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Carnival Corporation (CCL) stock

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NYSE: CCL NYSE Hotels, Resorts & Cruise Lines Next results ~December 18, 2026

C Fundamentals grade

Carnival Corporation runs a global cruise holiday business through a portfolio of brands including Carnival Cruise Line, Princess Cruises, Cunard, Seabourn, Costa Cruises and P&O Cruises (Australia). Alongside its ships, it owns, leases or holds controlling interests in port destinations, exclusive islands, hotels and lodges, among them Celebration Key in Grand Bahama and other Paradise Collection sites.

Its customers are leisure travellers. The company earns most of its money from passenger cruise tickets, which typically cover accommodation, most meals, entertainment and port visits, and from onboard goods and services such as beverages, internet, casino gaming, spas, shore excursions, speciality restaurants and retail. Some of these are run by independent concessionaires that pay it a share of their revenue or a fee. It also earns tour revenue from hotel and transportation operations.

The business is organised into North America and Europe segments. In 2025 it carried over 13.5 million guests and employed more than 160,000 team members. Carnival operates as a dual-listed company, with shares traded in New York and London.

Based on Carnival Corporation's 10-K filed January 27, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$43

Cash-flow model

Base case. Range ~$28–$63 across our lower- and higher-growth cases (3.2%–13.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 30% below our base value.

Price used: $30.05, November 2, 2026

Carnival Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds957 adding, 9 cuttingOf 74 active managers that changed their stake, 73 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Carnival files

Where Carnival stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $27.6bn, up 5.2% on a year earlier, about the same pace as a quarter earlier. That puts it 7 of 8 for growth among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin held at 11.5%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $28.05 a share, against a share price of $27.35. At that price, our model says the market is pricing in about 7.8% a year of cash-flow growth for five years, slower than the 70.6% a year revenue growth it has delivered.

Source: 10-Q filed September 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 18, 2026 (estimated)

Carnival Corporation's trailing-twelve-month revenue grew 5.2% year on year, with a free-cash-flow margin of 11.5%. Where it stands out: stock pay as % of revenue of 0.4% ranks 1 of 24 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$43 per share in the base case (~$28–$63 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Share count shrinking (buybacks): Diluted shares outstanding fell 2.1% year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $30.05 is 44% below our value per share of $43.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 2.1 against the S&P 500.
  • Insiders selling. 5 insiders sold $14M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 39.5% ranks 11 of 14 hotels, resorts & cruise lines companies we cover (median 47.7%).

Latest results: FY2026 Q3

Filed September 29, 2026
Earnings per share
$1.43 against an average estimate of $1.35: beat by 5.9%
Revenue
$8.44bn, up 3.5% on a year earlier
Share reaction
+10.8% in the first session after the results on September 29, 2026, against -0.4% for the S&P 500
Guidance given
net yields (in constant currency) growth 2.3% (full year 2026); net yields (current dollars) growth 3.8% (Full Year 2026)
Next report
December 18, 2026; average EPS estimate $0.22

Carnival's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.2%
  • 1 week+11.9%
  • 1 month+16.7%
  • This year0.0%
  • 1 year+5.9%
  • 5 years+31.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$27.6B
Operating margin
16.0%
Net margin
11.4%
EPS (TTM, diluted)
$2.22

Growth

Revenue growth
+5.2%
Change in growth rate
+0.0 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$3.2B
FCF margin
11.5%
Stock pay % of revenue
0.4%

Earnings

Last results
September 29, 2026
Next results (est.)
December 18, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Partnership
  4. Announcement
  5. Announcement
  6. Results
  7. Guidance
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Carnival Corporation valuation models and calculator

What the price is pricing in

The share price implies about 2.6% a year of cash-flow growth for five years.That is slower than the 70.6% a year revenue growth Carnival has delivered.

