It has been about a month since the last earnings report for Carnival (CCL - Free Report) . Shares have lost about 9.7% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Carnival due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Carnival Corporation before we dive into how investors and analysts have reacted as of late.
Carnival Q2 Earnings & Revenues Beat Estimates, Both Increase Y/YCarnival reported better-than-expected second-quarter fiscal 2026 (ended May 31) results, with both adjusted earnings and revenues surpassing the Zacks Consensus Estimate. The top and bottom lines also increased on a year-over-year basis.
Carnival posted its twelfth consecutive quarter of record net yields and exceeded the March guidance by $100 million, driven by strong commercial execution and improved cost efficiency despite nearly 30% higher fuel costs. Management noted that recent booking trends are beginning to improve, indicating a gradual easing of geopolitical headwinds and reinforcing confidence in demand, pricing and the company's long-term earnings potential.
CCL’s Q2 Earnings & RevenuesIn the quarter under review, the company reported adjusted earnings per share (EPS) of 41 cents, beating the Zacks Consensus Estimate of 35 cents. In the year-ago quarter, CCL posted an adjusted EPS of 35 cents.
Revenues in the quarter totaled $6.66 billion, beating the consensus mark of $6.64 billion. The metric also increased 5.3% year over year.
During the quarter, passenger ticket revenues amounted to $4.27 billion, up from $4.10 billion reported in the prior-year quarter. Our estimate for passenger ticket revenues was also pegged at $4.23 billion.
Onboard and other revenues increased to $2.39 billion from $2.22 billion reported in the year-ago quarter. Our estimate for Onboard and other revenues was pegged at $2.38 billion.
Carnival’s FinancialsAdjusted net income in the quarter amounted to $569 million compared with $470 million reported in the prior-year quarter. Adjusted EBITDA totaled $1.58 billion, up from $1.51 billion reported in the prior-year quarter.
CCL’s Balance SheetAs of May 31, 2026, cash and cash equivalents were $2.24 billion compared with $1.93 billion as of Nov. 30, 2025. Total debt (current and long-term) as of May 31, 2026, was $24.89 billion compared with $26.64 billion as of Nov. 30, 2025.
Booking Update of CarnivalThe company delivered another exceptionally strong booking performance, with its booked position for the second half of 2026 running ahead of last year at historically high prices on a constant-currency basis. This strength was achieved despite more than a full quarter of heightened geopolitical volatility that primarily affected booking trends for European deployments, particularly in the Mediterranean region. Management maintained pricing discipline by leveraging its occupancy advantage, supporting continued yield strength.
With 93% of 2026 capacity already booked and less inventory remaining for sale than at the same point last year, Carnival is well positioned to achieve record net yields in the back half of 2026. Demand for 2027 and beyond also remains robust, with booking volumes and pricing for future sailings running ahead of prior-year levels since March, including a significant increase in bookings for European itineraries.
The company's booking curve remains the furthest out on record, underscoring the strength of its portfolio of cruise brands and sustained demand generation efforts. Continued demand momentum was also reflected in higher fiscal second-quarter onboard revenues, increased pre-cruise onboard sales and strong customer engagement, providing enhanced revenue visibility.
Customer deposits reached an all-time high of $9.0 billion, surpassing the prior year's record by more than $450 million despite flat capacity growth over the next 12 months. The record deposit balance highlights the continued strength in consumer demand and further reinforces Carnival's strong cash flow profile.
CCL’s Q3 & FY26 OutlookFor third-quarter fiscal 2026, the company expects adjusted EBITDA to be approximately $2.88 billion. It expects fiscal third-quarter adjusted net income to be nearly $1.86 billion. The company expects fiscal third-quarter adjusted EPS to be $1.35.
For fiscal 2026, CCL now expects adjusted EBITDA of approximately $7.11 billion, down from its prior estimate of $7.19 billion. Adjusted net income is projected to be nearly $3.07 billion compared with the earlier expectation of $3.1 billion. Accordingly, adjusted EPS for the year is anticipated to be $2.22, revised up from the previous outlook of $2.21.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.
VGM ScoresCurrently, Carnival has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock was allocated a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Carnival has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Key Takeaways CCL delivered record Q2 revenues, yields, EBITDA and customer deposits despite geopolitical headwinds.Carnival plans measured fleet expansion while investing in ship upgrades and exclusive destinations.CCL has 93% of 2026 booked, with 2027 pricing and booking volumes already ahead of last year. Carnival Corporation (CCL - Free Report) is refining its growth strategy by combining measured capacity additions with greater investment in fleet modernization and destination-led differentiation. Second-quarter 2026 results underscored the progress of this strategy, as the company delivered record revenues, yields, EBITDA and customer deposits, while net income exceeded its March guidance by $100 million. Stronger commercial execution and cost discipline supported the outperformance despite geopolitical pressure on European demand.
Disciplined Growth Strategy Is Taking ShapeRather than accelerating new ship deliveries, Carnival plans to maintain a measured cadence of one to two vessels annually. The company ordered three Princess Cruises ships for delivery in 2035, 2038 and 2039 while expanding modernization programs across AIDA and Holland America Line. These upgrades are designed to enhance guest experiences, create additional onboard revenue opportunities and improve operating efficiency.
Controlled destinations are also becoming a more important growth lever. Carnival completed infrastructure improvements at Celebration Key and RelaxAway, Half Moon Cay, increasing capacity and itinerary flexibility. The broader Paradise Collection is expected to receive more than 9 million guest visits next year. Approximately 85% of Carnival’s Caribbean itineraries are projected to include at least one exclusive destination, with nearly half including two or more.
Carnival’s financial flexibility continues to improve alongside these investments. The company has repurchased more than $450 million of shares and reduced its net debt-to-adjusted EBITDA ratio to 3.1 times. Although the Middle East conflict prompted an approximately one-percentage-point reduction in normalized yield-growth guidance, Carnival views the pressure as temporary. With 93% of 2026 already booked and booking volumes and pricing for 2027 and beyond running ahead of last year, the longer-term demand outlook remains constructive.
How Does Carnival Compare With Cruise Industry Rivals?Carnival competes with Royal Caribbean Group (RCL - Free Report) and Norwegian Cruise Line Holdings (NCLH - Free Report) , which are also investing in ships, destinations and commercial capabilities.
Royal Caribbean is pursuing an ecosystem-led growth model centered on Icon-class ships, Royal Beach Clubs, Perfect Day destinations, technology and loyalty. RCL continues to expect double-digit revenue and earnings growth, supported by strong demand, record pricing and disciplined cost control.
Norwegian Cruise, meanwhile, is focused on an operational turnaround after entering 2026 behind its targeted booking curve. NCLH is improving revenue management, marketing effectiveness and organizational efficiency while targeting $125 million of annualized SG&A savings. However, internal execution challenges and softer European demand could make its revenue recovery more gradual.
Carnival’s strategy stands out through its emphasis on measured fleet growth, high-return modernization and exclusive destinations. The model does not abandon traditional capacity expansion, but it broadens the industry playbook by seeking to generate greater earnings from existing assets while preserving capital flexibility.
CCL’s Price Performance, Valuation & EstimatesShares of Carnival have dropped 1.9% in the past three months against the industry’s 0.4% growth.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 10.64, significantly below the industry’s average of 16.65.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s fiscal 2026 earnings implies a year-over-year decline of 1.8%. The EPS estimates for fiscal 2026 have declined in the past 30 days.
EPS Trend of CCL Stock
Image Source: Zacks Investment Research
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Dimensional Fund Advisors LP grew its holdings in shares of Carnival Corporation (NYSE:CCL – Free Report) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,904,029 shares of the company’s stock after acquiring an additional 834,885 shares during the quarter. Dimensional Fund Advisors LP owned 1.28% of Carnival worth $411,372,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Parallel Advisors LLC grew its holdings in shares of Carnival by 6.6% during the 1st quarter. Parallel Advisors LLC now owns 9,017 shares of the company’s stock valued at $233,000 after purchasing an additional 555 shares during the last quarter. SEB Asset Management AB acquired a new position in Carnival during the 1st quarter worth approximately $9,808,000. Swiss National Bank lifted its stake in Carnival by 13.5% in the 1st quarter. Swiss National Bank now owns 3,266,100 shares of the company’s stock valued at $84,527,000 after purchasing an additional 388,900 shares during the last quarter. World Equity Group Inc. bought a new position in Carnival in the 1st quarter valued at approximately $409,000. Finally, California Public Employees Retirement System boosted its position in Carnival by 21.6% in the first quarter. California Public Employees Retirement System now owns 2,359,463 shares of the company’s stock valued at $61,063,000 after buying an additional 419,407 shares in the last quarter. Institutional investors own 67.19% of the company’s stock.
Analyst Upgrades and Downgrades Several brokerages have recently issued reports on CCL. HSBC upgraded shares of Carnival from a “hold” rating to a “buy” rating and lowered their price target for the stock from $33.60 to $30.10 in a report on Monday, March 30th. Stifel Nicolaus raised their price objective on Carnival from $35.00 to $36.00 and gave the company a “buy” rating in a report on Friday, June 12th. Loop Capital assumed coverage on Carnival in a research report on Monday, June 1st. They set a “buy” rating and a $36.00 price objective on the stock. TD Cowen upped their target price on Carnival from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Freedom Capital upgraded Carnival to a “strong-buy” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.99.
Check Out Our Latest Analysis on CCL
Carnival Price Performance CCL stock opened at $26.13 on Wednesday. The company has a market capitalization of $35.79 billion, a P/E ratio of 11.77, a PEG ratio of 1.15 and a beta of 2.32. The company has a fifty day moving average price of $27.46 and a 200-day moving average price of $28.15. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.29 and a current ratio of 0.33. Carnival Corporation has a 52-week low of $23.45 and a 52-week high of $34.03.
Carnival (NYSE:CCL – Get Free Report) last issued its quarterly earnings data on Tuesday, June 23rd. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.07. The company had revenue of $6.66 billion for the quarter, compared to analysts’ expectations of $6.69 billion. Carnival had a net margin of 11.24% and a return on equity of 26.11%. Carnival’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Carnival has set its FY 2026 guidance at 2.220-2.220 EPS and its Q3 2026 guidance at 1.350-1.350 EPS. As a group, equities analysts expect that Carnival Corporation will post 2.23 EPS for the current year.
Carnival Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, August 7th. Carnival’s payout ratio is 27.03%.
Insider Buying and Selling at Carnival In other news, insider Bettina Alejandra Deynes sold 43,058 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $28.10, for a total value of $1,209,929.80. Following the completion of the sale, the insider owned 69,238 shares of the company’s stock, valued at approximately $1,945,587.80. This represents a 38.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 7.90% of the company’s stock.
Carnival Profile (Free Report)
Carnival Corporation (NYSE: CCL) is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company’s core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.
Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.
See Also Five stocks we like better than Carnival Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding CCL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carnival Corporation (NYSE:CCL – Free Report).
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, /PRNewswire/ -- Four new shows are taking center stage on Holland America Line's Oosterdam, expanding the cruise line's award-winning entertainment lineup with fresh productions and iconic collaborations. The four original shows were created exclusively for Holland America Line in partnership with RWS Global, the world leader in live moments across entertainment and sports.
The most anticipated debut is a new rock show created by RWS Global in collaboration with Rolling Stone: "Holland America Line and Rolling Stone Present, All Access: The Songs That Shaped Us." Celebrating music from rock legends, the production follows the success of the Rolling Stone Lounge venue found on most Holland America Line ships.
"We listened to what our guests wanted—more visually impressive productions with incredible music and memorable performances—and these four new shows deliver that," said Joe Chantry, vice president of entertainment & enrichment for Holland America Line. "Working with our creative partners at RWS Global and Rolling Stone, we've developed an entertainment lineup that is bold, immersive and uniquely Holland America Line, giving guests even more reasons to make World Stage part of every evening on board."
Following its successful launch on Koningsdam, the acclaimed "Fosse and Verdon, The Duet That Changed Broadway," is now on Oosterdam. "Decadence" and "Disco Fever" complete the four new productions that are already playing on the ship's World Stage.
"The new show with Rolling Stone leverages one of the world's most iconic music brands to create an unforgettable live entertainment experience for Holland America Line's guests," said Craig Laurie, chief creative officer of RWS Global. "The extraordinary success of the Rolling Stone Lounge makes it clear that guests crave authentic, brand‑driven entertainment rooted in nostalgia. Building on a proven fan favorite, we've expanded the experience into a fully realized stage production featuring singers, dancers, and the band from Rolling Stone Lounge."
"Rolling Stone has always celebrated the songs and artists that shape how people feel, connect and create memories, and this partnership with Holland America Line brings that spirit to audiences in a fresh, immersive way," said Julian Holguin, chief executive officer of Rolling Stone. "We're excited to build on the momentum of Rolling Stone Lounge with a new live experience that feels both unmistakably Rolling Stone and perfectly suited for guests looking to engage with music in a meaningful, memorable setting."
Details about Oosterdam's shows produced by Holland America Line and RWS Global:
"Holland America Line and Rolling Stone Present All Access: The Songs That Shaped Us": The energetic show celebrates music from rock legends, including The Eagles, Janis Joplin, Van Halen and Fleetwood Mac. This adrenaline-fueled concert experience blends powerhouse live music with dynamic choreography in a celebration of rock's most iconic hits. "Decadence": An electrifying fusion of music, movement, and spectacle—where Las Vegas pulse meets New York sophistication and old-world Hollywood glamour. Iconic songs ignite high-octane showstoppers amid dazzling visuals and precision showgirls. "Disco Fever": Guests step into a glittering, high-energy disco celebration. Featuring "Le Freak," "It's Raining Men" and "I Love the Nightlife." Iconic hits return with modern flair—transforming the stage into a shimmering, feel-good dance party. "Fosse and Verdon, the Duet That Changed Broadway": Created in partnership with the Verdon Fosse Legacy®, the show is a dazzling sequence of iconic musical numbers inspired by Bob Fosse's and Gwen Verdon's original choreography, as well as never-before-seen archival audio and video content. The spectacle showcases the duo's legendary contributions from Broadway classics to cinematic masterpieces, including "Damn Yankees," "Sweet Charity," "Cabaret," "Chicago" and more. One critic called it "...hands down the best show I've ever seen on a ship." The four shows are already live on Oosterdam with bookings available this fall. Sample departures per person, double occupancy (with taxes and fees included in the fares) include:
10-Day Adriatic Allure: Croatia, Greek Isles & Istanbul, Sept. 23, 2026, starting at $139 per day. 14-Day Greece, Italy & French Riviera Collectors' Voyage, Aug. 22, 2026, starting at $113 per day. 11-Day Adriatic Antiquities: Greece & Istanbul, Oct. 3, 2026, starting at $137 per day. 16-Day Inca & Panama Canal Discovery: Lima Overnight, Nov. 18, 2026, starting at $147 per day. 22-Day South America & Antarctica Holiday, Dec. 19, 2026, starting at $230 per day. Oosterdam is the first of six ships that will undergo a complete revitalization as part of Holland America Evolution, the most ambitious guest experience update in the company's 153-year history. Oosterdam's renovations debut in December 2027.
