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Carnival — Mar 27, 2026 release

Fiscal 2026 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000815097-26-000034
Open on SEC.gov ↗
Showing in the filing
Depreciation and amortization expense (in billions)
“$0.73”
Period
Q2 FY2026
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 56
Share buyback program
“initial $2.5 billion”
Adjusted net income operational improvement … for FY2026
“nearly $150 million”
Adjusted EBITDA for FY2026
“$7 billion”
Net yields (Constant Currency) for FY2026
“up approximately 2.75 percent”
Net yields (in constant currency) for FY2026
“up approximately 2.75 percent compared to record 2025 levels and 0.25 percentage points better than December guidance”
Net yields (constant currency, normalized) for FY2026
“up approximately 3.25 percent”
Net yields (in constant currency), after nor… for FY2026
“up approximately 3.25 percent”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 3.1 percent”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 3.1 percent compared to 2025 and better than December guidance”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 2.3 percent”
Fuel price impact on adjusted net income for FY2026
“more than $500 million”
Brent crude oil price assumption for FY2026
“$90 per barrel”
Brent crude oil price assumption for Q3 FY2026
“$85 per barrel”
Brent crude oil price assumption for Q4 FY2026
“$80”
PROPEL return on invested capital target for FY2029
“Greater than 16 percent”
PROPEL adjusted EPS growth target for FY2029
“More than 50 percent adjusted EPS growth from 2025”
PROPEL cash from operations distributed to s… for FY2029
“More than 40 percent of cash from operations distributed to shareholders (approximately $14 billion)”
Shareholder returns roadmap for FY2029
“approximately $14 billion”
PROPEL net debt to adjusted EBITDA target for FY2029
“2.75x”
PROPEL greenhouse gas emissions rate reduction for FY2029
“more than 25 percent compared to 2019 levels”
Total dividend distributions for FY2026
“more than $800 million”
Net yields (Current Dollars) for Q2 FY2026
“Approx. 3.7%”
Net yields (Constant Currency) for Q2 FY2026
“Approx. 2.0%”
Net yields (Current Dollars) for FY2026
“Approx. 4.1%”
Adjusted cruise costs excluding fuel per ALB… for Q2 FY2026
“Approx. 4.0%”
Adjusted cruise costs excluding fuel per ALB… for Q2 FY2026
“Approx. 2.6%”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“Approx. 4.4%”
ALBDs (in millions) for Q2 FY2026
“24.7”
ALBDs (in millions) (a) for FY2026
“24.7”
Capacity growth compared to prior year for Q2 FY2026
“1.9 %”
Capacity growth compared to prior year for FY2026
“0.9 %”
Fuel consumption in metric tons (in millions) for FY2026
“2.8”
Fuel cost per metric ton consumed (excluding… for Q2 FY2026
“$795”
Fuel cost per metric ton consumed (excluding… for FY2026
“$ 795”
Fuel expense (including emission allowances … for Q2 FY2026
“$0.61”
Fuel expense (including emission allowances … for FY2026
“$ 2.15”
CAD for FY2026
“$ 0.73”
Depreciation and amortization expense (in bi… for Q2 FY2026
“$0.73”
Depreciation and amortization expense (in bi… for FY2026
“$ 2.97”
Interest expense, net of capitalized interes… for Q2 FY2026
“$0.27”
Interest expense, net of capitalized interes… for FY2026
“$ 1.09”
Adjusted EBITDA (in billions) for Q2 FY2026
“Approx. $1.48”
Adjusted EBITDA (in billions) for FY2026
“Approx. $7.19”
Adjusted net income (in millions) for Q2 FY2026
“Approx. $470”
Adjusted net income (in millions) for FY2026
“Approx. $3,070”
Adjusted earnings per share - diluted for Q2 FY2026
“Approx. $0.34”
Adjusted earnings per share - diluted for FY2026
“Approx. $2.21”
Weighted-average shares outstanding - basic for Q2 FY2026
“1,386”
Weighted-average shares outstanding - basic for FY2026
“1,385”
Adjusted weighted-average shares outstanding… for Q2 FY2026
“1,392”
AUD for FY2026
“$ 0.71”
EUR for FY2026
“$ 1.15”
GBP for FY2026
“$ 1.34”
Newbuild capital expenditures for FY2026
“$0.6 billion”
Non-newbuild capital expenditures for FY2026
“$1.8 billion”
Fuel consumption in metric tons (in millions) for Q2 FY2026
“0.7”
Exhibit 99.1 · the passage around this item
… earlier in the release
3.1% 2Q 2026 Full Year 2026 ALBDs (in millions) (a) 24.7  97.4  Capacity growth compared to prior year 1.9  % 0.9  % Fuel consumption in metric tons (in millions) 0.7  2.8  Fuel cost per metric ton consumed (excluding emission allowances) (b) $ 795  $ 718  Fuel expense (including emission allowances expense) (in billions) $ 0.61  $ 2.15  Depreciation and amortization expense (in billions) $ 0.73  $ 2.97  Interest expense, net of capitalized interest and interest income (in billions) $ 0.27  $ 1.09  Adjusted EBITDA (in billions) Approx. $1.48 Approx. $7.19 Adjusted net income (in millions) Approx. $470 Approx. $3,070 Adjusted earnings per share - diluted Approx. $0.34 Approx. $2.21 Weighted-average shares outstanding - basic 1,386 1,385 Adjusted weighted-average shares outstanding - diluted 1,392 1,392 (a)    See “Notes to Statistical Information.” (b)    Given the recent spike and volatility in fuel prices, we believe it is reasonable to forecast fuel based on the purchased price of fuel for the month of March and early April, Brent averaging $90 per barrel for the remainder of April and May, Brent averaging $85 per barrel for the third quarter, and Brent averaging $80 for the fourth quarter rather than use the spot price for our guidance. See sensitivities for fuel costs included below. Currencies (USD to 1) 2Q 2026 Full Year 2026 AUD $ 0.71  $ 0.70  CAD $ 0.73  $ 0.73  EUR $ 1.15  $ 1.16  GBP $ 1.34  $ 1.34  Sensitivities (impact to adjusted net income in millions) 2Q 2026 Remainder of 2026 1% change in net yields $ 48  $ 160  1% change in adjusted cruise costs excludi
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.