HighGravityData

Carnival

Guidance from Carnival’s last 8 earnings releases. Every value links to its sentence in the filing. See something wrong? Tell us.
Current guidance
85 items
Releases tracked
8
Latest release
Sep 29, 2026
Data checked
Sep 29, 2026
On this page:Latest changes·Current guidance·Your sector group·History

What changed in the Sep 29, 2026 release

Each item compared with the same item in the previous release (Jun 23, 2026). Values in quotation marks are the company’s words.

New — first stated in this releaseRaised / Lowered / Narrowed / Widened — changed from the prior releaseRevised — wording changed, direction not determinableChanged — value changed; the comparison couldn’t be parsed to a directionReiterated — restated unchangedNot restated — stated before, absent nowRaised and lowered describe the number, not whether the change is favorable.
ChangeMetricPeriodPreviousNowSource
NewAdjusted earnings per share - dilutedfor Q4 FY2026—“Approx. $0.20”Filing ↗
RaisedAdjusted earnings per share - dilutedfor FY2026“Approx. $2.22”“Approx. $2.24”Filing ↗
NewAdjusted EBITDA (in billions)for Q4 FY2026—“Approx. $1.30”Filing ↗
RaisedAdjusted EBITDA (in billions)for FY2026“Approx. $7.11”“Approx. $7.14”Filing ↗
NewAdjusted net income (in millions)for Q4 FY2026—“Approx. $274”Filing ↗
RaisedAdjusted net income (in millions)for FY2026“Approx. $3,070”“Approx. $3,080”Filing ↗
NewOperational improvement in adjusted net income (compared to June)for FY2026—“more than $150 million”Filing ↗
NewAdjusted cruise costs excluding fuel per ALBD (Constant Currency)for Q4 FY2026—“Approx. 1.7%”Filing ↗
NewAdjusted cruise costs excluding fuel per ALBD (Current Dollars)for Q4 FY2026—“Approx. 1.9%”Filing ↗
LoweredAdjusted cruise costs excluding fuel per ALBD (Current Dollars)for FY2026“Approx. 3.7%”“Approx. 3.5%”Filing ↗
NarrowedAdjusted cruise costs excluding fuel per ALBD (in constant currency)for FY2026“up approximately 2.4 percent, 1.3 percent after reflecting the timing of certain expenses between the years, partial year operating expenses from two exclusive destinations and over 30 basis points for certain elevated logistics costs as a result of disruption from the Middle East conflict”“up approximately 2.2 percent”Filing ↗
NewAdjusted cruise costs excluding fuel per ALBD (in constant currency), after reflecting timing of certain expenses, partial year operating expenses from two exclusive destinations and certain elevated logistics costsfor FY2026—“up approximately 1.1 percent”Filing ↗
NewAdjusted weighted-average shares outstanding - dilutedfor Q4 FY2026—“1,358”Filing ↗
LoweredAdjusted weighted-average shares outstanding - dilutedfor FY2026“1,384”“1,376”Filing ↗
RaisedCapacity growth compared to prior yearfor Q4 FY2026“(0.3) %”“(0.1) %”Filing ↗
NewDepreciation and amortization expense (in billions)for Q4 FY2026—“$ 0.75”Filing ↗
RaisedDepreciation and amortization expense (in billions)for FY2026“$ 2.91”“$ 2.92”Filing ↗
NewFuel consumption in metric tons (in millions)for Q4 FY2026—“0.7”Filing ↗
NewFuel cost per metric ton consumed (excluding emission allowances)for Q4 FY2026—“$ 896”Filing ↗
RaisedFuel cost per metric ton consumed (excluding emission allowances)for FY2026“$ 713”“$ 768”Filing ↗
NewFuel expense (including emission allowances expense) (in billions)for Q4 FY2026—“$ 0.64”Filing ↗
RaisedFuel expense (including emission allowances expense) (in billions)for FY2026“$ 2.12”“$ 2.25”Filing ↗
NewInterest expense, net of capitalized interest and interest income (in billions)for Q4 FY2026—“$ 0.26”Filing ↗
RaisedInterest expense, net of capitalized interest and interest income (in billions)for FY2026“$ 1.07”“$ 1.08”Filing ↗