Editor's Note: Photos are available at https://www.cruiseimagelibrary.com/c/dboufiuo
FAQ
Q: What is the biggest addition in this entertainment announcement?
A: Holland America Line is debuting four new World Stage productions on Oosterdam, including "All Access: The Songs That Shaped Us," an original show developed with Rolling Stone and RWS Global that celebrates legendary rock artists.
Q: Why partner with Rolling Stone?
A: Holland America Line has seen strong guest interest in its Rolling Stone Lounge venues and worked with Rolling Stone and RWS Global to expand that music experience into a full-scale theatrical production featuring live musicians, vocalists and dancers.
Q: Are these shows exclusive to one ship?
A: The new productions are currently featured on Oosterdam. However, the show "Fosse and Verdon, The Duet That Changed Broadway" is also currently on Koningsdam.
Q: What types of entertainment can guests expect from the new productions?
A: Holland America Line's new lineup includes a rock-inspired concert experience, a Broadway retrospective celebrating Bob Fosse and Gwen Verdon, a 1970s disco celebration, and a high-energy theatrical spectacle blending music, dance and visual effects.
Q: How does this fit into the broader onboard experience?
A: Holland America Line continues to invest in exclusive entertainment that complements its destination-focused itineraries, giving guests more opportunities to enjoy premium live performances throughout their voyage.
About Holland America Line
Holland America Line has been exploring the world for more than 150 years with expertly crafted itineraries, extraordinary service and genuine connections to the destinations. Offering a perfectly-sized ship experience, its fleet of 11 vessels visits nearly 400 ports in 114 countries around the world and has shared the thrill of Alaska for more than 75 years — longer than any other cruise line. Savour the Journey isn't just a tagline, it's a reinforcement that the cruise line provides experiences too good to hurry through, connecting travelers to the world and each other. Award-winning enrichment programming, entertainment and cuisine that brings each locale on board, including a revolutionary Global Fresh Fish Program, put Holland America Line at the forefront of premium cruising. Holland America Line is part of Carnival Corporation, the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide. (NYSE: CCL).
About RWS Global
RWS Global is the world leader in groundbreaking live moments across entertainment and sports, creating customized guest experiences spanning theatrical productions, live events, immersive destinations, multimedia, consumer products, and more.
RWS Global is headquartered in New York, London, Cincinnati, Shanghai, Riyadh, Orlando and Sydney with dedicated RWS Studios in NYC and the UK to serve its vast talent pipeline and client base. With a focus on entertainment and sports experiences, RWS Global serves major brands and corporations, theaters, cruise lines, sports properties, live venues, parks, resorts and more. Offering end-to-end services from ideation to operations, RWS Global's team of world-class designers, creators, producers and visionary talent provide unrivaled scale, producing over one million live moments every day and employing over 8,000 individuals and performers worldwide. The RWS Global roster of clients includes Apple, Azamara, The Coca-Cola Company, Commonwealth Games, Crayola, Europa-Park Resort, Ferrari World Abu Dhabi, The FRIENDS™ Experience by Original X Productions, Hard Rock Resorts, Hershey Entertainment & Resorts, Holland America Line, Iberostar Hotels & Resorts, International Cricket Council, Invictus Games, Lionsgate, MSC Cruises, Roompot, Rugby World Cup, Six Flags, Space Center Houston, TUI Group, Vera Wang, Warner Bros., Disney's The Lion King on Broadway, Chicago the Musical, Christmas Spectacular Starring the Radio City Rockettes and more. For more information, visit rwsglobal.com.
About Rolling Stone
Five decades since its founding, Rolling Stone today has evolved into a multi-platform content brand with unrivaled access and authority, reaching a global audience of over 60 million people per month. Staying true to its mission to tell exceptional stories that illuminate the culture of our times, Rolling Stone is an authority for music reviews, in-depth interviews, hard-hitting political commentary and award-winning journalism across print, digital, mobile, video, social and events. Operated and published by Penske Media Corporation, Rolling Stone provides "all the news that fits."
Carnival Cruise Line's Exclusive Destination Celebrates One Year of Creating Memorable Guest Experiences and Lasting Impact in Grand Bahama
, /PRNewswire/ -- Celebration Key, Carnival Cruise Line's exclusive destination on Grand Bahama celebrated its first anniversary Sunday, July 19, 2026, after welcoming 2.4 million guests since opening on July 19, 2025. Designed to celebrate the natural beauty of Grand Bahama and the culture of The Bahamas, the destination offers guests the opportunity to connect with the island's unique spirit while enjoying the signature fun Carnival is known for. The milestone marks a successful inaugural year defined by unforgettable guest experiences, meaningful community partnerships and economic opportunity for Grand Bahama.
Celebration Key turns one and hosts special Junkanoo performance
Guests greeted with birthday inspired Junkanoo performance as they arrive to Celebration Key
Team celebrates Celebration Key's first year anniversary
Celebration Key turns one In just one year of operation, Celebration Key has delivered incredible guest experiences and cultural immersion memories across its shores:
500,000+ thrill-seekers raced down the destination's signature waterslides. 400,000+ sweet treats were served by Mini Donut King, a popular Bahamian-owned food truck. 100,000+ refreshing Piña Coladas were enjoyed by guests across the island. Hundreds of lively Junkanoo parades brought the vibrant energy and music of The Bahamas directly to travelers. Celebration Key also achieved a historic milestone by becoming the world's first cruise destination to earn Sensory Inclusive Certification through the partnership with KultureCity, reinforcing Carnival's commitment to providing welcoming and accessible experiences for all guests.
"We've built something special here at Celebration Key," said Christine Duffy, president of Carnival Cruise Line. "Our goal is to create unforgettable memories for our guests, and in its first year, the destination has done exactly that for more than 2 million people. We're proud to be part of those moments while also creating real, lasting impact in the local community. As we look ahead, we're excited to continue building on this momentum, creating new experiences for our guests and deepening our commitment to Grand Bahama and its people."
Beyond the guest experience, Celebration Key has delivered meaningful economic opportunities for Grand Bahama. The destination supports approximately 1,000 year-round local jobs and continues to prioritize partnerships with Bahamian entrepreneurs and businesses. Today, more than 80 percent of Celebration Key's food and retail operators are locally owned, including Bahama Mama Seafood Pit, Flipping Fritters and Mini Donut King.
The destination's milestone was celebrated with a day of special festivities for guests visiting aboard Carnival Conquest and Carnival Freedom. From a special birthday-inspired Junkanoo performance to interactive scavenger hunts and a giant birthday cake displayed at the entrance to welcome guests and mark the occasion, the festivities reflected the energy, fun and Bahamian spirit that have defined Celebration Key's first year.
The anniversary also coincides with Carnival Corporation's expansion of its Less Left Over food waste reduction strategy to The Bahamas, where Carnival Cruise Line ships Carnival Freedom and Carnival Conquest made the program's first surplus meal donation in the country, redirecting prepared, unserved meals to local community organizations on Grand Bahama.
For additional information on Carnival Cruise Line and to book a cruise vacation, call 1-800-CARNIVAL, visit carnival.com, or contact your favorite travel advisor or online travel site.
ABOUT CARNIVAL CRUISE LINE
Carnival Cruise Line, part of Carnival Corporation (NYSE: CCL), the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide – and is proud to be known as America's Cruise Line and for carrying more Americans and serving more U.S. homeports than any other. Carnival sails more than six million guests annually and in 2023 was the first cruise line to sail more than 100 million guests in total. Operating from 13 U.S. and two Australian homeports, as well as seasonally from Europe, Carnival hosts more than 95,000 guests on its ships every day of the year and employs more than 50,000 team members, representing 120 nationalities.
Since its founding in 1972, Carnival has continually revolutionized the cruise industry and popularized the cruise vacation as an affordable and fun travel option. Carnival's fleet of 29 ships reflects an exciting period of growth that continues with the addition of five ships through 2033: a fourth and fifth Excel class ship scheduled for 2027 and 2028 respectively; followed by three additional new ships from an innovative new class currently under development. Carnival's newest guest offering is its all-new exclusive destination, Celebration Key on Grand Bahama, which debuted in 2025 to join the company's Paradise Collection of Caribbean gems.
The luxurious 2,000-guest ship will undergo a three-week refit in Rotterdam this autumn, unveiling a refreshed Grand Lobby, reimagined Queens Room, enhanced Cunard Grill Suites, and the introduction of The Pavilion Wellness Café. Download images of the refreshed spaces here.
, /PRNewswire/ -- Cunard, the world's most iconic luxury cruise line, today revealed plans for an extensive transformation of Queen Victoria, with the elegant ship set to emerge from dry dock this fall with refreshed signature spaces including Cunard Grills suites and the introduction of The Pavilion Wellness Café.
The luxurious 2,000-guest ship will enter dry dock at Damen Shiprepair in Rotterdam from October 17-November 5, 2026, returning to service ready to welcome guests on board for the remainder of her 2026 voyages and 2027 program.
The luxurious 2,000-guest ship will undergo a three-week refit in Rotterdam this autumn, unveiling a refreshed Grand Lobby, reimagined Queens Room, enhanced Cunard Grill Suites, and the introduction of The Pavilion Wellness Café. Download images of the refreshed spaces here. Queen Victoria's Transformation
Queen Victoria's signature spaces will each be thoughtfully revitalized, with a refreshed Grand Lobby to enhance the sense of arrival and reinforce the timeless elegance she is renowned for. The iconic Queens Room will also be reimagined, ensuring it continues to set the perfect scene for Cunard's signature Afternoon Tea, live music and glamorous Gala Evenings.
Cunard's Grill Suites experience – a hallmark of Cunard's luxury offering – will be refreshed and elevated. Queens Grill and Princess Grill Suites will be enhanced with sumptuous furnishings, sophisticated detailing, and thoughtful design, delivering the ultimate in comfort and style at sea.
Eight additional Britannia staterooms will also be introduced, including three from a new premium category, Britannia Deluxe Oceanview, featuring floor-to-ceiling windows for panoramic ocean views. The new staterooms will go on sale starting July 20, for voyages sailing from November 11, 2026.
Introducing The Pavilion Wellness Café
Reflecting the growing importance of wellness to today's luxury traveler, Queen Victoria will become the third Queen in the Cunard fleet to introduce The Pavilion Wellness Café, following its highly successful launch on Queen Anne in 2024 and introduction on Queen Elizabeth in 2025. This wellness-focused venue will serve breakfast, lunch and daytime dining with a menu celebrating plant-based cuisine alongside sustainably sourced meat, fish and dairy.
"Queen Victoria has always held a special place in the hearts of our guests, celebrated for her distinctive character, intimate spaces and unmistakable sense of British elegance," said Katie McAlister, President of Cunard. "We are thrilled to have the opportunity to refine the experiences and spaces she offers, with every decision approached with deep respect for the heritage and charm that make her who she is. From the Grand Lobby to the Queens Room, every detail has been thoughtfully considered to ensure Queen Victoria continues to deliver the timeless luxury she is known and loved for. We can't wait to welcome guests back on board to experience these beautiful enhancements for themselves."
Queen Victoria will return to service on November 7, 2026, beautifully prepared to welcome guests for a 2027 program of voyages spanning the Mediterranean, the Norwegian Fjords, the Canary Islands and beyond.
For more information about Cunard or to book a voyage, guests can contact their travel advisor, call Cunard at 1-800-728-6273 or visit www.cunard.com.
Travel Advisors interested in further information can contact their Business Development Manager, visit OneSourceCruises.com, or call Cunard at 1-800-528-6273.
About Cunard
Cunard is a luxury British cruise line, renowned for creating unforgettable experiences around the world. Cunard has been a leading operator of passenger ships since 1840.
The Cunard experience is built on fine dining, hand-selected entertainment, and outstanding White Star service. From a partnership with a two-Michelin starred chef, to inspiring guest speakers, to world class theatre productions, every detail has been meticulously crafted to make the experience unforgettable. A pioneer in transatlantic journeys and round world voyages, destinations sailed to also include Europe, the Caribbean, Alaska, the Far East and Australia.
There are currently four Cunard ships, Queen Mary 2, Queen Elizabeth, Queen Victoria and new ship, Queen Anne, which entered service in May 2024. Cunard is based at Carnival House in Southampton, UK and is part of Carnival Corporation, the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide. (NYSE: CCL).
Social Media
Facebook: www.facebook.com/cunard
Twitter: www.twitter.com/cunardline
YouTube: www.youtube.com/wearecunard
Instagram: www.instagram.com/cunardline
About Damen Shipyards Group – Oceans of Possibilities
Damen Shipyards Group has been in operation for over ninety-five years and offers maritime solutions worldwide, through design, construction, conversion, maintenance, and repair of ships and ship components. By integrating systems, we create innovative, high-quality platforms, which provide our customers with maximum added value.
Our core values are fellowship, craftsmanship, entrepreneurship, and stewardship. Our goal is to become the world's most sustainable shipbuilder, via digitalisation, standardisation, and serial construction of our innovative vessels and through use of circular materials.
Damen operates 35 shipyards and 20 other companies in 20 countries, supported by a worldwide sales and service network. We deliver in the region of 160 vessels per year, with a total production value of over 3 billion euros. We offer direct employment to approximately 12,500 people. In all that we do, our aim to ensure a positive impact on the local environment and society.
Launch coincides with first anniversary of Celebration Key and builds on company's ongoing investments in Bahamian communities
, /PRNewswire/ -- One year after celebrating the grand opening of Celebration Key on Grand Bahama Island, Carnival Corporation (NYSE: CCL), the world's largest cruise company, has another reason to celebrate, today launching its surplus meal donation program in The Bahamas. The expansion into The Bahamas marks another step in the company's ongoing efforts to redirect surplus food through partnerships that create meaningful community impact around the world.
Carnival Corporation Expands Surplus Meal Donation Program to The Bahamas As part of Carnival Corporation's Less Left Over food waste reduction strategy, the program's first donation in The Bahamas was offloaded from Carnival Freedom and Carnival Conquest, where more than 318 pounds of prepared, unserved meals were safely redirected to the Grand Bahama Children's Home, as well as to the Urban Renewal Authority, for distribution within the local community. The meals were collected, rapidly chilled, stored and transferred ashore using established food safety protocols and in compliance with local regulatory requirements. This milestone establishes a framework for future donations from ships and deepens the company's expanding network of partners across the region.
