| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 6.2K | 6.1% |
| Total Income | 6.2K | 6.1% |
| Expenditure | 5.6K | 5.5% |
| PBT | 280.00 | 494.4% |
| Net Profit | 258.00 | 430.8% |
| OPM | 9.85% | 0.50pp |
| NPM | 4.18% | 5.53pp |
| EPS | 0.19 | 416.7% |
Carnival Corp Reports Record Q1 2026 Revenues of $6.2 Billion
03 May 2026 · 3 May, 7:29 pm
Summary
Carnival Corporation & plc reported record first-quarter operating results, exceeding guidance with revenues of $6.2 billion. Diluted EPS increased by 50 percent year-over-year, reaching $0.19. The company's strong performance has led to an increase in the full-year operational outlook by nearly $150 million, partially mitigating the impact of higher fuel prices. Bookings for 2026 are up double digits, and customer deposits reached a record of nearly $8 billion, reflecting strong demand and a robust cash flow profile.
Key Highlights
- 1
Carnival Corporation & plc achieved record first quarter revenues of $6.2 billion.
- 2
Diluted EPS reached $0.19, and adjusted EPS was $0.20, marking a 50 percent increase compared to the prior year.
- 3
The company's gross margin yields increased by nearly 10 percent.
- 4
Bookings for 2026 are up double digits, strengthening the company’s record booked position at historically high prices.
- 5
Adjusted EBITDA reached a record $1.3 billion for the first quarter.
- 6
Customer deposits reached a first quarter record of nearly $8 billion, surpassing the prior year’s high by nearly 10 percent.
- 7
The company expects an operational improvement of nearly $150 million in full year 2026 adjusted net income compared to December guidance.
Management Comments
Josh Weinstein
We delivered a strong start to the year, with record first-quarter operating results that exceeded our guidance, driven by healthy fundamentals and solid execution across the business. This performance supported an increase to our full year operational outlook of nearly $150 million, helping to mitigate the impact of higher fuel prices. We remain on track to deliver solid yield growth, continued cost discipline and $7 billion in adjusted EBITDA1 this year, underscoring the strength of demand across our portfolio, progress on our long-term strategy, and the advancements we have made positioning the business to perform across a range of environments. With this strong foundation in place, we are focused on the next chapter of value creation for Carnival. Today, we are introducing PROPEL: Powering Growth and Returns, Responsibly — our new set of long-term targets. At its core, PROPEL is about converting strong demand into higher returns, earnings growth and cash flow while maintaining disciplined capacity growth and a strong balance sheet. We delivered an incredibly strong start to the year, achieving our highest level of bookings ever on strong demand that extended well into 2028 sailings. PROPEL builds on that foundation and reflects our confidence in the durability and earnings power of our business.
David Bernstein
Initiating an opportunistic buyback program reflects our strong and growing free cash flow generation and ongoing commitment to return value to our shareholders. With more than $800 million in total dividend distributions expected this year, our newly authorized share buyback program, and a roadmap to delivering approximately $14 billion to our shareholders through 2029, we continue to demonstrate confidence in our operating performance, our focus on disciplined capital allocation and our commitment to accelerating shareholder returns.
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