  • Priced in2.6%
  • Last 12 months5.2%
  • 3 years a year11.3%
  • 5 years a year70.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($29.80, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$43
Price used
$29.80close November 3, 2026
Implied change
▲ +45%
Uncertainty
High

How we got here: a discounted-cash-flow model of Carnival Corporation's free cash flow after stock-based pay with after-tax interest added back ($3.7B, FY2026 Q3 TTM), growing 4.5% and 6.3% in the next two years (forecasts, guidance and its record), then back to 8.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$28–~$63 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Carnival Corporation's free cash flow after stock-based pay ( $3.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Carnival Corporation as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.33 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$43 ~$28–$63 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$39 ~$31–$56 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.1 ~$0.4–$2.1 Left out: out of range vs price (0.04x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$42 ~$39–$43 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Carnival Corporation with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −35%
  • Revenue growth 5 points higher ▲ +46%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +4%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $22$36$55$79$111$153
8.5% $13$23$37$54$77$106
10% $7$15$26$39$56$79

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$43.40$45.41$59.46$56.32$43.86$19.66$17.34$9.77$14.82$25.03$25.37$30.05
Market value$33.8bn$33.9bn$43.1bn$40.0bn$30.3bn$15.24tn$19.5bn$11.5bn$18.7bn$35.0bn$35.6bn$42.4bn
+ Net debt (− = net cash)$7.4bn$9.3bn$9.3bn$10.2bn$11.2bn$20.5bn$27.1bn$31.8bn$28.9bn$27.0bn$25.5bn$23.3bn
Enterprise value$41.2bn$43.2bn$52.4bn$50.2bn$41.6bn$15.26tn$46.6bn$43.3bn$47.6bn$62.0bn$61.0bn$65.7bn
Multiples
Price / sales 2.2x2.1x2.5x2.1x1.5xn/m10.2x0.9x0.9x1.4x1.3x1.5x
Price / earnings 19.2x12.2x16.5x12.7x10.1x————18.3x12.9x13.5x
Price / free cash flow 15.0x16.4x18.1x22.2xn/m———18.8x27.0x13.6x13.4x
EV / EBITDA 9.8x9.0x11.3x9.4x7.6x———11.0x10.1x8.4x9.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Carnival's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 12.0% of total assets over 9 years.

  • Pricing power 5 / 20

    Gross margin has been a median 37.8%, moving by 16.8 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 14.9%; its worst year was -1042.5%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 6 of 10 years, at a median 5.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 99.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 18, 2026, before the open. Analysts expect revenue of $6.5bn and EPS of $0.22 (range $0.18 to $0.30) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.26 +1% $27.7bn +4%
Next $2.57 +14% $28.6bn +3%

Next year's EPS estimate has moved −2.5% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 17 analysts raised Carnival Corporation's forecast and 7 cut it.

Consensus EPS forecast Carnival Corporation, last 90 days
$2.20 $2.40 $2.60 $2.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.24 Current fiscal year, 60 days ago: $2.24 Current fiscal year, 30 days ago: $2.21 Current fiscal year, 7 days ago: $2.26 Current fiscal year, Now: $2.26 $2.26 Next fiscal year, 90 days ago: $2.64 Next fiscal year, 60 days ago: $2.64 Next fiscal year, 30 days ago: $2.59 Next fiscal year, 7 days ago: $2.57 Next fiscal year, Now: $2.57 $2.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.24$2.64
60 days ago $2.24$2.64
30 days ago $2.21$2.59
7 days ago $2.26$2.57
Now $2.26$2.57

