Carnival CEO Josh Weinstein on Strong Consumer Demand and Record Earnings

Consumer Strength and Record Earnings

• 💡 The consumer continues to show continued strength, as evidenced by Carnival Corporation reporting record second quarter earnings.
• 🎯 The company exceeded its financial targets for 2026, including a 50% increase in EBITDA on a per-unit basis and 12% ROIC, a full 18 months ahead of schedule.
• ✨ The business is described as strong, with amazing brands focused on delivering happiness to millions.

Outlook and Value Proposition

• 📈 The outlook indicates that vacations are a need, not a nice-to-have.
• 💰 Cruises offer an astronomically better price-to-experience ratio compared to land-based alternatives.
• 🚀 A 4% yield improvement is expected year-over-year for the second half of the year, suggesting the trend will continue.

Booking Trends and Geopolitics

• 📅 The booking curve is farther out than ever before, with itineraries available up to two and a half years in advance.
• 🔑 Customers are booking early to secure their first choice of cabin and itineraries.
• 🌍 While volatility is the enemy of certainty, Carnival did not observe any discernable short-term chill from recent geopolitical events in the Middle East.