Carnival Reports Record Q1 and $2.5B Buyback, Raises Outlook on Strong Demand

Carnival Corporation reported record-breaking revenue and operating results for the first quarter of 2026. Diluted earnings per share (EPS) reached $0.19, while adjusted EPS surged 50% to $0.20. To enhance shareholder value, the company initiated a massive $2.5 billion share buyback program and launched its PROPEL initiative to sustain growth through 2029. Crucially, Carnival raised its full-year profit guidance, noting that exceptionally strong demand and higher pricing are now successfully offsetting rising fuel costs. Management highlighted that robust onboard spending is helping to mitigate inflationary pressures across the fleet. Record forward booking levels continue to provide a solid foundation for the company's long-term valuation. This update reflects a significant shift in sentiment as pricing power overcomes previous energy cost concerns.

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