- Carnival (CCL) Press Release: Q4 Non-GAAP EPS of $0.34 beats by $0.09.
- Revenue of $6.33B (+6.6% Y/Y) misses by $40M.
- Record customer deposits of $7.2 billion surpassed the previous fourth quarter record at November 30, 2024.
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For the full year 2026, the company expects:
- Adjusted net income up approximately 12 percent compared to record 2025 on less than one percent capacity growth.
- Net yields (in constant currency) up approximately 2.5 percent compared to record 2025 levels. Net yields (in constant currency) up approximately 3.0 percent after normalizing for the accounting treatment for Carnival Cruise Line’s new loyalty program and the impact of the close-in redeployment of first quarter voyages from the Arabian Gulf.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.25 percent compared to 2025. Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.5 percent after normalizing for the partial year of operating expenses from Celebration Key, Grand Bahama and RelaxAway, Half Moon Cay and the timing of certain expenses between the years.
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For the first quarter 2026, the company expects:
- Net yields (in constant currency) up approximately 1.6 percent compared to record 2025 levels, building on the 7.3 percent increase in 2025 compared to 2024. Net yields (in constant currency) up approximately 2.4 percent after normalizing for the impact of the close-in redeployment of voyages from the Arabian Gulf.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 5.9 percent compared to the first quarter 2025 and higher than the full year due to the timing of certain expenses between the quarters.
Carnival Non-GAAP EPS of $0.34 beats by $0.09, revenue of $6.33B misses by $40M
