Two legs in January and February, then one afternoon at Wembley
The semi-final is the only two-legged stage. Each tie is played home and away, and the aggregate score decides it. Away goals do not count. In 2026/27, extra time is only possible after the second leg, if the aggregate score is level, and penalties follow if it is still level. That means a club two goals down after the first leg still has 90 minutes, and extra time if needed, to turn it round.
The final is a single match at Wembley, and, as last season, it is the only other tie with extra time before penalties. For some squads it's the only domestic trophy they will get close to all season. The holders are Manchester City, who beat Arsenal 2-0 at Wembley on 22 March 2026.
The reward is European football: the winner qualifies for the Conference League play-off round, and if they have already qualified through their Premier League finish, the place passes to the highest-ranked Premier League club not yet qualified. In 2026 Manchester City had already qualified, so the place went to the club finishing eighth, and Brighton finished there.
The rotation debate: why managers change the team and why fans object
Managers rotate because their squads are stretched and young players need games, and fans object because they pay to see the first team and get reserves.
Why managers rotate. A top-flight squad can be fighting on four fronts. The medical staff have a say on who plays a third game in eight days. Academy graduates need competitive minutes, and this competition has handed many their senior debut. Trent Alexander-Arnold made his Liverpool debut against Tottenham in the competition on 25 October 2016. Three years later, Neco Williams made his Liverpool debut in the same competition, against Arsenal on 30 October 2019.
Why supporters object. Ticket prices, a midweek away trip and an unfamiliar team sheet make a hard sell. Fans who travel for a top-flight side and get a reserve line-up have a fair point.
What it means for everyone else. Rotation gives clubs outside the established top six a better chance of reaching a final. Of the 27 finals since 2000, six have been won by a club from outside that group, and 11 of the beaten finalists have come from outside it:
Winners - Leicester City (2000), Blackburn Rovers (2002), Middlesbrough (2004), Birmingham City (2011), Swansea City (2013), Newcastle United (2025)
Beaten finalists - Tranmere Rovers (2000), Birmingham City (2001), Bolton Wanderers (2004), Wigan Athletic (2006), Aston Villa (2010 and 2020), Cardiff City (2012), Bradford City (2013), Sunderland (2014), Southampton (2017), Newcastle United (2023)
Bradford reached the 2013 final as a League Two club, only the second team from the fourth tier to get that far. The Carabao Cup outright market shifts after each draw, as the pairings become clear.
