CCL earnings analysis
What we found in CCL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Carnival Corporation reported strong Q2 2026 results with revenues of $6.66 billion and EPS of $0.41, exceeding expectations despite a slight revenue miss against estimates. The North America and Europe segments showed robust growth, particularly in passenger ticket revenues and onboard spending, although overall operating income took a hit due to increased expenses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue reached $6.66 billion, up from $6.33 billion in Q2 2025.
- Improved EPS
- Diluted EPS was $0.41, compared to $0.42 in Q2 2025, exceeding the estimate of $0.34.
- Strong Segment Performance
- North America segment revenue increased by 2.9% to $2.7 billion, while Europe segment revenue rose 6.0% to $1.6 billion.
- Increase in Onboard Revenues
- Onboard and other revenues increased by 7.4% to $2.4 billion, driven by higher guest spending.
- Significant Operating Cash Flow
- Operating cash flow improved to $3.9 billion, an increase of $575 million year-over-year.
- Reduced Interest Expense
- Interest expense decreased by 16% to $285 million due to lower debt levels.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Fuel Costs
- Operating expenses rose by 8.7% to $4.2 billion, driven partly by higher fuel prices, which increased by $121 million.
- Geopolitical Tensions
- Heightened military actions and conflicts in the Middle East led to increased payroll expenses by $30 million.
- Customer Occupancy Decrease
- North America segment experienced a 1.1 percentage point decline in occupancy, impacting revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.41
- Gross margin
- 53.7%
- Operating margin
- 14.8%
- Segment
- North America
- Segment
- Europe
What they said about what is next.
Management anticipates net yields for the full year 2026 to rise by approximately 3.2% compared to 2025.
The filing reads better than the one before it.
What came before.
- 10-Q · March 27, 2026
- Carnival reported Q1 revenue of $6,165 million, up from $5,810 million a year earlier, with operating income rising to $607 million and diluted EPS of $0.19. Operating cash flow strengthened to $1,263 million and free…
- 10-K · January 27, 2026
- Carnival’s 10-K emphasizes a return-to-strength: passenger volumes rose to 13,627 thousand in 2025 (from 13,509 thousand in 2024) and onboard/other revenues comprised 34% of cruise revenues in 2025. The company…
- 10-Q · June 26, 2025
- Carnival reported a strong quarter with revenue of $6,328 million and diluted EPS of $0.42 for the three months ended May 31, 2025, materially higher than the prior-year quarter. Operating income improved to $934…
- 10-Q · March 25, 2025
- Carnival reported quarterly revenue of $5,810 million, up $404 million year-over-year, with operating income rising to $543 million from $276 million a year ago. Net loss narrowed to $78 million (diluted EPS $(0.06))…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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