Carnival Posts Record Quarter Despite Fuel Costs as Goldman Eyes Waldron for CEO
Tuesday, 29 September 2026. Carnival has shrugged off soaring fuel costs with a record quarter, sending its shares sharply higher, while Goldman Sachs is reported to be mapping out who replaces David Solomon. Here is what is going on in finance.
Carnival sails past forecasts with a record quarter
Carnival reported record revenue, net yields and net income for its third quarter to 31 August, beating its own guidance (Carnival press release via PR Newswire).
- Revenue hit a record $8.4 billion, up from $8.15 billion a year earlier.
- Net income was an all-time high of $1.9 billion, with diluted EPS of $1.40 and adjusted EPS of $1.43, ahead of the roughly $1.35 analysts expected.
- Adjusted EBITDA of $3.0 billion came in $110 million better than June guidance.
- Net yields rose 2.4% in constant currency, more than a point above guidance.
- Fuel and currency moves cost the company $131 million, or $0.10 a share, in the quarter. Carnival does not hedge fuel.
- Customer deposits reached a third-quarter record of $7.6 billion, and bookings and pricing for 2027 are at record levels.
- Carnival has bought back about $1.2 billion of shares so far this year.
CEO Josh Weinstein said booking volumes were 'meaningfully ahead of last year and far outpacing capacity growth'. The shares jumped about 11% in early New York trading (MarketBeat), after falling more than 24% this year.
Goldman Sachs weighs John Waldron as next CEO
Goldman Sachs' board has discussed a plan for president and chief operating officer John Waldron to succeed David Solomon as chief executive, the Wall Street Journal reported, with Reuters and Yahoo Finance following up.
- The handover could come around the end of 2027 or in 2028, with Solomon, 64, staying on as executive chairman for one to two years (Reuters).
- Waldron, 57, has been Goldman's president and COO since October 2018 and joined the firm in 2000.
- Goldman spokesperson Tony Fratto said there is 'no definitive timeline for succession' and that 'any assertions about timing are just speculation.'
- Wells Fargo analyst Mike Mayo called the succession 'unusually telegraphed'.
Sources
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