"This expansion in The Bahamas is really about the strength of the partnerships we've built across the Caribbean," said Marie McKenzie, senior vice president, government and destination affairs. "Working alongside government leaders and community organizations, we're able to connect what happens on board our ships with real needs on shore – creating a simple, reliable way to get high-quality surplus meals to people who can benefit from them. It's a shared effort that reflects what we can accomplish together."
"The Bahamas has long benefited from strong partnerships that create meaningful opportunities for our people and communities," said Minister for Grand Bahama, The Honourable Ginger Moxey M.P. "This initiative reflects a shared commitment to addressing real needs in a practical way, ensuring that quality meals can reach those who need them most. We welcome this expansion and appreciate Carnival Corporation's efforts to support communities throughout The Bahamas."
The launch reflects Carnival Corporation's broader commitment to The Bahamas, where its investments, operations and community partnerships extend well beyond tourism. The company's exclusive destinations include Celebration Key on Grand Bahama and RelaxAway, Half Moon Cay, both part of Carnival Cruise Line's Paradise Collection.
Beyond its destinations, Carnival Corporation supports communities across The Bahamas through ongoing ship donation and volunteer efforts. Since late 2025, the company has completed more than 20 ship donations across Nassau, Grand Bahama and Eleuthera, redirecting furniture, clothing, bicycles and other household goods from Carnival Cruise Line vessels to local families, schools, community centers and charitable organizations. Recipient organizations span sectors critical to community wellbeing, including disaster relief, youth development, education, healthcare and social services, with a total of 19 organizations benefiting from these donations across The Bahamas.
The surplus meal donation initiative is a key component of Carnival Corporation's Less Left Over strategy, which focuses on reducing food waste across its operations while creating meaningful community impact. By safely redirecting high-quality surplus meals, the initiative helps address both environmental and social challenges – minimizing waste while providing support to those in need. The effort is supported by carefully managed onboard processes and local partnerships that ensure meals can be redistributed safely and effectively within the community.
Since its launch in 2017, the program has expanded to 20 ports around the world, helping address food insecurity in port communities where the company's ships visit. The addition of The Bahamas continues the company's momentum in scaling the model across Latin America and the Caribbean, following recent launches in Roatan, Honduras and the Dominican Republic. As of year-end 2025, the program has provided more than 320,000 meal portions globally.
About Carnival Corporation
Carnival Corporation is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. Carnival Corporation Ltd. trades under the ticker symbol CCL on the NYSE and is a member of the S&P 500.
For more information, please visit www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com, and www.seabourn.com.
To learn more about Carnival Corporation's purpose and our commitment to sustainability, go to Our Impact.
Investors in Carnival Corporation Ltd. (CCL - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Dec. 18, 2026 $5.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Carnival shares, but what is the fundamental picture for the company? Currently, Carnival is a Zacks Rank #3 (Hold) in the Leisure and Recreation Services industry that ranks in the Top 38% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while six analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.42 per share to $1.36 in that period.
Given the way analysts feel about Carnival right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
Seabourn's Ruby Collection features 54 voyages in 2028 across its five-ship ocean and expedition fleet, commemorating the line's 40th anniversary, or "Ruby Jubilee." Voyages span the Caribbean, Mediterranean, Southeast Asia, Japan, Alaska, Northern Europe, the Arctic, and Antarctica. They range from seven-day Yachtsman yacht-harbor sailings in the Caribbean and Mediterranean to a 120-day "Cape to Cape" World Cruise and a 96-day Grand Expedition: Pole to Pole. New ports include Taichung and Tainan in Taiwan, and Petersburg, Valdez, and the Chiswell Islands in Alaska, as well as maiden expedition calls at Tvøroyri in the Faroe Islands and Cape Clear Island in Ireland. New and distinctive experiences include Taiwan's Pingxi Sky Lantern Festival, an eight-day pre-cruise Denali Experience in Alaska, and Seabourn's return to the historic Basque port of Red Bay, Canada. All Ruby Collection voyages are now open for booking. , /PRNewswire/ -- Seabourn has revealed "The Ruby Collection," a curated series of 54 voyages in 2028 to commemorate the line's 40th anniversary. Spanning its fleet of five luxury ships, the collection features enhanced onboard offerings, exclusive experiences, and access to destinations where larger ships cannot reach.
From yacht harbors to polar regions, the Ruby Collection commemorates Seabourn’s Ruby Jubilee with Yachtsman sailings, newly designed itineraries and notable voyages Now open for booking, the Ruby Collection spans the Caribbean, Mediterranean, Southeast Asia, Japan, Alaska, Northern Europe, the Arctic, and Antarctica. Notable voyages include: a 120-day "Cape to Cape" World Cruise departing January 7, 2028; the line's second Grand Expedition: Pole to Pole, a 96-day journey from the High Arctic to Antarctica; a Yachtsman Collection of Caribbean and Mediterranean voyages returning to the intimate harbors that inspired the line's founding; and newly curated itineraries designed around seasonal cultural moments in Japan, Southeast Asia, and beyond.
"Some journeys stay with travelers forever," said Mark Tamis, president of Seabourn. "Our own journey began in 1988 when we redefined cruising with the world's first fleet of luxury small ships, designed to feel like private yachts. As we celebrate 40 years of exploration, that same pioneering spirit shapes The Ruby Collection, featuring voyages across our ocean and expedition fleet that reflect where we began while pushing further into the places and experiences that define what exploration means with Seabourn."
The Yachtsman Collection
The Yachtsman Collection revisits the vision that launched The Yachts of Seabourn in 1988: intimate ships built for relaxed elegance and access to harbors beyond the reach of larger vessels. The voyages concentrate on smaller Mediterranean and Caribbean ports, with extended time ashore and unhurried days at sea.
The collection leans on the destinations and events that distinguish Seabourn from larger-ship competitors. Itineraries call at secluded yacht havens including Bequia, Martinique, and British Virgin Islands, and pair coastal exploration in Corsica and Sardinia with signature experiences such as Caviar in the Surf at Carambola Beach, St. Kitts and Shopping with the Chef market visits in select ports. Several sailings build in evening stays, including an overnight in Portofino and time on Pátmos to visit the Monastery of St. John.
In the Caribbean, Seabourn Ovation operates a series of seven- to 14-day yacht-harbor voyages between Sint Maarten and Barbados, among them itineraries through the ABC Islands of Aruba, Bonaire, and Curaçao. Two New Year's itineraries culminate in a New Year's Day Caviar in the Surf celebration as Seabourn Ovation and Seabourn Quest converge at Carambola Beach, St. Kitts.
In the Mediterranean, Seabourn Ovation runs a series of seven-day yacht-harbor sailings across the Aegean Sea, the Côte d'Azur, the Dalmatian Coast, and the islands of Sardinia and Corsica. The itineraries feature Seabourn's signature Marina Day, when the ship's retractable marina opens to the sea for complimentary watersports.
New & Distinctive
From new ports to innovative itinerary combinations, the Ruby Collection features newly designed voyages and experiences created specifically for the Ruby Jubilee, extending Seabourn's reach from the fjords of Greenland to the festivals of Taiwan.
Southeast Asia & Japan
Seabourn Encore sails a series of Southeast Asia and Japan itineraries built around overnights in Shanghai, Osaka, and Kobe, and new Taiwan port calls at Taichung and Tainan. One voyage is timed to Taiwan's Pingxi Sky Lantern Festival, staged after a visit to the mountain town of Shifen, while Shopping with the Chef excursions take guests through regional markets from Nagasaki to Kagoshima. Alaska
Seabourn Encore returns to Alaska with itineraries timed to the extended daylight of the summer solstice, adding maiden calls to Petersburg, Valdez, and the Chiswell Islands. The season offers an eight-day pre-cruise Denali Experience, combining rail travel into Denali National Park, a flightseeing excursion, and a farewell dinner in Juneau. Canada & New England
On Seabourn Quest, a new Canada and New England itinerary marks Seabourn's return to Red Bay, with an overnight in St. John's, Newfoundland, and scenic cruising along the St. Lawrence River. Northern Europe, the Arctic and the Canadian Maritimes
Seabourn Venture and Seabourn Pursuit expand the line's exploration of the North. A round-trip Reykjavík expedition dedicates six days to Svalbard, home to the Arctic's largest concentration of polar bears, with 199 guests aboard. New expedition itineraries linking Iceland and the British Isles add three port calls in the Faroe Islands, including a maiden call at Tvøroyri, along with the capital of Tórshavn and a Zodiac landing at Klaksvík. A maiden call at Cape Clear Island, Ireland, brings guests to the cliffs of Mizen Head. Farther west, expedition voyages trace the Greenland coast to Nanortalik and reach the Torngat Mountains and the Labrador coast. South America & Antarctica
Seabourn's expedition ships extend deeper into the Southern Hemisphere, with itineraries that combine Antarctica with the Juan Fernández Islands and Chilean Fjords, or with the Falklands, South Georgia, and Brazil. A 34-day voyage will cross the Atlantic Ocean, with visits to Port Stanley in the Falkland Islands, South Georgia, and the remote islands of Saint Helena and Tristan da Cunha - the most remote inhabited island in the world - along with scenic cruising from Seabourn Venture around Boatswain Bird Island. The season emphasizes expedition access, with Zodiac and kayak exploration, penguin colonies, and landings on remote Antarctic shores. 2028 Cape to Cape World Cruise
The centerpiece of The Ruby Collection is the 120-Day "Cape to Cape" World Cruise. Departing January 7, 2028, Seabourn Quest will traverse more than 26,000 nautical miles, visiting 58 destinations across 23 countries on five continents, with immersive exploration in destinations such as Antarctica, Easter Island, the Falkland Islands, and Cape Town. The voyage begins with a transit of the Panama Canal, a nod to Seabourn's very first sailing. A 112-day option from Miami to Lisbon is also available.
For the first time, guests will enjoy complimentary expedition-style experiences as part of a World Cruise itinerary, led by an 18-person expedition team. These immersive adventures will be available in Antarctica, Chilean Fjords, and other select locations, bringing guests closer to the continent's stunning landscapes and wildlife.
2028 Grand Expedition: Pole to Pole
In a defining moment for the brand during its 40th anniversary year, Seabourn Venture will once again unite the world's northernmost and southernmost frontiers with a 96-day voyage departing August 16, 2028, sailing from the Arctic to Antarctica across more than 20,500 nautical miles and 147 degrees of latitude. The journey begins in the High Arctic, exploring Ellesmere Island, one of the world's northernmost and most remote frontiers. Along the way, guests experience wildlife sightings and expedition landings across 14 countries and territories, including five days in Antarctica, three in South Georgia, and three in the Falkland Islands. An 82-day Arctic to Antarctica option is also available, departing August 30, 2028.
Returning Favorites
The Ruby Collection also brings back guest favorites that have anchored the Seabourn experience for nearly four decades. Baltic itineraries return alongside established routes across Alaska, the British Isles, Southeast Asia, and Antarctica, from the glacier-lined Inside Passage and the Scottish Isles to the Northwest Passage and the wildlife-rich waters of South Georgia and the Falkland Islands.
Exclusive: The Atlantic
In 2028, as Seabourn celebrates its 40th anniversary, the line debuts a first-of-its-kind collaboration with The Atlantic, inspired by their annual Atlantic Festival. The "12-Day with The Atlantic: A Seabourn Conversations Exclusive" sailing departs October 4, 2028, on Seabourn Quest from Montréal to Boston, bringing leading thinkers and cultural voices on board for dynamic programming curated exclusively for Seabourn guests, with rare opportunities for direct dialogue at sea. As part of the Ruby Jubilee, this partnership expands Seabourn's flagship Seabourn Conversations enrichment program.
Celebrating 40 Years on Every Sailing
Throughout 2028, every Seabourn sailing will feature special onboard enhancements inspired by the Ruby Jubilee, from specialty events and signature celebrations to themed entertainment and enrichment inspired by eras past. The Ruby Collection voyages will feature additional celebratory touches designed to bring Seabourn's 40-year story to life on board. Seabourn will share additional details as they become available.
Frequently Asked Questions
What is the Ruby Collection?
The Ruby Collection is a series of 54 voyages sailing in 2028 to mark Seabourn's 40th anniversary, or Ruby Jubilee. It spans the line's five-ship ocean and expedition fleet and brings together heritage-inspired Yachtsman sailings, newly designed itineraries and ports, returning guest favorites, and landmark voyages including the "Cape to Cape" World Cruise and the Grand Expedition: Pole to Pole.
What voyage lengths are available?
Voyages range from seven-day yacht-harbor sailings in the Caribbean and Mediterranean to a 120-day World Cruise and a 96-day Grand Expedition, with a wide range of ocean and expedition itineraries in between.
Where do the voyages travel?
Itineraries span the Caribbean, Mediterranean, Southeast Asia, Japan, Alaska, Northern Europe, the Arctic, and Antarctica, with new ports in Taiwan, Alaska, the Faroe Islands, and Ireland.
What is included on board?
Seabourn voyages are all-inclusive, with all-suite oceanfront accommodations, complimentary premium spirits and fine wines, gratuities included, and signature events such as Caviar in the Surf, Marina Day, and Shopping with the Chef.
For reservations or more details, please call Seabourn at 1-800-929-9391, visit www.seabourn.com or contact a professional travel advisor.
About Seabourn:
Seabourn represents the pinnacle of luxury ocean and expedition travel and operates a suite of five modern ships. The all-inclusive, boutique ships offer all-suite accommodations with oceanfront views; award-winning dining; complimentary premium spirits and fine wines available at all times; renowned service provided by an industry-leading crew; a relaxed, sociable atmosphere that makes guests feel at home; a pedigree in expedition travel through the Ventures by Seabourn program and two new luxury purpose-built expedition ships, including Seabourn Venture that launched in 2022 and Seabourn Pursuit in 2023. Seabourn takes travelers to every continent on the globe, visiting more than 400 ports including marquee cities and lesser-known ports and hideaways. Guests of Seabourn experience extraordinary offerings and programs, including partnerships with leading entertainers, dining, personal health and wellbeing, and engaging speakers.
Seabourn is part of Carnival Corporation, the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports and destinations worldwide. (NYSE: CCL).
Find Seabourn on X, Facebook, Instagram, YouTube and Pinterest.
