ccl-20260531

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to



Commission file number: 001-9610
Carnival Corporation Ltd.
(Exact name of registrant as specified in its charter)

Bermuda
(State or other jurisdiction of incorporation or organization)

59-1562976
(I.R.S. Employer Identification No.)

3655 N.W. 87th Avenue
Miami,	Florida	33178-2428
(Address of principal executive offices) (Zip Code)


(305)			599-2600
(Registrant’s telephone number, including area code)

Carnival Corporation
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Shares ($0.01 par value)	CCL	New York Stock Exchange, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, non-accelerated filer, smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At June 19, 2026, Carnival Corporation Ltd. had 1,369,649,119 common shares outstanding, $0.01 par value.

Table of Contents

CARNIVAL CORPORATION LTD.

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 5.

Item 6.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

CARNIVAL CORPORATION LTD.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in millions, except per share data)


	Three Months Ended May 31,				Six Months Ended May 31,
	2026		2025		2026		2025
Passenger ticket	$	4,273	$	4,104	$	8,296	$	7,936
Onboard and other	2,390		2,224		4,532		4,202
Total Revenues	6,663		6,328		12,828		12,139
Cruise and tour operating expenses:
Commissions, transportation and other	778		780		1,650		1,631
Onboard and other	697		671		1,316		1,271
Payroll and related	699		640		1,383		1,280
Fuel	595		468		992		933
Food	389		372		771		726

Other operating	1,067		955		2,054		1,813
Total Cruise and tour operating expenses	4,225		3,886		8,165		7,653
Selling and administrative expense	863		816		1,786		1,663
Depreciation and amortization expense	723		692		1,419		1,346

Operating Income	851		934		1,458		1,477
Interest income	12		12		24		18
Interest expense, net of capitalized interest	(285)		(341)		(577)		(718)
Debt extinguishment and modification costs	—		(4)		—		(255)
Other income (expense), net	(23)		(16)		(70)		(4)
Income Before Income Taxes	555		585		835		517
Income tax expense, net	(17)		(17)		(34)		(24)
Net Income	539		568		801		494
Less: net income attributable to noncontrolling interests	2		4		6		7
Net Income attributable to Carnival Corporation Ltd.	$	537	$	565	$	795	$	486
Earnings Per Share
Basic	$	0.39	$	0.43	$	0.58	$	0.37
Diluted	$	0.39	$	0.42	$	0.57	$	0.37

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

CARNIVAL CORPORATION LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(in millions)


	Three Months Ended May 31,				Six Months Ended May 31,
	2026		2025		2026		2025
Net Income	$	539	$	568	$	801	$	494