Carnival Corporation Ltd. (CCL) Earnings Call Transcripts

Carnival Corporation Ltd.'s Latest Earnings Call - Q2 FY2026

In Q2 2026, Carnival Corporation reported record net income of $569 million, exceeding guidance by $100 million, driven by strong demand and cost management despite geopolitical challenges. Revenue and yields also reached new highs, with yields up 2.2% year-over-year. For the full fiscal year, management raised EPS guidance to $2.22, reflecting ongoing operational efficiency and a robust booking position for the second half of the year, although they noted a moderation in European deployments due to external factors.

Reported metrics

Guidance from management

Management raised full-year EPS guidance to $2.22, reflecting strong operational performance and cost management. They expect record yields in the second half of the year, despite a moderation in European deployments due to geopolitical factors.

What management said

You sound fine, Trey. So Q4, when you normalize for the CCL loyalty program, which is all in Q4, we're actually closer to 2%. So I don't think that's the normalized pattern at the end of the day.

I think it's well done that you -- right off the bat, you tried to get us to give guidance on '27, but we're not going to do that yet. So I'm sorry, you have to wait a little closer to '27.

What analysts pressed on

Analysts expressed concerns regarding the impact of geopolitical volatility on European deployments and questioned the sustainability of yield growth moving forward. There were also inquiries about the potential for cancellations and the overall demand environment for 2027 sailings.

Main topics on the call

• Record Financial Performance — Carnival achieved record revenues, yields, EBITDA, and net income, with net income of $569 million exceeding guidance by $100 million. Management stated, "We delivered another quarter of outperformance, demonstrating the...
• Cost Management Success — The company maintained flat unit operating costs and outperformed cost guidance by 2.5 points, with cruise costs without fuel per ALBD essentially flat year-over-year. Management highlighted, "This substantial improvemen...
• Geopolitical Impact on European Deployments — Management acknowledged that geopolitical volatility affected European deployments, leading to a revision in yield guidance for the back half of the year. They noted, "This moderation was concentrated on our European dep...
• Strong Booking Trends for 2027 — Carnival reported strong bookings for 2027, with year-over-year increases in European deployments and overall booking volumes. Management stated, "Booking volumes and pricing for these future sailings have continued to r...

Read the full Carnival Corporation Ltd. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 Carnival Corporation Ltd. earnings call transcripts on record, spanning June 8, 2020 to June 23, 2026. Based on this history, Carnival Corporation Ltd. reports quarterly. The most recent call on file is dated June 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CCL

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

27

First call

June 8, 2020

Most recent

June 23, 2026

Reporting cadence

quarterly