Carnival Corporation, PLC reported record first-quarter revenue of $6.2 billion on Thursday, beating its own guidance on strong demand, and announced an initial $2.5 billion share buyback program alongside a new long-term growth strategy called PROPEL.
Adjusted earnings per share came in at $0.20, up 50% compared with the prior year period, also a first-quarter record. Gross margin yields rose nearly 10%, and net yields set a record in constant currency. Customer deposits neared $8 billion, and the company said bookings for the remainder of 2026 are running double digits ahead of the same period last year, at historically high prices.
“Our record first-quarter results reflect the continued strength of cruise demand and the outstanding execution of our teams across our brands,” said Josh Weinstein, president and chief executive officer of Carnival Corporation & plc. The company raised its full-year adjusted net income guidance by nearly $150 million compared with its December outlook, partially offsetting headwinds from higher fuel prices.
Carnival also introduced PROPEL, a set of long-term financial targets designed to extend the company’s earnings momentum through 2029. The plan targets a return on invested capital exceeding 16%, adjusted earnings per share growth of more than 50% from 2025 levels, and distribution of approximately 40% of cash from operations — roughly $14 billion — back to shareholders. The company is also committed to reducing greenhouse gas emission rates by more than 25% versus 2019 levels by 2029.
Carnival operates nine cruise brands, including Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, and Costa Cruises, with a fleet serving North America, Europe, Australia, and Asia. The company said approximately 85% of its 2026 capacity is already booked.