LoweredNet yields (Constant Currency)for FY2026“Approx. 1.75%”“Approx. 1.7%”Filing ↗
NewNet yields (Current Dollars)for Q4 FY2026—“Approx. 2.3%”Filing ↗
RaisedNet yields (Current Dollars)for FY2026“Approx. 3.2%”“Approx. 3.8%”Filing ↗
NewNet yields (in constant currency) compared to 2025 record levelsfor Q4 FY2026—“up approximately 1.7 percent”Filing ↗
NewNet yields (in constant currency) compared to record 2025 levelsfor FY2026—“up approximately 2.3 percent”Filing ↗
NewNet yields (in constant currency), after reflecting Arabian Gulf redeployment and loyalty program accounting impactsfor FY2026—“up approximately 2.7 percent”Filing ↗
NewNet yields (in constant currency), after reflecting the impact of loyalty program accounting for Carnival Cruise Linefor Q4 FY2026—“up approximately 2.3 percent”Filing ↗
NewNet yields (in constant currency), after reflecting the impact of the summer 2025 close-in redeploy decision and loyalty program accounting for Carnival Cruise Linefor FY2026—“up approximately 2.7 percent”Filing ↗
NewNewbuild capital expendituresfor Q4 FY2026—“$0.3 billion”Filing ↗
NewNon-newbuild capital expendituresfor Q4 FY2026—“$0.9 billion”Filing ↗
NewWeighted-average shares outstanding - basicfor Q4 FY2026—“1,352”Filing ↗
LoweredWeighted-average shares outstanding - basicfor FY2026“1,385”“1,369”Filing ↗
ReiteratedALBDs (in millions)for FY2026“97.4”“97.4”Filing ↗
ReiteratedCapacity growth compared to prior yearfor FY2026“1.0 %”“1.0 %”Filing ↗
ReiteratedFuel consumption in metric tons (in millions)for FY2026“2.7”“2.7”Filing ↗
Show 22 items not restated in this release
ChangeMetricPeriodPreviousNowSource
Not restatedNewbuild pipelinefor FY2033“eight ships”—Filing ↗
Not restatedPROPEL net debt to adjusted EBITDA targetfor FY2029“2.75x”—Filing ↗
Not restated1% change in adjusted cruise costs excluding fuel per ALBD (impact to adjusted net income (loss) in millions)for FY2026“$114”—Filing ↗
Not restated1% change in currency exchange rates (impact to adjusted net income (loss) in millions)for FY2026“$5”—Filing ↗
Not restated10% change in fuel cost per metric ton (excluding emission allowances) (impact to adjusted net income (loss) in millions)for FY2026“$145”—Filing ↗
Not restated100 basis point change in variable rate debt (impact to adjusted net income (loss) in millions)for FY2026“$42”—Filing ↗
Not restatedAdjusted EBITDAfor FY2026“$7 billion”—Filing ↗
Not restatedAdjusted net income (in billions)for FY2026“Approx. $3.07”—Filing ↗
Not restatedAdjusted net income (loss) (in millions)for FY2026“Approx. $3,450”—Filing ↗
Not restatedEarnings growthfor FY2026“double-digit”—Filing ↗
Not restatedAIDA Cruises newbuild ordersfor FY2030“two newbuilds”—Filing ↗
Not restatedPROPEL greenhouse gas emissions rate reductionfor FY2029“more than 25 percent compared to 2019 levels”—Filing ↗
Not restatedAUD (USD to 1)for FY2026“$0.67”—Filing ↗
Not restatedBrent crude oil price assumptionfor FY2026“$90 per barrel”—Filing ↗
Not restatedBrent crude oil price assumptionfor Q4 FY2026“$80”—Filing ↗
Not restatedCapacity growthfor FY2026“less than one percent capacity growth”—Filing ↗
Not restatedEUR (USD to 1)for FY2026“$1.17”—Filing ↗
Not restatedFuel cost per metric ton consumed (excluding emission allowances) (b)for FY2026“$ 795”—Filing ↗
Not restatedNet yields (constant currency, normalized)for FY2026“up approximately 3.25 percent”—Filing ↗
Not restatedNet yields (in constant currency), after normalizing for impact of summer 2025 close-in decision and loyalty program accountingfor FY2026“up approximately 3.25 percent”—Filing ↗
Not restatedNewbuild capital expendituresfor FY2026“$0.6 billion”—Filing ↗
Not restatedReturn on invested capital (ROIC)for FY2026“exceed 13.5 percent”—Filing ↗

