Carnival (CCL) Earnings: Q3 Fiscal 2026 Results and Next Report Date

The quarter ended August 31, 2026 and Carnival published the results on September 29, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Carnival reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Carnival's fiscal year ends November 30, so Q3 fiscal 2026 covers June through August 2026.
• In May 2026 Carnival unified its dual listed company structure into a single company, Carnival Corporation Ltd., listed only on the New York Stock Exchange, and moved its incorporation from Panama to Bermuda. Carnival plc shareholders received shares one for one.
• Segment revenues are as reported in the 10-Q and can differ from the total by $1 million because of rounding.

Source: Carnival Q3 2026 results, September 29, 2026. Also in the Form 10-Q for the quarter ended August 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Carnival splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Carnival's North America revenue was $5.5 billion in Q3 fiscal 2026, up 4% from $5.3 billion in Q3 fiscal 2025, 66% of total revenue.
• Carnival's Europe revenue was $2.6 billion in Q3 fiscal 2026, up 2% from $2.6 billion in Q3 fiscal 2025, 31% of total revenue.
• Carnival's Cruise Support revenue was $96.0 million in Q3 fiscal 2026, up 30% from $74.0 million in Q3 fiscal 2025, 1% of total revenue.
• Carnival's Tour and Other revenue was $191 million in Q3 fiscal 2026, up 7% from $179 million in Q3 fiscal 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The second and third lines are Carnival's full year 2026 expectations. Its guidance table adds adjusted EPS of approximately $0.20 for the fourth quarter and $2.24 for the full year.

In its Q3 fiscal 2026 release, Carnival said:

“For the fourth quarter of 2026, the company expects net yields (in constant currency) up approximately 1.7 percent compared to 2025 record levels.”

“Net yields (in constant currency) up approximately 2.3 percent compared to record 2025 levels and 0.5 percentage points better than June guidance.”

“Operational improvement of more than $150 million in adjusted net income compared to June guidance, driven by improvements in net yields, adjusted cruise costs excluding fuel per ALBD and fuel consumption per ALBD, overcoming $150 million impact from increased fuel prices.”

Source: Carnival Q3 2026 release, Sep 29, 2026.

This is the company's own guidance as of Sep 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CCL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP diluted EPS, each as first reported in that quarter's release. Carnival's third quarter, which includes the Northern Hemisphere summer, is its seasonal peak.

Carnival's next report is expected around December 18, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Sep 29, 2026

Carnival's total revenues were $8,435 million in Q3 fiscal 2026, against $8,153 million a year earlier. Passenger ticket revenue was $5,529 million, 66% of the total, and onboard and other revenue $2,906 million, 34%. The third quarter is Carnival's seasonal peak: it includes the Northern Hemisphere summer, when demand, ticket prices and occupancy are highest. (Carnival Q3 2026 earnings release, Sep 29, 2026; Carnival Form 10-Q, Q3 2026, Sep 29, 2026; Carnival Form 10-K, fiscal 2025, Jan 27, 2026)

Passenger ticket revenue rose $99 million, or 1.8%. Carnival attributes $80 million to a 1.5% capacity increase in ALBDs and $36 million to higher ticket prices. Onboard and other revenue grew faster, up $183 million or 6.7%, with $104 million from higher onboard spending by guests and $47 million from the added capacity. (Carnival Form 10-Q, Q3 2026, Sep 29, 2026)

By segment, North America brought in $5,543 million and Europe $2,606 million, with $96 million from Cruise Support (port destinations and exclusive islands) and $191 million from Tour and Other, mainly Holland America Princess Alaska Tours. In North America ticket revenue rose on a 2.7% capacity increase ($92 million), partly offset by $40 million of lower ticket prices; in Europe it rose $39 million, with $75 million from higher ticket prices. (Carnival Form 10-Q, Q3 2026, Sep 29, 2026)

Occupancy was 111.8%, against 111.7% a year earlier, on 24.9 million ALBDs and 3.9 million passengers carried. Net yields in constant currency, Carnival's measure of revenue per unit of capacity after certain costs, rose 2.4% to an all-time high, while gross margin yields fell 1.3% because of higher fuel prices. (Carnival Q3 2026 earnings release, Sep 29, 2026)

Carnival's GAAP diluted EPS was $1.40 in Q3 fiscal 2026, against $1.33 a year earlier, and adjusted EPS was $1.43 in both quarters. Adjusted net income of $1,963 million excludes $23 million of debt extinguishment and modification costs, $8 million of restructuring expense and $10 million of other items. Carnival says fuel prices and currency rates had a $0.10 ($131 million) unfavorable net impact. (Carnival Q3 2026 earnings release, Sep 29, 2026)

Fuel cost per metric ton consumed rose to $826 from $607, and fuel expense rose to $615 million from $451 million, while fuel consumption per thousand ALBDs fell to 26.9 metric tons from 28.0. Interest expense, net of capitalized interest, fell to $285 million from $317 million as total debt came down to $23,912 million. (Carnival Q3 2026 earnings release, Sep 29, 2026)

Carnival repurchased $549 million of shares in the quarter and about $1.2 billion so far in 2026, and paid $204 million of dividends ($0.15 per share). Diluted shares were 1,368 million, against 1,402 million a year earlier, when the diluted count included convertible notes. (Carnival Form 10-Q, Q3 2026, Sep 29, 2026; Carnival Q3 2026 earnings release, Sep 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Carnival gives a quarterly and full-year outlook in its release. For Q4 2026 it expects net yields in constant currency up approximately 1.7%, adjusted net income of approximately $274 million and adjusted EPS of approximately $0.20. For the full year it expects net yields up approximately 2.3% in constant currency, adjusted net income of approximately $3,080 million, adjusted EPS of approximately $2.24 and adjusted EBITDA of approximately $7.14 billion. (Carnival Q3 2026 earnings release, Sep 29, 2026)

Carnival says the full-year outlook includes an operational improvement of more than $150 million in adjusted net income against its June guidance, offsetting a $150 million impact from higher fuel prices. For Q4 2026 it gives a sensitivity of $59 million in adjusted net income for each 10% change in fuel cost per metric ton and $49 million for each 1% change in net yields. (Carnival Q3 2026 earnings release, Sep 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Carnival, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Carnival's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CCL is on is CCL a buy or a sell?, what analysts expect next is on the CCL forecast, and what the company does is on the Carnival (CCL) stock page.

Every number on this page can be traced to a document Carnival published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.