mar 30, 2026 30w ago | Court Ruling | $23.96 $25.20 | ▲ +5.18% | ▲ +0.88% | $26.11 (+8.98%) |
Mar 30, 2026 30w ago | Court Ruling | $23.96 $25.20 | ▲ +5.18% | ▲ +0.88% | $26.11 (+8.98%) |
Mar 2, 2026 34w ago | EFFECT | $29.15 $26.37 | ▼ −9.54% | ▼ −8.33% | $26.11 (−10.42%) |
US Market Status
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