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $1.35 $1.43 +5.9%
May 2026 $0.34 $0.41 +21.1%
Feb 2026 $0.18 $0.20 +8.9%
Nov 2025 $0.25 $0.34 +38.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 29, 2026
  • Adjusted earnings per share - diluted Full Year 2026 about $2.24 Non-GAAP
    “Adjusted earnings per share - diluted Approx. $0.20 Approx. $2.24” source
  • Adjusted earnings per share - diluted 4Q 2026 about $0.20 Non-GAAP
    “Adjusted earnings per share - diluted Approx. $0.20 Approx. $2.24” source
  • Net yields (in constant currency) full year 2026 about 2.3% growth Non-GAAP Raised
    “Net yields (in constant currency) up approximately 2.3 percent compared to record 2025 levels and 0.5 percentage points better than June guidance.” source
  • Net yields (current dollars) Full Year 2026 about 3.8% growth Non-GAAP
    “Net yields Approx. 2.3% Approx. 1.7% Approx. 3.8% Approx. 2.3%” source
  • Adjusted cruise costs excluding fuel per ALBD (in constant currency) full year 2026 about 2.2% growth Non-GAAP Raised
    “Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.2 percent and better than June guidance.” source
  • Adjusted cruise costs excluding fuel per ALBD (current dollars) Full Year 2026 about 3.5% growth Non-GAAP
    “Adjusted cruise costs excluding fuel per ALBD Approx. 1.9% Approx. 1.7% Approx. 3.5% Approx. 2.2%” source
Show 29 more items
  • ALBDs (in millions) Full Year 2026 about 97.4m
    “ALBDs (in millions) (a) 24.1 97.4” source
  • Capacity growth compared to prior year Full Year 2026 about 1% growth
    “Capacity growth compared to prior year (0.1) % 1.0 %” source
  • Fuel consumption in metric tons (in millions) Full Year 2026 about 2.7m
    “Fuel consumption in metric tons (in millions) 0.7 2.7” source
  • Fuel cost per metric ton consumed (excluding emission allowances) Full Year 2026 about $768
    “Fuel cost per metric ton consumed (excluding emission allowances) $ 896 $ 768” source
  • Fuel expense (including emission allowances expense) (in billions) Full Year 2026 about $2.25bn
    “Fuel expense (including emission allowances expense) (in billions) $ 0.64 $ 2.25” source
  • Depreciation and amortization expense (in billions) Full Year 2026 about $2.92bn
    “Depreciation and amortization expense (in billions) $ 0.75 $ 2.92” source
  • Interest expense, net of capitalized interest and interest income (in billions) Full Year 2026 about $1.08bn
    “Interest expense, net of capitalized interest and interest income (in billions) $ 0.26 $ 1.08” source
  • Adjusted EBITDA (in billions) Full Year 2026 about $7.14bn Non-GAAP
    “Adjusted EBITDA (in billions) Approx. $1.30 Approx. $7.14” source
  • Adjusted net income (in millions) Full Year 2026 about $3,080m Non-GAAP
    “Adjusted net income (in millions) Approx. $274 Approx. $3,080” source
  • Weighted-average shares outstanding - basic Full Year 2026 about 1,369m
    “Weighted-average shares outstanding - basic 1,352 1,369” source
  • Adjusted weighted-average shares outstanding - diluted Full Year 2026 about 1,376m Non-GAAP
    “Adjusted weighted-average shares outstanding - diluted 1,358 1,376” source
  • Operational improvement in adjusted net income full year 2026 about $150m Non-GAAP Raised
