Carnival (CCL) Stock Jumps 13% After Earnings Beat and Record Bookings

TLDR

• Carnival (CCL) stock rose 13% Tuesday, its best single day since April.
• Q3 adjusted EPS came in at $1.43, beating estimates of $1.35.
• Revenue hit a record $8.44 billion, above the $8.39 billion analysts expected.
• Full year adjusted net income guidance was raised by more than $150 million.
• 2027 bookings and pricing are already at record levels.

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Carnival Corporation (CCL) stock climbed 13% Tuesday, trading near $24.96 after the cruise operator posted stronger than expected third quarter results. The move marked the stock’s biggest single day gain since April.

Carnival Corporation & plc, CCL

The company reported adjusted earnings per share of $1.43 for the quarter ended August 31. That topped Wall Street estimates of $1.35.

Revenue came in at $8.44 billion, a record for the company. Analysts had expected $8.39 billion.

CARNIVAL $CCL Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $8.4B (Est. $8.3B) 🟢
🔹 Adj. EPS: $1.43 (Est. $1.36) 🟢; flat YoY
🔹 Adj. EBITDA: $3.0B (Est. $2.93B) 🟢; flat YoY
🔹 Adj. Net Income: $2.0B (Est. $1.86B) 🟢

FY26 Guide:
🔹 Adj. Net Income: ~$3.1B (Est. $3.05B) 🟢
🔹 Adj.… pic.twitter.com/SpKqAbUzg0

— Wall St Engine (@wallstengine) September 29, 2026

Carnival also raised its full year adjusted net income outlook. The increase topped $150 million compared to June guidance.

The higher outlook comes despite an extra $150 million in fuel costs this year. Cost discipline helped offset the increase.

Record Yields and Bookings

Net yields in constant currency rose 2% year over year, a company record. That beat June guidance by more than a percentage point.

Adjusted cruise costs, excluding fuel, per available lower berth day rose 2% in constant currency. That was also a point better than guidance.

CEO Josh Weinstein said the quarter delivered “top and bottom line records,” pointing to accelerating demand and stronger cost control.

Customer deposits reached a third quarter record of $7.6 billion. That’s up 7% from last year, even with capacity staying flat.

Carnival said booked occupancy and pricing for full year 2027 are already at record levels.

Balance Sheet and Guidance

CFO David Bernstein said the company used cash on hand to redeem $500 million of notes carrying a 7% coupon.

S&P upgraded Carnival’s credit rating during the quarter. That made it the second ratings agency to give the cruise line investment grade status.

Looking ahead, Carnival expects fourth quarter net yields in constant currency to rise about 2% compared to 2025.

For the full year 2026, the company projects adjusted earnings per share of around $2.24. Adjusted EBITDA is expected to reach about $7.14 billion.

Rival cruise stocks also moved higher Tuesday. Royal Caribbean (RCL) rose 7%, Norwegian Cruise Line (NCLH) gained 5%, while Viking Holdings (VIK) was little changed.

Despite Tuesday’s rally, Carnival’s stock remains down 21% for the year through Monday’s close.