Current guidance

Guidance for periods that have not yet ended, at its most recent value, grouped by horizon.

Current fiscal year
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
1% change in adjusted cruise costs excluding fuel per ALBD (impact to adjusted net income (loss) in millions)“$114”for FY2026Company-definedDec 19, 20251Filing ↗
1% change in currency exchange rates (impact to adjusted net income (loss) in millions)“$5”for FY2026Company-definedDec 19, 20251Filing ↗
1% change in net yields (impact to adjusted net income (loss) in millions)“$204”for FY2026Company-definedDec 19, 20251Filing ↗
10% change in fuel cost per metric ton (excluding emission allowances) (impact to adjusted net income (loss) in millions)“$145”for FY2026Company-definedDec 19, 20251Filing ↗
100 basis point change in variable rate debt (impact to adjusted net income (loss) in millions)“$42”for FY2026Company-definedDec 19, 20251Filing ↗
Adjusted earnings per share - diluted“Approx. $0.20”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Adjusted earnings per share - diluted“Approx. $2.24”for FY2026Company-definedDec 19, 20254Filing ↗
Adjusted EBITDA“$7 billion”for FY2026Company-definedMar 27, 20261Filing ↗
Adjusted EBITDA (in billions)“Approx. $1.30”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Adjusted EBITDA (in billions)“Approx. $7.14”for FY2026Company-definedDec 19, 20254Filing ↗
Adjusted net income“$3.5 billion”for FY2026Company-definedDec 19, 20251Filing ↗
Adjusted net income (in billions)“Approx. $3.07”for FY2026Company-definedJun 23, 20261Filing ↗
Adjusted net income (in millions)“Approx. $274”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Adjusted net income (in millions)“Approx. $3,080”for FY2026Company-definedMar 27, 20262Filing ↗
Adjusted net income (loss) (in millions)“Approx. $3,450”for FY2026Company-definedDec 19, 20251Filing ↗
Adjusted net income operational improvement vs. December“nearly $150 million”for FY2026Company-definedMar 27, 20261Filing ↗
Earnings growth“double-digit”for FY2026Company-definedDec 19, 20251Filing ↗
Fuel price impact on adjusted net income“more than $500 million”for FY2026Company-definedMar 27, 20261Filing ↗
Operational improvement in adjusted net income (compared to June)“more than $150 million”for FY2026Company-definedSep 29, 20261Filing ↗
Adjusted cruise costs excluding fuel per ALBD (Constant Currency)“Approx. 1.7%”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Adjusted cruise costs excluding fuel per ALBD (Constant Currency)“Approx. 2.4%”for FY2026Company-definedDec 19, 20253Filing ↗
Adjusted cruise costs excluding fuel per ALBD (Current Dollars)“Approx. 1.9%”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Adjusted cruise costs excluding fuel per ALBD (Current Dollars)“Approx. 3.5%”for FY2026Company-definedDec 19, 20254Filing ↗
Adjusted cruise costs excluding fuel per ALBD (in constant currency, normalized)“up approximately 2.5 percent”for FY2026Company-definedDec 19, 20251Filing ↗
Adjusted cruise costs excluding fuel per ALBD (in constant currency)“up approximately 2.2 percent”for FY2026Company-definedDec 19, 20254Filing ↗
Adjusted cruise costs excluding fuel per ALBD (in constant currency), after normalizing“up approximately 2.3 percent”for FY2026Company-definedMar 27, 20261Filing ↗
Adjusted cruise costs excluding fuel per ALBD (in constant currency), after reflecting timing of certain expenses, partial year operating expenses from two exclusive destinations and certain elevated logistics costs“up approximately 1.1 percent”for FY2026Company-definedSep 29, 20261Filing ↗