    “Operational improvement of more than $150 million in adjusted net income compared to June guidance, driven by improvements in net yields, adjusted cruise costs excluding fuel per ALBD and fuel consumption per ALBD, overcoming $150 million impact from increased fuel prices.” source
  • Net yields (in constant currency) fourth quarter of 2026 about 1.7% growth Non-GAAP
    “For the fourth quarter of 2026, the company expects net yields (in constant currency) up approximately 1.7 percent compared to 2025 record levels.” source
  • Net yields (current dollars) 4Q 2026 about 2.3% growth Non-GAAP
    “Net yields Approx. 2.3% Approx. 1.7% Approx. 3.8% Approx. 2.3%” source
  • Adjusted cruise costs excluding fuel per ALBD (in constant currency) 4Q 2026 about 1.7% growth Non-GAAP
    “Adjusted cruise costs excluding fuel per ALBD Approx. 1.9% Approx. 1.7% Approx. 3.5% Approx. 2.2%” source
  • Adjusted cruise costs excluding fuel per ALBD (current dollars) 4Q 2026 about 1.9% growth Non-GAAP
    “Adjusted cruise costs excluding fuel per ALBD Approx. 1.9% Approx. 1.7% Approx. 3.5% Approx. 2.2%” source
  • ALBDs (in millions) 4Q 2026 about 24.1m
    “ALBDs (in millions) (a) 24.1 97.4” source
  • Capacity growth compared to prior year 4Q 2026 about -0.1% growth
    “Capacity growth compared to prior year (0.1) % 1.0 %” source
  • Fuel consumption in metric tons (in millions) 4Q 2026 about 0.7m
    “Fuel consumption in metric tons (in millions) 0.7 2.7” source
  • Fuel cost per metric ton consumed (excluding emission allowances) 4Q 2026 about $896
    “Fuel cost per metric ton consumed (excluding emission allowances) $ 896 $ 768” source
  • Fuel expense (including emission allowances expense) (in billions) 4Q 2026 about $0.64bn
    “Fuel expense (including emission allowances expense) (in billions) $ 0.64 $ 2.25” source
  • Depreciation and amortization expense (in billions) 4Q 2026 about $0.75bn
    “Depreciation and amortization expense (in billions) $ 0.75 $ 2.92” source
  • Interest expense, net of capitalized interest and interest income (in billions) 4Q 2026 about $0.26bn
    “Interest expense, net of capitalized interest and interest income (in billions) $ 0.26 $ 1.08” source
  • Adjusted EBITDA (in billions) 4Q 2026 about $1.3bn Non-GAAP
    “Adjusted EBITDA (in billions) Approx. $1.30 Approx. $7.14” source
  • Adjusted net income (in millions) 4Q 2026 about $274m Non-GAAP
    “Adjusted net income (in millions) Approx. $274 Approx. $3,080” source
  • Weighted-average shares outstanding - basic 4Q 2026 about 1,352m
    “Weighted-average shares outstanding - basic 1,352 1,369” source
  • Adjusted weighted-average shares outstanding - diluted 4Q 2026 about 1,358m Non-GAAP
    “Adjusted weighted-average shares outstanding - diluted 1,358 1,376” source
  • newbuild capital expenditures fourth quarter of 2026 about $0.3bn
    “For the fourth quarter of 2026, newbuild capital expenditures are $0.3 billion and non-newbuild capital expenditures are $0.9 billion.” source
  • non-newbuild capital expenditures fourth quarter of 2026 about $0.9bn
    “For the fourth quarter of 2026, newbuild capital expenditures are $0.3 billion and non-newbuild capital expenditures are $0.9 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Carnival Corporation's revenue by +4.5% next year and +6.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.9%, weight 70%) and the company's own record (+8.2%, weight 30%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy2483%
Hold517%
Sell00%

