by Sarah Kuta
Last updated: 2:00 PM ET, Tue September 29, 2026
Carnival Corporation reported record revenue, net income and net yields for the third quarter of 2026, as strong cruise demand helped the company outperform its financial guidance.
The cruise company reported $8.44 billion in revenue for the quarter, which ended August 31, up from $8.15 billion during the same period last year. Net income reached an all-time high of $1.9 billion, while adjusted net income was $2 billion.
Carnival also reported a 2.4 percent increase in net yields in constant currency compared with the same quarter last year, exceeding the company's previous guidance of 1.2 percent growth. Adjusted earnings per share came in at $1.43, above analysts' expectations of about $1.35.
The results came despite higher fuel prices, which, along with currency movements, had a $131 million negative impact on the quarter. Carnival said operational improvements and cost controls helped offset some of those higher expenses.
“We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations,” says Josh Weinstein, the company’s chief executive officer.
Investors responded to the results by sending Carnival shares higher on September 29, with the stock gaining about 12 percent during trading.
Looking ahead, Carnival said bookings for 2027 are at record levels for both occupancy and pricing. Customer deposits also reached a third-quarter record of $7.6 billion, nearly 7 percent higher than the previous year's record despite flat capacity growth over the next 12 months. The company says booking volumes are running meaningfully ahead of last year.
“This momentum underscores the effectiveness of our demand generation efforts and the enduring appeal of our cruise lines," says Weinstein.
On the company's earnings call, Weinstein attributed the strong booking trends to what he described as “broad-based” and “very healthy” demand for cruises, even as consumer sentiment has weakened amid inflation and geopolitical concerns.
“There is a growing change in the mentality of Americans ... that vacations are sacrosanct,” Weinstein says. “And they will take them in good times and in bad.”
Weinstein says cruises can be particularly appealing to consumers facing higher gasoline prices, inflation or other economic pressures because of their value.
Carnival also raised its full-year 2026 adjusted net income outlook by more than $150 million from its previous guidance, to approximately $3.08 billion.
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