Net income attributable to Carnival Corporation & plc reached USD 258 million, swinging from a loss of USD 78 million a year earlier. Adjusted net income totaled USD 275 million, while adjusted earnings per share rose 50 percent to USD 0.20 from USD 0.13. Adjusted EBITDA hit a first-quarter record of approximately USD 1,300 million. Gross margin yields increased nearly 10 percent, and net yields in constant currency rose 2.7 percent, beating December guidance by more than one point.

Customer deposits climbed to a record nearly USD 8,000 million, up almost 10 percent year-over-year, reflecting continued momentum in advance bookings. Bookings for full-year 2026 rose in double digits, with 85 percent of scheduled capacity already reserved at historically high prices. Occupancy held steady near 103 percent.

Chief Executive Officer Josh Weinstein highlighted the performance: “We delivered a strong start to the year with record first-quarter operating results that exceeded our guidance.” He noted healthy fundamentals and solid execution across the portfolio, while announcing new long-term PROPEL targets aimed at further earnings growth through 2029.

The company updated its full-year 2026 outlook, projecting adjusted EPS of approximately USD 2.21 and adjusted EBITDA of roughly USD 7,200 million. While higher fuel prices created a headwind of more than USD 500 million, operational improvements are expected to add nearly USD 150 million to adjusted net income versus prior guidance.

Carnival also authorized a USD 2,500 million share buyback programme and reaffirmed its commitment to returning capital to shareholders through dividends and buybacks. The results underscore sustained recovery in the cruise sector, with strong pricing power and disciplined cost management supporting Carnival’s optimistic outlook for the remainder of 2026 and beyond.

Full report https://www.carnivalcorp.com/wp-content/uploads/2026/03/2026-1Q-Earnings-Release-Final-Draft.pdf

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