Overview

• Global cruise operator's Q2 revenue hit record but slightly missed analyst expectations

• Adjusted EPS and adjusted net income for Q2 beat analyst expectations

• Company repurchased over $450 mln in stock during the quarter

Outlook

• Carnival expects full-year 2026 net yields up about 3.2% versus 2025

• Company sees full-year 2026 adjusted EPS at about $2.22

• Carnival says demand for 2027 and beyond remains strong, with bookings ahead of prior year

Result Drivers

• STRONG DEMAND - Record net yields and all-time high customer deposits reflected continued demand for cruises, according to CEO Josh Weinstein

• COST EFFICIENCY - Cost discipline and efficiency measures helped offset nearly 30% higher fuel costs, per CEO Josh Weinstein

• BOOKINGS MOMENTUM - Booked position for the remainder of 2026 is ahead of prior year at historically high prices

Company press release: ID:nPn23h0vFa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Slight Miss*	$6.66 bln	$6.69 bln (17 Analysts)
Q2 Adjusted EPS	Beat	$0.41	$0.35 (19 Analysts)
Q2 Adjusted Net Income	Beat	$569 mln	$481.22 mln (16 Analysts)
Q2 Net Income		$539 mln
Q2 Adjusted EBITDA	Beat	$1.60 bln	$1.48 bln (17 Analysts)
Q2 Operating Profit	Beat	$851 mln	$791.19 mln (17 Analysts)
Q2 Pretax Profit		$555 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the hotels, motels & cruise lines peer group is "buy"

• Wall Street's median 12-month price target for Carnival Corporation Ltd is $35.10, about 16.3% above its June 22 closing price of $30.19

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

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