Adjusted weighted-average shares outstanding - diluted“1,358”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Adjusted weighted-average shares outstanding - diluted“1,376”for FY2026Company-definedDec 19, 20253Filing ↗
ALBDs (in millions)“97.4”for FY2026Company-definedDec 19, 20252Filing ↗
ALBDs (in millions) (a)“24.9”for FY2026Company-definedMar 27, 20262Filing ↗
AUD“$ 0.71”for FY2026Company-definedMar 27, 20262Filing ↗
AUD (USD to 1)“$0.67”for FY2026Company-definedDec 19, 20251Filing ↗
Brent crude oil price assumption“$90 per barrel”for FY2026Company-definedMar 27, 20261Filing ↗
Brent crude oil price assumption“$80”for Q4 FY2026Company-definedMar 27, 20261Filing ↗
CAD“$ 0.71”for FY2026Company-definedMar 27, 20262Filing ↗
CAD (USD to 1)“$0.73”for FY2026Company-definedDec 19, 20251Filing ↗
Capacity growth“less than one percent capacity growth”for FY2026Company-definedDec 19, 20251Filing ↗
Capacity growth compared to prior year“(0.1) %”for Q4 FY2026Company-definedDec 19, 20252Filing ↗
Capacity growth compared to prior year“1.0 %”for FY2026Company-definedDec 19, 20254Filing ↗
Depreciation and amortization expense (in billions)“$ 0.75”for Q4 FY2026GAAP-tiedSep 29, 20261Filing ↗
Depreciation and amortization expense (in billions)“$ 2.92”for FY2026GAAP-tiedDec 19, 20254Filing ↗
EUR“$ 1.16”for FY2026Company-definedMar 27, 20262Filing ↗
EUR (USD to 1)“$1.17”for FY2026Company-definedDec 19, 20251Filing ↗
Fuel consumption in metric tons (in millions)“0.7”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Fuel consumption in metric tons (in millions)“2.7”for FY2026Company-definedDec 19, 20254Filing ↗
Fuel cost per metric ton consumed (excluding emission allowances)“$ 896”for Q4 FY2026GAAP-tiedSep 29, 20261Filing ↗
Fuel cost per metric ton consumed (excluding emission allowances)“$ 768”for FY2026GAAP-tiedDec 19, 20253Filing ↗
Fuel cost per metric ton consumed (excluding emission allowances) (b)“$ 795”for FY2026GAAP-tiedMar 27, 20261Filing ↗
Fuel expense (including emission allowances expense) (in billions)“$ 0.64”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Fuel expense (including emission allowances expense) (in billions)“$ 2.25”for FY2026Company-definedDec 19, 20254Filing ↗
GBP“$ 1.34”for FY2026Company-definedMar 27, 20262Filing ↗
GBP (USD to 1)“$1.34”for FY2026Company-definedDec 19, 20251Filing ↗
GHG emission intensity goal“more than a 20 percent reduction by the end of 2026 compared to 2019”for FY2026Company-definedDec 20, 20241Filing ↗
Interest expense, net of capitalized interest and interest income (in billions)“$ 0.26”for Q4 FY2026GAAP-tiedSep 29, 20261Filing ↗
Interest expense, net of capitalized interest and interest income (in billions)“$ 1.08”for FY2026GAAP-tiedDec 19, 20254Filing ↗
Net yields“up approximately 3.2 percent compared to record 2025 levels”for FY2026Company-definedJun 23, 20261Filing ↗
Net yields (constant currency, normalized)“up approximately 3.25 percent”for FY2026Company-definedMar 27, 20261Filing ↗
Net yields (Constant Currency)“Approx. 1.7%”for FY2026Company-definedDec 19, 20254Filing ↗
Net yields (Current Dollars)“Approx. 2.3%”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Net yields (Current Dollars)“Approx. 3.8%”for FY2026Company-definedDec 19, 20254Filing ↗
Net yields (in constant currency, normalized)“up approximately 3.0 percent”for FY2026Company-definedDec 19, 20251Filing ↗