New staterooms and signature spaces elevate the Zuiderdam experience, while newly released Bridgeview and Pinnacle Suite renderings offer a first look at these exclusive stateroom categories debuting as part of Evolution
, /PRNewswire/ -- Holland America Line today announced Zuiderdam as the next ship in its Holland America Evolution program, bringing signature Pinnacle Class experiences as part of the line's largest fleet update in its 153-year history. In addition to revealing the newest ship to be part of this fleet enhancement, Holland America Line also is releasing renderings of the new Pinnacle and Bridgeview Suites for the first time—offering an inside glimpse into this new stateroom category that is a highlight of the ship transformation.
A visual of the new Bridgeview Suite outdoor area
A visual of the new Pinnacle Suite bedroom Building on the momentum of Oosterdam, Zuiderdam is the second of six ships revealed as part of Holland America Evolution. The enhancements expand the ship's accommodations with the addition of a reimagined Pinnacle Suite, two new Bridgeview Suites, 14 Vista Suites and 32 Solo Verandah staterooms, creating more options for guests while maintaining the spacious experience for which the ship is known. The ship will also now feature refreshed accommodations throughout and see the addition of Grand Dutch Café. Voyages aboard Zuiderdam following its Evolution enhancements will open for booking July 30.
"We've seen strong interest in our Bridgeview Suites and Solo Verandahs on Oosterdam, and we're excited to make these new accommodations available on Zuiderdam," said Beth Bodensteiner, president of Holland America Line. "We're building on that momentum and look forward to sharing more details, including itineraries, very soon."
Together, these updates represent the next phase of Holland America Evolution as the program continues to take shape across the fleet.
New Staterooms and Suites Expand Choice
As part of Holland America Evolution, Zuiderdam will introduce new stateroom and suite categories alongside refreshed accommodations throughout the ship, expanding options for how guests travel today. New accommodations include:
Bridgeview Suites — Two suites located above the bridge offering sweeping, forward-facing views with wraparound windows, a private balcony and distinct living and sleeping spaces designed to maximize light and scenery. Solo Verandahs — Purpose-built staterooms designed specifically for solo travelers, each featuring a private balcony and thoughtfully designed living space tailored to one guest. Vista Suites — A guest-favorite category from Pinnacle Class ships, Vista Suites bring spacious, light-filled accommodations with a sitting area, oversized windows and a private verandah to Zuiderdam. Reimagined Pinnacle Suite — The most expansive accommodations on board, redesigned to offer an elevated residential-style experience with generous living space, refined finishes and panoramic ocean views. Guest Favorite Grand Dutch Café Comes to Zuiderdam
As part of Holland America Evolution, Zuiderdam will introduce the Grand Dutch Café, expanding one of the line's most distinctive Pinnacle Class experiences to more ships across the fleet. Rooted in the company's Dutch heritage and inspired by the easy rhythm of cafés throughout Amsterdam and Northern Europe, the venue is designed as a welcoming, all-day gathering place that fits naturally into the flow of the day on board. Guests can stop in for a morning espresso, settle in over a beer or aperitif in the afternoon, or share a light bite in the evening, making it a versatile space for both quick visits and longer moments of connection. With comfortable seating, an approachable menu and a social atmosphere, the Grand Dutch Café reflects Holland America Line's signature unhurried style of travel. The venue aboard Zuiderdam will be the largest introduced as part of the Evolution program.
Bookings Open for Oosterdam's First Post‑Evolution Voyages
Oosterdam will be the first ship to debut its Evolution transformation, marking the opening chapter of the program as Holland America Line begins rolling out enhancements across the fleet. Bookings are now open for the ship's first collection of voyages following its refurbishment, giving guests an early opportunity to experience its updated staterooms, enhanced spaces and expanded venues firsthand.
Additional details about Holland America Evolution and upcoming ship transformations are available at hollandamerica.com/evolution.
For more information about Holland America Line or to book a cruise, consult a travel advisor, call 1-877-SAIL-HAL (877-724-5425) or visit hollandamerica.com.
Find Holland America Line on Facebook, Instagram and the Holland America Blog. You can also access all social media outlets via the home page at hollandamerica.com.
About Holland America Line
Holland America Line has been exploring the world for more than 150 years with expertly crafted itineraries, extraordinary service and genuine connections to the destinations. Offering a perfectly-sized ship experience, its fleet of 11 vessels visits nearly 400 ports in 114 countries around the world and has shared the thrill of Alaska for more than 75 years — longer than any other cruise line. Savour the Journey isn't just a tagline, it's a reinforcement that the cruise line provides experiences too good to hurry through, connecting travelers to the world and each other. Award-winning enrichment programming, entertainment and cuisine that brings each locale on board, including a revolutionary Global Fresh Fish Program, put Holland America Line at the forefront of premium cruising. Holland America Line is part of Carnival Corporation, the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide. (NYSE: CCL).
Key Takeaways Carnival operates 19 ships and eight lodges in Alaska, supporting integrated land-and-sea vacations.CCL is investing in Alaska destination assets to enhance guest experiences and pricing power.Alaska complements Carnival's long-term strategy with differentiated offerings and disciplined expansion. Carnival Corporation Ltd.’s (CCL - Free Report) Alaska business is increasingly becoming an important pillar of its long-term growth strategy. While the company continues to invest heavily in Caribbean destinations, management highlighted Alaska as one of the strongest competitive advantages due to its unmatched scale, integrated offerings and decades-long presence in the region.
The company operates in Alaska through five cruise brands, deploying 19 ships across four embarkation ports. This extensive network has helped Carnival secure preferred access to key ports, an advantage that is becoming more valuable as demand for Alaska cruises remains healthy. Unlike most competitors, Carnival also combines cruise vacations with land-based experiences through the network of lodges, rail operations and motor coaches, enabling it to offer higher-value land-and-sea vacation packages.
Management's continued investment underscores its confidence in the region. Carnival is expanding its most popular Denali lodge while maintaining eight lodge properties across Alaska, reflecting strong guest demand and expectations for sustained growth. These investments complement the company's broader strategy of strengthening destination-led experiences rather than relying solely on fleet expansion.
The Alaska business also fits well with Carnival's disciplined capital allocation approach. By enhancing existing destination assets and integrated vacation offerings, the company can improve pricing power, generate higher onboard and land-based spending, and strengthen customer loyalty without significantly increasing ship capacity.
Although near-term geopolitical issues have affected parts of Carnival's European business, management remains confident that differentiated destination portfolios, including Alaska, will support stronger earnings, cash flow and long-term shareholder value. If demand continues to build, Alaska could become an increasingly meaningful contributor to Carnival's growth.
Rivals Are Also Expanding Premium Alaska ExperiencesCarnival faces strong competition in Alaska from Royal Caribbean Cruises Ltd. (RCL - Free Report) and Norwegian Cruise Line Holdings (NCLH - Free Report) , both of which are investing to capitalize on rising demand for scenic and adventure-focused itineraries.
Royal Caribbean continues to strengthen its Alaska presence by deploying larger, feature-rich ships and emphasizing immersive shore excursions. Its focus on onboard innovation and premium guest experiences appeals to travelers seeking both adventure and entertainment, making Royal Caribbean a formidable competitor during the Alaska cruise season.
Norwegian Cruise Line is also expanding its footprint in the region through flexible itineraries, extended port stays and the "Freestyle Cruising" concept. The company complements its Alaska sailings with curated land excursions and nature-focused experiences that resonate with travelers looking for customized vacations.
Despite this competition, Carnival maintains a meaningful edge through its integrated land-and-sea platform, extensive lodge network, rail operations and long-standing relationships across Alaska. These assets allow the company to offer differentiated vacation packages that are difficult for rivals to replicate, reinforcing its position in one of the industry's most attractive cruise markets.
CCL’s Price Performance, Valuation and EstimatesShares of Carnival have declined 11.1% in the past six months compared with the industry’s decrease of 4.9%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 10.96X, below the industry average of 16.82X.
P/E (F12M)
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s 2026 sales and earnings implies a year-over-year uptick of 3.9% and a decline of 1.8%, respectively. EPS estimates for fiscal 2026 have decreased in the past 30 days.
Image Source: Zacks Investment Research
CCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Sea to See™ con un nuevo diseño de barco que permite contemplar el océano como nunca antes
Para ver un video de la presidenta Christine Duffy presentando el Carnival Destiny, haga clic aquí.
Para ver un video de la ceremonia de corte del acero del Carnival Destiny, haga clic aquí.
, /PRNewswire-HISPANIC PR WIRE/ -- Hoy, todo fue alegría en Monfalcone, Italia, cuando Carnival Cruise Line marcó un hito importante con la tradicional ceremonia de corte del acero para su barco más nuevo, el Carnival Destiny, que llegará en el verano de 2029 como el primero de tres barcos de su próxima generación, denominada oficialmente "Ace Class". El evento, celebrado en el astillero Fincantieri, reveló el nombre del barco y presentó un holograma en 3D que ofreció un primer vistazo al futuro de los cruceros de Carnival.
En la imagen, de izquierda a derecha: Biagio Mazzotta, presidente de Fincantieri; Josh Weinstein, director ejecutivo de Carnival Corporation; Cristiano Bazzara, director del astillero de Monfalcone; Christine Duffy, presidenta de Carnival Cruise Line; Pierroberto Folgiero, director ejecutivo y gerente general de Fincantieri; Micky Arison, presidente de la junta directiva de Carnival Corporation; y Luigi Matarazzo, director general de la División de Buques Mercantes de Fincantieri.
El Carnival Destiny llegará en el verano de 2029
El director del astillero de Monfalcone, Cristiano Bazzra, junto con la presidenta de Carnival Cruise Line, Christine Duffy, sostienen la primera pieza de acero para celebrar el inicio de la construcción La colaboración de Carnival con Fincantieri, líder mundial en la construcción naval, se remonta a hace más de 30 años, con el Carnival Destiny original, que marcó el inicio de una nueva era al convertirse en el crucero más grande del mundo en ese momento. En la actualidad, ese legado continúa con una clase diseñada para redefinir la experiencia de los pasajeros.
El Carnival Destiny incorporará una nueva forma de disfrutar del océano desde el barco y se convertirá en el megabarco con mayor apertura visual hacia el exterior que navega por los mares. Contará con una cantidad sin precedentes de camarotes con balcón y vista al mar, una cubierta tipo "lanai" renovada y más de 4.5 acres de vidrio, incluidas amplias paredes de vidrio de varios pisos, lo que permitirá disfrutar de vistas panorámicas en todo el barco. En conjunto, estos elementos permitirán disfrutar de vistas al mar desde más lugares a bordo, lo que mantendrá el océano siempre a la vista y redefinirá la forma en que los pasajeros se conectan con el mar.
El Carnival Destiny también ofrecerá un cambio radical en la forma en que los pasajeros interactúan a bordo. Más del 70 % de sus espacios y atracciones serán conceptos totalmente nuevos para Carnival, que abarcan experiencias gastronómicas renovadas, bares y salones de última generación, entretenimiento inmersivo y vibrantes espacios al aire libre.
"El Carnival Destiny se basa en un legado que ya transformó el mundo de los cruceros en el pasado y reinventa lo que los pasajeros pueden experimentar en el mar", afirmó Christine Duffy, presidenta de Carnival Cruise Line. "Con este barco, realzamos una vez más la experiencia de los pasajeros al crear una embarcación que transmite una mayor sensación de amplitud y que, al mismo tiempo, ayuda a los pasajeros a sentirse más conectados y, en definitiva, a divertirse más".
Carnival Destiny navegará hacia destinos de la "Paradise Collection" de Carnival, la mayor oferta de destinos exclusivos del sector de los cruceros en el Caribe, las Bahamas y México. Se publicarán detalles adicionales sobre las características y experiencias del Carnival Destiny más adelante este año y la entrega del barco está prevista para el verano de 2029. Se prevé el lanzamiento de otros dos barcos de la "Ace Class" para 2031 y 2033.
Para obtener más información sobre Carnival Cruise Line y reservar unas vacaciones en crucero, llame al 1-800-CARNIVAL, visite www.carnival.com o comuníquese con un asesor de viajes.
ACERCA DE CARNIVAL CRUISE LINE
Carnival Cruise Line, parte de Carnival Corporation (NYSE: CCL), es la línea de cruceros más grande en dos continentes, América del Norte y Australia, y se enorgullece de ser conocida como "la línea de cruceros de Estados Unidos", así como de transportar a más estadounidenses y prestar servicio en más puertos de origen estadounidenses que ninguna otra. Carnival transporta a más de seis millones de pasajeros al año y, en 2023, se convirtió en la primera empresa de cruceros en superar los 100 millones de pasajeros en total. Al operar desde 13 puertos estadounidenses y dos australianos, así como desde Europa en temporadas, Carnival recibe a más de 95,000 pasajeros en sus barcos todos los días del año, emplea a más de 50,000 personas de 120 nacionalidades.
Desde su fundación en 1972, Carnival no ha dejado de revolucionar el sector de los cruceros y ha popularizado las vacaciones en crucero como una opción de viaje asequible y divertida. La flota de 29 barcos de Carnival refleja un emocionante período de crecimiento que continúa con la incorporación de cinco barcos hasta 2033: un cuarto y quinto barco de la clase Excel previstos para 2027 y 2028, respectivamente; seguidos de otros tres nuevos barcos de una nueva clase innovadora actualmente en desarrollo. La novedad más reciente de Carnival para sus pasajeros es su nuevo y exclusivo destino, Celebration Key, en Gran Bahama, que se estrenó en 2025 para sumarse a la "colección Paradise" de la empresa, una selección de joyas del Caribe.
Pictured From Left to Right: Chairman of Fincantieri Biagio Mazzotta, CEO of Carnival Corporation Josh Weinstein, Director of Monfalcone Shipyard Cristiano Bazzara, President of Carnival Cruise Line Christine Duffy, CEO and Managing Director of Fincantieri Pierroberto Folgiero, Chairman of the Carnival Corporation Board of Directors Micky Arison, General Manager of Fincantieri's Merchant Ship Division Luigi Matarazzo.
Carnival Destiny coming summer 2029
Director of Monfalcone Shipyard Cristiano Bazzra with Carnival Cruise Line President Chritine Duffy hold first piece of steel to celebrate start of construction Carnival 命運號將開創在郵輪上親近海洋的全新體驗，成為海上最具開放海景視野的巨型郵輪。 船上將設有數量之多空前未有的海景露台客房、煥然一新的走廊甲板，以及超過 4.5 英畝的玻璃幕牆（包括廣闊的多層玻璃牆），全部設計均旨在拓闊船上景觀視野。 以上種種設計互相配合，將在船上更多空間展現海洋美景，令海天一色常伴賓客左右，重新定義人與大海的情感連繫。
More Sea to See™ with a New Ship Design That Brings the Ocean into View Like Never Before
To watch a video of President Christine Duffy unveiling Carnival Destiny, click here.
