Carnival Corporation & plc (NYSE: CCL) shares rose 13% on Tuesday to about $24.96 after the cruise operator reported stronger-than-expected third-quarter results. It was the stock’s largest single-day gain since April.

For the quarter ended August 31, Carnival reported adjusted earnings per share of $1.43, exceeding Wall Street’s $1.35 estimate. Revenue reached a company record of $8.44 billion, compared with analysts’ expectations of $8.39 billion.

The company also reported adjusted EBITDA of $3.0 billion — earnings before interest, taxes, depreciation and amortization — versus an estimate of $2.93 billion, and adjusted net income of $2.0 billion, compared with an expected $1.86 billion. Adjusted earnings per share and adjusted EBITDA were flat year over year.

CARNIVAL $CCL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $8.4B (Est. $8.3B) 🟢 🔹 Adj. EPS: $1.43 (Est. $1.36) 🟢; flat YoY 🔹 Adj. EBITDA: $3.0B (Est. $2.93B) 🟢; flat YoY🔹 Adj. Net Income: $2.0B (Est. $1.86B) 🟢 FY26 Guide: 🔹 Adj. Net Income: ~$3.1B (Est. $3.05B) 🟢 🔹 Adj.… pic.twitter.com/SpKqAbUzg0 — Wall St Engine (@wallstengine) September 29, 2026

Carnival raised its full-year adjusted net income outlook by more than $150 million from the guidance issued in June. The increase came despite an additional $150 million in fuel costs expected for the year, which the company said was offset by cost discipline.

Record Yields and Bookings

Net yields — the cruise industry’s core gauge of pricing power, calculated per available lower berth day, the sector’s standard unit of capacity — increased 2% year over year in constant currency, a measure that strips out exchange-rate swings. That was a company record and more than one percentage point above the June guidance. Adjusted cruise costs excluding fuel, measured per available lower berth day, also rose 2% in constant currency, one percentage point better than the company had previously projected.

Chief Executive Officer Josh Weinstein said the quarter produced “top and bottom line records,” citing accelerating demand and stronger cost control.

Customer deposits reached a third-quarter record of $7.6 billion, up 7% from the same period last year despite flat capacity. The metric — cash passengers have already paid toward future sailings — is closely watched because it reflects demand that is already on the books. Carnival said booked occupancy and pricing for the full year 2027 had already reached record levels, extending that forward visibility into next year.

Balance Sheet and Guidance

Chief Financial Officer David Bernstein said Carnival used cash on hand to redeem $500 million of notes with a 7% coupon, eliminating about $35 million in annual interest payments. S&P upgraded Carnival’s credit rating during the quarter, making it the second ratings agency to assign the cruise operator investment-grade status, a designation that generally expands a borrower’s access to capital markets and lowers financing costs.

For the fourth quarter, Carnival expects net yields in constant currency to increase about 2% from 2025. For full-year 2026, the company projects adjusted earnings per share of approximately $2.24 and adjusted EBITDA of about $7.14 billion — the reference points against which the next quarterly report will be measured.

Other cruise stocks also advanced on Tuesday. Royal Caribbean (RCL) rose 7%, Norwegian Cruise Line (NCLH) gained 5%, and Viking Holdings (VIK) was little changed.

Despite Tuesday’s increase, Carnival shares remained down 21% for the year through Monday’s close. The one-day jump narrowed, but did not erase, the stock’s losses for the year.

Source: CoinCentral