8-K

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 8-K
                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

          Date of Report (Date of earliest event reported) May 16, 2006


           Carnival Corporation                            Carnival plc
         ------------------------                    ------------------------
        (Exact name of registrant                   (Exact name of registrant
         as specified in its charter)              as specified in its charter)

            Republic of Panama                          England and Wales
        ---------------------------                ---------------------------
       (State or other jurisdiction               (State or other jurisdiction
             of incorporation)                          of incorporation)

                 1-9610                                      1-15136
          -----------------------                    ------------------------
          (Commission File Number)                   (Commission File Number)

              59-1562976                                    98-0357772
           -------------------                          -------------------
           (I.R.S. Employer                             (I.R.S. Employer
            Identification No.)                         Identification No.)

        3655 N.W. 87th Avenue                Carnival House, 5 Gainsford Street,
     Miami, Florida  33178-2428                London SE1 2NE, United Kingdom
     --------------------------                ------------------------------
      (Address of principal                        (Address of principal
          executive offices)                           executive offices)
               (Zip Code)                                  (Zip Code)

            (305) 599-2600                           011 44 20 7940 5381
       ------------------------------           -------------------------------
      (Registrant's telephone number,           (Registrant's telephone number,
           including area code)                  including area code)

                None                                         None
     -----------------------------               -----------------------------
    (Former name or former address,             (Former name or former address,
     if changed since last report.)               if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrants under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))




Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

      On May 16, 2006 Carnival Corporation & plc issued a press release entitled
"Carnival  Corporation & plc Revises 2006 Outlook." A copy of this press release
is  furnished  as Exhibit 99.1 to this  report.  This  information  shall not be
deemed  "filed" for  purposes of Section 18 of the  Securities  Exchange  Act of
1934, as amended, and is not incorporated by reference into any filing of either
Carnival  Corporation or Carnival plc,  whether made before or after the date of
this report, regardless of any general incorporation language in the filing.


Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

      (d) Exhibits

          Exhibit 99.1 Press release, dated May 16, 2006 (furnished pursuant
          to Item 2.02).




SIGNATURES

      Pursuant to the requirements of the Securities  Exchange Act of 1934, each
of the registrants has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


     CARNIVAL CORPORATION                       CARNIVAL PLC

     By: /s/Gerald R. Cahill                    By: /s/Gerald R. Cahill
         -------------------                        -------------------
     Name:  Gerald R. Cahill                    Name:  Gerald R. Cahill
     Title: Executive Vice President            Title: Executive Vice President
     and Chief Financial and                    and Chief Financial and
     Accounting Officer                         Accounting Officer


     Date: May 16, 2006                         Date: May 16, 2006

EX-99.1

                                                                    Exhibit 99.1

                 CARNIVAL CORPORATION & PLC REVISES 2006 OUTLOOK


      MIAMI (May 16, 2006) -- Carnival  Corporation & plc (NYSE/LSE:  CCL; NYSE:
CUK) announced today that it is revising 2006 earnings guidance based on several
items,  including  lower  revenue  yields,  higher  fuel  costs  and a change in
accounting.

      Earnings  for fiscal 2006 are now  expected to be in the range of $2.65 to
$2.75 per share,  roughly  in line with 2005  earnings  of $2.70 per share.  The
company  expects  earnings for the second  quarter of 2006 to be in the range of
$0.43 to $0.45 per share.


      Details of the revisions to the company's guidance are as follows:

      o     The  company   has  reduced  its  outlook  for  net  revenue   yield
            improvement on a local currency basis ("constant  dollar basis") due
            to further  weakness in  bookings,  principally  for sailings in the
            Caribbean  during the second half of 2006.  Net revenue  yields (net
            revenue  per  available  lower  berth day) for the year in  constant
            dollars are now  expected  to increase 1 to 2% versus the  company's
            previous guidance of an increase of approximately 2 to 3%. This will
            reduce  earnings by  approximately  $0.10 per share.  Because of the
            strengthening  of the euro and sterling  relative to the U.S. dollar
            since the time of its last guidance in March, the company  continues
            to expect  full year 2006 net revenue  yields in current  dollars to
            increase approximately 1 to 2%.

      o     Since the company's  previous  guidance,  fuel costs have  increased
            significantly  and are expected to further impact earnings per share
            for the year 2006 by approximately  $0.07. The cumulative  impact of
            higher  fuel  prices  for  full  year  2006 is  expected  to be $265
            million,  or $0.32  per  share,  compared  to the  prior  year.  The
            company's  guidance is based on the  forward  curve for fuel for the
            remainder of the year of approximately $372 per metric ton.

      o     The  company's  guidance  for the  remainder of the year is based on
            currency  exchange rates of $1.27 to the euro and $1.86 to sterling,
            which benefits  guidance for the year by $0.04 per share compared to
            previous guidance.

      o     Commencing  with the first quarter of 2006,  the company will change
            its accounting  policy for dry-dock costs from  amortizing them over
            the  time  between  dry-docks,  generally  two to  three  years,  to
            expensing  dry-dock  costs as  incurred.  This change in  accounting
            principle   will  reduce  full  year  2006  earnings  per  share  by
            approximately  $0.08,  including  $0.04 per  share in the  company's
            previously released 2006 first quarter, and $0.04 per share over the
            balance of the year.

      With regard to the revised  outlook,  Carnival  Corporation & plc Chairman
and CEO Micky Arison commented "Although we are disappointed having to lower our
guidance for the year, we believe the  fundamentals of our business remain sound
and our long-term  strategies  position us well to grow our business in 2007 and
beyond."

