Key Takeaways:
- Record Q2 revenue of $6.7 billion, with net yields up 2.2% in constant currency.
- Adjusted net income hit $569 million, up more than 20% from a year ago.
- Customer deposits reached an all-time high of $9.0 billion, up $450 million.
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Carnival Corp posts record $6.7B Q2 revenue, adjusted net income up 20%
Carnival Corp reported record Q2 revenue of $6.7 billion and adjusted net income of $569 million, up more than 20%.
"The results reflect the strong demand for our portfolio of world-class cruise lines and the continued progress we are making across the business," Chief Executive Officer Josh Weinstein said.
Diluted EPS came in at $0.39, while adjusted EPS reached $0.41, up more than 15% from a year ago despite a $0.06 per share hit from higher fuel prices and currency. Adjusted EBITDA hit a record $1.6 billion. Fuel consumption per available lower berth day improved 5.6%, partially offsetting a nearly 30% increase in fuel costs.
The company has repurchased more than $450 million in stock under its buyback program and distributed $207 million in dividends during the quarter. Net debt to adjusted EBITDA fell to 3.1x, down more than half a turn from a year ago, prompting Moody's to upgrade Carnival's credit rating with a positive outlook.
Carnival said it is 93% booked for the full year with less inventory remaining than at this point last year. Booked position for the second half of 2026 is ahead of the prior year at historically high prices, with demand for 2027 and beyond continuing to exceed prior-year levels.
Customer deposits reached an all-time high of $9.0 billion on flat capacity growth over the next 12 months, surpassing the prior year's record by more than $450 million.
For the full year, Carnival expects net yields to rise about 3.2% compared with record 2025 levels. Adjusted cruise costs excluding fuel per available lower berth day are expected to increase about 3.7%.
The guidance raise signals management expects demand to remain strong despite geopolitical headwinds and elevated fuel costs. Investors will watch the Q3 earnings call for updates on booking trends for European deployments, which faced disruption from the Middle East conflict.
This article is for informational purposes only and does not constitute investment advice.
[1] CARNIVAL CORPORATION DELIVERS RECORD SECOND QUARTER REVENUES, NET YIELDS AND ADJUSTED NET INCOME[2] Carnival Reports Q2 Earnings: Record Revenue, Yield[3] Carnival: Fiscal Q2 Earnings Snapshot[4] Carnival Q2 2026 earnings preview: Higher fuel prices expected to hurt earnings[5] Up 24% in 1 Month Amid Falling Fuel Prices, Is Carnival Still a Strong Buy Before June 23?
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