Monthly trend

  1. Oct 2026618529
  2. Sep 2026618529
  3. Aug 2026518730
  4. Jul 2026518730

Counts of recommendations published by analysts covering Carnival Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
1.63
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
7.2%
of shares
Employees
160,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +5.9%

$28.37 on October 31, 2025 to $30.05

ThenNowEffect
Revenue (last 12 months) $26.2bn $27.6bn +5.2%
Net margin 10.1% 11.4% +12.9%
P/E multiple 15.5x 13.5x −12.7%
Share count 1442m 1411m +2.2%

Biggest factor: p/e multiple.

Last 3 years +143.3%

$12.35 on November 3, 2023 to $30.05

ThenNowEffect
Revenue (last 12 months) $20.0bn $27.6bn +37.7%
P/S multiple 0.8x 1.5x +92.6%
Share count 1294m 1411m −8.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CCL−7%−60%+130%+34%+23%0%
Industry peers (median)+28%−23%+45%+24%+6%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CCL50%42%50%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CCL−48%−73%−43%−27%−42%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 90% from January 29, 2018 to October 10, 2022. Getting back needed a 938% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$21.79 – $33.45
From 52-week high
−10.2%
vs 50-day average
+20.5%
vs 200-day average
+11.7%
Volatility (1 year)
50%
Beta vs S&P 500
2.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.0%
After a week
6 up, 6 down
typical move ±7.6%
After a month
7 up, 5 down
typical move ±11.9%
Results releasedNext dayS&P 500 next day5 days21 days
September 29, 2026 +10.8% −0.4% +20.1% +26.7%
June 23, 2026 −4.2% −1.5% −5.4% −16.3%
March 27, 2026 −5.2% −2.0% +2.7% +4.0%
December 19, 2025 +13.6% +1.5% +8.4% +0.5%
September 29, 2025 −5.6% +0.7% −5.0% −9.0%
June 24, 2025 +6.0% +1.2% +19.1% +23.9%
March 21, 2025 +1.1% +1.8% −6.3% −15.2%
December 20, 2024 +2.2% +1.8% −0.5% +1.0%
September 30, 2024 −2.8% −0.5% −2.9% +19.2%
June 25, 2024 +12.1% +0.5% +7.1% +4.3%
March 27, 2024 −4.1% +0.8% −11.6% −11.5%
December 21, 2023 +4.8% +1.2% +2.6% −11.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Carnival Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 0.96× the last 60 days’ realised volatility .
  • Puts are priced 6 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Carnival Corporation in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Carnival Corporation
$20B $22B $24B $26B $28B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $21.6B Revenue (TTM), FY24 Q1: $22.6B Revenue (TTM), FY24 Q2: $23.4B Revenue (TTM), FY24 Q3: $24.5B Revenue (TTM), FY24 Q4: $25B Revenue (TTM), FY25 Q1: $25.4B Revenue (TTM), FY25 Q2: $26B Revenue (TTM), FY25 Q3: $26.2B Revenue (TTM), FY25 Q4: $26.6B Revenue (TTM), FY26 Q1: $27B Revenue (TTM), FY26 Q2: $27.3B Revenue (TTM), FY26 Q3: $27.6B $27.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $21.6B
FY24 Q1 $22.6B
FY24 Q2 $23.4B
FY24 Q3 $24.5B
FY24 Q4 $25B
FY25 Q1 $25.4B
FY25 Q2 $26B
FY25 Q3 $26.2B
FY25 Q4 $26.6B
FY26 Q1 $27B
FY26 Q2 $27.3B
FY26 Q3 $27.6B
Revenue growth, TTM YoY Carnival Corporation
0% 20% 40% 60% 80% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 77.5% Revenue growth, TTM YoY, FY24 Q1: 50.7% Revenue growth, TTM YoY, FY24 Q2: 34.0% Revenue growth, TTM YoY, FY24 Q3: 22.2% Revenue growth, TTM YoY, FY24 Q4: 15.9% Revenue growth, TTM YoY, FY25 Q1: 12.7% Revenue growth, TTM YoY, FY25 Q2: 10.8% Revenue growth, TTM YoY, FY25 Q3: 7.1% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 6.1% Revenue growth, TTM YoY, FY26 Q2: 5.2% Revenue growth, TTM YoY, FY26 Q3: 5.2% 5.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 77.5%
FY24 Q1 50.7%
FY24 Q2 34.0%
FY24 Q3 22.2%
FY24 Q4 15.9%
FY25 Q1 12.7%
FY25 Q2 10.8%
FY25 Q3 7.1%
FY25 Q4 6.4%
FY26 Q1 6.1%
FY26 Q2 5.2%
FY26 Q3 5.2%
Operating margin (TTM) Carnival Corporation
8% 10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.1% Operating margin (TTM), FY24 Q1: 10.7% Operating margin (TTM), FY24 Q2: 12.1% Operating margin (TTM), FY24 Q3: 13.9% Operating margin (TTM), FY24 Q4: 14.3% Operating margin (TTM), FY25 Q1: 15.1% Operating margin (TTM), FY25 Q2: 16.2% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 16.8% Operating margin (TTM), FY26 Q1: 16.9% Operating margin (TTM), FY26 Q2: 16.3% Operating margin (TTM), FY26 Q3: 16.0% 16.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.1%
FY24 Q1 10.7%
FY24 Q2 12.1%
FY24 Q3 13.9%
FY24 Q4 14.3%
FY25 Q1 15.1%
FY25 Q2 16.2%
FY25 Q3 16.4%
FY25 Q4 16.8%
FY26 Q1 16.9%
FY26 Q2 16.3%
FY26 Q3 16.0%
FCF margin (TTM) Carnival Corporation
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.6% FCF margin (TTM), FY24 Q1: 5.8% FCF margin (TTM), FY24 Q2: 6.8% FCF margin (TTM), FY24 Q3: 5.0% FCF margin (TTM), FY24 Q4: 5.2% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 10.8% FCF margin (TTM), FY25 Q3: 11.1% FCF margin (TTM), FY25 Q4: 9.8% FCF margin (TTM), FY26 Q1: 11.1% FCF margin (TTM), FY26 Q2: 11.7% FCF margin (TTM), FY26 Q3: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.6%
FY24 Q1 5.8%
FY24 Q2 6.8%
FY24 Q3 5.0%
FY24 Q4 5.2%
FY25 Q1 7.8%
FY25 Q2 10.8%
FY25 Q3 11.1%
FY25 Q4 9.8%
FY26 Q1 11.1%
FY26 Q2 11.7%
FY26 Q3 11.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Carnival took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $26.6B
  2. Selling, general and admin $3.4B · 12.8%
  3. Other operating costs $18.7B · 70.4%
  4. Operating income $4.5B · 16.8%
  5. Interest and other $1.7B · 6.4%
  6. Net income $2.8B · 10.4%

