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The Zacks Consensus Estimate for CCL’s fiscal third-quarter earnings per share (EPS) is pegged at $1.36, down 4.9% year over year. The consensus mark for earnings has remained stable in the past 60 days.
CCL’s Earnings Estimate Trend
Image Source: Zacks Investment Research
The consensus mark for fiscal third-quarter revenues is pegged at $8.36 billion, indicating growth of 2.6% from the year-ago quarter’s reported figure.
Carnival has an impressive earnings surprise history. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 18.2%.
CCL Earnings Surprise History
Image Source: Zacks Investment Research
What the Zacks Model Unveils for Carnival
Our proven model predicts an earnings beat for Carnival for the quarter to be reported. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. This is exactly the case here.
Earnings ESP: CCL has an Earnings ESP of +0.51%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Factors Likely to Shape Carnival’s Fiscal Q3 Results
Carnival’s top line is likely to have benefited from resilient close-in demand and firm pricing in the third quarter of fiscal 2026. Management entered the quarter with an occupancy and pricing advantage and noted that its booked position remained ahead of the prior year. The company also expects record yields in the second half of 2026, supported by strong demand and effective revenue management.
Healthy onboard spending is another factor, which is likely to have supported revenues. Carnival reported robust onboard spending in the fiscal second quarter, which helped drive yields above expectations. Its focus on revenue-management capabilities, personalized offers, marketing effectiveness and encouraging guests to spend more onboard is expected to support higher revenue per passenger. These initiatives might have aided the company’s fiscal third-quarter top-line performance.
Steady Caribbean demand and improvements in the European booking environment might also have aided the top line. Management said Caribbean bookings remained relatively stable despite geopolitical disruption, while recent trends suggested some European headwinds were reversing. Investments in differentiated destinations, including Celebration Key, RelaxAway at Half Moon Cay and Isla Tropicale, have also been strengthening Carnival’s itineraries and enhancing their appeal to travelers.
The Middle East conflict and its related travel disruptions are likely to have weighed on Carnival’s bottom line. The impact was particularly pronounced on European deployments, where the company lowered its occupancy expectations by a couple of points. Lower occupancy could also reduce onboard spending, while higher crew travel costs and freight expenses related to the disruption might have added pressure to operating costs. Elevated airfares and reduced international flight capacity for North American travelers further complicated demand for European sailings, potentially limiting profitability in the quarter.
CCL’s Stock Price Performance & Valuation
Carnival’s shares have declined 28.8% in the past year, underperforming the Zacks Leisure and Recreation Services industry and the S&P 500. The company’s peers, including Royal Caribbean Cruises Ltd. (RCL - Free Report) and Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , declined 26.9% and 43.3%, respectively, in the same time period.
CCL 1-Year Price Performance
Image Source: Zacks Investment Research
From a valuation perspective, Carnival stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 8.75, well below the industry average of 14.75.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
Other industry players, such as Royal Caribbean and Norwegian Cruise, have a P/E of 12.26 and 9.66, respectively.
Investment Consideration
Carnival’s upcoming results present a mixed setup, with resilient demand, firm pricing, healthy onboard spending and steady Caribbean bookings supporting the business, while geopolitical disruption continues to create pressure in European operations. The company’s strong earnings-surprise record, positive Earnings ESP and disciplined cost management provide support for existing shareholders, while its differentiated destinations and improving booking trends offer longer-term growth drivers.
However, the expected decline in earnings and continued uncertainty around European demand suggest that investors considering a fresh position may prefer to wait for the fiscal third-quarter results and management’s commentary for greater clarity on demand, occupancy and profitability. Thus, existing shareholders can hold CCL stock ahead of the results, while new buyers may want to wait for the earnings release before making an entry decision.
View the Zacks #1 Rank List
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Carnival to Post Q3 Earnings: How to Play the Stock Ahead of Results
Key Takeaways
Carnival Corporation & plc (CCL - Free Report) is scheduled to release third-quarter fiscal 2026 results on Sept. 29.
The Zacks Consensus Estimate for CCL’s fiscal third-quarter earnings per share (EPS) is pegged at $1.36, down 4.9% year over year. The consensus mark for earnings has remained stable in the past 60 days.
CCL’s Earnings Estimate Trend
Image Source: Zacks Investment Research
The consensus mark for fiscal third-quarter revenues is pegged at $8.36 billion, indicating growth of 2.6% from the year-ago quarter’s reported figure.
Carnival has an impressive earnings surprise history. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 18.2%.
CCL Earnings Surprise History
Image Source: Zacks Investment Research
What the Zacks Model Unveils for Carnival
Our proven model predicts an earnings beat for Carnival for the quarter to be reported. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. This is exactly the case here.
Earnings ESP: CCL has an Earnings ESP of +0.51%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape Carnival’s Fiscal Q3 Results
Carnival’s top line is likely to have benefited from resilient close-in demand and firm pricing in the third quarter of fiscal 2026. Management entered the quarter with an occupancy and pricing advantage and noted that its booked position remained ahead of the prior year. The company also expects record yields in the second half of 2026, supported by strong demand and effective revenue management.
Healthy onboard spending is another factor, which is likely to have supported revenues. Carnival reported robust onboard spending in the fiscal second quarter, which helped drive yields above expectations. Its focus on revenue-management capabilities, personalized offers, marketing effectiveness and encouraging guests to spend more onboard is expected to support higher revenue per passenger. These initiatives might have aided the company’s fiscal third-quarter top-line performance.
Steady Caribbean demand and improvements in the European booking environment might also have aided the top line. Management said Caribbean bookings remained relatively stable despite geopolitical disruption, while recent trends suggested some European headwinds were reversing. Investments in differentiated destinations, including Celebration Key, RelaxAway at Half Moon Cay and Isla Tropicale, have also been strengthening Carnival’s itineraries and enhancing their appeal to travelers.
The Middle East conflict and its related travel disruptions are likely to have weighed on Carnival’s bottom line. The impact was particularly pronounced on European deployments, where the company lowered its occupancy expectations by a couple of points. Lower occupancy could also reduce onboard spending, while higher crew travel costs and freight expenses related to the disruption might have added pressure to operating costs. Elevated airfares and reduced international flight capacity for North American travelers further complicated demand for European sailings, potentially limiting profitability in the quarter.
CCL’s Stock Price Performance & Valuation
Carnival’s shares have declined 28.8% in the past year, underperforming the Zacks Leisure and Recreation Services industry and the S&P 500. The company’s peers, including Royal Caribbean Cruises Ltd. (RCL - Free Report) and Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , declined 26.9% and 43.3%, respectively, in the same time period.
CCL 1-Year Price Performance
Image Source: Zacks Investment Research
From a valuation perspective, Carnival stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 8.75, well below the industry average of 14.75.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
Other industry players, such as Royal Caribbean and Norwegian Cruise, have a P/E of 12.26 and 9.66, respectively.
Investment Consideration
Carnival’s upcoming results present a mixed setup, with resilient demand, firm pricing, healthy onboard spending and steady Caribbean bookings supporting the business, while geopolitical disruption continues to create pressure in European operations. The company’s strong earnings-surprise record, positive Earnings ESP and disciplined cost management provide support for existing shareholders, while its differentiated destinations and improving booking trends offer longer-term growth drivers.
However, the expected decline in earnings and continued uncertainty around European demand suggest that investors considering a fresh position may prefer to wait for the fiscal third-quarter results and management’s commentary for greater clarity on demand, occupancy and profitability. Thus, existing shareholders can hold CCL stock ahead of the results, while new buyers may want to wait for the earnings release before making an entry decision.