Key Highlights

● Third-quarter revenues were $8,435 million, up from $8,153 million a year earlier.

● Net income reached $1,920 million, which the company called an all-time high.

● Customer deposits hit a third-quarter record of $7.6 billion, up about 7%.

● Adjusted EBITDA of $2,993 million was $110 million above June guidance.

Carnival Corporation Ltd. (NYSE:CCL) is a global cruise operator with brands that include Carnival Cruise Line, Princess and Holland America Line. Its common shares, par value $0.01, trade on the New York Stock Exchange as CCL, as confirmed by the cover page of its latest Form 10-Q. In May 2026 the company completed the unification of its long-standing dual listed company structure and moved its legal home from Panama to Bermuda. Carnival plc shareholders received Carnival Corporation Ltd. shares on a one-for-one basis, and the plc shares and ADRs were delisted. CCL is an S&P 500 constituent.

Record third quarter

Carnival reported third-quarter 2026 results on September 29, 2026, for the quarter ended August 31. Revenues were $8,435 million, compared with $8,153 million a year earlier. Net income attributable to the company reached $1,920 million, which it called an all-time high, while adjusted net income was $1,963 million, slightly below the $1,982 million of the prior year. Diluted earnings per share were $1.40, and adjusted diluted EPS was $1.43, flat year over year.

Net yields were $254.99 per available lower berth day, up 2.4% in constant currency. Adjusted EBITDA was $2,993 million, level with last year but $110 million above the company's June guidance. Adjusted cruise costs excluding fuel per day rose 1.8% in constant currency, so revenue gains were largely absorbed by costs.

Operating cash flow was $1,410 million in the quarter and $5,303 million year to date, against quarterly capital expenditure of $698 million. Customer deposits were a third-quarter record of $7.6 billion, up about 7%. Management said 2027 bookings are at record occupancy and pricing, and that 2028 has started with higher occupancy and prices than last year; that is a management statement rather than a result.

Balance sheet and shareholder returns

Total debt was $23,912 million against cash of $1,220 million, so debt net of cash is roughly $22.7 billion. The company redeemed $500 million of 7% notes in the quarter, and said S&P had upgraded its rating, making it the second major agency to assign an investment-grade rating. It reported no secured debt remaining.

Dividends paid were $204 million in the quarter, which is $0.15 per share, and $618 million for the nine months, or $0.45 per share, covered several times over by year-to-date operating cash flow. Share repurchases totaled about $1.2 billion year to date, including about $800 million since the start of the third quarter. Weighted-average diluted shares for the quarter were 1,368 million.

The share count reflects the unification: Carnival Corporation Ltd. had 1,514 million common shares issued at August 31, 2026, against 1,298 million at November 30, 2025, with 162 million held in treasury, while no Carnival plc ordinary shares remained issued compared with 217 million at the 2025 year-end.

Fuel Costs and Booked-Price Dependence

Management guidance, not reported fact, points to fourth-quarter adjusted EPS of about $0.20 and adjusted EBITDA of about $1.30 billion. For the full year it guides to adjusted net income of about $3,080 million, adjusted EBITDA of about $7.14 billion and adjusted EPS of about $2.24, with fuel expense of $2.25 billion and capacity growth of 1.0%.

The figures highlight sensitivities: fuel costs, cost inflation, the scale of borrowings, and the dependence of 2027 outcomes on customers actually sailing at today's booked prices.