Shares of revenue. Source: Carnival's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2007 Nov 2007 2008 Nov 2008 2009 Nov 2009 2014 Nov 2014 2015 Nov 2015 2016 Nov 2016 2017 Nov 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Nov 2021 2022 Nov 2022 2023 Nov 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 13.0 14.6 13.2 15.9 15.7 16.4 17.5 18.9 20.8 5.6 1.9 12.2 21.6 25.0 26.6 27.6
Gross profit 5.4 5.3 4.8 5.5 6.3 7.0 7.0 7.8 7.9 — −2.7 0.4 7.3 9.4 — —
EBITDA 3.8 4.0 3.5 3.4 4.2 4.8 4.7 5.3 5.4 −6.6 −4.9 −2.1 4.3 6.1 7.3 7.3
Operating income 2.7 2.7 2.2 1.8 2.6 3.1 2.8 3.3 3.3 −8.9 −7.1 −4.4 2.0 3.6 4.5 4.4
Net income 2.4 2.3 1.8 1.2 1.8 2.8 2.6 3.2 3.0 −10.2 −9.5 −6.1 −0.1 1.9 2.8 3.1
Diluted EPS $2.95 $2.90 $2.24 $1.56 $2.26 $3.72 $3.59 $4.44 $4.32 −$13.20 −$8.46 −$5.16 −$0.06 $1.44 $2.02 $2.22
Growth (year on year)
Revenue — +12.4% −10.2% +20.7% −1.1% +4.3% +6.8% +7.8% +10.3% −73.1% −65.9% +537.7% +77.5% +15.9% +6.4% +5.2%
EBITDA — +4.0% −12.9% −1.6% +23.2% +14.5% −3.2% +14.8% +1.8% −221.9% — — — +41.7% +18.6% +4.0%
Operating income — +0.1% −21.1% −17.7% +45.3% +19.3% −8.5% +18.4% −1.5% −370.6% — — — +82.7% +25.4% +2.4%
Net income — −3.5% −23.0% −32.1% +44.5% +58.2% −6.2% +21.0% −5.1% −442.3% — — — — +44.1% +18.7%
Diluted EPS — −1.7% −22.8% −30.4% +44.9% +64.6% −3.5% +23.7% −2.7% −405.6% — — — — +40.3% +21.3%
Margins
Gross margin 41.5% 36.2% 36.1% 34.4% 39.9% 42.7% 40.0% 41.3% 38.0% — −144.0% 3.4% 33.7% 37.5% — —
EBITDA margin 29.4% 27.2% 26.3% 21.5% 26.7% 29.3% 26.6% 28.3% 26.1% −118.4% −254.5% −17.3% 20.0% 24.5% 27.3% 26.5%
Operating margin 20.9% 18.6% 16.4% 11.2% 16.4% 18.7% 16.0% 17.6% 15.7% −158.4% −371.5% −36.0% 9.1% 14.3% 16.8% 16.0%
Net margin 18.5% 15.9% 13.6% 7.7% 11.2% 17.0% 14.9% 16.7% 14.4% −182.9% −498.0% −50.1% −0.3% 7.7% 10.4% 11.4%
Free-cash-flow margin 5.8% 0.3% −0.3% 5.3% 14.3% 12.6% 13.6% 9.5% 0.2% −177.3% −404.4% −54.3% 4.6% 5.2% 9.8% 11.5%
Cash flow
Cash from operations 4.1 3.4 3.3 3.4 4.5 5.1 5.3 5.5 5.5 −6.3 −4.1 −1.7 4.3 5.9 6.2 6.8
Capital spending 3.3 3.4 3.4 2.6 2.3 3.1 2.9 3.7 5.4 3.6 3.6 4.9 3.3 4.6 3.6 3.6
Free cash flow 0.8 0.0 −0.0 0.8 2.3 2.1 2.4 1.8 0.0 −9.9 −7.7 −6.6 1.0 1.3 2.6 3.2
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.7 −0.0 −0.1 0.8 2.2 2.0 2.3 1.7 0.0 −10.0 −7.8 −6.7 0.9 1.2 2.5 3.1
Balance sheet
Cash 0.9 0.7 0.5 0.3 1.4 0.6 0.4 1.0 0.5 9.5 8.9 4.0 2.4 1.2 1.9 1.2
Total debt 0.0 9.1 10.9 9.1 8.8 9.9 9.7 11.2 11.7 30.0 36.0 35.8 31.3 28.2 27.4 24.6
Net debt (negative = net cash) −0.9 8.4 10.3 8.8 7.4 9.3 9.3 10.2 11.2 20.5 27.1 31.8 28.9 27.0 25.5 23.3
Diluted shares — 816m 804m 778m 779m 747m 725m 710m 692m 775,000m 1,123m 1,180m 1,262m 1,398m 1,402m 1,411m
Returned to shareholders
Dividends 1.0 1.3 0.3 0.8 0.8 1.0 1.1 1.4 1.4 0.7 0.0 0.0 — — — —
Buybacks 0.3 0.1 0.2 0.0 0.5 2.3 0.6 1.5 0.6 0.0 0.0 0.0 — — — —
Total returned 1.3 1.4 0.5 0.8 1.3 3.3 1.6 2.8 2.0 0.7 0.0 0.0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · August 31, 2026
What it owns · $51.0bn
Short-term assets $3.4bnLonger-term assets $47.5bn
What it owes, and who funded it · $26.7bn
Short-term liabilities $12.5bnShareholders' equity $14.2bn
  • Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $12.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.2bn of cash against $23.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 169% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 290% to 169% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.8bn of operating cash flow against $23.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.4bn against $1.2bn of interest.