To watch a video of Carnival Destiny's steel-cutting ceremony, click here.
, /PRNewswire/ -- Sparks flew today in Monfalcone, Italy, as Carnival Cruise Line marked a major milestone with the traditional steel-cutting ceremony for its newest ship, Carnival Destiny—arriving in summer 2029 as the first of three vessels in its next-generation of ships, officially named Ace Class. Held at the Fincantieri shipyard, the event revealed the ship's name and showcased a 3D hologram offering a first look at the future of Carnival cruising.
Pictured From Left to Right: Chairman of Fincantieri Biagio Mazzotta, CEO of Carnival Corporation Josh Weinstein, Director of Monfalcone Shipyard Cristiano Bazzara, President of Carnival Cruise Line Christine Duffy, CEO and Managing Director of Fincantieri Pierroberto Folgiero, Chairman of the Carnival Corporation Board of Directors Micky Arison, General Manager of Fincantieri's Merchant Ship Division Luigi Matarazzo.
Carnival Destiny coming summer 2029
Director of Monfalcone Shipyard Cristiano Bazzra with Carnival Cruise Line President Chritine Duffy hold first piece of steel to celebrate start of construction Carnival's partnership with Fincantieri—a global leader in shipbuilding—dates back more than 30 years to the original Carnival Destiny, which ushered in a new era as the world's largest cruise ship at the time. Today, that legacy continues with a class designed to redefine the guest experience.
Carnival Destiny will introduce a new way of experiencing the ocean from the ship, becoming the most outward-facing megaship at sea. It will feature an unprecedented number of ocean-view balcony cabins, a reimagined lanai deck and more than 4.5 acres of glass—including expansive, multi-story glass walls—all of which will open-up sightlines across the vessel. Together, these elements will create ocean views from more places on board, bringing the ocean into constant view and redefining how guests connect with the sea.
Carnival Destiny will also deliver a bold evolution in how guests engage on board. More than 70 percent of its venues and attractions will be entirely new concepts for Carnival, spanning reimagined dining, next-generation bars and lounges, immersive entertainment and vibrant outdoor spaces.
"Carnival Destiny builds on a legacy that changed cruising once before, reimagining what guests can experience at sea," said Christine Duffy, president of Carnival Cruise Line. "With this ship, we're elevating the guest experience again creating a ship that feels more expansive, while helping guests feel more connected and ultimately have more fun."
Carnival Destiny will sail to destinations in the Paradise Collection by Carnival, the largest portfolio of exclusive destinations in the Caribbean, Bahamas and Mexico in the cruise industry. Additional details on Carnival Destiny's features and experiences will be released later this year with delivery of the ship scheduled for Summer 2029. Two additional Ace-Class ships are planned for 2031 and 2033.
For more information on Carnival Cruise Line and to book a cruise vacation, call 1-800-CARNIVAL, visit www.carnival.com, or contact a travel advisor.
ABOUT CARNIVAL CRUISE LINE
Carnival Cruise Line, part of Carnival Corporation (NYSE: CCL), is the largest cruise line on two continents – North America and Australia – and is proud to be known as America's Cruise Line and for carrying more Americans and serving more U.S. homeports than any other. Carnival sails more than six million guests annually and in 2023 was the first cruise line to sail more than 100 million guests in total. Operating from 13 U.S. and two Australian homeports, as well as seasonally from Europe, Carnival hosts more than 95,000 guests on its ships every day of the year and employs more than 50,000 team members, representing 120 nationalities.
Since its founding in 1972, Carnival has continually revolutionized the cruise industry and popularized the cruise vacation as an affordable and fun travel option. Carnival's fleet of 29 ships reflects an exciting period of growth that continues with the addition of five ships through 2033: a fourth and fifth Excel class ship scheduled for 2027 and 2028 respectively; followed by three additional new ships from an innovative new class currently under development. Carnival's newest guest offering is its all-new exclusive destination, Celebration Key on Grand Bahama, which debuted in 2025 to join the company's Paradise Collection of Caribbean gems.
Cruise stocks are staging a sharp rebound at midday Thursday. Norwegian Cruise Line Holdings (NYSE:NCLH | NCLH Price Prediction) is leading the group, up 8% to $20, while Carnival (NYSE:CCL) shares trade up 5% to $27 and Royal Caribbean Cruises (NYSE:RCL) shares are up 3% to $289.
The bounce follows a rough stretch for the group. NCLH stock had fallen 11% across five sessions, leaving the sector’s most-shorted name primed for a technical snapback. Carnival stock and Royal Caribbean stock also entered the session working off recent declines of 10% and 8%, respectively.
There isn’t one clean catalyst driving today’s move. It reads as an oversold bounce in beaten-down names, given a nudge by softer fuel prices and a couple of incremental analyst calls on NCLH.
Easing Oil and Analyst Nudges Spark the Bounce Fuel is one of the largest variable costs for cruise operators, and crude is cooperating. Per Yahoo Finance, WTI crude oil is down 2% over the past 24 hours to $72.05 a barrel, extending a broader retreat from the $99.76 peak on June 3. Lower fuel feeds directly into margin math for Norwegian, Carnival, and Royal Caribbean.
On the sell-side, Morgan Stanley raised its NCLH price target to $22 from $20 with an Equal Weight rating and said it expects Norwegian and Viking to post modest Q2 beats. BMO Capital Markets raised NCLH to Hold, a modest but notable shift after initiating the sector this week with Royal Caribbean as its top pick and a $370 target.
Norwegian Cruise Line also announced a management move earlier today, naming Lee D. Applbaum Chief Marketing Officer to strengthen premium branding. That’s incremental news, and not likely the main share-price driver.
The group is beaten down enough that trailing multiples look reasonable versus the broader market. Trailing P/E ratios stand at 16x for NCLH, 12x for Carnival, and 18x for Royal Caribbean. Royal Caribbean stock also carries a 1.77% dividend yield and screens with the strongest operating margin of the three.
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Bull and Bear Cases on Norwegian The bull case on NCLH stock rests on easing fuel costs, a reasonable multiple, today’s analyst target bumps, and a broader demand-recovery narrative. Insider action supports it too, with Norwegian Cruise Line Holdings CEO John Chidsey and board member Jonathan Z. Cohen making significant insider purchases on May 27.
The bear case is heavy, though. Norwegian carries $15.2 billion of total debt and net leverage of 5.3x. Moreover, the company’s management cut Norwegian’s full-year 2026 guidance to adjusted EPS of $1.45 to $1.79 with net yield down 3% to 5% in constant currency, citing Middle East disruption, higher fuel, and softer European summer demand.
Note that travel and leisure remain cyclical and volatile, particularly with University of Michigan Consumer Sentiment at 44.8 in May, well below the 80 neutral threshold. Today’s pop is largely technical, not a fundamental shift, so investors should consider keeping their position sizes modest given the volatility.
What to Watch The near-term test is whether NCLH stock stay near $20 into the close and whether Carnival and Royal Caribbean shares confirm the bounce with follow-through buying. Crude oil prices and any fresh commentary on European booking trends could set the tone into next week.
Carnival’s raised FY2026 outlook calling for adjusted EPS near $2.22 and adjusted EBITDA near $7.11 billion remains an operational anchor for the group. Investors can watch for whether Royal Caribbean’s July earnings update reinforces the sector’s demand story or exposes the softness that Norwegian Cruise Line Holdings flagged in May.
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, /PRNewswire/ -- Carnival Corporation Ltd. (NYSE: CCL) (the "Company") has announced that its board of directors has declared a dividend of $0.15 per share.
The Company's board of directors approved a record date for the quarterly dividend of August 7, 2026, and a payment date of August 28, 2026.
About Carnival Corporation
Carnival Corporation is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. Carnival Corporation trades under the ticker symbol CCL on the NYSE and is included in the S&P 500.
For more information, please visit www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com and www.seabourn.com.
To learn more about Carnival Corporation's purpose and our commitment to sustainability, go to Our Impact.
Carnival Corporation Ltd (NYSE:CCL) stock is off by 2.3% in electronic trading as the cost of oil continues to surge following news that President Donald Trump has ended the ceasefire with Iran. Travel stocks—namely the cruise sector—are struggling, while defense stocks enjoy a boost. West Texas Intermediate (WTI) crude is up nearly 4% at last glance.
Should these losses hold, it will mark a sixth-straight daily fall for the cruise name, adding more weight to its already steep 9% drop in the past 12 months. The $26 level could step in as support, most recently capturing an early June pullback.
It's worth noting that short interest has fallen 16.6% during the past two reporting periods and now accounts for 3% of CCL's available float. It would take shorts less than two days to buy back their bearish bets, at the equity's average pace of daily trading.
Puts have been popular for short-term traders as of late. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.45, which ranks higher than 85% of readings from the past year.
These options are affordably priced as well. Specifically, Carnival stock's Schaeffer’s Volatility Index (SVI) of 47% stands in the 27th percentile of its annual range.
Key Takeaways CCL is facing near-term yield pressure in Europe, particularly across Mediterranean deployments.Carnival cut its FY26 yield growth outlook by about one point, creating a 14-cent EPS headwind.CCL's FY27 booked position is at historical highs for both pricing and occupancy. Carnival Corporation (CCL - Free Report) is navigating near-term yield pressure from Europe, but its forward booking profile suggests that the setback may be temporary rather than structural. The pressure has been most visible in European deployments, particularly the Mediterranean, where prolonged Middle East-related volatility, elevated airfares and reduced international flight capacity for North American guests weighed on demand momentum.
The impact is reflected in the company’s revised fiscal 2026 yield outlook. Carnival lowered its full-year yield growth expectation by roughly one percentage point from its prior guidance, reducing earnings per share (EPS) by 14 cents due to operational headwinds. The revision includes both ticket and onboard revenues, with part of the pressure tied to slightly lower occupancy expectations in Europe.
Even so, the broader demand picture remains constructive. Carnival had already built a stronger booked position and pricing profile in Europe before demand softened, giving it flexibility to protect price integrity. While this trade-off may weigh on near-term occupancy, it supports revenue quality and prioritizes long-term pricing strength over short-term volume recovery.
CCL’s booked position also remains healthy. For fiscal 2026, 93% of the business is already on the books, with less inventory left to sell than last year and record pricing across the remaining quarters. For fiscal 2027, Carnival’s book position is at historical highs for both price and occupancy, reinforcing confidence in the underlying cruise demand environment. European deployments for fiscal 2027 were up in the mid-teens percentage range at higher prices.
Overall, Carnival’s fundamentals support the view that Europe-led pressure is more transitory than structural. The company’s disciplined revenue management, cost-control initiatives, measured capacity growth, expanded destination portfolio and improving leverage profile provide support to the earnings setup. Barring renewed geopolitical or air-travel disruptions, CCL appears well positioned to absorb the near-term European setback and sustain its longer-term yield recovery.
CCL’s Price Performance, Valuation & EstimatesShares of Carnival have dropped 1.3% in the past three months against the industry’s 1.8% growth. In the same time frame, other industry players like Royal Caribbean Cruises Ltd. (RCL - Free Report) have gained 3.6%, while Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) has lost 4.4%.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
CCL stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 11.27, well below the industry average of 16.89. Then again, other industry players, such as Royal Caribbean and Norwegian Cruise, have P/E ratios of 15.47 and 10.37, respectively.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Carnival’s fiscal 2026 earnings per share has declined from $2.25 to $2.20 over the past 30 days.
EPS Trend of CCL Stock
Image Source: Zacks Investment Research
The company is likely to report dismal earnings, with projections indicating a 2.2% year-over-year fall in fiscal 2026. Conversely, industry players like Royal Caribbean are likely to witness growth of 10.4% year over year in 2026 earnings. NCLH is likely to project a fall of 19.4% year over year in 2026 earnings.
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enhanced itineraries bring guests deeper into Norway's famed fjords, including the
UNESCO-listed Nærøyfjord region
, /PRNewswire/ -- Holland America Line is expanding opportunities for guests to experience Norway's dramatic fjord landscapes in 2027, updating five cruises aboard Rotterdam to include calls to Flåm and Hellesylt. The additions give travelers more access to some of Norway's most sought-after fjord destinations, including the UNESCO World Heritage-listed Nærøyfjord and Storfjorden — the gateway to Geirangerfjord. UNESCO considers the Geirangerfjord and Nærøyfjord regions to be among "the most scenically outstanding fjord areas on the planet," placing guests at the heart of two of Norway's most celebrated natural wonders.
The itineraries are now open for booking and available on five seven-day cruises aboard Rotterdam. Three departures — May 30, June 27 and Aug. 1, 2027 — combine some of Norway's most beloved cities and fjord landscapes, with calls at Oslo, Kristiansand, Sandnes (Stavanger) and Flåm, plus scenic cruising through the Sognefjord and Oslofjord. On July 25 and Aug. 8, 2027, guests can explore the heart of Norway's fjord country with visits to Eidfjord, Hellesylt, Ålesund and Bergen, alongside scenic cruising in the Hardangerfjord and Storfjorden.
"Northern Europe continues to be one of the most sought-after regions we sail, with fjord cruising ranking among the most desired experiences for our guests," said Paul Grigsby, vice president of deployment and revenue planning for Holland America Line. "By adding Flåm and Hellesylt to these itineraries, we're giving guests even more opportunities to experience the incredible scenery, rich history and unforgettable landscapes that make this part of the world so special. From cruising the UNESCO World Heritage-listed Nærøyfjord and riding the iconic Flåmsbana Railway through Norway's mountains to exploring the dramatic waterfalls and viewpoints of the Storfjorden region, these additions bring guests closer to some of the country's most extraordinary experiences."
Holland America Line's Northern Europe Season Offers More Ways to Explore
Northern Europe remains one of Holland America Line's signature regions and a destination deeply connected to the cruise line's heritage. Founded in Rotterdam in 1873, Holland America Line brings more than 150 years of European history and expertise to the region. In 2027, the cruise line will deploy three ships — Rotterdam, Nieuw Statendam and Zuiderdam — throughout Northern Europe, offering guests a wide variety of opportunities to explore Norway, Iceland, Greenland, the British Isles, Scandinavia and the Baltic.
Guests can choose from seven-day voyages to longer journeys of up to 21 days, with opportunities to sail through Norway's famed fjords, visit historic capitals and discover destinations across Northern Europe. Whether exploring Viking heritage, taking in dramatic natural landscapes or experiencing the cruise line's Dutch roots, travelers will find a range of immersive experiences throughout the season.
For more information about Holland America Line shore excursions or to book a cruise, consult a travel advisor, call 1-877-SAIL HAL (877-724-5425) or visit hollandamerica.com.
