Carnival (CCL) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$0.34

$0.27$0.36

vs $0.35-4.1%

20 analysts

Next Qtr

$1.42

$1.35$1.55

vs $1.43-0.9%

20 analysts

Current Yr

$2.22

$2.04$2.40

vs $2.25-1.3%

26 analysts

Next Yr

$2.60

$2.37$3.03

vs $2.22+17.2%

27 analysts

Revenue Estimates

Current Qtr

$6.68B

$6.59B$6.76B

vs $6.33B+5.6%

17 analysts

Next Qtr

$8.53B

$8.39B$8.62B

vs $8.15B+4.6%

17 analysts

Current Yr

$27.85B

$27.50B$28.02B

vs $26.62B+4.6%

23 analysts

Next Yr

$28.81B

$28.09B$29.29B

vs $27.85B+3.4%

24 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for CCL on EDGAR.

CCL filing events and research context
Filed	Item	Context
Mar 27, 2026	mda_quarterly	Consolidated revenue increased, led by passenger ticket revenues of $4.0 billion and onboard revenues of $2.1 billion, driven by strong demand, higher ticket prices, and favorable foreign currency translation. Operating income rose to $607 million. North American capacity grew following the addition of a Princess Cruises ship, while European capacity declined due to increased dry-dock days. Operating expenses reached $3.9 billion, pressured by unfavorable currency translation and higher repair and maintenance costs, though partially offset by lower fuel prices and consumption. A significant regulatory trend is the EU Emissions Trading System (ETS), which incurred $91 million in costs in 2025 and will cover all in-scope emissions in 2026. Strategically, the company is executing a unification of its dual-listed company structure and redomiciliation to Bermuda. Liquidity stands at $5.9 billion, supplemented by $10.9 billion in undrawn export credit facilities. Net interest expense decreased 23% to $291 million due to debt reduction and lower average rates. The company continues to manage a substantial working capital deficit of $8.7 billion, typical of its deposit-based business model, while facing ongoing risks from geopolitical uncertainty, fuel price volatility, and seasonal demand peaks in the third quarter.
Jan 27, 2026	business	Carnival Corporation & plc is the largest global cruise operator, managing a portfolio that includes Carnival Cruise Line, Princess Cruises, and Holland America Line. Revenue is generated through passenger tickets and onboard spending, with the latter contributing 35% of 2025 revenues. The company is currently unifying its dual-listed company structure into a single entity listed on the NYSE to streamline governance and increase liquidity. Strategic expansion focuses on exclusive destinations, highlighted by the opening of Celebration Key in Grand Bahama and the development of Ensenada Bay Village. In 2025, Carnival reported record revenues of $26.6 billion and operating income of $4.5 billion, following a $19 billion refinancing plan that reduced total debt by over $10 billion since January 2023. Primary financial risks include fuel price volatility, foreign currency fluctuations, and stringent environmental regulations. Specifically, the EU Emissions Trading System imposed $91 million in costs in 2025. To mitigate long-term regulatory risk, Carnival is pursuing a net-zero emissions target by 2050 through investments in LNG-powered vessels and alternative fuel technologies.
Jan 27, 2026	mda	CCL achieved record 2025 financial results, with revenues of $26.6 billion and operating income of $4.5 billion, a 25% year-over-year increase. The company significantly strengthened its balance sheet by completing a $19 billion refinancing plan and reducing total debt by over $10 billion since January 2023, enabling the reinstatement of its quarterly dividend. Growth is driven by a disciplined newbuild strategy and the expansion of exclusive destinations, including the opening of Celebration Key and the planned development of Ensenada Bay Village in Mexico. To improve margins, CCL is leveraging AI for personalized marketing to close the price-to-value gap against land-based alternatives. Key financial risks include fuel price volatility, foreign currency fluctuations, and evolving GHG regulations; specifically, the EU Emissions Trading System cost the company $91 million in 2025. From an accounting perspective, CCL extended the estimated useful lives of its ships to 35 years. The company also proposed unifying its dual-listed corporate structure to streamline governance and increase stock liquidity. As of November 30, 2025, CCL maintained $6.4 billion in liquidity and $7.8 billion in undrawn export credit facilities to fund future ship deliveries.

Filed

Item

Context

Mar 27, 2026

mda_quarterly

Consolidated revenue increased, led by passenger ticket revenues of $4.0 billion and onboard revenues of $2.1 billion, driven by strong demand, higher ticket prices, and favorable foreign currency translation. Operating income rose to $607 million. North American capacity grew following the addition of a Princess Cruises ship, while European capacity declined due to increased dry-dock days. Operating expenses reached $3.9 billion, pressured by unfavorable currency translation and higher repair and maintenance costs, though partially offset by lower fuel prices and consumption. A significant regulatory trend is the EU Emissions Trading System (ETS), which incurred $91 million in costs in 2025 and will cover all in-scope emissions in 2026. Strategically, the company is executing a unification of its dual-listed company structure and redomiciliation to Bermuda. Liquidity stands at $5.9 billion, supplemented by $10.9 billion in undrawn export credit facilities. Net interest expense decreased 23% to $291 million due to debt reduction and lower average rates. The company continues to manage a substantial working capital deficit of $8.7 billion, typical of its deposit-based business model, while facing ongoing risks from geopolitical uncertainty, fuel price volatility, and seasonal demand peaks in the third quarter.

Jan 27, 2026

business

Carnival Corporation & plc is the largest global cruise operator, managing a portfolio that includes Carnival Cruise Line, Princess Cruises, and Holland America Line. Revenue is generated through passenger tickets and onboard spending, with the latter contributing 35% of 2025 revenues. The company is currently unifying its dual-listed company structure into a single entity listed on the NYSE to streamline governance and increase liquidity. Strategic expansion focuses on exclusive destinations, highlighted by the opening of Celebration Key in Grand Bahama and the development of Ensenada Bay Village. In 2025, Carnival reported record revenues of $26.6 billion and operating income of $4.5 billion, following a $19 billion refinancing plan that reduced total debt by over $10 billion since January 2023. Primary financial risks include fuel price volatility, foreign currency fluctuations, and stringent environmental regulations. Specifically, the EU Emissions Trading System imposed $91 million in costs in 2025. To mitigate long-term regulatory risk, Carnival is pursuing a net-zero emissions target by 2050 through investments in LNG-powered vessels and alternative fuel technologies.

Jan 27, 2026

mda

CCL achieved record 2025 financial results, with revenues of $26.6 billion and operating income of $4.5 billion, a 25% year-over-year increase. The company significantly strengthened its balance sheet by completing a $19 billion refinancing plan and reducing total debt by over $10 billion since January 2023, enabling the reinstatement of its quarterly dividend. Growth is driven by a disciplined newbuild strategy and the expansion of exclusive destinations, including the opening of Celebration Key and the planned development of Ensenada Bay Village in Mexico. To improve margins, CCL is leveraging AI for personalized marketing to close the price-to-value gap against land-based alternatives. Key financial risks include fuel price volatility, foreign currency fluctuations, and evolving GHG regulations; specifically, the EU Emissions Trading System cost the company $91 million in 2025. From an accounting perspective, CCL extended the estimated useful lives of its ships to 35 years. The company also proposed unifying its dual-listed corporate structure to streamline governance and increase stock liquidity. As of November 30, 2025, CCL maintained $6.4 billion in liquidity and $7.8 billion in undrawn export credit facilities to fund future ship deliveries.

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