CUK · CARNIVAL PLC
Market Cap
$5.94B
Shares
216.12M
No Price Data
No daily price data is available for this stock yet. Data syncs automatically from Yahoo Finance.
Up next
Next earnings call
Sep 24, 2026
Est · unconfirmed
· in 3 wks
FQ4-26 quarter ends
~Nov 30, 2026
Est
filed Mar 27, 2026
AI Brief
Q1 FY26 earnings call · Mar 27, 2026
Q1 FY26
TL;DR. Carnival's Q1 2026 results exceeded guidance with record revenues ($6.2B), net yields, operating income, EBITDA, and customer deposits (~$8B), prompting a ~$150M increase to full-year adjusted net income outlook. The company also introduced its PROPEL plan targeting >16% ROIC, >50% EPS growth, $14B in shareholder distributions, and a $2.5B buyback by 2029.
Bullish
- + Q1 results came in ahead of guidance with record first quarter revenues, net yields, operating income, EBITDA, and customer deposits of nearly $8 billion (~10% above prior year high)
- + Current-year bookings increased 10% year-over-year with nearly 85% of 2026 already on the books at historically high prices
- + Adjusted EPS of $0.20 was up 50% versus prior year and record adjusted EBITDA reached $1.3 billion
- + Net yields (constant currency) rose 2.7%, outperforming guidance by over 1 point, with adjusted cruise costs ex-fuel better than guided
- + Full-year 2026 operational outlook increased by nearly $150M versus December guidance and company remains on track for ~$7B in adjusted EBITDA
- + Introduced PROPEL targets through 2029 including >16% ROIC, >50% EPS growth vs. 2025, ~$14B shareholder distributions, and announced an initial $2.5 billion buyback authorization
Bearish
- − Q1 results included a $54 million ($0.04 adjusted EPS) unfavorable fuel and currency impact versus guidance
- − Company faces a ~$500 million fuel headwind against its ~$7 billion EBITDA outlook
- − Fuel consumption per ALBD decreased 4.7% but the company stated its guidance fuel price assumption was below current spot/forward curve, exposing EPS sensitivity to fuel moves
- − Operations are being conducted against an 'unpredictable macroeconomic and geopolitical backdrop,' including the ongoing Middle East conflict
- − PROPEL targets net debt-to-EBITDA of 2.75x, implying a still-elevated leverage profile relative to historical norms
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Sell
SellHoldBuy
Technical
Limited
Momentum
Limited
Sentiment
Bearish
Fundamentals
Limited
Quant / Vol
Limited
Market backdrop
VIX 14.9 · calm
Equity put/call 0.70
Technical
price trend
Not enough data for a confident read.
Momentum
relative strength
Not enough data for a confident read.
Sentiment
smart money
Trend (MA cross)
No cross
50/200-day averages unavailable
Institutional flow
Distributing
-98% holders QoQ
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
0.62% of float · ▲ +21.1% MoM · 1.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr low
2 holders — near 3-yr low, contrarian setup
Fundamentals
Not enough data for a confident read.
Quant / Vol
risk profile
Not enough data for a confident read.
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the Earnings Call filed May 31, 2026
Earnings per share
· full-year June
$2.22
Normalized yield growth
· full-year June
2.25%
Prior guidance
period ended
· from the 8-K filed Dec 19, 2025
Net yields
· 1Q 2026
1.6%
Adjusted cruise costs excluding fuel per ALBD
· 1Q 2026
5.9%
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted cruise costs excluding fuel per ALBD non-GAAP | $124.22 | Three Months Ended February 28, 2026 | — |
| Adjusted cruise costs excluding fuel per ALBD (constant currency) non-GAAP | 5.3% | First Quarter 2026 | — |
| Adjusted cruise costs per ALBD non-GAAP | $141.01 | Three Months Ended February 28, 2026 | — |
| Adjusted EBITDA non-GAAP | 1.3B | First Quarter 2026 | — |
GAAP → non-GAAP reconciliationGAAP Adjusted net income 275M
+291M Interest expense, net of capitalized interest
-12M Interest income
+17M Income tax expense, net
+696M Depreciation and amortization expense
= Adjusted EBITDA 1.27B
|
|||
| Adjusted EPS non-GAAP | $0.2 | First Quarter 2026 | — |
| Adjusted net income non-GAAP | $275M | Three Months Ended February 28, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income (loss) attributable to Carnival Corporation & plc 258M
+0M (Gains) losses on ship sales and impairments
+0M Debt extinguishment and modification costs
+0M Restructuring expense
+16M Other
= Adjusted net income 275M
|
|||
| Adjusted weighted-average shares outstanding - diluted non-GAAP | 1.39B | Three Months Ended February 28, 2026 | — |
| ALBDs | 23.7M | Three Months Ended February 28, 2026 | — |
| Cruise costs per ALBD | $204.63 | Three Months Ended February 28, 2026 | — |
| Gross margin yields (per ALBD) non-GAAP | $64.63 | Three Months Ended February 28, 2026 | — |
| Net yields (constant currency) non-GAAP | 2.7% | First Quarter 2026 | — |
| Net yields (per ALBD) non-GAAP | $197.44 | Three Months Ended February 28, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Travel Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CUK
this stock
CARNIVAL PLC
|
$5.94B | — | — | — | 0.6% |
|
BKNG
Booking Holdings Inc.
|
$149.59B | — | +13.4% | 22.1 | 2.8% |
|
ABNB
Airbnb, Inc.
|
$110.34B | +35.0% | +10.3% | — | 2.1% |
|
RCL
Royal Caribbean Cruises Ltd
|
$74.73B | +0.2% | +3.3% | 17.3 | 4.0% |
|
EXPE
Expedia Group, Inc.
|
$39.54B | +16.3% | +7.6% | 20.6 | 4.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Filings
Earnings & Events
Key facts
CIK
1125259
CUSIP
14365C103
13F (30d)
13 filings
5 filers
Visit website
Investor relations