Carnival (NYSE:CCL) Trading Up 7.4% on Better-Than-Expected Earnings

Carnival Corporation (NYSE:CCL) shares were up 7.4% on Friday following a stronger than expected earnings report. The stock traded as high as $29.84 and last traded at $30.4350. Approximately 13,108,375 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 22,768,170 shares. The stock had previously closed at $28.34.

The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. The company had revenue of $6.33 billion for the quarter, compared to analyst estimates of $6.38 billion. Carnival had a return on equity of 27.86% and a net margin of 10.07%.The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. Carnival has set its Q1 2026 guidance at 0.170-0.170 EPS and its FY 2026 guidance at 2.480-2.48 EPS.

Carnival News Summary

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Q4 EPS beat and record 2025 profits — Carnival reported stronger-than-expected adjusted EPS and posted record full-year profits driven by higher yields, rising demand and cost discipline; investors view the earnings surprise as confirmation of the recovery thesis. Zacks: Carnival Q4 Earnings Beat
• Positive Sentiment: Dividend reinstated — Management announced the return of a cash dividend, a visible shift toward returning capital that buoyed investor sentiment and supports multiple expansion. Proactive: Dividend Return & Single Listing Plan
• Positive Sentiment: FY2026 guidance above Street — Carnival set FY2026 EPS at $2.48, ahead of consensus (~$2.41), signaling confidence in pricing power and demand resilience into next year. Reuters: Forecast Above Estimates
• Positive Sentiment: Proposal to unify listings — Carnival proposed a plan to move to a single NYSE-listed share, which could improve liquidity and attract U.S.-centric investors if approved. Proactive: Single NYSE Listing
• Positive Sentiment: Analyst support — Multiple firms reiterated buy ratings or bullish notes after the results and outlook, reinforcing positive analyst momentum. TipRanks: Analyst Commentary
• Neutral Sentiment: Unusual options activity — Call buying spiked intraday (large increase in call volume), indicating speculative bullish interest that can amplify moves but may reverse quickly.
• Neutral Sentiment: Management interviews and color — CEO interviews provided supportive commentary on consumer demand and pricing; useful for sentiment but not new fundamentals. YouTube: CEO Interview
• Negative Sentiment: Revenue slightly missed estimates and Q1 guide soft vs. consensus — Q4 revenue came in marginally below Street expectations and Q1 2026 EPS guidance (0.17) is a tick under consensus (0.18), giving short-term ammunition to skeptics about near-term momentum. Press Release / Slide Deck

Analyst Upgrades and Downgrades

CCL has been the topic of several recent research reports. Tigress Financial upped their price target on Carnival from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Cowen restated a “buy” rating on shares of Carnival in a report on Wednesday. Jefferies Financial Group boosted their price objective on shares of Carnival from $34.00 to $37.00 and gave the company a “buy” rating in a report on Monday. Wolfe Research reiterated an “outperform” rating on shares of Carnival in a research report on Friday. Finally, Argus dropped their price objective on shares of Carnival from $40.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Carnival presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Institutional Investors Weigh In On Carnival

A number of hedge funds and other institutional investors have recently modified their holdings of CCL. REAP Financial Group LLC lifted its position in shares of Carnival by 10.5% during the 2nd quarter. REAP Financial Group LLC now owns 3,678 shares of the company’s stock valued at $103,000 after acquiring an additional 349 shares during the last quarter. Eagle Wealth Strategies LLC raised its position in shares of Carnival by 1.4% during the second quarter. Eagle Wealth Strategies LLC now owns 25,967 shares of the company’s stock worth $730,000 after purchasing an additional 369 shares during the period. 1834 Investment Advisors Co. lifted its holdings in shares of Carnival by 1.6% during the second quarter. 1834 Investment Advisors Co. now owns 23,964 shares of the company’s stock valued at $674,000 after purchasing an additional 372 shares during the last quarter. Commonwealth Financial Services LLC boosted its position in shares of Carnival by 3.6% in the 3rd quarter. Commonwealth Financial Services LLC now owns 10,957 shares of the company’s stock valued at $317,000 after purchasing an additional 379 shares during the period. Finally, Brooklyn Investment Group boosted its position in shares of Carnival by 1.9% in the 3rd quarter. Brooklyn Investment Group now owns 21,363 shares of the company’s stock valued at $618,000 after purchasing an additional 396 shares during the period. 67.19% of the stock is currently owned by institutional investors.

Carnival Price Performance

The stock has a 50 day moving average of $27.26 and a two-hundred day moving average of $28.31. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.30 and a current ratio of 0.34. The stock has a market cap of $36.34 billion, a PE ratio of 16.21, a PEG ratio of 0.53 and a beta of 2.53.

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.