Carnival Reports Non-GAAP EPS of $0.34, Exceeding Estimates by $0.09; Revenue of $6.33B Falls Short by $40M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 19 2025
0mins
Should l Buy CCL?
Source: SeekingAlpha
Q4 Financial Performance: Carnival reported a Q4 non-GAAP EPS of $0.34, beating expectations by $0.09, while revenue of $6.33 billion increased by 6.6% year-over-year but missed estimates by $40 million.
Record Customer Deposits: The company achieved record customer deposits of $7.2 billion, surpassing the previous fourth quarter record as of November 30, 2024.
2026 Financial Outlook: For the full year 2026, Carnival anticipates a 12% increase in adjusted net income and a 2.5% rise in net yields, despite less than 1% capacity growth.
Q1 2026 Expectations: In the first quarter of 2026, Carnival expects net yields to increase by approximately 1.6% compared to 2025, with adjusted cruise costs excluding fuel per ALBD projected to rise by about 5.9% compared to Q1 2025.
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Analyst Views on CCL
Wall Street analysts forecast CCL stock price to rise
18 Analyst Rating
14 Buy
4 Hold
0 Sell
Strong Buy
Current: 27.000
Low
33.00
Averages
37.41
High
45.00
Current: 27.000
Low
33.00
Averages
37.41
High
45.00
About CCL
Carnival Corporation is a global cruise and leisure travel company. The Company has a portfolio of cruise lines, including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn. The Company's segment includes NAA cruise operations, Europe cruise operations (Europe), Cruise Support and Tour and Other. Its Cruise Support segment includes its portfolio of port destinations and exclusive islands as well as other services, all of which are operated for the benefit of its cruise brands. In addition to its cruise operations, it owns Holland America Princess Alaska Tours, a tour company in Alaska and the Canadian Yukon, which complements its Alaska cruise operations. Its Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Its tour company owns and operates hotels, lodges, glass-domed railcars and motorcoaches.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Cabin Innovations: Oosterdam introduces dedicated Solo Verandahs and Bridgeview Suites, offering private balconies and stunning ocean views, designed to meet the needs of modern travelers, thereby enhancing customer experience and strengthening market competitiveness.
- New Dining Experience: The addition of Grand Dutch Café provides an all-day venue for coffee and small plates inspired by European café culture, aiming to create a comfortable social environment for guests, further enhancing the overall onboard experience.
- Diverse Itinerary Options: Oosterdam will offer various Caribbean itineraries during the winter 2027/2028 season, including 9-day and 12-day trips that combine new amenities with tropical destinations, aimed at attracting more tourists and improving customer satisfaction.
See More
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- Inaugural Sailing Schedule: Holland America Line is now accepting bookings for Oosterdam's inaugural voyages, set to launch on December 2, 2027, featuring eight itineraries and 15 departure dates, representing the largest fleet investment in the company's 153-year history.
- Cabin Innovations: Oosterdam will introduce new stateroom and suite categories, including purpose-built Solo Verandahs designed for solo travelers, offering private balconies and dedicated workspaces, aimed at enhancing guest experience and attracting more solo travelers.
- New Venue Launch: The newly introduced Grand Dutch Café will provide guests with an all-day gathering place inspired by European café culture, enhancing onboard social experiences while improving overall service quality.
- Diverse Itineraries: Oosterdam will offer nine- and twelve-day Caribbean itineraries during the winter 2027/2028 season, combining new amenities with tropical destinations, aimed at enhancing passenger vacation experiences and increasing market competitiveness.
See More
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- Market Reaction: Although the CDC classified the hantavirus outbreak as a low-level Level 3 emergency response, investor sentiment was negatively impacted, with stocks of Carnival, Norwegian Cruise Line, and Royal Caribbean declining by up to 1% overnight, reflecting the travel sector's sensitivity to health scares.
- Industry Impact: The cruise industry, having partially recovered from the COVID-19 pandemic, still grapples with high debt and margin pressures, particularly as NCLH's stock has plunged nearly 40% over the past five years, while RCL has excelled with over 233% returns in the same period.
- Future Outlook: NCLH warned last week that softer travel demand and geopolitical uncertainties are weighing on bookings in key markets, prompting additional cost-cutting measures to stabilize profits, indicating the fragility of the industry's recovery.
See More
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- Completion of Unification: Carnival Corporation announced the completion of its dual listing structure unification, with Carnival plc becoming a UK subsidiary of Carnival Corporation Ltd., which is expected to streamline governance and reporting processes while reducing administrative costs and enhancing operational efficiency.
- Jurisdiction Migration: The company has migrated its jurisdiction of incorporation from Panama to Bermuda and changed its name to Carnival Corporation Ltd., a move anticipated to increase liquidity and weighting in major U.S. stock indexes, thereby enhancing shareholder value.
- Shareholder Rights Protection: During the unification and migration process, shareholders of Carnival Corporation will receive the same number of common shares of Carnival Corporation Ltd. as they held in Carnival plc, ensuring that shareholder rights are preserved throughout the transition.
- Significant Market Impact: Following the completion of these transactions, Carnival plc's securities were delisted from both the London Stock Exchange and the NYSE, marking a strategic shift towards enhancing the company's competitiveness and influence in the global market.
See More
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- Completion of Unification: Carnival Corporation has announced the completion of its dual listing structure unification, with Carnival plc becoming its UK subsidiary, which signifies streamlined governance and reporting processes, expected to enhance governance efficiency and transparency.
- Jurisdiction Migration: The company has migrated its jurisdiction of incorporation from Panama to Bermuda, along with a name change to 'Carnival Corporation Ltd.', which is anticipated to reduce administrative costs and enhance liquidity, increasing its weighting in major U.S. stock indexes.
- Shareholder Rights Protection: All Carnival plc shareholders will receive common shares of Carnival Corporation Ltd. on a one-for-one basis, ensuring that shareholder rights are preserved while laying a foundation for future capital operations and boosting market confidence.
- Expected Market Impact: This transaction is expected to enhance the company's liquidity on the New York Stock Exchange, further solidifying its position as the largest global cruise company and driving long-term shareholder value growth.
See More
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- Crude Oil Plunge: WTI crude oil prices fell more than 7% to a two-week low as market expectations for a US-Iran peace agreement increased, easing inflation fears and contributing to stock market gains, with the 10-year Treasury yield dropping to a one-week low of 4.33%.
- Employment Data Impact: The April ADP employment report indicated that US companies added 109,000 jobs, below the expected 120,000, yet the market remains optimistic about the Fed's monetary policy, believing it will help maintain a low interest rate environment.
- International Market Surge: Overseas stock markets closed sharply higher, with the Euro Stoxx 50 rising 2.68% and China's Shanghai Composite gaining 1.17%, indicating a positive global market response to the US economic recovery, further boosting investor confidence.
See More
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- Cabin Innovations: Oosterdam introduces dedicated Solo Verandahs and Bridgeview Suites, offering private balconies and stunning ocean views, designed to meet the needs of modern travelers, thereby enhancing customer experience and strengthening market competitiveness.
- New Dining Experience: The addition of Grand Dutch Café provides an all-day venue for coffee and small plates inspired by European café culture, aiming to create a comfortable social environment for guests, further enhancing the overall onboard experience.
- Diverse Itinerary Options: Oosterdam will offer various Caribbean itineraries during the winter 2027/2028 season, including 9-day and 12-day trips that combine new amenities with tropical destinations, aimed at attracting more tourists and improving customer satisfaction.
See More
