Carnival Reports Record Deposits as 2027 Bookings Hit Highs
Carnival reported $7.6 billion in customer deposits, nearly 7% above its prior third-quarter record, while booked occupancy and pricing for 2027 reached record levels.
Norwegian Cruise Line Holdings shares rose 4.96% to $15.02 during trading on Tuesday, Sept. 29, following Carnival Corporation’s better-than-expected fiscal third-quarter earnings and increased annual profit forecast. Norwegian later finished the session up 3.4%.
No separate Norwegian announcement drove Tuesday’s trading, and the advance appeared to be a response to Carnival’s results. Carnival’s record bookings and pricing helped lift its own shares about 12% intraday, while Royal Caribbean gained roughly 7%.
The gains recovered only part of the cruise companies’ losses this year amid concerns about fuel costs and the broader economy. Norwegian, parent of Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, remained down about one-third in 2026; Carnival was off nearly 20%, and Royal Caribbean was down approximately 8%.
The earnings and bookings behind the rally
For the quarter ended Aug. 31, Carnival generated revenue of $8.435 billion, up 3.5% year over year and above the $8.300 billion consensus estimate. Adjusted earnings reached $1.43 per share, unchanged from a year earlier but ahead of the $1.36 forecast.
Net income reached a company record of $1.9 billion, while adjusted net income totaled $2.0 billion. Net yields in constant currency increased 2.4%, exceeding Carnival’s June forecast by more than a percentage point.
Customer deposits totaled $7.6 billion, nearly 7% above the previous third-quarter record, despite flat capacity over the next 12 months. Both booked occupancy and pricing for 2027 stood at record levels.
“Our booking trends continued to strengthen throughout the quarter, with volumes meaningfully ahead of last year and far outpacing capacity growth,” said Carnival Corporation Chief Executive Officer Josh Weinstein.
Weinstein also said bookings for 2028 were running at higher occupancy and prices than at the comparable point a year earlier. The company’s booking curve had extended further as passengers committed to voyages farther in advance.
Fuel remained a constraint on profitability. Higher fuel prices drove a 4.2% increase in cruise costs per available lower berth day, although fuel consumption on the same basis declined 3.8%. Fuel prices and currency movements together reduced quarterly earnings by $131 million, or 10 cents per share.
Carnival increased its fiscal 2026 adjusted earnings forecast to $2.24 per share from $2.22, compared with a consensus estimate of $2.22. Improvements in yields, non-fuel costs and fuel consumption added more than $150 million to its operational adjusted net income outlook relative to June, overcoming a $150 million impact from higher fuel prices.
The fourth-quarter outlook fell short of expectations. Carnival projected adjusted earnings of 20 cents per share for the period, below the 26-cent consensus estimate. The company also disclosed approximately $1.2 billion in share repurchases completed year to date.
Norwegian follows with its own update
On Wednesday, Norwegian said stronger-than-expected revenue would push its third-quarter results above its previous forecast. Its July guidance had called for adjusted earnings of 90 cents per share and adjusted EBITDA of $874 million.
Norwegian did not disclose revised quarterly figures and reaffirmed its full-year 2026 guidance. Its shares gained nearly 2% in Wednesday’s premarket trading.
Norwegian also expects full-year 2027 net interest expense of $860 million to $880 million.
