by Lacey Pfalz
Last updated: 10:20 AM ET, Fri March 27, 2026
Carnival Corporation & plc is reporting a record for first-quarter bookings and financial results, according to its latest financial report—along with the launch of a new corporate growth plan, PROPEL.
"We delivered a strong start to the year, with record first-quarter operating results that exceeded our guidance, driven by healthy fundamentals and solid execution across the business," said Carnival Corporation & plc's CEO, Josh Weinstein. "This performance supported an increase to our full year operational outlook of nearly $150 million, helping to mitigate the impact of higher fuel prices."
"With this strong foundation in place, we are focused on the next chapter of value creation for Carnival," Weinstein continued. "Today, we are introducing PROPEL: Powering Growth and Returns, Responsibly — our new set of long-term targets. At its core, PROPEL is about converting strong demand into higher returns, earnings growth and cash flow while maintaining disciplined capacity growth and a strong balance sheet."
Carnival Corporation & plc is the owner of popular cruise brands like Carnival Cruise Line, Holland America Line, Princess Cruises, Cunard and others.
First-Quarter 2026 Results: A New Record
The first quarter of 2026 saw Carnival Corporation achieve several records in booking totals and financial results, so let's unpack.
The cruise giant reported a record revenue of $6.2 billion during the first quarter of the year, a nearly 10% increase from the first quarter of 2025. It achieved a net income of $258 million, outperforming despite the impact of the war in the Middle East on fuel prices.
The corporation's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) also reached a record of $1.3 billion.
Bookings are also up by double digits, despite cruise pricing rising to historically high levels, demonstrating the strength of the leisure cruise industry's value proposition for travelers and its post-pandemic popularity.
Eighty-five percent of 2026 available cruises are already booked, and customer deposits for future cruises reached nearly $8 billion, surpassing the first quarter of 2025 by almost 10%, showcasing the strength of the wave season.
Cruise costs per available lower berth day increased 4.9%. Adjusted cruise costs excluding fuel per available lower berth day increased 5.3%.
Shareholders took home a diluted earnings per share (EPS) of $0.19 and an adjusted EPS of $0.20, a 50% increase from 2025.
The company approved a $2.5 billion share buyback program.
The Full-Year 2026 Outlook, According to Carnival
Despite Carnival having to adjust to cut rising fuel costs, the cruise giant expects net yields to increase 2.75% for the full year compared to 2025.
Adjusted cruise costs excluding fuel per available lower berth day will be up 3.1 percent this year. Based on current projections, the cruise line expects to pay an additional $500 million in fuel this year.
The cruise corporation expects operational improvement from its December expectations, reaching $150 million in adjusted net income above its prior expectations.
PROPEL: Carnival's New Financial Target
PROPEL, an acronym for Powering Growth and Returns, Responsibly, is Carnival Corporation's new long-term financial and business targets through 2029.
Carnival's SEA Change financial targets were met within nearly half the expected time, leading to the creation of PROPEL, which builds upon the last targets.
Its goals are as follows: to achieve a greater than 16% return on invested capital, grow adjusted EPS over 50% from 2025; distribute over 40% of cash from operations to shareholders (around $14 billion); and achieve at least 25% reduction in greenhouse gas emissions rate compared to 2019 levels.
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