Carnival Q3 FY2026: record $8.44 billion revenue, $1.92 billion net income
Carnival's fiscal third quarter was a record: revenue of $8.44 billion and net income of $1.92 billion, with adjusted earnings per share flat at $1.43 despite a $131 million fuel and currency hit. The read-through is that demand, not discounts, is doing the work. Below we walk the income statement, the guidance, and a payables figure that does not match its own tag.
1 · Expected vs. Actual
Free preview belowDiluted EPS was $1.40 versus $1.33 a year ago, and adjusted EPS was $1.43, matching last year's $1.43 despite a $0.10 ($131 million) drag from fuel prices and currency rates. Adjusted net income of $1.96 billion was actually a touch below last year's $1.98 billion, so the flat per-share result owes something to a smaller share count: 1,368 million diluted shares versus 1,402 million. Operating income of $2.22 billion was fractionally lower than the $2.27 billion booked a year earlier, which tells you costs, not demand, were the problem.
Revenue rose 3.5% to $8.44 billion from $8.15 billion a year earlier, split between $5.53 billion of passenger tickets and $2.91 billion of onboard spending. The line that matters most is the margin: gross margin slipped to 45.1% from 46.2%, which management attributes to higher fuel prices rather than weaker pricing. Net yields in constant currency still rose 2.4%, over a point better than June guidance, so the top line grew while the fuel bill did the damage.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-29
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