Carnival Corporation's latest results show a profit model shifting toward pricing, onboard spending, owned destinations, and disciplined capacity growth. The company ended the second quarter of fiscal 2026 with 93% of the year already booked at historically high prices, giving better revenue visibility and reducing reliance on late discounting. Onboard and other revenues rose to $2.39 billion from $2.22 billion a year earlier, while pre-cruise onboard sales and customer deposits hit records. Carnival's owned destinations, including Celebration Key and RelaxAway, Half Moon Cay, are expected to drive over 9 million guest visits in fiscal 2027, creating more spending opportunities. The company has also moved to a one- to two-ship annual delivery cadence and is investing over $500 million in the Holland America Evolution program to modernize existing assets.
Carnival CorporationCarnival reports historically high booked prices and reduced reliance on discounting, indicating pricing power.
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