Carnival (NYSE:CCL) Releases Q3 2026 Earnings Guidance

Key Points

• Carnival lowered its outlook: The company guided Q3 2026 EPS to $1.35, below the $1.42 analyst consensus, and kept FY 2026 EPS guidance at $2.22, also slightly under expectations.
• Shares fell on the update: CCL stock dropped about 5.9% to $28.40 after the guidance release, reflecting investor concern about softer near-term earnings.
• Recent results were mixed but solid: Carnival recently beat quarterly EPS estimates with $0.41 per share versus $0.35 expected, though revenue came in just below consensus at $6.66 billion.

Carnival (NYSE:CCL - Get Free Report) issued an update on its third quarter 2026 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.350-1.350 for the period, compared to the consensus estimate of 1.420. The company issued revenue guidance of -. Carnival also updated its FY 2026 guidance to 2.220-2.220 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CCL. Morgan Stanley upgraded Carnival from an "equal weight" rating to an "overweight" rating and lowered their price target for the company from $33.00 to $31.00 in a report on Thursday, March 19th. Wall Street Zen downgraded Carnival from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Loop Capital assumed coverage on Carnival in a research note on Monday, June 1st. They set a "buy" rating and a $36.00 target price on the stock. Weiss Ratings downgraded Carnival from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, May 18th. Finally, Zacks Research raised shares of Carnival from a "strong sell" rating to a "hold" rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Carnival has a consensus rating of "Moderate Buy" and a consensus target price of $34.94.

Carnival Stock Down 5.9%

Shares of CCL traded down $1.79 during midday trading on Tuesday, reaching $28.40. 19,489,392 shares of the stock were exchanged, compared to its average volume of 25,833,057. The company has a market cap of $35.19 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 1.36 and a beta of 2.32. 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 firm has a 50 day simple moving average of $27.33 and a 200-day simple moving average of $28.35.

Carnival (NYSE:CCL - Get Free Report) last released its quarterly earnings data on Tuesday, June 23rd. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.06. The firm had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.69 billion. Carnival had a return on equity of 26.92% and a net margin of 11.48%.Carnival has set its FY 2026 guidance at 2.220-2.220 EPS and its Q3 2026 guidance at 1.350-1.350 EPS. Research analysts forecast that Carnival will post 2.22 EPS for the current year.

Carnival Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, May 18th. Carnival's payout ratio is presently 26.67%.

Insiders Place Their Bets

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

Trending Headlines about 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 Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CCL. StoneX Group Inc. increased its position in shares of Carnival by 4.9% during the fourth quarter. StoneX Group Inc. now owns 7,935 shares of the company's stock valued at $242,000 after purchasing an additional 368 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Carnival by 1.9% during the 3rd quarter. Brooklyn Investment Group now owns 21,363 shares of the company's stock worth $618,000 after acquiring an additional 396 shares during the period. Orion Porfolio Solutions LLC boosted its position in shares of Carnival by 3.9% during the 4th quarter. Orion Porfolio Solutions LLC now owns 11,816 shares of the company's stock valued at $361,000 after acquiring an additional 446 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in Carnival by 6.1% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,173 shares of the company's stock valued at $250,000 after acquiring an additional 468 shares during the period. Finally, Kestra Private Wealth Services LLC raised its position in Carnival by 1.9% in the third quarter. Kestra Private Wealth Services LLC now owns 25,613 shares of the company's stock worth $740,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 67.19% of the company's stock.

About Carnival

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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