CARNIVAL CORP Q3 FY26 Results

We delivered another quarter of top and bottom-line records, with accelerating demand and even stronger cost discipline driving results ahead of our expectations. This performance reinforces the underlying trajectory of our business and the consistency of our commercial execution, as evidenced by our sustained track record of high-quality same-ship yield growth. Our world-class cruise lines and destinations, exceptional guest experiences delivered by the best team in travel and leisure, and enhanced demand-generation against intentionally measured capacity growth position us to continue driving higher returns. At the same time, we are putting our increasingly durable cash flow to work, reinvesting in our business while returning more capital to shareholders. Our booking trends continued to strengthen throughout the quarter, with volumes meaningfully ahead of last year and far outpacing capacity growth. This momentum underscores the effectiveness of our demand generation efforts and the enduring appeal of our cruise lines. For full-year 2027, both booked occupancy and pricing are at record levels, providing a strong foundation for another year of solid yield growth. Looking further ahead, 2028 is also off to an excellent start at higher occupancy and prices than last year. Customer deposits, another key leading indicator, also reached a third-quarter record of $7.6 billion, surpassing the prior-year record by $0.5 billion despite flat capacity growth over the next twelve months. Taken together, the ongoing strength we are seeing across our record booking curve, which has extended out even further, reinforces our confidence in the durability of demand for our cruise lines and the earnings power of our business.

Our strong operating cash flow enabled us to continue strengthening our financial position while advancing our commitment to return value to shareholders. With nearly $1.2 billion of share repurchases so far this year — nearly $800 million since the beginning of the third quarter — and our ongoing dividend program, we are making meaningful progress toward our PROPEL target of distributing cash to our shareholders, responsibly. During the third quarter we were also able to use cash on hand to opportunistically redeem $500 million of seven percent coupon notes, which were among our highest coupon debt. Even with the substantial capital we are returning to shareholders, we continue to expect year-over-year improvement in our balance sheet and leverage metrics.