Carnival Is Selling 2027 at Record Prices
Carnival says 2027 is booked at record occupancy and prices, with capacity flat. For advisors, waiting for a better cruise fare next year is a losing bet.
The world’s largest cruise company has told investors it is selling next year at the highest prices it has ever booked, and it is doing so with almost no new ships. That combination is the headline for anyone holding clients who are “waiting to see” on 2027.
Carnival Corporation, whose brands include Carnival Cruise Line, Princess, Holland America, Seabourn and Cunard, reported third-quarter 2026 results on 29 September. In its release the company said: “For full-year 2027, both booked occupancy and pricing are at record levels, providing a strong foundation for another year of solid yield growth.” On the earnings call, chief executive Josh Weinstein said 2027 is about half booked, according to Cruise Industry News.
The numbers
- Revenue: $8.435 billion for the quarter, up from $8.153 billion a year earlier.
- Net income: $1.920 billion; adjusted net income $1.963 billion.
- Net yields: up 2.4% in constant currency, more than a point ahead of the company’s June guidance.
- Occupancy: 111.8% (cruise lines count two guests per cabin as 100%).
- Customer deposits: $7.6 billion, a record, $0.5 billion above the prior year despite flat capacity growth.
For full-year 2026, Carnival now guides net yields up about 2.3% in constant currency. The release also flagged higher logistics costs and disruption linked to conflict in the Middle East.
Pricing the booking curve
Weinstein described the quarter’s booking volumes as “meaningfully ahead of last year and far outpacing capacity growth.” On the call he went further. “With demand continuing to grow well ahead of our intentionally measured capacity growth, we have an opportunity to keep managing the booking curve for price,” he said, as reported by Cruise Industry News. He also said bookings for 2028 are ahead of the prior year at higher prices, and that demand for peak summer Europe is strong.
In plain terms, the company is choosing price over volume. With little new hardware arriving, it does not need deep late discounts to fill ships.
Carnival also said more than half of onboard revenue is now pre-booked, helped by bundled packages. Expect more pressure to sell drinks, Wi-Fi and excursions up front.
Not following Royal Caribbean ashore
Asked about Royal Caribbean Group‘s purchase of a 50% stake in Sandals Resorts, Weinstein drew a line. “We are just laser-focused on improving our cruise business. We are very proudly a cruise company,” he said, according to Travel Weekly. Its private destinations, such as Celebration Key in the Bahamas, which the company says welcomed 2.5 million guests in its first year, exist to serve cruise guests rather than as resort businesses.
For advisors
- Book 2027 now. When the largest operator says pricing is at a record and capacity is flat, early fares are the floor, not the ceiling. Use that with clients who are holding out.
- Look at the luxury brands too. Seabourn and Cunard sit inside the same capacity discipline. Expect fewer late deals on peak summer Europe in 2027.
- Quote the packages. With more onboard spend being pre-sold, compare bundled fares against à la carte for each client, and lock in what saves them money.
- Start 2028 conversations. Carnival says 2028 is already booking ahead of last year at higher prices.
Sources
Jeff Cameron is a chief operating officer who writes about the business of travel: operations, pricing, loyalty and the decisions behind the trips, seen through an executive lens.