Company intelligenceCCL
Carnival
NYSE · Water Transportation
Q3 FY2026Quarter ended Aug 31, 2026Data as of Sep 29, 2026
This quarter's figures come from the company's SEC filing.
Blockhaven company read
Revenue grew 3.5% year over year, slowing from 5.3% in the prior quarter.
Operating margin compressed 154 basis points year over year to 26.3%. Management raised fiscal 2026 adjusted EPS guidance (non-GAAP) to about $2.24 from about $2.22.
Business trendMixedRevenue growth slowed, operating margin narrowed and management raised its outlook; GAAP operating income was roughly steady.
Latest reported quarter
Reported Sep 29, 2026
RevenueGAAP
- Latest
- $8.44 billion
- Year ago
- $8.15 billion
- Change
- +3.5% (Up year over year)
Operating incomeGAAP
- Latest
- $2.22 billion
- Year ago
- $2.27 billion
- Change
- −2.3% (Down year over year)
Net incomeGAAP
- Latest
- $1.92 billion
- Year ago
- $1.85 billion
- Change
- +3.7% (Up year over year)
Diluted EPSGAAP
- Latest
- $1.40
- Year ago
- $1.33
- Change
- +5.3% (Up year over year)
Diluted sharesGAAP
- Latest
- 1.37 billion
- Year ago
- 1.40 billion
- Change
- −2.4% (Down year over year)
Operating cash flowGAAP
- Latest
- $1.41 billion
- Year ago
- $1.38 billion
- Change
- +1.9% (Up year over year)
Derived from year-to-date filings
Capital expendituresGAAP
- Latest
- $698 million
- Year ago
- $647 million
- Change
- +7.9% (Up year over year)
Derived from year-to-date filings
Cash and equivalentsGAAP
- Latest
- $1.22 billion
- Year ago
- $1.76 billion
- Change
- −30.8% (Down year over year)
| Measure | Basis | Latest quarter | Year ago | Change |
|---|---|---|---|---|
| Revenue | GAAP | $8.44 billion | $8.15 billion | +3.5% (Up year over year) |
| Operating income | GAAP | $2.22 billion | $2.27 billion | −2.3% (Down year over year) |
| Net income | GAAP | $1.92 billion | $1.85 billion | +3.7% (Up year over year) |
| Diluted EPS | GAAP | $1.40 | $1.33 | +5.3% (Up year over year) |
| Diluted shares | GAAP | 1.37 billion | 1.40 billion | −2.4% (Down year over year) |
| Operating cash flowDerived from year-to-date filings | GAAP | $1.41 billion | $1.38 billion | +1.9% (Up year over year) |
| Capital expendituresDerived from year-to-date filings | GAAP | $698 million | $647 million | +7.9% (Up year over year) |
| Cash and equivalents | GAAP | $1.22 billion | $1.76 billion | −30.8% (Down year over year) |
Company-defined, non-GAAP measures
Adjusted net incomeNon-GAAP (company-defined)
- Latest
- $1.96 billion
- Year ago
- $1.98 billion
- Change
- −1.0% (Down year over year)
Adjusted EPSNon-GAAP (company-defined)
- Latest
- $1.43
- Year ago
- $1.43
- Change
- 0.0% (Flat year over year)
Adjusted EBITDANon-GAAP (company-defined)
- Latest
- $2.99 billion
- Year ago
- $2.99 billion
- Change
- 0.0% (Flat year over year)
| Measure | Basis | Latest quarter | Year ago | Change |
|---|---|---|---|---|
| Adjusted net income | Non-GAAP (company-defined) | $1.96 billion | $1.98 billion | −1.0% (Down year over year) |
| Adjusted EPS | Non-GAAP (company-defined) | $1.43 | $1.43 | 0.0% (Flat year over year) |
| Adjusted EBITDA | Non-GAAP (company-defined) | $2.99 billion | $2.99 billion | 0.0% (Flat year over year) |
This quarter's figures come from the company's SEC filing. GAAP unless labelled. Non-GAAP and company-defined measures are labelled.
Growth and margins
Revenue growth
+3.5%
Decelerating versus +5.3% in the prior quarter (year over year, GAAP).
Margins (GAAP)
- Operating margin 26.3%Compressed −154 bp vs 27.9% a year ago
- Net margin 22.8%Roughly stable +5 bp vs 22.7% a year ago
Guidance
StatusRaised
| Measure | Period | Guidance | Versus prior release |
|---|---|---|---|
| Adjusted earnings per share - dilutedNon-GAAP | fiscal 2026 | about $2.24 | Raised (prior: about $2.22) |
| Adjusted net incomeNon-GAAP | fiscal 2026 | about $3.08 billion | Raised (prior: about $3.07 billion) |
| Adjusted EBITDANon-GAAP | fiscal 2026 | about $7.14 billion | Raised (prior: about $7.11 billion) |
| Net yields, constant currencyCompany-defined | fiscal 2026 | about 2.3% | Raised (prior: about 1.8%) |
| Adjusted cruise costs excluding fuel per ALBD, constant currencyCompany-defined | fiscal 2026 | about 2.2% | Lowered (prior: about 2.4%) |
| Adjusted earnings per share - dilutedNon-GAAP | Q4 2026 | about $0.20 | No like-for-like prior |
Key measures
Cruise occupancy
111.8%Roughly stable versus 111.7% a year earlier (+0.1 pts)
Company-defined measure
Latest earnings
- Revenue grew 3.5% year over year, slowing from 5.3% in the prior quarter.
- Operating margin compressed 154 basis points year over year to 26.3%.
- Management raised fiscal 2026 adjusted EPS guidance (non-GAAP) to about $2.24 from about $2.22.
Descriptive only: this describes the business from filings and does not claim a beat or miss against expectations, or a cause for any price move.
Sources and dates
Filings and dates
- 8-K earnings releasefiled Sep 29, 2026
- SEC filings (10-Q, 10-K financial data)
- Data as of Sep 29, 2026. Quarter ended Aug 31, 2026.
Data health
Figures cross-checked against SEC filings.
- SEC company recordAvailable
- SEC financial dataAvailable
- SEC filing documentsAvailable
- Earnings releaseAvailable
- Company KPIsAvailable
Descriptive company facts from SEC filings and the issuer's own earnings release. GAAP figures are labelled as such. Not investment advice, a rating or a recommendation. Disclosures