Carnival Corporation $CCL & plc CCL is seeing increased guest spending onboard and earlier engagement in the booking cycle, trends that contributed to yield growth in the first quarter of fiscal 2026. Robust close-in demand, strong onboard spending and pricing strength supported the company’s performance in the quarter.
This momentum has continued into onboard and pre-cruise sales, with guests engaging earlier in the booking cycle and purchasing inclusive packages, excursions and other experiences ahead of embarkation.
These dynamics were reflected in first-quarter performance, where yields increased 2.7% year over year, supported by both higher ticket prices and stronger onboard spending. Booking trends also remained favorable, with current-year bookings up 10% year over year. The company reported record customer deposits of nearly $8 billion, surpassing the prior-year level by nearly 10%.
Carnival emphasized yield expansion as a key component of its PROPEL framework, supported by improvements in commercial execution. Management highlighted areas such as marketing, revenue management, personalization and earlier guest engagement as part of its broader efforts to drive revenue performance. These initiatives are intended to support continued growth in both ticket pricing and onboard spending.
Looking ahead, the company expects yield growth to be supported by both higher ticket prices and continued strength in onboard spending. With approximately 85% of fiscal 2026 inventory already booked at historically high prices and less inventory available than this time last year, CCL noted that it is well positioned to continue improving yields as the year unfolds.
While external conditions remain uncertain, management emphasized its focus on commercial execution and guest engagement, reinforcing its expectation for sustained yield improvement. The company expects net yields in the fiscal second quarter and full year to grow approximately 2% and 2.75% year over year, respectively, in constant currency terms.