Carnival Posts Record Net Income Despite 36% Rise in Fuel Costs
Despite a significant 36% year-over-year increase in fuel costs, Carnival Corporation reported record attributable net income of $1.92 billion for its third quarter. The company's revenue also reached an all-time high at nearly $8.44 billion, driven by strong demand and improved cost discipline across most expense categories. Fuel expenses rose to $615 million due in part to geopolitical tensions with Iran but still accounted for only 13% of total operating costs. Carnival's performance exceeded analyst expectations on both revenue and adjusted net income per share. CEO Josh Weinstein highlighted the company’s ability to manage rising fuel prices while maintaining profitability, attributing success to strong demand and cost control measures outside of fuel. The company maintained or slightly increased its guidance for fiscal 2026 despite projecting a further rise in fourth-quarter fuel costs.
Tickers: $CCL
Topics: cruise industry demand growth fuel costs profitability