Carnival Corp (NYSE:CCL) reported a strong start to 2026 with record first-quarter revenue and raised its full-year outlook, as demand and higher pricing helped offset rising fuel costs.
The cruise operator posted diluted earnings per share of $0.19 and adjusted EPS of $0.20 for the quarter, up 50% from a year earlier. Revenue rose to a record $6.2 billion, driven by strong close-in demand and higher ticket prices.
Net income came in at $258 million, while adjusted net income reached $275 million, exceeding company guidance despite a $54 million hit from fuel prices and currency movements. Adjusted EBITDA hit a quarterly record of $1.3 billion.
CEO Josh Weinstein said the company delivered results above expectations, supported by “healthy fundamentals and solid execution,” allowing it to raise its full-year operational outlook by nearly $150 million.
Carnival said bookings for 2026 are up double digits, with nearly 85% of inventory already sold at historically high prices. Customer deposits reached a record nearly $8 billion in the quarter, underscoring sustained demand extending into 2028 sailings.
The company expects full-year net yields to rise about 2.75% in constant currency, slightly above prior guidance, while adjusted cruise costs excluding fuel are projected to increase about 3.1%, also better than earlier forecasts.
Carnival said improvements in pricing and cost control should drive nearly $150 million in additional adjusted net income versus its December outlook, helping to offset more than $500 million in higher expected fuel costs.
Looking ahead, the company introduced a new long-term strategy, “PROPEL: Powering Growth and Returns, Responsibly,” targeting stronger earnings growth, higher returns and increased shareholder distributions through 2029.
Carnival also announced a $2.5 billion share buyback program. Shares of Carnival slipped around 2.7% after Friday's opening bell.