From Carnival Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−2.1%
year over year
Sales & admin spending
13.0%
of revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated CCL MAR BKNG RCL EXPE ABNB Median
Revenue, last 12 months $27.6bn $27.4bn $28.2bn $19.1bn $15.7bn $13.2bn $5.2bn
Revenue growth, last 12 months 5.2% 5.8% 12.9% 9.7% 12.0% 13.6% 9.7%
Revenue growth, 3-year average 11.3% 5.2% 13.4% 13.3% 8.6% 13.1% 8.0%
Revenue growth, latest quarter 3.5% 8.0% 8.1% 8.8% 14.0% 16.5% 8.1%
Gross margin 39.5% — 98.1% 49.1% 82.1% 82.9% 47.7%
Operating margin 16.0% 15.8% 32.9% 27.6% 16.0% 20.8% 16.0%
Operating margin, 3-year average 15.4% 15.6% 31.4% 26.4% 11.3% 19.5% 15.3%
Net margin 11.4% 9.7% 25.5% 23.8% 13.0% 20.4% 11.4%
Cash from operations / revenue 24.7% 14.8% 34.9% 36.0% 33.2% 36.9% 20.4%
Free-cash-flow margin 11.5% 12.7% 33.8% 7.9% 28.4% 36.9% 12.1%
Free-cash-flow margin, 3-year average 9.2% 10.3% 34.7% 5.8% 19.3% 38.6% 10.3%
Stock pay / revenue 0.4% 0.8% 2.1% 0.7% 2.6% 13.0% 1.3%
Change in share count −2.1% −3.9% −4.6% −3.3% −5.4% −3.8% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 5.2% 9.7% 18 of 25
Change in growth rate Growth +0.0pp -0.5pp 12 of 25
Gross margin Profitability 39.5% 47.7% 11 of 14
Operating margin Profitability 16.0% 16.0% 11 of 22
Net margin Profitability 11.4% 11.4% 13 of 25
Free-cash-flow margin Cash generation 11.5% 12.7% 13 of 24
Stock pay as % of revenue Cash generation 0.4% 1.4% 1 of 24
Long-term debt as % of assets Balance sheet 42.9% 41.9% 14 of 24
Change in share count Balance sheet -2.1% -3.5% 16 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 30, 2025
Segments
Line of business Revenue Share YoY
North America $17.6B 66.1% ▲ 4.8%
Europe $8.5B 31.8% ▲ 9.8%
Cruise $309M 1.2% ▲ 21.2%
Tour and Other $241M 0.9% ▼ 5.5%
Products and services
Line of business Revenue Share YoY
Cruise Passenger Ticket $17.4B 65.4% ▲ 5.8%
Cruise Onboard and Other $9.2B 34.6% ▲ 7.5%
Geography
Region Revenue Share YoY
United States $14.8B 55.8% ▲ 5.6%
All Other Geographic Areas $5.4B 20.2% ▲ 4.2%
Germany $3.3B 12.6% ▲ 9.3%
United Kingdom $3.1B 11.5% ▲ 11.5%

