Carnival Corporation Ltd. (CCL) SEC Filings & Earnings Calls
EquiReason read 14 Carnival Corporation Ltd. SEC filings in the last 12 months. Latest: 8-K on 2026-09-29 — Carnival reports all-time high revenues, net yields, and net income of $1.9B; raises full-year adjusted net income guidance by >$150M; record customer deposits and 2027 bookings at.
Source: SEC EDGAR filings · figures as of 2026-08-31 · read by EquiReason
- Market cap
- 35.1B
- P/E TTM
- 11.4
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 18 Dec, in 55 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
29 Sep 20268-K · 2.02Carnival reports all-time high revenues, net yields, and net income of $1.9B; raises full-year adjusted net income guidance by >$150M; record customer deposits and 2027 bookings at record occupancy/pricing.earningsopen
Figures in the filing · each found in the filing text
| Net income attributable to Carnival Corporation · Q3-2026 | $1.90B | |
| Adjusted net income · Q3-2026 | $2.00B | |
| Diluted EPS · Q3-2026 | $1.40 | |
| Adjusted EPS · Q3-2026 | $1.43 | |
| Adjusted EBITDA · Q3-2026 | $3.00B | |
| Customer deposits · Q3-2026 | $7.60B | +7% y/y |
| Net yields (constant currency) growth · Q3-2026 | 2.4% | |
| Adjusted cruise costs excluding fuel per ALBD growth (constant currency) · Q3-2026 | 1.8% | |
| Fuel consumption per ALBD improvement · Q3-2026 | 3.8% | |
| Share repurchases year to date · YTD-2026 | $1.20B |
Guidance
FY26 adjusted net income operational improvement >$150M vs June guidance; FY26 net yields (constant currency) up ~2.3% (prior ~1.8% implied); FY26 adjusted cruise costs excluding fuel per ALBD (constant currency) up ~2.2%; Q4 net yields (constant currency) up ~1.7%.
Full-year 2026 guidance raised on stronger net yields and cost performance, overcoming fuel headwinds; record forward bookings support 2027 outlook.
Risks flagged
Fuel price spike partially offset by operational improvements; $150M impact from increased fuel prices.
“overcoming $150 million impact from increased fuel prices” · word for word
Middle East conflict causing elevated logistics costs and route redeployment.
“impact of certain elevated logistics costs as a result of disruption from the Middle East conflict” · word for word
29 Sep 202610-QCarnival reported Q3 2026 results with revenue growth but operating income decline due to higher fuel and emission costs.earningsopen
Figures in the filing · each found in the filing text
| Passenger Cruise Days (PCDs) · Q3-2026 | 27,900,000 | +1% y/y |
| Available Lower Berth Days (ALBDs) · Q3-2026 | 24,900,000 | +1% y/y |
| Occupancy Percentage · Q3-2026 | 111.8% | |
| Passengers Carried · Q3-2026 | 3,900,000 | +3% y/y |
| Fuel Consumption in Metric Tons · Q3-2026 | 700,000 | 0% y/y |
| Fuel Consumption per Thousand ALBDs · Q3-2026 | 26.9 | -4% y/y |
| Fuel Cost per Metric Ton (excl. emission allowances) · Q3-2026 | $826.00 | +36% y/y |
| Passenger Ticket Revenues · Q3-2026 | $5.50B | +2% y/y |
| Onboard and Other Revenues · Q3-2026 | $2.90B | +7% y/y |
| Operating Expenses · Q3-2026 | $4.60B | +5% y/y |
Risks flagged
Fuel Price Volatility
“While we continue to experience increased fuel prices, any further disruptions or escalation could result in increased fuel costs and adversely impact our profitability.” · word for word
EU ETS Compliance Cost Increase
“In 2026, all in scope emissions are subject to the ETS and the expected impact is approximately $160 million.” · word for word
Foreign Currency Exposure
“We believe fluctuations in foreign currency exchange rates and evolving regulatory requirements related to the reduction of greenhouse gas emissions may adversely impact our profitability in both the short and long term.” · word for word
5 Aug 20268-K · 7.01Carnival redeemed $500M 7% senior secured notes due 2029 at 103.5% of principal, collateral fell away after second investment grade rating, signaling improved credit profile.open
Risks flagged
No new risks identified; redemption reduces leverage.
