Cruise Demand Soars... Company Initiates $2.5 Billion Share Buyback Amid Record Q1 Performance

Carnival Corporation & plc (NYSE: CCL) reported record quarterly results in the first quarter of fiscal 2026, with revenues of $6.2 billion—its highest ever for a single quarter. Net income and adjusted EBITDA both saw significant improvement, and the company has already sold approximately 85% of its 2026 capacity at historically high fare levels.

As part of its long-term “PROPEL” finance and sustainability framework, Carnival aims by 2029 to grow adjusted EPS by more than 50% versus 2025, achieve a return on invested capital (ROIC) above 16%, and return over 40% of operating cash flow to shareholders, targeting $14 billion in total returns. The board also approved a $2.5 billion share repurchase program, to commence after the April 17, 2026 shareholders’ meeting, and—despite rising fuel costs—raised full-year 2026 adjusted net income guidance by about $150 million.

On February 20, 2026, the company signed a Unification Agreement to consolidate its dual-listed structure into a single corporate entity and to relocate its parent company’s legal domicile from Panama to Bermuda. Subject to regulatory and shareholder approvals in each jurisdiction, Carnival plans to convert to a single New York Stock Exchange listing by the end of 2026.

Carnival Corporation & plc is the world’s largest cruise operator, with multiple brands serving North America, Europe and Australia. It leads the global cruise industry, which has benefited from a post-pandemic recovery in leisure and travel demand that has driven higher capacity utilization and stronger fares.