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Sentiment · FY2026 Q2
Carnival posted record Q1 results with net income of $275 million, up over 55% versus prior year, despite yields growing only 2.7% on top of the prior year's strong 7% increase. However, FY2026 EPS guidance was lowered from approximately $2.37 to $2.21 due to a $500 million fuel headwind from geopolitical events, partially offset by $150 million in operational improvement. The company announced a $2.5 billion share repurchase authorization and introduced PROPEL long-term targets through 2029.
Demand | Pricing | Competitive Dynamics | Cost Pressure | Margin | Macroeconomic | Capital Allocation | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 4 | 2 | 3 | 1 | 2 | 3 |
| 2025Q1 | 15 | 4 | 6 | 3 | 3 | 6 | 2 | 2 |
| 2025Q2 | 7 | 5 | 5 | 1 | 1 | 3 | 1 | 3 |
| 2025Q3 | 6 | 7 | 5 | 3 | 4 | 1 | 3 | 2 |
| 2025Q4 | 6 | 8 | 8 | 5 | 2 | 1 | 2 | 1 |
| 2026Q1 | 3 | 4 | 3 | 6 | 1 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 15 | 7 | 6 | 6 | 3 |
| Pricing | 4 | 4 | 5 | 7 | 8 | 4 |
| Competitive Dynamics | 4 | 6 | 5 | 5 | 8 | 3 |
| Cost Pressure | 2 | 3 | 1 | 3 | 5 | 6 |
| Margin | 3 | 3 | 1 | 4 | 2 | 1 |
| Macroeconomic | 1 | 6 | 3 | 1 | 1 | 2 |
| Capital Allocation | 2 | 2 | 1 | 3 | 2 | 2 |
| Product Launch | 3 | 2 | 3 | 2 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Matt Boss | JPMorgan | 13 (0%) |
| Steve Wieczynski | Stifel | 13 (0%) |
| Ben Chaiken | Mizuho Securities |
| Brandt Montour | Barclays | 12 (8%) |
| Robin Farley | UBS | 12 (0%) |
| James Hardiman | Citigroup | 11 (0%) |
| Conor Cunningham | Melius Research | 11 (9%) |
| Dave Katz | Jefferies | 10 (0%) |
| Lizzie Dove | Goldman Sachs | 7 (0%) |
| Jaime Katz | Morningstar | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 13 (0%) |
| Stifel | 1 | 13 (0%) |
| Mizuho Securities | 1 | 13 (0%) |
| Barclays | 1 | 12 (8%) |
| UBS | 1 | 12 (0%) |
| Citigroup | 1 | 11 (0%) |
| Melius Research | 1 | 11 (9%) |
| Jefferies | 1 | 10 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.94B | +10.0% | $0.17 | +525.0% | 9.4% | 5.1% | $319M |
| FY2025 Q1 | $5.81B | +7.5% | $-0.06 | +64.9% | 9.3% | -1.3% | $318M |
| FY2025 Q2 | $6.33B | +9.5% | $0.42 | +480.1% | 14.8% | 8.9% | $1.54B |
| FY2025 Q3 | $8.15B | +3.3% | $1.33 | +5.6% | 27.9% | 22.7% | $736M |
| FY2025 Q4 | $6.33B | +6.6% | $0.31 | +82.4% | 11.6% | 6.7% | $12M |
| FY2026 Q1 | $6.17B | +6.1% | $0.19 | +418.8% | 9.8% | 4.2% | $697M |
| FY2026 Q2 | $6.66B | +5.3% | $0.39 | -7.1% | 12.8% | 8.1% | $1.75B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).