Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Net income beat | Over $100 million | Exceeded June guidance |
| Yields | Nearly 2.5% | Year-over-year increase |
| Customer deposits | Approximately $7.6 billion | Up about 7% |
| Full-year EPS guidance | $2.24 | Up $0.02 from previous guidance |
| Fuel consumption | Nearly 4% reduction | Year-over-year |
Guidance and outlook
- Full-year EPS guidance is $2.24.
- 2027 capacity is expected to increase 0.5% compared to 2026.
- Fourth quarter yield growth is expected to be approximately 1.7%.
How management sounded
Positive (+7 on our -10 to +10 scale). Management delivered record financial results and raised full-year guidance, citing strong booking demand and operational efficiencies that offset fuel price headwinds. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
M&A Strategy
Asked: An analyst asked if the company would consider acquiring land-based resort chains.
Answer: Management stated they are laser-focused on the cruise business and view land-based assets only as ancillary to the cruise experience.
2027 Bookings
Asked: An analyst asked for clarification on the booking outlook for 2027.
Answer: Management confirmed that 2027 occupancy and price levels are at record highs.
Fuel Hedging
Asked: An analyst asked if the company would consider hedging fuel prices.
Answer: Management prefers to focus on reducing fuel consumption, noting a 26% reduction since 2019, rather than paying for financial hedges.
European Deployment
Asked: An analyst asked about the shift in deployment toward Europe.
Answer: Management explained that Northern Europe is a key growth area and will tie the Caribbean as the largest deployment region in 2027.
What to watch before the next call
- Residual impacts of spring booking disruptions on Q1 2027 performance.
- Potential for Phase 2 development at Celebration Key.
- Ongoing fuel price volatility.
