Record Results for Carnival Corp. in Q3, Future Sales are Buoyant

Carnival Corporation has posted record third-quarter results, with strong cruise demand helping the company achieve all-time highs for net income, revenue and net yields.

The cruise giant reported third-quarter 2026 net income of US$1.9 billion and adjusted net income of $2 billion. Adjusted EBITDA reached $3 billion, matching last year’s record and coming in $110 million ahead of the company’s June guidance.

Carnival said the performance came despite higher fuel prices, which, combined with currency movements, had a $131 million negative impact during the quarter. Net yields in constant currency rose 2.4% year over year, more than a percentage point ahead of previous guidance.

“We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations,” said Carnival Corporation CEO Josh Weinstein.

Perhaps the most significant numbers are those looking ahead.

Carnival says booking trends strengthened throughout the quarter, with volumes “meaningfully ahead” of last year and far outpacing capacity growth. Both booked occupancy and pricing for full-year 2027 are at record levels, while 2028 is also running ahead of last year in both occupancy and pricing.

Customer deposits reached a third-quarter record of $7.6 billion, $500 million higher than the previous-year record, despite essentially flat capacity growth over the next 12 months.

Carnival also raised its full-year outlook. The company now expects an operational improvement of more than $150 million in adjusted net income compared with its June guidance, enough to offset a roughly $150 million hit from increased fuel prices. Full-year net yields in constant currency are expected to rise approximately 2.3% over record 2025 levels.

The quarter also included continued growth at Carnival’s private destinations. Celebration Key in Grand Bahama welcomed almost 2.5 million guests during its first year, while RelaxAway, Half Moon Cay and Isla Tropicale have each welcomed more than 250,000 guests following recent enhancements.

Other recent developments include the September launch of Carnival Cruise Line’s new Carnival Rewards loyalty program and the unveiling of Carnival Destiny, the first ship in the line’s next-generation Ace class, scheduled to arrive in 2029.