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Carnival Corporation & plc (CCL), founded in 1972 and headquartered in Miami, Florida, is the world's largest cruise company, operating a diverse portfolio of leading cruise brands, including Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn. With a market cap of $29.6 billion, Carnival serves millions of guests annually across global destinations, offering exceptional vacation experiences. Carnival is scheduled to announce its Q1 earnings results before the market opens on Wednesday, Mar. 26.
Ahead of the event, analysts expect CCL to report a profit of $0.02 per share on a diluted basis, up 114.3% from a loss of $0.14 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Carnival Corporation reported adjusted earnings of $0.14 per share in Q4, exceeding consensus estimates by 75%, driven by strong demand, higher pricing, and improved occupancy, resulting in better-than-expected revenue and cost efficiencies.
For fiscal 2025, analysts expect CCL to report EPS of $1.76, up 23.9% from $1.42 in fiscal 2024.
Carnival Corporation's shares have gained 75.4% over the past 52 weeks, significantly outperforming the S&P 500 Index's ($SPX) 24.1% gains and the Consumer Discretionary Select Sector SPDR Fund’s (XLY) 34.9% gains over the same period.
On Dec. 20, Carnival Corporation reported its Q4 earnings, with shares rising 6.4%. The company posted revenue of $5.94 billion, matching forecasts and reflecting a 10% year-over-year increase. Additionally, its record fourth-quarter adjusted EBITDA of $1.2 billion was 29% higher than 2023 and exceeded September's guidance by $80 million.
The company expects strong financial performance in 2025, with net yields up 4.2% (constant currency) on continued demand strength. Adjusted cruise costs (ex-fuel per ALBD) to rise 3.7%, reflecting higher dry-dock days, marketing spend, and operating costs for Celebration Key. Adjusted EBITDA is set to reach $6.6 billion, exceeding its 2026 SEA Change target a year early. Adjusted ROIC is forecasted at 11.7%, underscoring improved capital efficiency.
Analysts’ consensus opinion on CCL stock is bullish, with a “Strong Buy” rating overall. Out of 22 analysts covering the stock, 17 advise a “Strong Buy” rating, one has a “Moderate Buy” rating, three recommend a “Hold” rating, and one gives a “Strong Sell.” The average analyst price target for CCL is $29.41, indicating a 5.9% potential upside from the current levels.