26 Jun 202610-QPassenger ticket revenues $4.30B (+4% y/y); Onboard and other revenues $2.40B (+7% y/y); Operating income $851M (-9% y/y)open
Figures in the filing · each found in the filing text
| Passenger ticket revenues · Q2-2026 | $4.30B | +4% y/y |
| Onboard and other revenues · Q2-2026 | $2.40B | +7% y/y |
| Operating income · Q2-2026 | $851M | -9% y/y |
| Interest expense, net · Q2-2026 | $285M | -16% y/y |
| Occupancy percentage · Q2-2026 | 104.0% | |
| Fuel cost per metric ton · Q2-2026 | $793.00 | +29% y/y |
| Net cash from operating activities (6 months) · H1-2026 | $3.90B | +17% y/y |
| Capital expenditures (6 months) · H1-2026 | $1.40B | -7% y/y |
Risks flagged
Fuel cost pressure
“Fuel cost per metric ton consumed (excluding emission allowances) $ 793 $ 614” · word for word
EU ETS regulatory cost increase
“In 2026, all in scope emissions are impacted.” · word for word
Geopolitical risk (Middle East conflict)
“higher cruise Payroll and related expenses driven by higher crew travel costs resulting from the Middle East conflict” · word for word
23 Jun 20268-K · 2.02Revenue $6.70B; Net income attributable to Carnival Corporation $537M; Adjusted net income $569M (+20% y/y); Guidance: FY2026 net yields up ~3.2% vs record 2025; adjusted cruise costs excluding fuel per ALBD up ~3.7%earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $6.70B | |
| Net income attributable to Carnival Corporation · Q2-2026 | $537M | |
| Adjusted net income · Q2-2026 | $569M | +20% y/y |
| Adjusted EBITDA · Q2-2026 | $1.60B | |
| Customer deposits · Q2-2026 | $9.00B | +5% y/y |
| Diluted EPS · Q2-2026 | $0.39 | |
| Adjusted EPS · Q2-2026 | $0.41 | +15% y/y |
| Net debt to adjusted EBITDA ratio · Q2-2026 | $3.10 | |
| Share repurchases · YTD-2026 | $450M | |
| Dividends distributed · Q2-2026 | $207M |
Guidance
FY2026 net yields up ~3.2% vs record 2025; adjusted cruise costs excluding fuel per ALBD up ~3.7%
Record Q2 results exceeded guidance; full-year outlook reaffirmed with strong demand and cost discipline.
Risks flagged
Geopolitical volatility (Middle East conflict) impacting European booking trends.
“extreme geopolitical volatility that primarily impacted booking trends for our European deployments, particularly in the Mediterranean region” · word for word
Fuel price increase of nearly 30% partially offset by efficiency gains.
“nearly 30 percent higher fuel costs” · word for word
7 May 20268-K · 1.02, 2.01, 3.01, 3.02, 3.03, 5.01, 5.03, 7.01Terminated a material definitive agreement, ending a significant contract; completed an acquisition or disposition of significant assetsopen
Risks flagged
Delisting of Carnival plc shares and ADSs (CUK) may affect liquidity for some shareholders.
“Carnival plc shares delisted from LSE; ADSs suspended from NYSE.”
Change in governing law from Panama to Bermuda may alter shareholder rights.
“Rights now governed by Bermuda Companies Act 1981.”
27 Mar 202610-QCarnival reported strong Q1 2026 results with revenue up 6.2% YoY, operating income up 12%, and net income of $263M vs a loss of $75M in the prior year period.earningsopen
Figures in the filing · each found in the filing text
| Net Income · Q1-2026 | $263M | |
| Operating Cash Flow · Q1-2026 | $1.30B | +44% y/y |
| Customer Deposits · Q1-2026 | $8.70B | |
| Occupancy Percentage · Q1-2026 | 103.0% | |
| Available Lower Berth Days (ALBDs) · Q1-2026 | 23,700,000 | +1% y/y |
| Fuel Cost per Metric Ton · Q1-2026 | $559.00 | -13% y/y |
| Interest Expense · Q1-2026 | $291M | -23% y/y |
| Capital Expenditures · Q1-2026 | $566M | -7% y/y |
Risks flagged
Foreign Exchange Risk
“Other income (expense), net changed by $59 million, to $(47) million in 2026 from $12 million in 2025. The decrease was substantially all due to foreign currency remeasurement.” · word for word
27 Mar 20268-K · 2.02Revenue $6.20B; Adjusted EPS $0.20 (+50% y/y); Net income $258M; Guidance: Operational improvement of ~$150M in adjusted net income vs December guidance; net yield guidance raised by 0.25pp; cost guidance improvedearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $6.20B | |
| Adjusted EPS · Q1-2026 | $0.20 | +50% y/y |
| Net income · Q1-2026 | $258M | |
| Adjusted net income · Q1-2026 | $275M | |
| Adjusted EBITDA · Q1-2026 | $1.30B | |
| Customer deposits · Q1-2026 | $8.00B | +10% y/y |
| Net yields (constant currency) growth · Q1-2026 | 2.7% | |
| Adjusted cruise costs excluding fuel per ALBD growth (constant currency) · Q1-2026 | 5.3% | |
| Fuel consumption per ALBD decrease · Q1-2026 | 4.7% | |
| Full year 2026 net yield growth guidance (constant currency) · FY2026 | 2.8% |
Guidance
Operational improvement of ~$150M in adjusted net income vs December guidance; net yield guidance raised by 0.25pp; cost guidance improved
Raised full-year operational outlook driven by strong demand and cost discipline, partially offsetting significant fuel cost headwinds. Record bookings and customer deposits support continued yield growth.
