Carnival (NYSE:CCL) Issues Quarterly Earnings Results

Carnival (NYSE:CCL) released its earnings results on Friday. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09, Zacks reports. Carnival had a return on equity of 27.86% and a net margin of 10.07%.The company had revenue of $6.33 billion for the quarter, compared to analyst estimates of $6.38 billion. During the same period in the prior year, the firm posted $0.14 EPS. Carnival’s quarterly revenue was up 6.6% on a year-over-year basis. Carnival updated its Q1 2026 guidance to 0.170-0.170 EPS and its FY 2026 guidance to 2.480-2.48 EPS.

Here are the key takeaways from Carnival’s conference call:

• Record 2025 results: Management reported all-time highs in quarterly revenues, yields, operating income and EBITDA, delivering over $3.0 billion to the bottom line (?60% YoY increase) and the highest ROIC in 19 years.
• 2026 financial guidance: Company forecasts normalized yield growth of ~3%, net cruise costs ex?fuel up ~2.5% (3.25% reported), >$3.45 billion net income (+12% YoY) and ~$7.6 billion of EBITDA for 2026.
• Balance-sheet progress and capital returns: Carnival reached investment?grade (net debt/EBITDA 3.4x), plans to get below 3x in 2026, has called convertible debt, resumed a dividend at $0.15/quarter and expects opportunistic buybacks.
• Near-term headwinds: Management flagged a significant Caribbean capacity increase (industry supply spikes concentrated in Q1), higher first?quarter unit costs (adj. cruise costs ex?fuel up ~5.9% in Q1) and rising regulatory/tax costs (emissions/Pillar Two) that weigh on near?term performance.
• Strategy and corporate actions: Company is pushing destination development (Celebration Key, Half Moon Cay), AI-driven marketing/efficiency, and a proposed DLC unification to a single NYSE listing to simplify governance and (management says) reduce costs.

Carnival Trading Up 8.7%

NYSE:CCL traded up $2.46 during mid-day trading on Friday, reaching $30.80. 37,348,989 shares of the company’s stock traded hands, compared to its average volume of 22,864,445. The firm has a market capitalization of $35.96 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 0.52 and a beta of 2.53. The company has a 50 day moving average price of $27.20 and a 200-day moving average price of $28.25. Carnival has a 12-month low of $15.07 and a 12-month high of $32.80. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.34 and a quick ratio of 0.30.

Hedge Funds Weigh In On Carnival

Institutional investors and hedge funds have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC bought a new position in Carnival during the third quarter valued at approximately $25,000. Johnson Financial Group Inc. purchased a new position in Carnival in the 3rd quarter worth about $32,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Carnival by 90.9% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,100 shares of the company’s stock valued at $61,000 after buying an additional 1,000 shares during the period. Wealth Watch Advisors INC purchased a new position in shares of Carnival during the third quarter worth approximately $71,000. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Carnival by 103.9% in the third quarter. Brown Brothers Harriman & Co. now owns 5,159 shares of the company’s stock valued at $149,000 after purchasing an additional 2,629 shares during the period. 67.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CCL has been the topic of several recent research reports. Stifel Nicolaus raised their price target on shares of Carnival from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Wall Street Zen lowered shares of Carnival from a “buy” rating to a “hold” rating in a research report on Saturday, October 4th. Zacks Research raised shares of Carnival from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. UBS Group upped their price objective on Carnival from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Melius Research boosted their price target on shares of Carnival from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

Carnival News Roundup

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Carnival restored its dividend and highlighted strong pricing and bookings trends — key signals that free cash flow and capital allocation are improving. Carnival’s stock will pay a dividend again — and other earnings highlights
• Positive Sentiment: Carnival proposed unifying its dual-listed structure into a single NYSE?listed entity (solo listing) — a governance move investors typically reward for reducing complexity and widening the shareholder base. Carnival makes splash with dividend return and single NYSE-listed share plan
• Positive Sentiment: Company raised FY?2026 EPS guidance to $2.48 (vs. consensus ~$2.41) — an upward revision that underpins better-than-expected profitability and supports valuation. Carnival Corp forecasts annual profit above estimates
• Positive Sentiment: Carnival reported record 2025 net income and said bookings, pricing and credit profile improved — fundamentals that justify the dividend and a higher multiple. Carnival Posts Record 2025 Profits, Restores Dividend
• Positive Sentiment: Several sell?side firms reiterated Buy ratings and bullish commentary, reinforcing investor confidence after the print. William Blair reiterates Buy on Carnival
• Neutral Sentiment: Q4 EPS came in at $0.23, missing consensus by $0.01 and revenue was slightly under estimates — a mixed quarter that tempered the upside but didn’t derail the positive narrative. Carnival press release (Q4 results)
• Neutral Sentiment: Q1 FY?2026 guidance was trimmed to $0.17 vs. consensus $0.18 — a small near?term miss that investors appear willing to overlook given the stronger full?year guide. CCL earnings commentary
• Negative Sentiment: Management flagged rising costs and ongoing macro/consumer risks; cost pressure could limit margin upside if sustained. This is the main caution investors are weighing with the upbeat headlines. Carnival to report Q4 results amid strong demand and rising costs

Carnival Company Profile

Carnival Corporation (NYSE: CCL) is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company’s core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.

Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.