CCL — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop · AI-drafted from the SEC filing
Carnival's fiscal Q2 (Mar–May 2026) revenue rose 5.3% to a record $6.66B and adjusted EPS rose 17%, but GAAP net income fell 5% to $537M against last year's $103M ship-sale gain and a 29% jump in fuel prices.
- Revenue
- $6.7B
- +5.3% YoY
- Net income
- $537M
- -5.0% YoY
- Diluted EPS
- $0.39
- -7.1% YoY
- Operating margin
- 12.8%
Overview
Carnival Corporation's fiscal second quarter of 2026 covers March 1 – May 31, 2026 (its fiscal year ends November 30). Revenue reached a second-quarter record of $6.66 billion, up 5.3%, and the company's preferred profit measure, adjusted net income, rose 21% to $569 million. Reported (GAAP) net income, however, fell 5.0% to $537 million and diluted EPS dropped from $0.42 to $0.39.
The two numbers point in opposite directions for two specific reasons: last year's quarter included a one-off gain of about $103 million from selling two ships, which did not repeat, and fuel cost per metric ton rose 29% ($793 vs. $614). Strip out the ship-sale gain and operating profit was up slightly; the fuel bill is the main thing that held it back.
This is also the first quarter reported under a new corporate shell: in May 2026 Carnival completed the unification of its dual-listed structure (Carnival Corporation in the US plus Carnival plc in the UK) into a single company, Carnival Corporation Ltd., now listed only on the NYSE and legally based in Bermuda. Carnival plc shareholders received new shares one-for-one.
Key figures
| Metric | Q2 FY2026 | Q2 FY2025 | YoY Change |
|---|---|---|---|
| Total revenues | $6,663M | $6,328M | +5.3% |
| Operating income | $851M | $934M | -8.9% |
| Operating margin | 12.8% | 14.8% |
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