Carnival now expects annual fuel costs to hit $2.12 billion, down from a previous estimate of $2.15 billion, as falling oil prices provide a buffer for the bottom line. This revision helped the company increase its full-year adjusted earnings guidance to $2.22 a share. However, the market remained skeptical, as shares slid to $27.07, deepening the stock's 12% decline for the year.

Chief Executive Josh Weinstein pointed to strong booking momentum, noting the company is 93% booked for the remainder of 2026. While geopolitical volatility—particularly in the Mediterranean—impacted European operations, record net yields are expected for the second half of the year. For the quarter ended May 31, Carnival reported $6.66 billion in revenue, missing the $6.69 billion target set by analysts. Although adjusted earnings of 41 cents a share beat the projected 34 cents, the company’s forecast of $1.35 a share for the current quarter also trailed consensus estimates of $1.42.