Photo: Carnival Corporation Carnival Corporation reported another strong quarter in 2026, posting record revenue and continued growth in profitability as global cruise demand remained resilient despite higher fuel costs and geopolitical pressure in key regions.
The company said second-quarter net income reached $537 million, while adjusted net income climbed to $569 million, more than 20% higher than a year earlier. Revenue also reached a record $6.7 billion, supported by higher pricing and steady occupancy across its global fleet.
Photo: Carnival CorporationCarnival highlighted that customer deposits reached an all-time high of $9 billion, an increase of more than $450 million compared with last year. The company also said its booked position for the remainder of 2026 is ahead of last year at historically high prices, with demand for 2027 and beyond continuing to track above prior levels.
Chief executive Josh Weinstein said the company delivered its twelfth consecutive quarter of record net yields, pointing to strong commercial execution and improved cost efficiency as key drivers of performance. He noted that the company absorbed higher fuel costs and geopolitical disruption while still outperforming earlier guidance.
Earnings per share came in at $0.39, with adjusted earnings of $0.41, both higher year on year. Adjusted EBITDA reached a record $1.6 billion. Fuel costs remained a major pressure point, rising nearly 30% year on year, although efficiency improvements helped offset some of the impact.
Carnival said cruise costs excluding fuel rose in line with expectations due to disciplined cost control. At the same time, fuel consumption per available lower berth day improved by 5.6%, reflecting ongoing efficiency investments across the fleet.
Photo: Carnival CorporationLooking ahead, the company expects full-year 2026 net yields to rise about 3.2% versus 2025, with continued strength in pricing and demand. Management said booking trends are improving as geopolitical conditions stabilize, particularly in Europe and the Mediterranean region.
The company also continued returning capital to shareholders, repurchasing more than $450 million in stock and paying $414 million in dividends year to date. Net debt to adjusted EBITDA improved to 3.1 times, which the company said reflects stronger cash flow and balance sheet progress.
Carnival said forward bookings remain strong across its global cruise brands, reinforcing confidence in sustained demand for travel experiences and supporting its long-term growth outlook.