Carnival Corporation reported second-quarter 2026 net income of $537 million, while adjusted net income rose to a record $569 million, more than 20% above the prior year.
Revenue also hit a record $6.7 billion for the quarter. Adjusted earnings per share came in at $0.41, up more than 15% from a year earlier, and diluted EPS was $0.39.
The company said adjusted EBITDA reached a record $1.6 billion. Record net yields, measured in constant currency, increased 2.2%, even as gross margin yields fell 3.9% because of higher fuel costs. Cruise costs per available lower berth day rose 6.0%, but adjusted cruise costs excluding fuel were in line with last year in constant currency.
Fuel consumption per ALBD improved 5.6%, helping offset a nearly 30% jump in fuel prices.
Customer deposits climbed to an all-time high of $9.0 billion, up more than $450 million from the prior-year record. Carnival said it was 93% booked for the year, with less inventory remaining for sale than at the same point last year.
For the second half of 2026, Carnival said its booked position is ahead of last year at historically high prices. It also said booking volumes and prices for 2027 sailings are running ahead of prior-year levels, with a substantial increase in bookings for European deployments.
On capital returns, the company said it has repurchased more than $450 million of stock to date under its current buyback program. It also distributed $207 million in dividends during the quarter, bringing year-to-date dividends to $414 million.
Carnival ended the quarter with net debt to adjusted EBITDA at 3.1x, more than half a point better than a year ago.
For full-year 2026, Carnival projected net yields up about 3.2% versus 2025, or 1.75% in constant currency, and adjusted cruise costs excluding fuel per ALBD up about 3.7%, or 2.4% in constant currency. Today the company's shares have moved -6.31% to a price of $28.285. For more information, read the company's full 8-K submission here.
