Q2 2026 Carnival Corporation Ltd Earnings Call Transcript
Key Points
- Carnival Corporation Ltd (CCL) delivered another record quarter with all-time highs in revenues, yields, EBITDA, net income, and customer deposits.
- The company outperformed its March guidance by $100 million, driven by strong commercial execution and cost efficiency efforts.
- Yields exceeded expectations due to resilient close-in demand and robust onboard spending, marking the 12th consecutive quarter of record yields.
- Carnival Corporation Ltd (CCL) achieved significant fuel efficiency improvements, building on last year's gains.
- The company has a strong booking position for 2027, with volumes and pricing running ahead of last year's levels, indicating confidence in long-term demand.
- The prolonged conflict in the Middle East impacted European deployments, particularly in the Mediterranean region, affecting the company's trajectory.
- Elevated airfares and reduced international flight capacity for North American guests further exacerbated the situation.
- The company had to revise its full-year yield growth guidance due to geopolitical volatility, resulting in a 100-basis-point cut.
- Occupancy expectations for European deployments were adjusted downward, impacting onboard spending profiles.
- Despite strong results, the company acknowledges that near-term disruptions can affect the timing of results, especially when external shocks persist.
Greetings, and welcome to the Carnival Corporation Q2 2026 earnings results. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President of Investor Relations. Thank you, Beth. Please go ahead.
Thank you. Good morning, and welcome to our second-quarter 2026 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our CFO, David Bernstein; and our Chair, Micky Arison.
Before we begin, please note that some of our remarks on this call will be forward looking. Therefore, I will refer you to today's press release and our filings with the SEC for additional information on factors and risks that could cause actual results to differ from our expectations.
We will be referencing certain non-GAAP financial measures, including yields, cruise costs without fuel, EBITDA, net income, and related statistics for all, which are on a net basis or adjusted as
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