Risks flagged
Fuel price headwind of more than $500 million for full year 2026, partially mitigated by operational improvements.
“partially mitigating the impact from recent changes in fuel prices of more than $500 million” · word for word
Fuel price and currency impact of $54 million in Q1 2026 vs guidance.
“outperformed guidance despite a $54 million ($0.04 adjusted EPS) unfavorable impact from fuel prices and currency rates compared to guidance” · word for word
27 Feb 2026DEF 14AProxy statement disclosing executive compensation structure, pay-for-performance alignment, and record FY2025 financial results.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $26.60B | |
| Operating Income · FY2025 | $4.50B | +25% y/y |
| Cash from Operations · FY2025 | $6.20B | |
| Normalized Adjusted Operating Income · FY2025 | $4.30B | |
| Adjusted EBITDA · FY2025 | $7.18B | |
| Net Income · FY2025 | $2.76B | |
| GHG Emissions Intensity Reduction vs 2019 Baseline · FY2025 | 20.0% | |
| Food Waste Reduction vs 2030 Target · FY2025 | 47.0% | |
| MIP Annual Bonus Payout · FY2025 | 186.9% | |
| 2023 PBS Vesting Payout · FY2025 | 170.4% |
27 Jan 202610-KRevenue $26.60B; Operating Income $4.50B (+25% y/y); Passenger Cruise Days (PCDs) 101,700,000 (+1% y/y); Guidance: Record revenues $26.6B; record operating income $4.5B (+25% YoY); record customer deposits +7% YoYopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $26.60B | |
| Operating Income · FY2025 | $4.50B | +25% y/y |
| Passenger Cruise Days (PCDs) · FY2025 | 101,700,000 | +1% y/y |
| Available Lower Berth Days (ALBDs) · FY2025 | 96,500,000 | +1% y/y |
| Occupancy Percentage · FY2025 | 105.0% | |
| Passengers Carried · FY2025 | 13,600,000 | +1% y/y |
| Fuel Consumption (metric tons) · FY2025 | 2,800,000 | -3% y/y |
| Fuel Cost per Metric Ton · FY2025 | $610.00 | -8% y/y |
| EU ETS Cost · FY2025 | $91M | +98% y/y |
Guidance
Record revenues $26.6B; record operating income $4.5B (+25% YoY); record customer deposits +7% YoY
Strong demand environment with record metrics; management confident in continued growth driven by commercial excellence and destination development.
Risks flagged
Fuel Cost Volatility
“Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs.” · word for word
Regulatory Carbon Cost Escalation
“The impact of this regulation in 2025 and 2024 was $91 million and $46 million... In 2026, all in scope emissions will be impacted.” · word for word
Debt Service Requirements
“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control.” · word for word
Overcapacity Risk
“Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options.” · word for word
19 Dec 20258-K · 2.02Adjusted net income $3.10B (+60% y/y); Revenue $26.60B; Adjusted EBITDA $7.20B; Guidance: FY2026 adjusted net income expected ~$3.5B, up ~12% vs record 2025; net yields up ~2.5% (3.0% normalized); adjusted cruise costs ex-fuel up ~3.25% (2.earningsopen
Figures in the filing · each found in the filing text
| Adjusted net income · FY2025 | $3.10B | +60% y/y |
| Revenue · FY2025 | $26.60B | |
| Adjusted EBITDA · FY2025 | $7.20B | |
| Net income · FY2025 | $2.80B | |
| Customer deposits · Q4-2025 | $7.20B | |
| Adjusted EPS · Q4-2025 | $0.34 | +140% y/y |
| Net debt to adjusted EBITDA · FY2025 | $3.40 | |
| Adjusted ROIC · FY2025 | 13.0% | |
| Net yields (constant currency) growth · Q4-2025 | 5.4% | |
| Adjusted cruise costs excluding fuel per ALBD (constant currency) growth · Q4-2025 | 0.5% |
Guidance
FY2026 adjusted net income expected ~$3.5B, up ~12% vs record 2025; net yields up ~2.5% (3.0% normalized); adjusted cruise costs ex-fuel up ~3.25% (2.5% normalized)
FY2026 guidance implies continued strong demand and margin expansion; adjusted net income expected to grow ~12% on <1% capacity growth; net yields up ~2.5%; costs well controlled.
Risks flagged
Fuel cost and geopolitical risks: fuel consumption per ALBD decreased 5.6% but fuel prices remain volatile; Arabian Gulf redeployment indicates geopolitical sensitivity.
“Fuel consumption per ALBD decreased 5.6% due to efficiency investments; close-in redeployment of first quarter voyages from the Arabian Gulf.”
Carnival Corporation Ltd. — questions
- What did Carnival Corporation Ltd. file recently?
- 14 SEC filings in the last 12 months. Latest: 8-K on 2026-09-29 — Carnival reports all-time high revenues, net yields, and net income of $1.9B; raises full-year adjusted net income guidance by >$150M; record customer deposits and 2027 bookings at record occupancy/pricing.
Every figure on this page comes from Carnival Corporation Ltd.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.