Filing Flows › Carnival (CCL) › Q3 FY26 › vs Q2 FY26
Carnival (CCL) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Carnival's revenue rose $1.8B (+27%) from $6.7B in Q2 FY26 to $8.4B in Q3 FY26. The biggest changes: North America Segment +$1.1B (+26%); Europe Segment +$484M (+23%); Tour and Other +$157M (+462%). Operating margin 26.3% against 12.8% (+13.5 pts).
Carnival, Q3 FY26: revenue $8.4B (+4% year over year), operating margin 26.3%, net earnings $1.9B, operating cash flow $1.4B. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Operating margin | 26.3% | 12.8% | +13.5 pts |
| Net margin | 22.8% | 8.1% | +14.7 pts |
| Free cash flow margin | 8.4% | 26.3% | -17.9 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| North America Segment | $5.5B | $4.4B | $1.1B | +26% |
| Europe Segment | $2.6B | $2.1B | $484M | +23% |
| Tour and Other | $191M | $34.0M | $157M | +462% |
| Cruise Support | $96.0M | $95.0M | $1.0M | +1% |
| Revenue | $8.4B | $6.7B | $1.8B | +27% |
| Operating profit | $2.2B | $851M | $1.4B | +161% |
| Costs & expenses | $6.2B | $5.8B | $403M | +7% |
| Pre-tax earnings | $1.9B | $555M | $1.4B | +249% |
| Other expense, net | $281M | $296M | −$15.0M | -5% |
| SG&A | $834M | $863M | −$29.0M | -3% |
| Other operating costs | $5.4B | $4.9B | $432M | +9% |
| Net earnings | $1.9B | $539M | $1.4B | +257% |
| Income tax | $16.0M | $17.0M | −$1.0M | -6% |
| Depreciation & amortization | $754M | $723M | $31.0M | +4% |
| Share-based compensation | $23.0M | $22.0M | $1.0M | +5% |
| Working capital & other | $1.3B | −$1.3B | $2.6B | — |
| Operating cash flow | $1.4B | $2.6B | −$1.2B | -46% |
| Free cash flow (OCF − capex) | $712M | $1.8B | −$1.0B | -59% |
| Capital expenditures | $698M | $875M | −$177M | -20% |
Questions
How much did Carnival's revenue grow quarter over quarter in Q3 FY26?
Carnival's revenue rose $1.8B (+27%) from $6.7B in Q2 FY26 to $8.4B in Q3 FY26.
What drove Carnival's revenue change in Q3 FY26?
North America Segment +$1.1B (+26%); Europe Segment +$484M (+23%); Tour and Other +$157M (+462%).