Carnival (NYSE:CCL) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• Carnival beat quarterly expectations, reporting EPS of $1.43 versus the $1.35 consensus and revenue of $8.44 billion versus $8.39 billion expected.
• The company updated its 2026 outlook to $0.20 EPS for the fourth quarter and $2.24 for the full year, while shares rose 11.8% following the results.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and a $34.45 average price target, though elevated fuel costs and Carnival’s substantial debt remain key investor concerns.

Carnival (NYSE:CCL - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.35 by $0.08, FiscalAI reports. Carnival had a net margin of 11.24% and a return on equity of 26.11%. The firm had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.39 billion. Carnival updated its Q4 2026 guidance to 0.200-0.200 EPS and its FY 2026 guidance to 2.240-2.240 EPS.

Carnival Trading Up 11.8%

NYSE CCL opened at $24.75 on Tuesday. Carnival has a twelve month low of $21.45 and a twelve month high of $34.03. The stock has a market cap of $33.90 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.06 and a beta of 2.31. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.29 and a current ratio of 0.33. The firm's 50 day moving average price is $25.29 and its two-hundred day moving average price is $26.32.

Carnival Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 7th. Carnival's dividend payout ratio (DPR) is 27.03%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Carnival from $43.00 to $39.00 and set an "overweight" rating for the company in a report on Thursday, September 24th. Melius Research set a $36.00 target price on Carnival in a report on Wednesday, June 17th. Loop Capital initiated coverage on shares of Carnival in a report on Monday, June 1st. They issued a "buy" rating and a $36.00 price target on the stock. Weiss Ratings downgraded shares of Carnival from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 10th. Finally, The Goldman Sachs Group reduced their price target on shares of Carnival from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.45.

Trending Headlines about Carnival

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Carnival reported that third-quarter 2026 results outperformed guidance, with its best-ever revenue, net yields and net income. Record bookings also provide a strong foundation for 2027, reinforcing the company’s demand recovery and pricing momentum. Carnival third-quarter 2026 results
• Positive Sentiment: The results offer a favorable contrast with the recent share-price weakness and may ease concerns that Carnival’s recovery is losing momentum. Strong bookings are particularly important because they support future occupancy, pricing and onboard revenue.
• Neutral Sentiment: Investors had been focused on whether management would discuss dividends, Holland America and fleet upgrades during the earnings update. These topics could influence the next phase of Carnival’s capital-allocation and growth strategy. Carnival earnings preview
• Neutral Sentiment: Princess Cruises, a Carnival brand, launched an AI-powered cruise-planning app within ChatGPT. The initiative could improve customer discovery and bookings, but its near-term financial effect on CCL is uncertain. Princess Cruises AI app launch
• Negative Sentiment: Higher fuel prices remain a major concern because they can raise voyage costs and compress margins. Bank of America cut its Carnival price target as this cost pressure intensified, contributing to investor caution despite the company’s operational gains. Bank of America cuts Carnival price target
• Negative Sentiment: Pre-earnings coverage also highlighted Carnival’s substantial debt burden and shares trading near a 52-week low. Those balance-sheet and valuation concerns may limit the market’s reaction unless management provides reassuring guidance on costs, cash flow and debt reduction.

About Carnival

Carnival Corporation & plc NYSE: CCL is a global leisure travel company that operates cruise lines and related vacation businesses. Its brands offer ocean cruises, onboard entertainment, dining, accommodation, excursions and other travel experiences to passengers across a range of price points and destinations.

The company's portfolio includes Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Cunard, P&O Cruises, P&O Cruises Australia, AIDA Cruises and Costa Cruises.

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