The upgrade rides on a third-quarter high-water mark of $7.6 billion in booking deposits, up $500 million from the previous record, even as the company is not planning to add capacity over the next 12 months. Carnival also increased its full-year net-yield outlook to 2.3%, a 55 basis point bump from the prior quarter's guidance.
"The ongoing strength we are seeing across our record booking curve, which has extended out even further, reinforces our confidence in the durability of demand for our cruise lines and the earnings power of our business," Chief Executive Officer Josh Weinstein said. On the earnings call, he said 2027 is already halfway booked at record occupancy and pricing, and he noted demand in Europe remains firm, countering broader industry worries that geopolitical tensions would dent sailings in the region.
To meet that interest, the company plans to split its 2027 capacity evenly between Europe and the Caribbean. Weinstein added, "We really saw almost a double down on Europe for next year, particularly in the third quarter," saying a wave of travelers deferred trips from this year to next, which "bodes very well for 2027."
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Investors liked the update. Carnival shares were up by as much as 14%. As of Monday's close, the stock was still down 28% for the year, and peers Royal Caribbean and Norwegian Cruise Line also rallied.
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