Find Holland America Line on Facebook, Instagram and the Holland America Blog. You can also access all social media outlets via the home page at hollandamerica.com.
About Holland America Line
Holland America Line has been exploring the world for more than 150 years with expertly crafted itineraries, extraordinary service and genuine connections to the destinations. Offering a perfectly-sized ship experience, its fleet of 11 vessels visits nearly 400 ports in 114 countries around the world and has shared the thrill of Alaska for more than 75 years — longer than any other cruise line. Savour the Journey isn't just a tagline, it's a reinforcement that the cruise line provides experiences too good to hurry through, connecting travelers to the world and each other. Award-winning enrichment programming, entertainment and cuisine that brings each locale on board, including a revolutionary Global Fresh Fish Program, put Holland America Line at the forefront of premium cruising. Holland America Line is part of Carnival Corporation, the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide. (NYSE: CCL).
Season explores more of the Caribbean with longer port stays, immersive experiences, private island escapes and a longer journey tracing Pan Am's historic routes
Key Points:
2027–2028 Caribbean season features 29 itineraries across 47 departures, with more nine-day-or-longer voyages than any other cruise line Range of itineraries spans five- and six-day getaways to extended journeys across the Eastern, Western and Southern Caribbean, as well as the Panama Canal Season includes diverse experiences, from relaxing escapes at RelaxAway, Half Moon Cay to the 28-day Pan Am Legendary Voyage tracing historic Clipper flying boat routes Enhanced guest experience features upgrades across the fleet, including the debut of the reimagined Oosterdam with new staterooms and onboard venues , /PRNewswire/ -- Holland America Line, a leader in destination-rich travel and personalized service, is opening its 2027–2028 Caribbean season with a range of itineraries designed to give guests more ways to explore the region — from quick five- and six-day getaways to longer voyages that spend more time in port than any other cruise line sailing the Caribbean. Nearly every itinerary includes a call at RelaxAway, Half Moon Cay, the line's award-winning private island.
RelaxAway Half Moon Cay Sailing October 2027 through March 2028, the season includes 29 itineraries across 47 departures, visiting 35 ports in 25 countries and territories throughout the Eastern, Western and Southern Caribbean, as well as the Panama Canal. The season also introduces enhanced onboard and shoreside experiences, including the debut of the reimagined Oosterdam as part of the line's broader Evolution investment across the fleet.
"We've built this season to give guests more ways to experience the Caribbean, whether they are looking for a quick getaway or a longer journey that explores more of the region," said Paul Grigsby, vice president, deployment and revenue planning for Holland America Line. "With more Caribbean itineraries of nine days or longer than any other cruise line, guests have more time to explore each destination and relax at our private island and with signature experiences on board."
Throughout the season, guests can expect experiences designed to connect more deeply with the region, both on board and ashore. Shore excursions curated with The HISTORY Channel and locally focused "Meet the Makers" tours bring each destination to life, while Destination Dining™ and the line's Global Fresh Fish Program reflect the flavors of the Caribbean. On board, guests can unwind in spaces like the adults-only aft pool, where live music, poolside service and ocean views create a more relaxed atmosphere.
A New Chapter for Oosterdam in the Caribbean
Guests sailing in the Caribbean beginning December 2027 will also have the opportunity to experience the reimagined Oosterdam, the first ship to debut as part of Holland America Line's Evolution investment. Following its transformation, the ship introduces new stateroom and suite categories designed to reflect how guests travel today, along with expanded access to signature venues.
New accommodations include Solo Verandah staterooms with private balconies and dedicated workspace, as well as premium options such as Bridgeview Suites with panoramic ocean views and expanded living space, and Vista Suites debuting on the ship for the first time. The transformation also adds Grand Dutch Café, an all-day venue inspired by the line's Dutch heritage. During the 2027–2028 Caribbean season, Oosterdam will sail longer itineraries across the Southern Caribbean and Panama Canal.
RelaxAway, Half Moon Cay: A Signature Caribbean Experience
RelaxAway, Half Moon Cay is included on nearly every Caribbean itinerary and is being enhanced with new offerings that elevate the private island experience. A new beach club features waiter service, priority tendering, exclusive food and beverage options, and upgraded seating, along with indoor and outdoor spaces with ship views.
Guests will also find a refreshed Lobster Shack, island-exclusive menu items and new beverage experiences including Aperol spritz tricycles and Bacardi beach buggies. Additional upgrades include expanded cabanas and villas, new shopping venues, enhanced beach facilities and activities such as pickleball. Shore excursions range from kayaking and snorkeling with stingrays to horseback riding along the beach.
Holidays at Sea
Holland America Line offers eight holiday cruises during the season, giving guests a range of options to celebrate at sea. Guests can spend the holidays aboard Rotterdam on a Dec. 22, 2027, roundtrip from Fort Lauderdale, Florida, seven-day Eastern Caribbean Holiday itinerary, sailing to Grand Turk, Turks & Caicos; RelaxAway, Half Moon Cay; Charlotte, Amalie; St. Thomas; and a late-night stay in San Juan, Puerto Rico. For a longer holiday escape, guests can sail aboard the newly reimagined Oosterdam on an 11-day Southern Caribbean Holiday voyage, also departing Dec. 22, roundtrip from Fort Lauderdale, with calls at RelaxAway, Half Moon Cay; George Town, Grand Cayman; and Cartagena, Colombia, along with late-night stays in Aruba and Curaçao.
Ships are decorated for the season and feature festive dining, live music and holiday programming that bring together traditions from around the world, giving guests the opportunity to celebrate without the stress of planning.
Reliving the Golden Age of Travel at Sea
A highlight of the season is the 28-Day Pan Am 100th Anniversary Legendary Voyage aboard Zuiderdam, departing Oct. 30, 2027, roundtrip from Miami, Florida. Created in partnership with Pan Am, the sailing traces the airline's historic Clipper flying boat routes across the Caribbean, Mexico and Latin America, visiting 19 ports in 13 countries. Nearly half of the itinerary features destinations that were part of Pan Am's original network, offering guests the opportunity to follow in the footsteps of one of travel's most iconic brands while exploring both well-known and less frequently visited ports throughout the region.
The itinerary includes stops in Nassau, Bahamas, and San Juan, two early hubs in Pan Am's Caribbean network, along with ports such as Willemstad, Curaçao; Cartagena; and Colón, Panama. The voyage also includes multiple consecutive port days in parts of the Caribbean, giving guests more time in the destination compared to shorter itineraries.
Full Itinerary Highlights
Five- to Six-Day Itineraries
5-Day Eastern Caribbean & Bahamas Getaway, onboard Zuiderdam, roundtrip from Fort Lauderdale Calls at Nassau; RelaxAway, Half Moon Cay; Grand Turk Sails Dec. 18, 2027 6-Day Eastern Caribbean: Amber Cove & Bahamas, onboard Eurodam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; Amber Cove, Dominican Republic; Grand Turk Sails March 26, 2028 Seven- to Eight-Day Itineraries
7-Day Eastern Caribbean: Amber Cove & Key West, onboard Eurodam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; Amber Cove; Key West, Florida; Grand Turk Sails Oct. 23, 2027 7-Day Eastern Caribbean: Amber Cove & Bahamas, onboard Rotterdam or Zuiderdam, roundtrip from Fort Lauderdale or Miami
Calls at Nassau; RelaxAway, Half Moon Cay; Grand Turk; Amber Cove Departs Nov. 27 (Miami), Dec. 11, 2027; Jan. 15, Jan. 29, Feb. 12, Feb. 26, March 11, March 25, 2028 Holiday departure Dec. 23, 2027 (Zuiderdam) 7-Day Eastern Caribbean: San Juan & St. Thomas, onboard Eurodam, Rotterdam or Zuiderdam; roundtrip from Fort Lauderdale or Miami
Calls at RelaxAway, Half Moon Cay; Grand Turk; San Juan; St. Thomas Departs Dec. 4, 2027 (Miami); Jan. 8, Jan. 22, Jan. 29, Feb. 5, Feb. 19, March 4, March 18, 2028 Holiday departures Dec. 22, 2027 (Rotterdam); Dec. 30, 2027 (Zuiderdam) 8-Day Eastern Caribbean: San Juan & St. Thomas, onboard Eurodam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; Grand Turk; San Juan; St. Thomas; St. Maarten Sails Nov. 13, 2027 Nine- to 12-Day Itineraries
9-, 10- or 11-Day Southern Caribbean: ABC Islands, onboard Oosterdam, Rotterdam or Eurodam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; Aruba; Curaçao 9- and 10-day include Bonaire; 10-day includes Cabo Rojo, Dominican Republic; 11-day includes Grand Cayman and Cartagena Departs Jan. 14, Feb. 4, Feb. 23, Feb. 25, March 17, 2028 Holiday departures Dec. 22, 2027 (Oosterdam); Dec. 29, 2027 (Rotterdam) 10- or 11-Day Western Caribbean: Greater Antilles, Belize & Mexico, onboard Eurodam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; Falmouth, Ocho Rios or Montego Bay, Jamaica; Grand Cayman; Mahogany Bay, Honduras; Belize City, Belize; Cozumel, Mexico Departs Dec. 12, 2027; Jan. 2, March 4, 2028 Holiday departure Nov. 21, 2027 (Eurodam) 10- or 11-Day Eastern Caribbean: Windward & Leeward Islands, onboard Eurodam, roundtrip from Fort Lauderdale
Calls at St. Maarten; Antigua; Martinique; St. Kitts; San Juan 11-day includes Dominica Departs Dec. 1, 2027; Jan. 12, Feb. 12, March 15, 2028 Holiday departure Dec. 22, 2027 (Oosterdam) 12-Day Panama Canal Discovery: Costa Rica & Greater Antilles, onboard Volendam or Oosterdam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; Aruba or Curaçao; Cartagena; Colón; Puerto Limón, Costa Rica; Grand Cayman Features partial Panama Canal transit and Gatun Lake Departs Dec. 11, 2027; Jan. 2, Jan. 23, Feb. 13, March 5, March 26, 2028 12-Day Eastern Caribbean: Barbados, St. Lucia & St. Kitts, onboard Volendam, roundtrip from Fort Lauderdale
Calls at RelaxAway, Half Moon Cay; St. Maarten; St. Kitts; Martinique; Barbados; St. Lucia; Tobago Sails Dec. 23, 2027 FAQ
What is new for Holland America Line's 2027–2028 Caribbean season?
The season features 29 itineraries across 47 departures from October 2027 through March 2028, with more nine-day-or-longer Caribbean cruises than any other cruise line, plus enhanced ship experiences and upgrades to RelaxAway, Half Moon Cay. What cruise lengths are available?
Guests can choose cruises that range from five to 28 days, shorter from five- to eight-day voyages, and longer itineraries of nine to 12 days, along with a 28-day Pan Am Legendary Voyage. Collectors' Voyages combine non-repeating, back-to-back cruises, forming an extended Caribbean experience. Where do the cruises travel?
Itineraries span the Eastern, Western and Southern Caribbean, including stops in Grand Turk, San Juan, St. Thomas, St. Maarten, the ABC Islands (Aruba, Bonaire and Curaçao), Colombia and the Panama Canal. Do the cruises include RelaxAway, Half Moon Cay?
Nearly every sailing includes a visit to RelaxAway, Half Moon Cay, Holland America Line's private island in the Bahamas, now featuring a new beach club, expanded cabanas and upgraded dining and beverage experiences. Are there holiday cruises available?
Yes. Eight holiday sailings are offered, including Thanksgiving, Christmas and New Year itineraries with festive décor, seasonal dining and special onboard programming. Guests booking 2027-2028 Caribbean cruises with the Have It All premium package receive standard amenities—shore excursions, specialty dining, Signature Beverage Package, and Wi-Fi. For more information about Holland America Line or to book a cruise, consult a travel advisor, call 1-877-SAIL HAL (877-724-5425) or visit hollandamerica.com.
Find Holland America Line on Facebook, Instagram and the Holland America Blog. You can also access all social media outlets via the home page at hollandamerica.com.
About Holland America Line
Holland America Line has been exploring the world for more than 150 years with expertly crafted itineraries, extraordinary service and genuine connections to the destinations. Offering a perfectly-sized ship experience, its fleet of 11 vessels visits nearly 400 ports in 114 countries around the world and has shared the thrill of Alaska for more than 75 years — longer than any other cruise line. Savour the Journey isn't just a tagline, it's a reinforcement that the cruise line provides experiences too good to hurry through, connecting travelers to the world and each other. Award-winning enrichment programming, entertainment and cuisine that brings each locale on board, including a revolutionary Global Fresh Fish Program, put Holland America Line at the forefront of premium cruising. Holland America Line is part of Carnival Corporation, the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide. (NYSE: CCL).
Companies that investors wouldn't touch with a 10-foot pole during the COVID-19 pandemic are now starting to look like attractive opportunities. This is precisely how to describe the situation with Carnival (CCL 2.14%). The leading cruise line operator was decimated at the start of this decade. But it's now sailing in much smoother water.
It's time for investors to get on board. Here are three reasons you should consider buying this travel stock in July.
Image source: The Motley Fool.
1. Demand tailwinds The first reason to add this business to your diversified portfolio is demand trends. Since the cruise industry was temporarily devastated starting in 2020, as operations were halted to stop the spread of the virus, Carnival has experienced a resurgence. Its sales in Q2 2026 (ended May 31) were 5.3% higher than in the same period of fiscal 2025. That top-line figure was a record, as were customer deposits of $9 billion.
Looking ahead, the industry is well-positioned to benefit from powerful tailwinds. The cruise market is attracting not only first-time cruise passengers but also a younger demographic. Moreover, cruise trips are viewed as offering a much better value proposition than land-based alternatives.
And lastly, the cruise industry accounts for only about 2% of the entire global tourism market. This leaves a lot of untapped potential to acquire new customers. Given Carnival's growth plan to expand its fleet and provide service to new destinations, it's looking to capitalize on these trends.
2. Cleaner financials Carnival's improving financial picture is the second reason to buy shares. The business was forced to take on additional debt to navigate the COVID-19 pandemic. Its debt burden peaked at $35.1 billion in the first quarter of 2023.
However, management has made it a priority to clean up the balance sheet. As of May 31, Carnival had $24.9 billion in long-term debt, down almost 7% year over year. In late June, S&P Global upgraded the company's credit rating to investment grade, a vote of confidence for Carnival's financial standing.
The company is being helped by its growing earnings stream. Operating income in fiscal 2025 of $4.5 billion was 25% higher than the year before. And free cash flow totaled $2.5 billion over the last six months, ensuring the company has resources to continue paying down debt.
