CCL Carnival Corp Ltd.

What the last report said

Tue, Jun 23, 2026

CCL Q2: EPS beats by 17% but revenue slightly misses; cost discipline offsets Middle East geopolitical headwinds, full-year yield guide cut ~100bps fully offset by cost savings

• Beat March guidance by $100M ($0.07/sh): cost discipline $0.05/sh (ex-fuel unit costs essentially flat YoY, beating guide by 250bps), revenue $0.01/sh (yields +2.2% YoY on resilient close-in demand + robust onboard spend), depreciation/fuel efficiency $0.01/sh (fuel consumption down >5% YoY)
• Adjusted net income $569M, up >20% YoY; 12th consecutive quarter of record yields
• Customer deposits at all-time high $9.0B, up >$450M YoY on flat capacity, reflecting demand momentum
• Booked position for remainder of 2026 ahead of prior year at historically high prices; 93% booked with less inventory remaining than last year
• 2027+ booking volumes and prices running ahead of prior year since March; European deployments next year bookings up mid-teens % YoY
• Fuel efficiency improved 5.6% YoY, partially mitigating ~30% fuel price increase
• Repurchased >$450M stock under $2.5B authorization; net debt/adjusted EBITDA down to 3.1x, >0.5pt improvement YoY
• Onboard revenue growth, increased pre-cruise onboard sales; booking curve furthest out on record

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