Carnival (NYSE:CCL) Issues FY 2026 Earnings Guidance

Key Points

• Carnival updated its FY 2026 outlook and now sees EPS of 2.22, just below the 2.23 consensus estimate. It also set Q3 2026 EPS guidance at 1.35, which was below Wall Street’s expectation of 1.42.
• The company’s latest quarter was mixed: EPS beat estimates at $0.41 versus $0.35 expected, but revenue of $6.66 billion came in slightly under forecasts. Carnival also reported strong profitability, with a net margin of 11.48% and return on equity of 26.92%.
• Management cited booking disruption from the Iran war, especially in Europe and the Mediterranean, as a headwind to demand. The softer guidance suggests near-term earnings growth may be leveling off despite record revenue and ongoing share buybacks.

Carnival (NYSE:CCL - Get Free Report) updated its FY 2026 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.220-2.220 for the period, compared to the consensus estimate of 2.230. The company issued revenue guidance of -. Carnival also updated its Q3 2026 guidance to 1.350-1.350 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CCL shares. Melius Research set a $36.00 price objective on Carnival in a research note on Wednesday, June 17th. Truist Financial reduced their target price on shares of Carnival from $30.00 to $29.00 and set a "hold" rating for the company in a report on Friday, May 22nd. Wall Street Zen cut shares of Carnival from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Wells Fargo & Company lowered their price target on shares of Carnival from $37.00 to $36.00 and set an "overweight" rating on the stock in a report on Wednesday, April 15th. Finally, The Goldman Sachs Group lowered their target price on shares of Carnival from $34.00 to $30.00 and set a "buy" rating on the stock in a research note on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Carnival has a consensus rating of "Moderate Buy" and a consensus target price of $34.94.

Carnival Price Performance

CCL stock traded down $1.79 during midday trading on Tuesday, hitting $28.40. The company's stock had a trading volume of 19,489,392 shares, compared to its average volume of 25,833,057. The company has a quick ratio of 0.26, a current ratio of 0.30 and a debt-to-equity ratio of 1.82. Carnival has a 12 month low of $23.45 and a 12 month high of $34.03. The company has a 50 day moving average of $27.33 and a two-hundred day moving average of $28.35. The firm has a market capitalization of $35.19 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 1.36 and a beta of 2.32.

Carnival (NYSE:CCL - Get Free Report) last posted its earnings results on Tuesday, June 23rd. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.06. The company had revenue of $6.66 billion during the quarter, compared to analysts' expectations of $6.69 billion. Carnival had a net margin of 11.48% and a return on equity of 26.92%. Carnival has set its FY 2026 guidance at 2.220-2.220 EPS and its Q3 2026 guidance at 1.350-1.350 EPS. On average, analysts expect that Carnival will post 2.22 EPS for the current year.

Carnival Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were given a dividend of $0.15 per share. The ex-dividend date was Monday, May 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. Carnival's dividend payout ratio (DPR) is presently 26.67%.

Insider Activity

In other Carnival news, Director Sir Jonathon Band sold 11,988 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total transaction of $313,965.72. Following the completion of the transaction, the director owned 52,601 shares in the company, valued at $1,377,620.19. This trade represents a 18.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Bettina Alejandra Deynes sold 43,058 shares of Carnival stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $28.10, for a total value of $1,209,929.80. Following the completion of the sale, the insider directly owned 69,238 shares in the company, valued at approximately $1,945,587.80. The trade was a 38.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 55,058 shares of company stock worth $1,524,195 over the last ninety days. Insiders own 7.90% of the company's stock.

Key Headlines Impacting Carnival

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Carnival delivered record Q2 revenue, record adjusted net income, and continued aggressive shareholder returns, including more than $450 million in stock buybacks, which shows operating momentum and capital return discipline.
• Positive Sentiment: Lower fuel prices and strong booking trends have been supporting the cruise industry, which can improve margins and help earnings if the trend continues.
• Neutral Sentiment: The company beat EPS expectations for the quarter, but revenue came in slightly below consensus, making the results solid but not broadly surprising to investors. Article Title
• Negative Sentiment: Carnival’s updated Q3 2026 EPS guidance of 1.35 came in below the 1.42 consensus estimate, signaling softer near-term earnings than Wall Street expected.
• Negative Sentiment: Full-year 2026 EPS guidance of 2.22 also slightly trails the 2.23 forecast, reinforcing concerns that growth may be leveling off.
• Negative Sentiment: The company said recent disruption from the Iran war hurt bookings, especially in Europe and the Mediterranean, adding geopolitical uncertainty to the demand outlook. Article Title

Institutional Investors Weigh In On Carnival

Large investors have recently bought and sold shares of the business. Compound Planning Inc. boosted its holdings in shares of Carnival by 3.2% in the 4th quarter. Compound Planning Inc. now owns 24,680 shares of the company's stock worth $754,000 after purchasing an additional 766 shares during the period. Invesco Ltd. lifted its position in Carnival by 27.5% in the fourth quarter. Invesco Ltd. now owns 13,922,516 shares of the company's stock worth $425,194,000 after buying an additional 3,005,752 shares during the last quarter. Corient Private Wealth LLC boosted its stake in Carnival by 219.2% during the fourth quarter. Corient Private Wealth LLC now owns 713,436 shares of the company's stock worth $21,788,000 after buying an additional 489,959 shares during the period. Beacon Pointe Advisors LLC boosted its stake in Carnival by 39.2% during the fourth quarter. Beacon Pointe Advisors LLC now owns 22,097 shares of the company's stock worth $675,000 after buying an additional 6,223 shares during the period. Finally, State of Tennessee Department of Treasury increased its position in Carnival by 4.5% during the fourth quarter. State of Tennessee Department of Treasury now owns 412,904 shares of the company's stock valued at $12,395,000 after acquiring an additional 17,880 shares during the last quarter. Institutional investors own 67.19% of the company's stock.

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.

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