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BLOCKHAVEN

CCL · Carnival

Note type: Business trajectory.

Carnival: growth slows, margins narrow and outlook raised in Q3 FY2026

Blockhaven's read of Carnival's Q3 FY2026: revenue of $8.44 billion (+3.5% year over year), and how growth, margins and profit moved against the prior quarter.

Published
Oct 20, 2026
Event
Sep 29, 2026
Data as of
Sep 29, 2026

Published becauseBlockhaven's first note on Q3 FY2026, whose results were filed Sep 29, 2026: the latest reported quarter showed a weaker trajectory.

Why now

Carnival's Q3 FY2026 ended Aug 31, 2026. Revenue grew 3.5%, slower than the prior quarter's 5.3%, and operating margin narrowed to 26.3% from 27.9%; management nonetheless raised its fiscal 2026 adjusted EPS estimate to about $2.24 from about $2.22.

Latest reported quarter

Quarter figures were not preserved with this older note and are unavailable.

What changed

  • Management guided fiscal 2026 adjusted EPS to about $2.24, raised from about $2.22 in the previous release.
  • Revenue was $8.44 billion, up 3.5% from a year earlier. Year-over-year growth slowed from 5.3% in the prior quarter to 3.5%.
  • Operating margin narrowed 154 basis points year over year to 26.3%, from 27.9% (GAAP).
  • Diluted EPS was $1.40 (GAAP), up 5.3% from a year earlier. Net income was $1.92 billion (+3.7% year over year).

Key facts

Revenue
$8.44 billion GAAP
Revenue, year over year
+3.5% derived
Operating margin
26.3% derived
Diluted EPS
$1.40 GAAP
Net income
$1.92 billion GAAP
Fiscal 2026 adjusted EPS guidance
~$2.24 non-GAAP
Cruise occupancy
111.8% company-defined

Why it matters

Growth slowed from 5.3% to 3.5%: revenue is still rising, but at a slower rate than one quarter earlier.

Fuel expense rose to $615 million from $451 million, more than the $51 million drop in operating income.

The release attributes the raised outlook to more than $150 million of operational improvement in adjusted net income against June guidance, despite a spike in fuel prices.

What to watch

  • Whether adjusted EPS for fiscal 2026 stays near $2.24 at the company's next report.
  • Whether year-over-year revenue growth, 3.5% this quarter, holds, widens or narrows at the next report.
  • Whether the operating margin change of 154 basis points persists next quarter.

Data and sources

Figures come from the company's SEC filings and its own 8-K earnings release, filed Sep 29, 2026. GAAP figures are labelled as such. Blockhaven used no outside forecasts, so no figure here is measured against market expectations.

Descriptive company facts. Not investment advice, a rating or a recommendation.