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: 26.580
Low
33.00
Averages
37.41
High
45.00
Current: 26.580
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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- Significant Stock Decline: The stock plummeted 24% last month due to disappointing earnings and geopolitical instability from the Iran war, reflecting investor concerns about the company's future prospects amidst rising oil prices.
- Improved Profitability: Despite missing revenue expectations, adjusted EBITDA increased by 11% to $2.73 billion, and adjusted earnings per share surged 46% to $0.28, demonstrating effective cost control, yet failing to reverse the overall negative trend.
- Board Changes: Following pressure from activist investor Elliott Investment Management, Norwegian has appointed five new board members, which, while not immediately boosting stock prices, may lay the groundwork for future strategic adjustments and improvements.
See More
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- Revenue Miss: Norwegian Cruise Line's Q4 revenue rose 6% to $2.2 billion, falling short of the $2.34 billion estimate, as higher capacity days contributed to growth but execution gaps significantly impacted performance.
- Profitability Improvement: Adjusted EBITDA increased by 11% to $2.73 billion, while adjusted earnings per share surged 46% to $0.28, exceeding expectations of $0.27, indicating effective cost management despite revenue challenges.
- Bleak Outlook: The company forecasts flat net yields for 2026, with cruise costs expected to rise by 0.9%, which will pressure profitability; adjusted EPS guidance of $2.38 is below the consensus of $2.60, reflecting ongoing challenges.
- Board Changes: Following pressure from activist investor Elliott Management, Norwegian appointed five new board members, which, while not boosting stock prices immediately, may set the stage for future improvements in governance and performance.
See More
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- Improved Profitability: Despite revenue misses, adjusted EBITDA increased by 11% to $2.73 billion, and adjusted earnings per share surged 46% to $0.28, exceeding expectations of $0.27, demonstrating effective cost control measures.
- Bleak Future Outlook: Norwegian anticipates flat net yields for 2026, with adjusted earnings per share projected at $2.38, below the consensus estimate of $2.60, highlighting ongoing fundamental challenges facing the company.
- Investor Attention: Activist investor Elliott Investment Management called for urgent board reforms, resulting in the appointment of five new board members, which, while not boosting stock prices immediately, may lay the groundwork for future improvements.
See More
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- Market Fluctuations: The S&P 500 Index closed up 0.11%, while the Dow Jones Industrial Average fell 0.13%, and the Nasdaq 100 Index rose 0.11%, reflecting volatility influenced by surging oil prices and economic data.
- Positive Economic Data: Weekly initial unemployment claims unexpectedly fell by 9,000 to 202,000, indicating a stronger labor market than the anticipated increase to 212,000, which could impact the Fed's interest rate policy.
- Impact of Oil Surge: Crude oil prices soared over 11% due to President Trump's tougher stance on Iran, leading to sharp declines in airline and cruise line stocks, with United Airlines and Carnival both down more than 3%.
- Corporate Developments: SBA Communications surged over 18% as it explores potential acquisition options, while Globalstar rose over 13% amid reports of Amazon's interest in acquiring the company, highlighting market focus on M&A activity.
See More
Stock Markets Pressured by Soaring Oil Prices
- Oil Price Surge Pressures Markets: Stock indexes are under pressure as crude oil prices soar over 8% following President Trump's aggressive stance on Iran, leading to a 0.06% drop in the S&P 500, a 0.23% decline in the Dow, and a 0.20% fall in the Nasdaq 100, indicating heightened inflation concerns among investors.
- Unexpected Jobless Claims Drop: Despite market pressures, initial jobless claims fell by 9,000 to 202,000, indicating a stronger labor market than anticipated, which may provide some support for stocks and alleviate investor fears of an economic slowdown.
- Divergent Energy Sector Performance: Energy producers like Diamondback Energy rose over 2% due to soaring WTI prices, while airline stocks such as American Airlines and Carnival fell more than 4% as rising fuel costs cut into profits, highlighting a clear divergence across sectors.
- Tech Stocks Decline: Chipmakers and AI infrastructure stocks retreated, with ARM Holdings leading the Nasdaq 100 down over 5%, reflecting waning confidence in tech stocks and potentially impacting future investment decisions.
See More