Carnival resumed dividend payments in February this year, with the current quarterly payout of $0.15 supporting a healthy dividend yield of 2.1%. The business also buys back stock. Its repurchases totaled $381 million through the first half of fiscal 2026. These moves are part of Carnival's plan (announced in March) to return $14 billion to shareholders before the end of fiscal 2029.
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3. Cheap valuation The stock's valuation is the third reason this is a compelling opportunity. Investors can scoop up shares at a forward price-to-earnings ratio of 13.1. It's difficult to find a quality company at such a deep discount to the overall market.
Consensus analyst estimates call for Carnival's earnings per share to increase at a compound annual rate of 11.2% from fiscal 2025 to fiscal 2028. This is a solid outlook, especially when combined with the possibility of multiple expansion.
It's not difficult to figure out why the market doesn't assign a higher valuation ratio to the stock. As mentioned, the business still carries a sizable debt load, creating an overhang of financial risk. And while long-term demand looks promising, Carnival may still face some cyclicality. After all, cruise vacations are a discretionary purchase that households would delay in tough times.
Even after accounting for these negative factors, investors should consider buying shares. Carnival could be a winner over the next five years.
Key Takeaways Carnival kept cruise costs excluding fuel nearly flat through structural efficiency initiatives.CCL offset softer European demand with tighter cost controls and record pricing on booked inventory.Fleet upgrades, exclusive destinations and deleveraging support Carnival's long-term margin strategy. Carnival Corporation Ltd. (CCL - Free Report) demonstrated that disciplined cost management can offset external challenges, reinforcing confidence in its long-term earnings trajectory. Despite geopolitical disruptions, elevated fuel prices and weak consumer sentiment, the cruise giant delivered record second-quarter fiscal 2026 revenues, EBITDA, net income and customer deposits, while exceeding its March earnings guidance by $100 million.
The standout was Carnival's aggressive focus on operational efficiency. Cruise costs excluding fuel remained essentially flat year over year, outperforming prior guidance by roughly 250 basis points. Management attributed the improvement not only to favorable timing but also to structural initiatives that permanently lower the company's cost base. Hundreds of efficiency measures, ranging from supplier negotiations to operational process improvements, are expected to continue benefiting profitability in the coming quarters.
While the company lowered the full-year yield outlook due to softer European demand amid the prolonged Middle East conflict, it largely offset this pressure through stronger cost controls. Carnival now expects normalized cruise costs excluding fuel to rise only about 1.3% this year, reflecting embedded savings that should extend beyond 2026. Management also emphasized that booking trends have begun improving, with 93% of 2026 inventory already booked at record pricing levels and 2027 bookings running ahead of last year.
Beyond cost discipline, Carnival continues investing in high-return projects, including fleet modernization, exclusive destinations such as Celebration Key and RelaxAway, Half Moon Cay, and selective share repurchases. These initiatives, combined with continued deleveraging and structural efficiency gains, strengthen the company's ability to protect margins while supporting long-term earnings growth. If demand continues to normalize, Carnival's disciplined execution could provide additional upside for its shareholders.
How Do Carnival's Peers Compare on Margin StrategyAmong Carnival's closest competitors, Royal Caribbean Cruises (RCL - Free Report) continues to focus on premium pricing and operational efficiency to expand margins. The company has benefited from strong onboard spending, disciplined capacity additions and investments in private destinations such as Perfect Day at CocoCay, allowing it to maintain healthy pricing power while controlling costs. Royal Caribbean Cruises’ emphasis on high-return capital investments and technology-driven operations has supported robust profitability.
Norwegian Cruise Line Holdings (NCLH - Free Report) is also pursuing margin expansion through cost discipline and fleet optimization. The company is streamlining operations, enhancing onboard revenue opportunities and modernizing its fleet to improve fuel efficiency and guest experience. At the same time, Norwegian remains focused on balance-sheet improvement and expense control to offset macroeconomic uncertainties.
Compared with these peers, Carnival's latest strategy stands out for its ability to offset temporary revenue headwinds through structural cost reductions. Its permanent efficiency initiatives, combined with disciplined investments in fleet modernization and exclusive destinations, position the company to protect margins while remaining competitive as industry demand continues to recover.
CCL’s Price Performance, Valuation and EstimatesShares of Carnival have gained 7.5% in the past three months compared with the industry’s rise of 13%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 11.42X, below the industry average of 17.16X.
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Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s 2026 sales and earnings implies a year-over-year uptick of 3.9% and a decline of 2.2%, respectively. EPS estimates for fiscal 2026 have decreased in the past 30 days.
Image Source: Zacks Investment Research
CCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Carnival has gained in recent months, but strong bookings, pricing and fleet investments are competing with geopolitical risks and softer European demand.
Carnival (NYSE: CCL | CCL Price Prediction) and Royal Caribbean (NYSE: RCL) just closed earnings cycles that explain why the cruise trade has fractured. Carnival delivered its sixth straight EPS beat on June 23, 2026. Royal Caribbean extended a four-quarter beat streak back in April. One stock trades like a coiled recovery. The other trades like the operator can do no wrong.
Record Yields Carry Carnival. Premium Ecosystem Carries Royal Caribbean. Carnival posted adjusted EPS of $0.41 against $0.35 a year ago, with revenue of $6.66 billion, up 5.3%. Customer deposits hit a record $9.0 billion, and the fleet is 93% booked for 2026. CEO Josh Weinstein framed it bluntly: “twelfth consecutive quarter of record net yields”, achieved despite nearly 30% higher fuel costs. Carnival is leaning on Celebration Key and pricing integrity in the Mediterranean rather than discounting.
Royal Caribbean delivered adjusted EPS of $3.60 against a $3.20 consensus, a 12.59% beat, with revenue climbing 11.3% to $4.45 billion. Adjusted EBITDA margin expanded to 38.2% from 35.1%, and load factor reached 109%. Jason Liberty leaned into the brand stack, citing “another year of double-digit revenue and earnings growth.”
Coiled Spring Versus a Stock Priced for Perfection Lens Carnival Royal Caribbean Forward EPS Guide ~$2.22 $17.10 to $17.50 Trailing P/E 13 19 EV/EBITDA 8.9 14.43 5-Yr Price Change 11.93% 287.68% Carnival is paying down a $24.9 billion debt stack, reinstated the dividend at $0.15 per quarter, and authorized a $2.5 billion buyback. Royal Caribbean is funding Icon VI, Icon VII, Royal Beach Club Santorini, Celebrity River Cruises, and the Discovery Class platform, repurchasing 2.9 million shares for $836 million in Q1 alone. Two different bets.
Sticky Inflation Is the Real Tiebreaker Headline PCE re-accelerated to 4.07% YoY in May 2026, with energy ripping 24.26%. Royal Caribbean has 59% of fuel hedged, but its premium clientele still feels services inflation at 3.76%. I will keep an eye on whether Carnival’s 2027 booking curve, which Weinstein said is “running ahead of prior year levels”, holds up if energy stays hot.
Why I Lean Toward the Coiled Carnival Setup On the setup, Carnival screens as the more interesting risk-reward. Shares sit at $29.19 while the operational story keeps compounding, and the analyst target sits at $35.6. Royal Caribbean has earned its premium, but at $321.44 and a 19 P/E, a single soft WAVE update could sting. Royal Caribbean offers defensive quality anchored by a fortress ecosystem, while Carnival offers more operating leverage as debt drains and bookings extend.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Royal Caribbean Cruises didn't make the cut. Grab the names FREE today.
Key Takeaways Carnival ordered three new Princess ships for delivery in 2035, 2038 and 2039.CCL is modernizing its fleet and expanding destinations to boost guest satisfaction and onboard spending.Record 2027 bookings and disciplined fleet growth support Carnival's long-term strategy. Carnival Corporation Ltd. (CCL - Free Report) is reinforcing its long-term growth strategy through disciplined fleet expansion rather than aggressive capacity additions. While near-term demand has been affected by geopolitical tensions in Europe, management remains focused on investments that can enhance earnings power over the next decade.
A major highlight from the latest earnings call was Carnival's order for three new Princess Cruises ships, scheduled for delivery in 2035, 2038 and 2039. These vessels will build on the success of the Sphere Class platform, with Sun Princess and Star Princess already delivering strong guest satisfaction and commercial performance. Importantly, the company reiterated that it does not intend to accelerate ship deliveries beyond the measured pace of one to two new ships annually, reflecting a disciplined capital allocation strategy.
Beyond new ships, Carnival is investing heavily in modernizing its existing fleet through programs such as AIDA Evolution and Holland America Evolution. These upgrades are designed to improve onboard experiences, create additional revenue opportunities and enhance operating efficiency. Management also noted that refurbishment projects are expected to generate attractive returns, while cabin additions can pay for themselves within just a few years.
The company is complementing its fleet investments with expanded destination offerings, including Celebration Key and RelaxAway, Half Moon Cay, to strengthen itinerary appeal and drive higher guest spending. Combined with record booking levels for 2027, continued cost discipline and growing financial flexibility, Carnival appears well positioned to benefit once temporary geopolitical headwinds ease. If demand remains resilient, the new Princess ships and ongoing fleet enhancements could provide a meaningful boost to the company's long-term revenue growth, profitability and shareholder value.
Can Fleet Investments Keep Carnival Ahead in the Cruise Race?Carnival's strategy of combining selective newbuild orders with fleet modernization puts it in direct competition with peers like Royal Caribbean (RCL - Free Report) and Norwegian Cruise Line Holdings (NCLH - Free Report) , both of which are investing to capture growing cruise demand.
Royal Caribbean continues to expand the premium fleet with larger, experience-focused ships and destination investments, helping it command strong pricing and onboard spending. Its emphasis on innovative vessels and exclusive private destinations has strengthened Royal Caribbean’s customer loyalty, setting a high benchmark for the industry.
Norwegian Cruise Line, meanwhile, is refreshing its fleet with next-generation ships while enhancing onboard offerings and premium experiences. The company is also focusing on operational efficiency and higher-value itineraries to improve profitability.
Carnival's approach differs by maintaining disciplined capacity growth while extracting greater returns from both new and existing ships. Investments in the Princess fleet, ship modernization programs and exclusive destinations such as Celebration Key and RelaxAway, Half Moon Cay aim to enhance guest experiences without significantly increasing supply. If these initiatives continue to support pricing power and higher onboard spending, Carnival could strengthen its competitive position and deliver sustainable long-term growth despite intense industry competition.
CCL’s Price Performance, Valuation and EstimatesShares of Carnival have gained 1.9% in the past year compared with the industry’s rise of 3.5%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 11.96X, below the industry average of 17.2X.
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Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s 2026 sales and earnings implies a year-over-year uptick of 3.9% and a decline of 2.2%, respectively. EPS estimates for fiscal 2026 have decreased in the past 30 days.
Image Source: Zacks Investment Research
CCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways CCL has 93% of 2026 business booked, with pricing ahead of last year at historic highs.Customer deposits hit a record $9.0B as onboard revenues and pre-cruise sales increased.Fuel costs rose nearly 30%, while Europe disruption, logistics and currency risks remain. Carnival Corporation Ltd. (CCL - Free Report) is gaining investor attention as its recovery story shifts from broad cruise demand to stronger execution. Booking visibility, onboard spending and destination investments are giving the company more ways to support revenues and earnings.
Royal Caribbean Group (RCL - Free Report) , which currently carries a Zacks Rank #3 (Hold), remains a relevant peer for investors tracking cruise pricing and destination-led demand. Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , which currently has a Zacks Rank #4 (Sell), also provides a useful comparison as investors assess whether cruise demand can support higher yields across the industry.
Carnival Bookings Stretch Far AheadCarnival’s booking curve remains the furthest out on record, giving the company unusual visibility into future revenues. For 2026, 93% of business is already on the books, with the booked position ahead of last year at historically high prices.
Demand is not limited to the current year. Since March, bookings for 2027 and beyond have been running ahead of prior-year levels on both volume and price, including stronger European bookings.
CCL Turns Demand Into Higher YieldsCarnival delivered its 12th consecutive quarter of record net yields. That matters because the company is not just filling ships, it is capturing demand at better price points.
Customer deposits reached an all-time high of $9.0 billion, up more than $450 million from the prior-year record. Higher second-quarter onboard revenues and increased pre-cruise onboard sales also show that more guest spending is being captured before sailings begin.
Carnival Builds a Destination AdvantageCarnival’s destination strategy is becoming a larger part of its investment case. Celebration Key now accommodates up to four ships and more than 13,000 guests on any given day, and is expected to welcome 3.5 million visitors in fiscal 2027.
RelaxAway, Half Moon Cay can support up to 12,000 visitors per day, while Isla Tropicale added a 48,000-square-foot recreational area. Carnival’s Alaska platform, with five brands, 19 ships, four embarkation ports, lodges, rail assets and motor coach operations, adds another layer of itinerary differentiation.
CCL Still Has Meaningful HeadwindsDemand strength does not remove margin risk. Cruise and tour operating expenses increased to $4.23 billion in the second quarter from $3.89 billion a year earlier, while selling and administrative expenses rose to $863 million from $816 million.
Fuel is another pressure point. Fuel expense rose to $595 million from $468 million, reflecting a nearly 30% increase in fuel prices. Geopolitical disruption in Europe, elevated logistics costs and currency sensitivity also remain risks that can affect yields, costs and earnings timing.
What Carnival’s Zacks Rank AddsThe bottom line is that Carnival’s story now depends on execution as much as demand. The company has stronger booking visibility, record deposits, higher onboard spending and a more differentiated destination portfolio, but cost and fuel volatility keep the setup from being one-sided.
CCL currently carries a Zacks Rank #3. It also has a Value Score of A, Growth Score of B, Momentum Score of B and VGM Score of A.
Those Style Scores are supportive, especially for investors looking for value, growth and momentum traits together. The Zacks Rank #3, however, points to a measured near-term outlook rather than a more aggressive bullish signal.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Carnival ended fiscal Q2 with 93% of 2026 booked and less inventory left than a year earlier.CCL's onboard and other revenues rose to $2.39B as pre-cruise sales and deposits increased.Carnival is using owned destinations and a slower ship delivery pace to support returns and differentiation. Carnival Corporation Ltd. (CCL - Free Report) is giving investors a useful view of how cruise earnings power is changing. The company’s latest results point to a profit model built less on simply filling ships and more on pricing, onboard spending capture, owned destinations and disciplined capacity growth.
That shift matters across the cruise group. Royal Caribbean Group (RCL - Free Report) , which currently carries a Zacks Rank #3 (Hold), and Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , which currently has a Zacks Rank #4 (Sell), give investors peer context for whether these same profit levers are becoming broader industry standards.
