Carnival Corporation

Carnival reported Q2 2026 revenue growth of 4-5% YoY; operating income declined as fuel and crew costs offset higher pricing and occupancy.

Carnival delivered consolidated revenue growth of 4.5% in the six-month period ending May 31, 2026, to $12.8 billion, driven by higher ticket prices, favorable foreign currency translation, and 7.8% growth in onboard spending. However, consolidated operating income was essentially flat at $1.5 billion, pressured by $170 million in net unfavorable foreign currency translation on expenses, $103 million in nonrecurrence of 2025 ship sales, and $65 million in higher fuel costs. Operating margin compression was offset partially by a $141 million reduction in interest expense due to debt paydown and lower average rates. The company maintained 104% occupancy while expanding capacity 1.2%, signaling sustained demand but with labor cost headwinds—particularly $38 million in elevated crew travel costs attributable to Middle East conflict routing.

Carnival Corporation & plc is the largest global cruise company, operating eight world-class cruise line brands serving more than 13.5 million guests annually across contemporary, premium and luxury segments. The company operates 94 ships with 272,380 passenger capacity, complemented by a portfolio of owned and operated port destinations and exclusive islands. Revenue is generated through passenger ticket sales and onboard spending across North American and European brand segments.

Primary products

• Passenger cruise vacations (contemporary)
• Passenger cruise vacations (premium)
• Passenger cruise vacations (luxury/ultra-luxury)
• Onboard beverage packages
• Internet and communication services
• Casino gaming

“Based on 2025 Cruise Industry News statistics, as of December 31, 2025, we, along with our principal cruise competitors Royal Caribbean Group, Norwegian Cruise Line Holdings, Ltd. and MSC Cruises, represented approximately 80% of the cruise industry capacity.” Competitive position, as stated in the filing