Net yields (in constant currency)“up approximately 1.75 percent, 2.25 percent after reflecting the impact of the summer 2025 close-in decision to redeploy away from the previously planned first quarter 2026 Arabian Gulf voyages and the impacts of loyalty program accounting for Carnival Cruise Line”for FY2026Company-definedDec 19, 20253Filing ↗
Net yields (in constant currency) compared to 2025 record levels“up approximately 1.7 percent”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Net yields (in constant currency) compared to record 2025 levels“up approximately 2.3 percent”for FY2026Company-definedSep 29, 20261Filing ↗
Net yields (in constant currency), after normalizing for impact of summer 2025 close-in decision and loyalty program accounting“up approximately 3.25 percent”for FY2026Company-definedMar 27, 20261Filing ↗
Net yields (in constant currency), after reflecting Arabian Gulf redeployment and loyalty program accounting impacts“up approximately 2.7 percent”for FY2026Company-definedSep 29, 20261Filing ↗
Net yields (in constant currency), after reflecting the impact of loyalty program accounting for Carnival Cruise Line“up approximately 2.3 percent”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Net yields (in constant currency), after reflecting the impact of the summer 2025 close-in redeploy decision and loyalty program accounting for Carnival Cruise Line“up approximately 2.7 percent”for FY2026Company-definedSep 29, 20261Filing ↗
Newbuild capital expenditures“$0.3 billion”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Newbuild capital expenditures“$0.6 billion”for FY2026Company-definedDec 19, 20253Filing ↗
Non-newbuild capital expenditures“$0.9 billion”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Non-newbuild capital expenditures“$1.3 billion”for FY2026Company-definedDec 19, 20253Filing ↗
Return on invested capital (ROIC)“exceed 13.5 percent”for FY2026Company-definedDec 19, 20251Filing ↗
Total dividend distributions“more than $800 million”for FY2026Declared actionMar 27, 20261Filing ↗
Weighted-average shares outstanding - basic“1,352”for Q4 FY2026Company-definedSep 29, 20261Filing ↗
Weighted-average shares outstanding - basic“1,369”for FY2026Company-definedDec 19, 20253Filing ↗
Next year and medium term
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Newbuild pipeline“eight ships”for FY2033Company-definedJun 24, 20251Filing ↗
PROPEL adjusted EPS growth target“More than 50 percent adjusted EPS growth from 2025”for FY2029Company-definedMar 27, 20261Filing ↗
PROPEL net debt to adjusted EBITDA target“2.75x”for FY2029Company-definedMar 27, 20261Filing ↗
AIDA Cruises newbuild orders“two newbuilds”for FY2030Company-definedJun 24, 20251Filing ↗
Food waste reduction goal“reduce food waste by 50 percent”for FY2030Company-definedDec 20, 20241Filing ↗
PROPEL cash from operations distributed to shareholders“More than 40 percent of cash from operations distributed to shareholders (approximately $14 billion)”for FY2029GAAP-tiedMar 27, 20261Filing ↗
PROPEL greenhouse gas emissions rate reduction“more than 25 percent compared to 2019 levels”for FY2029Company-definedMar 27, 20261Filing ↗
PROPEL return on invested capital target“Greater than 16 percent”for FY2029Company-definedMar 27, 20261Filing ↗
Shareholder returns roadmap“approximately $14 billion”for FY2029Company-definedMar 27, 20261Filing ↗
No period stated
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Share buyback program“initial $2.5 billion”—Declared actionMar 27, 20261Filing ↗

