CARNIVAL $CCL JUST REPORTED Q3 EARNINGS - Revenue: $8.4B, beating est. of $8.3B 🟢 - Adj EPS: $1.43, beating est. of $1.36 🟢 - Adj EBITDA: $3.0B (flat YoY) - Adj Net Income: $2.0B - Net Yields (cc): $255.09 (+2.4% YoY) - Oper Income: $2.2B (-2% YoY) - Net Income: $1.9B - Customer Deposits: $7.6B Q4 Guidance: - Adj Net Income: ~$274M - Adj EPS: ~$0.20, below est. of $0.25 🔴 - Adj EBITDA: ~$1.3B - Net Yields (cc): +1.7% - Adj Cruise Costs ex-Fuel/ALBD (cc): +1.7% FY26 Guidance: - Adj Net Income: ~$3.1B - Adj EPS: ~$2.24, above est. of $2.21 🟢 - Adj EBITDA: ~$7.1B - Net Yields (cc): +2.3% - Adj Cruise Costs ex-Fuel/ALBD (cc): +2.2% Key Updates: - 2027 Bookings: Record occupancy and pricing - Debt: $500M of seven percent coupon notes redeemed - Credit Rating: S&P upgrade made Carnival investment grade - Dividends: $204M paid during Q3