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Carnival (CCL) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 29, 2026 · Carnival (CCL) Q3 FY26 earnings results →

Q3 FY26 Revenue up 4% year over year to $8.4B · 23¢ of every $1 of revenue kept as net profit · operating margin 26.3%

Carnival made $8.4B in Q3 FY26 (+4% Y/Y): North America Segment $5.5B, Europe Segment $2.6B, Tour and Other $191M. Operating margin 26.3%, net earnings $1.9B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 29, 2026.

Revenue$8.4B
Year over year+4%
Operating margin26.3%
Net earnings$1.9B
Operating cash flow$1.4B

Drawing the Sankey…

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Carnival Q3 FY26 revenue breakdown: Sankey diagram of revenue (North America Segment, Europe Segment, Tour and Other, Cruise Support), costs, profit and cash flow
Carnival Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $8.4B in Q3 FY26, up 3% year over year and up 27% from the previous quarter. North America Segment was the largest line at 66% of revenue. North America Segment added $0.20B year over year (up 4%), 69% of the total change.

Operating profit was $2.2B, a 26.3% margin (down 1.5 points year over year). Operating profit fell $0.05B even though revenue rose $0.28B versus Q3 FY25, so costs grew faster than sales. Total costs grew 6% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+649%). Net earnings were $1.9B, up 4% year over year. The effective tax rate was 0.8%.

Operating cash flow was $1.4B (up 2% year over year), 73% of net earnings. Non-cash charges added back $0.75B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $1.3B. Capital expenditures of $0.70B left free cash flow of $0.71B.

Quarterly history

Carnival revenue by quarterCarnival revenue by quarter$5.9BQ4 FY24$6.3BQ2 FY25$8.2BQ3 FY25$6.3BQ4 FY25$6.2BQ1 FY26$6.7BQ2 FY26$8.4BQ3 FY26
Carnival net earnings by quarterCarnival net earnings by quarter$303MQ4 FY24$568MQ2 FY25$1.9BQ3 FY25$422MQ4 FY25$263MQ1 FY26$539MQ2 FY26$1.9BQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 29, 2026$8.4B+4%26.3%$1.9B$1.4B
Q2 FY2610-QJun 26, 2026$6.7B+5%12.8%$539M$2.6B
Q1 FY2610-QMar 27, 2026$6.2B+6%9.8%$263M$1.3B
Q4 FY2510-KJan 27, 2026$6.3B+7%11.6%$422M$1.5B
Q3 FY2510-QSep 29, 2025$8.2B+3%27.9%$1.9B$1.4B
Q2 FY2510-QJun 26, 2025$6.3B+10%14.8%$568M$2.4B
Q4 FY2410-KJan 27, 2025$5.9B+10%9.4%$303M$911M

Charts

Carnival: revenue growth, year over year and quarter over quarterCarnival: revenue growth, year over year and quarter over quarterY/YQ/Q+10%Q4 FY24+10%+7%Q2 FY25+3%+29%Q3 FY25+7%-22%Q4 FY25+6%-3%Q1 FY26+5%+8%Q2 FY26+4%+27%Q3 FY26
Latest (Q3 FY26): Y/Y +4%, Q/Q +27%.
Carnival: where the cash came from (+) and went (−), TTM to Q3 FY26Carnival: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$6.8BOther financing−$3.7BCapital spending−$3.6BCash drawn (+) / kept (−)$551MOther investing−$58.0MExchange rates−$16.0MAsset & business sales$14.0MNot reconciled−$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Carnival: profit against cash, quarter by quarterCarnival: profit against cash, quarter by quarterNet incomeOperating cash flow$303M$911MQ4 FY24−$78.0M$925MQ1 FY25$565M$2.4BQ2 FY25$1.9B$1.4BQ3 FY25$422M$1.5BQ4 FY25$258M$1.3BQ1 FY26$537M$2.6BQ2 FY26$1.9B$1.4BQ3 FY26
Latest (Q3 FY26): Net income $1.9B, Operating cash flow $1.4B.
Carnival: diluted shares by fiscal yearCarnival: diluted shares by fiscal year775MFY201.12BFY211.18BFY221.26BFY231.40BFY241.40BFY25
+80.9% since FY20: more shares outstanding (issuance, stock pay).
Carnival: long-term debt falling due (FY25)Carnival: long-term debt falling due (FY25)$2.6B2026$2.5B2027$4.0B2028$4.1B2029$2.9B2030$11.3BLater
Cash $1.9B, short-term investments —, long-term debt $27.4B at 2025-11-30.
Carnival in its industry: growth against margin (9 companies, SIC 4400)Carnival in its industry: growth against margin (9 companies, SIC 4400)revenue growth, year over year →↑ operating marginmedian +9%median 21%RCLNCLHNCL Corp Ltd.MATXKEXINSWTDWOMEXCCL (+4%, 26%)
Water Transportation; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Carnival

Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival Corporation and Carnival plc operate a dual listed company (“DLC”), whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two companies operate as if they are a single economic enterprise with a single executive management team and identical Boards of Directors, but each has retained its separate legal identity. Carnival Corporation and Carnival plc are both public companies with separate stock exchange listings and their own shareholders.

In its own words, from its annual report, filed Jan 27, 2025.

Carnival against its Water Transportation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +12%. Operating margin: 26.3% against the peers' median 22.9%.

CompanyQuarterRevenueY/YOp. margin
CCL CarnivalQ3 FY26$8.4B+4%26.3%
RCL Royal Caribbean CruisesQ3 2026$5.6B+9%33.5%
NCLH Norwegian Cruise Line HoldingsQ3 2026$2.9B+0.3%21.2%
MATX MatsonQ3 2026$1.1B+26%22.9%
KEX KirbyQ3 2026$977M+12%15.4%
INSW International SeawaysQ3 2026$483M+146%72.7%
TDW TidewaterQ2 2026$342M+0.3%18.3%
OMEX Odyssey Marine ExplorationQ3 2026$109K+79%n/m

Source: Carnival 10-Q on SEC EDGAR · CIK 815097 · Water Transportation

Guidance and outlook

Carnival Revenue: guidance against what was reportedCarnival Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$6.3B
Met or beat 0 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Carnival: what its forward-looking statements are about (10-Q filed 2026-09-29)Carnival: what its forward-looking statements are about (10-Q filed 2026-09-29)Other2Capital spending1Financing1
4 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.
Carnival: outlook statements against the filing beforeCarnival: outlook statements against the filing beforeNew1Dropped1

More on CCL

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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