Carnival Corp. Ltd. (CCL) reported higher cruise revenue but lower operating income for the quarter ended May 31, 2026, as stronger ticket pricing and onboard spending were outweighed by higher fuel costs, foreign-currency effects and the absence of prior-year gains from ship sales. For the fiscal second quarter, passenger ticket revenue rose $168 million, or 4.1%, to $4.3 billion from $4.1 billion a year earlier. Onboard and other revenue increased $166 million, or 7.4%, to $2.4 billion from $2.2 billion. Together, those figures imply total quarterly revenue of about $6.7 billion, supported by a 2.0% increase in available lower berth days, higher ticket prices and stronger guest spending onboard. Despite the revenue growth, consolidated operating income fell to $851 million from $934 million in the prior-year quarter. Carnival attributed the decline largely to operating expenses rising $339 million, or 8.7%, to $4.2 billion. The increase included $121 million from higher fuel prices, $103 million from the nonrecurrence of gains on the sale of one North America segment ship and one Europe segment ship in 2025, $82 million from added capacity, $44 million from unfavorable foreign-currency translation, and $30 million from higher payroll and related costs tied to increased crew travel costs resulting from the Middle East conflict. These pressures were partly offset by $42 million of lower repair and maintenance expenses and $23 million of lower fuel consumption per available lower berth day. Carnival’s North America segment generated $2.7 billion of passenger ticket revenue, up 2.9%, and $1.8 billion of onboard and other revenue, up 7.6%, in the quarter. Segment operating income declined to $658 million from $691 million. The Europe segment posted passenger ticket revenue of $1.6 billion, up 6.0%, and onboard and other revenue of $493 million, up 3.9%, while operating income fell to $326 million from $368 million. For the six months ended May 31, 2026, passenger ticket revenue increased $359 million, or 4.5%, to $8.3 billion, while onboard and other revenue rose $330 million, or 7.8%, to $4.5 billion. Carnival cited favorable foreign-currency translation, higher ticket prices, higher onboard spending and a 1.2% increase in capacity as the main drivers. Passenger cruise days totaled 50.2 million for the six-month period, compared with 49.6 million a year earlier, while available lower berth days increased to 48.4 million from 47.8 million. Interest expense improved materially. Net interest expense, excluding capitalized interest, declined $56 million, or 16%, to $285 million in the second quarter from $341 million a year earlier, which the company attributed to lower total debt and lower average interest rates. The filing also highlighted cost and risk factors affecting the business. Fuel cost per metric ton consumed, excluding emission allowances, rose to $793 in the quarter from $614 a year earlier, while six-month fuel cost per metric ton increased to $677 from $628. Carnival also noted that it became subject to the European Union Emissions Trading System on January 1, 2024; the 2025 impact was $91 million, reflecting 70% of in-scope emissions under the phase-in, and in 2026 all in-scope emissions are affected. This was a quarterly operating report rather than an insider trading filing. It did not report Form 4-style insider transactions, transaction codes, insider purchase or sale prices, or post-transaction insider ownership. The document did reference equity-related activity in its shareholders’ equity statement, including a “DLC unification share exchange and related costs,” cash dividends, issuance of treasury shares for vested share-based awards, share-based compensation, and prior conversion of convertible notes, but the excerpt provided does not include the related share counts, dollar amounts or per-share dividend figure.