How one item moved

Adjusted earnings per share - diluted, for FY2026 — every statement across the year, each linked to its filing.

Dec 19, 2025
New
“Approx. $2.48”
Mar 27, 2026
Lowered
“Approx. $2.21”
Jun 23, 2026
Raised
“Approx. $2.22”
Sep 29, 2026
Raised
“Approx. $2.24”

How your Online travel & lodging sector group guides

12 companies in Online travel & lodging. What they guide on, and who reported this season.

Most-guided metric families
Adjusted EBITDA
11
Revenue
9
Dividends
8
Buybacks
8
Adjusted EPS
6
Capex
6
GAAP EPS
5
Tax rate
4
This season’s releases
CarnivalSep 29, 202636 changes
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Booking HoldingsAug 4, 20267 changes
Marriott InternationalAug 3, 202615 changes
Hyatt HotelsJul 30, 20266 changes
Norwegian Cruise Line HoldingsJul 30, 202645 changes
Get this for your own peer set — Peer Guidance Briefing, $3,000.

Full history

Every metric, every release, eight quarters — the complete record as one table.

MetricFY2033FY2030FY2029FY2026FY2025No period
1% change in adjusted cruise costs excluding fuel per ALBD (impact to adjusted net income (loss) in millions)———1 statement4 statements—
1% change in currency exchange rates (impact to adjusted net income (loss) in millions)———1 statement4 statements—
1% change in net yields (impact to adjusted net income (loss) in millions)———1 statement4 statements—
10% change in fuel cost per metric ton (excluding emission allowances) (impact to adjusted net income (loss) in millions)———1 statement4 statements—
100 basis point change in variable rate debt (impact to adjusted net income (loss) in millions)———1 statement4 statements—
The full record for Carnival and its Online travel & lodging peers, delivered as a Peer Guidance Briefing — PDF and Excel, every value linked to its filing.

Filings

The 8 earnings releases this page is built from.

FiledFiscal periodAccessionGuidance items
Sep 29, 2026FY2026 Q30000815097-26-00010439Open filing ↗
Jun 23, 2026FY2026 Q20000815097-26-00008640Open filing ↗
Mar 27, 2026FY2026 Q10000815097-26-00003456Open filing ↗
Dec 19, 2025FY2025 Q40001628280-25-05810658Open filing ↗
Sep 29, 2025FY2025 Q30000815097-25-00008233Open filing ↗
Jun 24, 2025FY2025 Q20000815097-25-00004736Open filing ↗
Mar 21, 2025FY2025 Q10000815097-25-00001935Open filing ↗
Dec 20, 2024FY2024 Q40000815097-24-00007836Open filing ↗

Not located in filing

2 values were detected in these releases but could not be matched to an exact sentence in the filing body, so they are not shown as guidance. We surface the count rather than drop it silently.

Show the 2 unmatched spans
SpanWhyFiled
full year 2026 adjusted net income = operational improvement of nearly $150 million compared to December guidancespan gate: value not verbatim in filingMar 27, 2026
Net yields (in constant currency) = up approximately 3.0 percent after normalizing for the accounting treatment for Carnival Cruise Line's new loyalty program and the impact of the close-in redeployment of first quarter voyages from the Arabian Gulfspan gate: value not verbatim in filingDec 19, 2025
Values in quotation marks are the company’s words; the classification and filing links are HighGravityData’s. HighGravityData does not score or rank companies or give investment advice.
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