Filing Flows › Carnival (CCL) › Q1 FY26
Carnival (CCL) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Mar 27, 2026
Carnival (CCL) reported revenue of $6.2B for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and -3% from the quarter before. Operating margin was 9.8%, net earnings $263M (4.3% of revenue).
Carnival, Q1 FY26: revenue $6.2B (+6% year over year), operating margin 9.8%, net earnings $263M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | -3% | +6% |
| Operating profit | $607M | -17% | +12% |
| Net earnings | $263M | -38% | — |
| Operating cash flow | $1.3B | -17% | +37% |
| Free cash flow | $697M | 58× | +119% |
What changed
Revenue was $6.2B in Q1 FY26, up 6% year over year and down 3% from the previous quarter. North America Segment was the largest line at 65% of revenue. Europe Segment added $0.24B year over year (up 13%), 67% of the total change.
Operating profit was $0.61B, a 9.8% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 9% margin then. Total costs grew 6% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+610%). Net earnings were $0.26B. The effective tax rate was 6.1%.
Operating cash flow was $1.3B (up 37% year over year), 480% of net earnings. Non-cash charges added back $0.70B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.28B. Capital expenditures of $0.57B left free cash flow of $0.70B.
Questions
What was Carnival's revenue in the first quarter fiscal 2026?
Carnival (CCL) reported revenue of $6.2B for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and -3% from the quarter before.
Was Carnival profitable in the first quarter fiscal 2026?
Operating profit was $607M (9.8% of revenue) and net earnings $263M.
Source: Carnival 10-Q on SEC EDGAR.