From Carnival Corporation's 10-K filed January 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25.6B
Institutions reporting
983
Shares held vs prior quarter
▲ 12187.9%
Positions opened / closed
944 / 2

Top buyers and sellers, Q2 2026: 957 institutions bought and 9 sold ; the biggest buyer was Blackrock, Inc (+96.3M shares) and the biggest seller Price T Rowe Associates Inc (−496K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.8B 96.3M 10.8% New
Vanguard Capital Management LLC $2.4B 82.7M 9.2% New
Vanguard Portfolio Management LLC $1.8B 62.4M 7.0% New
Causeway Capital Management LLC $1.2B 41.2M 4.6% New
Geode Capital Management, LLC $1B 36.4M 4.1% New
FMR LLC $1B 35.8M 4.0% New
Barrow Hanley Mewhinney & Strauss LLC $786M 27.5M 3.1% New
Jpmorgan Chase & Co $715M 24.5M 2.8% New
Dimensional Fund Advisors LP $494M 17.3M 1.9% New
Norges Bank $445M 15.6M 1.7% —
Morgan Stanley $411M 14.4M 1.6% New
Viking Global Investors LP $409M 14.3M 1.6% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Carnival Corporation's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.2M 6 trades by 5 insiders · 0% under pre-set plans
Net ▼ $14.2M net selling
Insider Date Trade Shares Price Value
Deeble Helen Director October 28, 2026 Sell 25,000 $27.75 $693,750
Deynes Bettina Alejandra Chief Human Resources Officer May 28, 2026 Sell 43,058 $28.10 $1.2M
Subotnick Stuart Director May 11, 2026 Sell 0 $25.22 $5
Band Sir Jonathon Director April 1, 2026 Sell 11,988 $26.19 $313,966
Band Sir Jonathon Director March 31, 2026 Sell 12 $24.98 $300
Bernstein David CFO & CAO February 10, 2026 Sell 361,790 $33.22 $12M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 44 trades and filings

No trades in Carnival Corporation disclosed in the last 12 months; 44 earlier trades on record.

  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded October 9, 2025, filed November 18, 2025
  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded October 9, 2025, filed November 18, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 18, 2026 estimated from the company's past filing pattern, not announced

  • September 29, 2026
  • June 23, 2026
  • March 27, 2026
  • December 19, 2025
  • September 29, 2025
  • June 24, 2025

Recent SEC filings

Data status

When each part of this page on Carnival Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Carnival Corporation in brief

What does Carnival Corporation do?
Carnival Corporation is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in November.
What is Carnival Corporation's stock ticker?
Carnival Corporation trades under the ticker CCL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Carnival Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Carnival Corporation reported revenue of $27.6B, 5.2% higher than a year earlier, according to its SEC filings.
What is Carnival Corporation's free cash flow?
Carnival Corporation's free-cash-flow margin is 11.5% of revenue over the trailing twelve months, ranking 13 of the 24 hotels, resorts & cruise lines companies we cover.
What is Carnival Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Carnival Corporation's free cash flow after stock-based pay gives ~$43 per share in the base case, and ~$28–$63 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Carnival Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Carnival Corporation's market cap?
On November 2, 2026, Carnival Corporation's market capitalisation was about $42.4B, with a price-to-earnings ratio of 13.5 and net debt of $23.3B. Market figures come from third-party market data and may be delayed.
How much debt does Carnival Corporation have?
Carnival Corporation's debt-to-equity ratio is 168.5%, from its latest balance sheet (289.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Carnival Corporation's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Carnival Corporation are Marriott International, Booking Holdings, Royal Caribbean Group, Expedia Group and Airbnb. The side-by-side comparison below sets their revenue, margins and growth against Carnival Corporation's.
Are insiders buying or selling Carnival Corporation stock?
Over the last 12 months, Carnival Corporation's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Carnival Corporation's next earnings date?
Around December 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Carnival Corporation announces its own schedule.