Carnival Corporation Earnings Call Transcripts
Fiscal Year 2026
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Record Q3 results featured all-time highs in revenue, yields, and net income, with strong cost control and robust booking trends extending into 2027 and 2028. Operational improvements offset inflation and fuel headwinds, while capital returns and balance sheet strength advanced.
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Record Q2 results were achieved with net income up over 20% year-over-year, driven by strong demand, cost discipline, and robust onboard spending, despite geopolitical headwinds impacting European deployments. Full-year guidance was raised, and bookings for 2027 are at historic highs.
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First quarter 2026 results exceeded expectations with record revenues, yields, and customer deposits, driven by robust demand and strong onboard spending. Full-year guidance was raised despite a significant fuel cost headwind, and the new PROPEL strategy targets higher returns, disciplined growth, and substantial shareholder returns through 2029.
Fiscal Year 2025
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Record 2025 results with net income up 60% year-over-year and EBITDA at all-time highs. 2026 guidance calls for over $3.45 billion net income, 3% normalized yield growth, and resumed dividends, with strong bookings and continued cost discipline despite industry capacity growth and macro volatility.
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Record Q3 results with net income up 10% over pre-pandemic levels, driven by higher yields and strong demand. Guidance raised for 2025, with robust bookings into 2026 and 2027, and significant progress on deleveraging and capital return plans.
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Record Q2 results with EBITDA and operating income at 20-year highs, yields up 6.5%, and net income exceeding guidance by $185 million. 2026 financial and sustainability targets were met 18 months early, and full-year guidance was raised. Strong demand, new destination launches, and a revamped loyalty program support continued momentum.
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Record Q1 results with revenue, EBITDA, and margins at all-time highs, driven by strong demand and cost control. Full-year guidance raised, with robust bookings, improved leverage, and key investments in destinations and fleet upgrades supporting future growth.
Fiscal Year 2024
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Record revenues and yields in 2024 were driven by strong demand, operational execution, and higher prices across all brands. 2025 guidance forecasts continued yield growth, robust bookings, and further deleveraging, with new destination investments and sustainability progress supporting long-term targets.
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Record Q3 results with revenue, EBITDA, and net income at all-time highs, driven by strong demand, higher pricing, and cost efficiencies. Bookings for 2025 and 2026 are at record levels, with robust onboard spending and new destinations set to drive future growth.
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Record Q2 results with double-digit yield growth, record bookings, and strong demand across all brands. 2024 guidance raised, with 2025 bookings and pricing already ahead of last year. Deleveraging and investment in new destinations and fleet enhancements continue.