The largest cruise company in the world by passenger capacity and fleet size, Carnival is set to report fiscal third-quarter earnings results on Tuesday before the opening bell. A Zacks Rank #3 (Hold) stock, Carnival surpassed earnings estimates in each of the past four quarters. With shares trading near a 52-week low, is the downside already baked in for CCL prior to next week’s release?

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Analysts anticipate the company to post earnings of $1.36 per share, reflecting a 4.9% decline versus the same quarter in the prior year. Estimates for the quarter have held steady over the past 60 days. Revenues are projected to increase 2.6% to $8.36 billion.

Carnival’s (CCL Quick QuoteCCL - Free Report) operational execution is being overwhelmed by variables it doesn’t control. The Middle East conflict has hit European deployments hardest, disrupting Mediterranean itineraries, and elevated airfares plus reduced international flight capacity have made European vacations harder for North American travelers to reach.

The result is a stock down 28% in 2026, even as the company posts record revenue and an all-time high $9.0 billion in customer deposits. But until oil settles and Mediterranean demand normalizes, the stock will likely be riding against the current.