Key Highlights

● Carnival shares finished at $25.11 on Tuesday, September 29, 2026, ranking among the strongest gainers in the S&P 500.

● The company absorbed a $150 million hit from higher energy costs during the third quarter and still beat estimates.

● Adjusted earnings of $1.43 a share topped the $1.35 consensus, and revenue reached $8.44 billion.

● Carnival raised its full-year earnings forecast to $2.24 a share from $2.22 and cut debt below $24 billion.

Fuel is one of the biggest bills a cruise line pays, and 2026 has made it a heavy one. Carnival Corporation & plc (NYSE:CCL) showed on Tuesday, September 29, 2026, that it could take a $150 million hit from higher energy costs in its third quarter and still beat estimates. The shares finished at $25.11, among the strongest performances in the S&P 500.

Where the Energy Hit Came From

Oil prices have been volatile since the late-February strikes on Iran, which pushed crude sharply higher from about $72 a barrel for Brent. Carnival absorbed the $150 million hit without derailing its quarter, a sign that pricing and cost control offset much of the pressure.

Earnings and Revenue Above Forecast

Adjusted earnings were $1.43 a share against the $1.35 consensus, and revenue was $8.44 billion against estimates of about $8.3 billion to $8.39 billion. Carnival raised its full-year earnings forecast to $2.24 a share from $2.22 and lifted its net yield guidance. Debt fell below $24 billion, and 2027 is already half booked.

Crude Finally Eases

West Texas Intermediate crude settled $3.22 lower at $89.38 a barrel as Middle East exports recovered. The Department of Energy also offered up to 40 million barrels from the Strategic Petroleum Reserve, and U.S. and Iranian officials held indirect talks through mediators. Royal Caribbean Cruises (NYSE:RCL) and Norwegian Cruise Line Holdings (NYSE:NCLH) rose with Carnival.

Energy Weighs on the Index

Wall Street drifted lower. The S&P 500 fell 12.85 points to 7,670.84, the Dow Jones Industrial Average lost 131.59 points to 51,349.92 and the Nasdaq Composite ended nearly flat at 26,797.54. Energy was the worst-performing S&P 500 sector as oil slid, while utilities led.

Fuel Costs Set the Next Question

Oil and diplomacy remain the swing factors for Carnival's fuel bill, with news from the indirect U.S. and Iranian talks likely to move crude. On the data calendar, August PCE inflation and the third estimate of GDP arrive on Wednesday, September 30.