      Carnival  Corporation & plc is the largest  cruise  vacation  group in the
world,  with a  portfolio  of 12 cruise  brands  in North  America,  Europe  and
Australia,  comprised of Carnival Cruise Lines,  Holland America Line,  Princess
Cruises,  Seabourn Cruise Line, Windstar Cruises,  AIDA Cruises,  Costa Cruises,
Cunard  Line,  Ocean  Village,  P&O  Cruises,  Swan  Hellenic,  and P&O  Cruises
Australia.

      Together,  these brands  operate 80 ships totaling  approximately  139,000
lower berths with 15 new ships  scheduled to enter service between June 2006 and
fall 2009.  Carnival  Corporation & plc also operates the leading tour companies
in Alaska and the Canadian  Yukon,  Holland  America  Tours and Princess  Tours.
Traded on both the New York and London Stock Exchanges,  Carnival  Corporation &
plc is the only  group in the world to be  included  in both the S&P 500 and the
FTSE 100 indices.

      The company has  scheduled a call with  analysts  for today at 10 a.m. EST
(15.00  London  time).  This  call  can be  listened  to  live,  and  additional
information  can be  obtained,  via  Carnival  Corporation  & plc's  website  at
www.carnivalcorp.com or www.carnivalplc.com.

                                      # # #



Cautionary note concerning factors that may affect future results

Some of the statements  contained in this earnings release are  "forward-looking
statements"  that involve risks,  uncertainties  and assumptions with respect to
Carnival Corporation & plc, including some statements concerning future results,
outlook,  plans,  goals and other  events  which  have not yet  occurred.  These
statements are intended to qualify for the safe harbors from liability  provided
by Section 27A of the  Securities  Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.  You can find many,  but not all, of these  statements  by
looking for words like  "will,"  "may,"  "believes,"  "expects,"  "anticipates,"
"forecast,"  "future,"  "intends,"  "plans,"  and  "estimates"  and for  similar
expressions. Because forward-looking statements involve risks and uncertainties,
there are many  factors  that could cause  Carnival  Corporation  & plc's actual
results,  performance or achievements to differ  materially from those expressed
or implied in this earnings release.  Forward-looking  statements  include those
statements  which may impact the forecasting of earnings per share,  net revenue
yields,  booking levels,  pricing,  occupancy,  operating,  financing and/or tax
costs,  fuel  costs,  costs per  available  lower berth day,  estimates  of ship
depreciable  lives and residual  values,  outlook or business  prospects.  These
factors  include,  but are not limited to, the following:  risks associated with
the DLC structure, including the uncertainty of its tax status; general economic
and  business  conditions,  which  may  impact  levels of  disposable  income of
consumers and the net revenue yields for cruise brands of Carnival Corporation &
plc;  conditions in the cruise and  land-based  vacation  industries,  including
competition  from other cruise ship  operators and  providers of other  vacation
alternatives  and  increases in capacity  offered by cruise ship and  land-based
vacation  alternatives;  risks  associated with operating  internationally;  the
implementation of U.S.  regulations  requiring U.S. citizens to obtain passports
for  travel  to or  from  additional  foreign  destinations;  the  international
political and economic climate,  armed conflicts,  terrorist attacks and threats
thereof,  availability of air service, other world events and adverse publicity,
and their  impact on the  demand  for  cruises;  accidents  and other  incidents
affecting the health, safety,  security and vacation satisfaction of passengers,
including machinery and equipment failures,  which could cause the alteration of
itineraries or cancellation of a cruise or a series of cruises and the impact of
the spread of contagious  diseases;  changing consumer  preferences,  which may,
among other  things,  adversely  impact the demand for  cruises;  the ability of
Carnival  Corporation  & plc to implement  its  shipbuilding  programs and brand
strategies  and to continue  to expand its  business  worldwide;  the ability of
Carnival  Corporation & plc to attract and retain  qualified  shipboard crew and
maintain good relations with employee unions; the ability to obtain financing on
terms  that are  favorable  or  consistent  with  Carnival  Corporation  & plc's
expectations;  the impact of changes in operating and financing costs, including
changes in foreign  currency  exchange rates and interest rates and fuel,  food,
payroll,  insurance  and  security  costs;  the impact of pending or  threatened
litigation;  changes in the environmental,  health,  safety,  security,  tax and
other  regulatory  regimes  under which  Carnival  Corporation  & plc  operates;
continued   availability  of  attractive  port  destinations;   the  ability  to
successfully  implement cost reduction plans;  continuing financial viability of
Carnival  Corporation & plc's travel agent  distribution  system and air service
providers; and unusual weather patterns or natural disasters, such as hurricanes
and earthquakes.

Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable law or any
relevant listing rules, Carnival Corporation & plc expressly disclaims any
obligation to disseminate, after the date of this release, any updates or
revisions to any such forward-looking statements to reflect any change in
expectations or events, conditions or circumstances on which any such statements
are based.


MEDIA CONTACTS                                       INVESTOR RELATIONS CONTACT
US                                                   US/UK
Carnival Corporation & plc                           Carnival Corporation & plc
Tim Gallagher                                        Beth Roberts
1 305 599 2600, ext. 16000                           1 305 406 4832

UK
Brunswick Group
Sophie Fitton/Sarah Lindgreen
44 (0) 20 7404 5959