Key Takeaways Favorable refinancing lowered CCL's interest expense, boosting profitability and aiding cash generation.Customer deposits reached $7.1B, with nearly half of the 2026 bookings already secured at higher pricing.Destination additions such as Celebration Key enhance onboard monetization and support steadier FCF.Carnival Corporation & plc (CCL) is entering a new phase of its multiyear recovery, with free cash flow (FCF) becoming an increasingly important part of the company’s operating narrative. A ...