Adjusted net income came in at USD 1.96 billion, marginally below last year's USD 1.98 billion, with adjusted earnings per share flat at USD 1.43 after an unfavourable net impact of USD 131 million from fuel prices and exchange rates. Adjusted EBITDA matched last year's historic high at USD 3.0 billion, USD 110 million ahead of guidance.

Net yields in constant currency rose 2.4%, more than a percentage point better than expected, while adjusted cruise costs excluding fuel per available lower berth day (ALBD) increased 1.8% in constant currency, a point better than guidance. Fuel remained the main pressure: the cost per tonne consumed climbed to USD 826 from USD 607, lifting fuel expense to USD 615 million from USD 451 million, although consumption per ALBD improved by 3.8%. The group carried 3.9 million passengers during the quarter (3.8 million) at an occupancy of 111.8%.

CEO Josh Weinstein described the period as "another quarter of top and bottom-line records". He said booking volumes had strengthened throughout the quarter, running well ahead of last year and far outpacing capacity growth. Booked occupancy and pricing for 2027 are both at record levels, and 2028 is tracking ahead of last year on both measures. Customer deposits reached a third-quarter record of USD 7.6 billion, USD 0.5 billion above the prior year, despite flat capacity growth over the coming 12 months.

Fuel offsets operational gains

For the full year, Carnival now expects adjusted net income of approximately USD 3.08 billion, adjusted earnings per share of about USD 2.24 and adjusted EBITDA of around USD 7.14 billion. The outlook includes an operational improvement of more than USD 150 million compared with June guidance, which overcomes a USD 150 million impact from higher fuel prices. Full-year net yields are forecast to rise by approximately 2.3% in constant currency, half a percentage point better than June guidance, on capacity growth of 1.0%. That would leave earnings broadly in line with the record adjusted net income of USD 3.1 billion achieved in 2025; in December, the company had guided for around USD 3.5 billion for 2026. Fourth-quarter net yields are expected to rise by about 1.7% in constant currency, with capacity marginally lower year on year.

Buybacks and investment grade

CFO David Bernstein said around USD 1.2 billion of shares had been repurchased so far this year, nearly USD 800 million of that since the start of the third quarter. The company also used cash on hand to redeem USD 500 million of notes carrying one of its highest coupons. During the quarter, S&P upgraded Carnival to investment grade, making it the second rating agency to do so and leaving the company with no remaining secured debt. Dividends of USD 204 million were paid in the quarter, bringing the year-to-date total to USD 618 million. Total debt stood at USD 23.9 billion at the end of August, down from USD 26.6 billion at 30 November 2025.

Fleet and destinations

Carnival Cruise Line unveiled CARNIVAL DESTINY, due in 2029 as the first ship in its next-generation Ace class, while Holland America Line named ZUIDERDAM as the second ship to undergo a major transformation under its Evolution programme. Celebration Key on Grand Bahama welcomed almost 2.5 million guests in its first year of operation, and RelaxAway, Half Moon Cay and Isla Tropicale each received more than 250,000 guests following recent enhancements. Carnival Cruise Line also launched its new Carnival Rewards loyalty programme on 1 September.

Fourth-quarter capital expenditure is set at USD 0.3 billion for newbuilds and USD 0.9 billion for non-newbuild projects.

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