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: 26.650
Low
33.00
Averages
37.41
High
45.00
Current: 26.650
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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- Fresh Seafood Supply: Continuing its Global Fresh Fish Program, the line ensures locally sourced seafood is served within 48 hours, while introducing signature dishes created by renowned chefs, enhancing the dining experience and attracting food-conscious travelers.
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- Profitability Improvement: The company's adjusted earnings per share surged by 50% compared to Q1 2025, showcasing strong profitability even amid rising fuel costs, which bolsters investor confidence in the company's financial health.
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- Buyback and Dividend: The company initiated a $2.5 billion share buyback last month and reinstated its quarterly dividend with a yield of 2.2%, demonstrating confidence in future cash flows.
- Outperformance Track Record: Carnival has beaten analyst earnings estimates for 11 consecutive quarters, and despite rising fuel costs, it trades at just 12 times this fiscal year's earnings estimate, suggesting its stock is relatively undervalued and may attract long-term investors.
See More
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- New Shore Excursions: The introduction of 25 new shore excursions in 2026, including unique experiences like floatplane adventures in Juneau and exclusive moose discovery tours in Anchorage, aims to attract more visitors and enhance the company's competitive edge in the cruise market.
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See More
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- Apprenticeship Program: Since its launch in 2024, the program has provided eligible students with a required 180-day onboard apprenticeship, effectively combining academic knowledge with practical operational experience, significantly boosting their employability.
- Industry Support: This expansion not only strengthens Carnival's collaboration with Mexico in maritime education and workforce development but also fosters engagement with leaders from 15 Mexican port states, ensuring long-term coordination and environmental compliance in the industry.
- Future Outlook: Under the expanded framework, Princess Cruises is expected to welcome its first cadets from the university in the fall, further advancing the cultivation and development of maritime talent in Mexico.
See More
