Carnival reported higher profit and revenue in the third quarter, with net income of $1.92 billion, or $1.40 a share, up from $1.85 billion, or $1.33 a share, a year earlier. Adjusted earnings came in at $1.43 a share, topping analysts' expectations of $1.35 a share. Third-quarter total revenue climbed 3.5% to $8.44 billion, exceeding Wall Street estimates of $8.39 billion.

Shares rose 10% to $24.34 after the opening bell, though the stock remains down over 20% year to date. CEO Josh Weinstein cited accelerating demand and cost discipline as key drivers, noting booking trends strengthened throughout the quarter with volumes ahead of last year and outpacing capacity growth. Booked occupancy and pricing for 2027 are at record levels.

For the remainder of 2026, Carnival guided for adjusted earnings of 20 cents a share in Q4, slightly below analyst views of 24 cents. Net yields are expected to rise 2.3%, ahead of the 1% estimate, while fuel expenses are now projected at $2.25 billion for the year, up from $2.12 billion.