Carnival Shows a Longer Booking CurveCarnival ended the second quarter of fiscal 2026 with 93% of the year already on the books and less inventory left to sell than at the same time last year. Its booked position for the remainder of 2026 was ahead of the prior year at historically high prices.
That matters because a longer booking curve gives operators better revenue visibility before ships sail. It can also reduce reliance on late discounting, allowing cruise companies to protect pricing rather than chase occupancy at the expense of yields.
CCL Leans Harder on Onboard SpendCarnival’s onboard and other revenues rose to $2.39 billion in the fiscal second quarter from $2.22 billion a year earlier. Management also pointed to higher second-quarter onboard revenues, increased pre-cruise onboard sales and record customer deposits.
The message is that profit growth is not only about selling more tickets. Carnival is trying to capture more guest spending before and during the trip, which can improve revenue mix and support yields even when external pressures affect certain deployments.
Carnival Expands Owned DestinationsCarnival’s destination strategy is becoming a more important part of its profit story. Celebration Key is expected to welcome 3.5 million visitors in fiscal 2027, while RelaxAway, Half Moon Cay can support up to 12,000 visitors per day.
These owned and exclusive assets can increase guest engagement and create more spending opportunities tied directly to Carnival’s ecosystem. The Paradise Collection is expected to welcome more than 9 million guest visits in fiscal 2027, giving the company another lever for product differentiation.
CCL Reflects Stricter Capacity DisciplineCarnival has moved toward a one- to two-ship annual delivery cadence, down from the historical pace of three to four ships per year. That approach signals a stronger focus on returns and asset productivity rather than faster capacity expansion.
The company is also investing in modernization. Holland America Evolution includes a multiyear investment of more than $500 million across six ships, while AIDA Evolution continues to refresh existing assets. These efforts can extend the earnings life of ships and add onboard revenue opportunities.
Why Carnival’s Zacks Rank MattersThe bottom line is that Carnival’s profit model is becoming more disciplined. Longer booking curves, higher onboard capture, destination ownership and measured capacity growth all point to a business trying to improve returns from each guest and each asset.
CCL currently carries a Zacks Rank #3, matching RCL’s near-term rank but standing above NCLH’s Zacks Rank #4. That keeps Carnival in a middle-ground stock view rather than a clearly bullish or bearish position.
The stock also has a Value Score of A and a VGM Score of A, along with a Growth Score of B and Momentum Score of B. The Style Scores suggest Carnival screens well across several investment characteristics, especially value and the combined value, growth and momentum profile, while the Zacks Rank keeps the near-term stock stance balanced.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Newly expanded pier adds two additional berths at world's largest cruise company's exclusive destination, supporting increased guest arrivals and operational flexibility
, /PRNewswire/ -- Carnival Corporation (NYSE: CCL), the world's largest cruise company, today announced the successful completion of its Celebration Key pier extension on Grand Bahama Island. The flagship expansion adds two new berths, enabling Celebration Key to accommodate up to four ships simultaneously and welcome over 13,000 guests in a day to the popular exclusive destination.
Carnival Corporation Completes New Pier Extension for Celebration Key in The Bahamas Building on the original two-berth pier that opened with Celebration Key in July 2025, the two additional berths were delivered ahead of schedule and double the arrival capacity to four ships at once. This marine-side expansion adds operational flexibility and unlocks roughly 200 more ship calls and 700,000 additional guest arrivals each year.
"Celebration Key is one of the centerpieces of our Paradise Collection – a bold destination built to redefine what a Caribbean vacation can feel like," said Josh Weinstein, CEO of Carnival Corporation. "From a mile of white sand beach to the Caribbean's largest freshwater lagoons and five distinct experience portals, every part of Celebration Key was designed to deliver something unforgettable. Finishing the pier extension ahead of schedule gives us a real jump on meeting the extraordinary demand we're seeing and allows us to bring even more guests to this unique Bahamian paradise sooner than expected."
In less than 18 months, Celebration Key has firmly established its role as a cornerstone of Carnival Corporation's Paradise Collection. Twenty Carnival Cruise Line ships now call from 10 U.S. homeports reflecting Celebration Key's cornerstone position within the company's Caribbean deployment strategy. Starting September 2026, three- and four-ship days will be routine at the destination, and later this year, Princess Cruises and AIDA will join the rotation as Celebration Key becomes a true Carnival Corporation portfolio-wide Caribbean platform.
"Celebration Key's expansion reflects continued confidence in Grand Bahama and in The Bahamas as a leading tourism destination," said the Hon. Glenys Hanna Martin, Minister of Tourism. "Our priority is to ensure that investments of this scale create meaningful opportunities for Bahamian businesses, expand employment, and deliver lasting economic benefits to our people. We congratulate the team at Celebration Key on its first anniversary and look forward to its continued contribution to Grand Bahama's economy and the well-being of its communities."
"The expansion of Celebration Key's pier is a powerful endorsement of Grand Bahama's economic potential," said the Hon. Ginger Moxey MP., Minister for Grand Bahama. "Every ship that calls on our island creates opportunities for Bahamians—from entrepreneurs and small businesses to countless families who depend on a thriving tourism sector. This investment represents more than new infrastructure; it is an investment in our people, our economy, and a future built on sustainable, year-round growth."
When Celebration Key marks its first anniversary on July 19, 2026, it will have welcomed approximately 2.5 million guests. With the pier extension now in place, year two is expected to bring that number to about 3.5 million – growth that will deliver meaningful long-term benefits for The Bahamas. According to an economic impact study by Tourism Economics (an Oxford Economics company), the development, construction, and ongoing operation of Celebration Key is projected to create more than 2,500 direct Bahamian jobs, generate $3.2 billion in incremental government revenue, and contribute $9.7 billion in incremental GDP impact over the next two decades.
Celebration Key is just one of the seven exclusive Caribbean destinations that make up Carnival Corporation's Paradise Collection, which also includes RelaxAway Half Moon Cay, Isla Tropicale (Roatan), Amber Cove (Dominican Republic), Puerto Maya (Cozumel, Mexico), Grand Turks Cruise Center (Turks & Caicos) and Princess Cays (The Bahamas). Together, the Paradise Collection is unmatched by any other cruise company, creating differentiated guest experiences that drive incremental demand, support pricing strength and reinforce the company's leadership in the world's most popular cruise region.
About Carnival Corporation
Carnival Corporation is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. Carnival Corporation Ltd. trades under the ticker symbol CCL on the NYSE and is a member of the S&P 500.
For more information, please visit www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com, and www.seabourn.com.
To learn more about Carnival Corporation's purpose and our commitment to sustainability, go to Our Impact.
Fleetwide Menu Enhancements Rolling Out on Board, with Brand-New Restaurants and Bars Debuting on Carnival Festivale and Carnival Tropicale
, /PRNewswire/ -- Carnival Cruise Line revealed The Next Course, a new wave of culinary experiences featuring restaurants and bars launching on Carnival Festivale in 2027 and Carnival Tropicale in 2028, and with new innovative dining experiences now being rolled out across the fleet.
Carnival carries more than six million guests and serves over 100 million meals annually, giving the cruise line unique dining trend insights which fueled the new culinary offerings.
Fetaccine
The Next Course
The Next Course Event
Emerils Coastal Full Spread
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Uku Lei Lei Full Spread
To unveil The Next Course, Carnival hosted an immersive event in New Orleans with Chief Culinary Officer Emeril Lagasse that gave attendees a behind-the-scenes look into Carnival's culinary future.
"Our approach to dining combined with our team's amazing service is a driving force behind Carnival's success," said Christine Duffy, president of Carnival Cruise Line. "Our latest culinary adventure marks a bold step forward to give guests an unforgettable experience with a variety of new vibrant flavors fleetwide."
New Restaurants and Bars:
The Next Course line-up will feature new innovative specialty restaurants and bars, including:
Emeril's Coastal Seafood: Coastal-inspired cuisine from Emeril Lagasse. Uku Lei Lei: Hawaiian specialties and Asian classics. Fetaccine: Mediterranean-inspired, combining Italian favorites and Greek specialties. Le Bistro Musicale: Classic French cuisine in a relaxed, music-filled Parisian setting, which will be exclusively on Carnival Festivale. Carnival Festivale will also uniquely feature several new bar outlets, including:
The Spark: Vibrant lounge featuring live performances and cocktails inspired by iconic songs. Mix: Playful bar where guests can order creative cocktails or craft their own drinks, layering unique flavors. Festival Grounds Coffee & Bar: Specialty coffees and cocktails served in a dynamic space. Fleetwide Culinary Enhancements:
Carnival's The Next Course also introduces new fleetwide dining options:
Refreshed Menus: New culinary creations in the Main Dining Room for breakfast, brunch and dinner; Lido Marketplace including, a new Lido Family Menu offering daily kid-approved favorites; and BlueIguana Cantina with daily rotating specials. Bagels @ Sea: Freshly baked bagels with assorted toppings. Chef's Table Menu Revamp: Elevated multi-course dinners with regionally inspired flavors. Pop-Ups: Fruity & Frosted Breakfast Bars and Ice Cream and Milkshake Bars add new fast-casual options to Excel-class ships, and a variety of other fun pop-ups fleetwide. Mobile Coffee Shop Order & Pickup: Expanded grab-and-go options and mobile ordering for greater convenience. Express Dining: Offers faster, more convenient dining in the Main Dining Room. For additional information on Carnival Cruise Line and to book a cruise vacation, call 1-800-CARNIVAL, visit carnival.com, or contact your favorite travel advisor or online travel site.
ABOUT CARNIVAL CRUISE LINE
Carnival Cruise Line, part of Carnival Corporation (NYSE: CCL), the world's largest cruise company with a portfolio of cruise lines operating in over 800 ports & destinations worldwide – and is proud to be known as America's Cruise Line and for carrying more Americans and serving more U.S. homeports than any other. Carnival sails more than six million guests annually and in 2023 was the first cruise line to sail more than 100 million guests in total. Operating from 13 U.S. and two Australian homeports, as well as seasonally from Europe, Carnival hosts more than 95,000 guests on its ships every day of the year and employs more than 50,000 team members, representing 120 nationalities.
Since its founding in 1972, Carnival has continually revolutionized the cruise industry and popularized the cruise vacation as an affordable and fun travel option. Carnival's fleet of 29 ships reflects an exciting period of growth that continues with the addition of five ships through 2033: a fourth and fifth Excel class ship scheduled for 2027 and 2028 respectively; followed by three additional new ships from an innovative new class currently under development. Carnival's newest guest offering is its all-new exclusive destination, Celebration Key on Grand Bahama, which debuted in 2025 to join the company's Paradise Collection of Caribbean gems.
Shares of Carnival Corp. (CCL 2.15%) declined 5% on Tuesday. The world's largest cruise line operator in terms of passenger count and revenue reported mixed financial results for its fiscal second quarter.
The market's reaction suggests that there was more bad than good in Tuesday's update. I had three burning questions for Carnival to answer this week. Let's see how things stand now that the financial report is fading in the wake of the cruise line's quarterly performance.
Image source: Getty Images.
1. Can the bottom-line beats keep coming? Yes. This was the one positive in the report. Carnival had an impressive run of 11 consecutive quarters of beating Wall Street's adjusted profit targets heading into this week's reveal. It stretched that winning streak to a clean dozen reports on Tuesday.
Revenue rose a modest 5% to $6.66 billion, just shy of the $6.69 billion analysts were modeling. The bottom-line showing was the real star. Carnival's adjusted earnings rose 15% to $0.41 per share, even after a 30% rise in fuel costs resulted in an unfavorable impact of $0.06 per share.
Analysts weren't expecting Carnival's operations to overcome the rising fuel costs. They were forecasting an adjusted profit of $0.34 a share, just below the $0.35 a share it delivered a year earlier. Clocking in at $0.41 a share is a clear beat, its second-largest positive surprise over the past year.
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2. Can guidance continue to impress? No. Here is where the wheels -- or, I guess we can say, rudder -- started to come off. Carnival is feeling the brunt of rising costs and their impact on the company heading into its seasonally potent fiscal third quarter and beyond.
Despite soundly beating expectations on the bottom line, Carnival's view for the entire fiscal year that ends in November is now $2.22 a share in adjusted earnings, a penny shy of where the market was docked. The $1.35-a-share adjusted net income it's now guiding for the current quarter -- the busy summer season for the industry, when the lion's share of its profit is made -- is well short of the $1.42 a share the market was projecting.
Carnival also lowered its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for fiscal 2026. It's now at $7.11 billion. It was holding out for $7.19 billion three months ago.
3. Can Carnival retain its newfound market leadership? No.
Demand remains strong for the watery escapes that Carnival offers. The cruise line operator points out that bookings for the balance of this fiscal year are ahead of where they were a year ago for fiscal 2025. Passengers are also willing to pay more to board.
That's the good news. The bad news is that the argument I made for Carnival's market leadership centered largely on the stock's outperformance relative to its two closest rivals among publicly traded ocean cruise specialists. Carnival's 30% jump over the past year was roughly double what its closest rival, Royal Caribbean (RCL 0.04%), was delivering. Just three trading days later, the one-year stock charts have become passing ships.
Royal Caribbean is now up 17% over the past year, rising even as industry bellwether Carnival takes on some water. Carnival stock is now just 16% higher over the past year.
It's a fair transfer of market leadership. Royal Caribbean may be smaller in fleet size and revenue, but it has commanded a higher market cap due to its superior profitability, margins, and passenger loyalty. Royal Caribbean is the shareholder returns leader, as it has been for most of the past few years.
Carnival NYSE: CCL just reported its second fiscal quarter, and it’s clear from the numbers that the company is sailing in the right direction. But warning signs of rough waters ahead spooked investors.
Carnival Today
$28.26 -0.65 (-2.24%)
As of 03:29 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$23.45▼
$34.03Dividend Yield2.12%
P/E Ratio12.73
Price Target$35.13
Based on the latest figures, Carnival continues to execute one of the stronger post-pandemic recoveries in travel. For the three months ended May 31, Carnival posted record levels of revenue, adjusted net income, net yields, and customer deposits. Even with geopolitical tensions and significantly higher fuel costs, the company’s net income rose more than 20%.
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But the company’s forward guidance did little to calm nerves, and that overshadowed an otherwise positive quarterly performance. The stock slid sharply after earnings were announced and closed the day down roughly 5%.
Most analysts still like the stock, but investors should recognize that with real strengths come risks.
Strong Quarterly Results Beat ExpectationsCarnival’s second-quarter results were convincing. Net income came in at $537 million, 5% lower than a year earlier, though adjusted net income, which strips out one-time items, reached $569 million, up more than 21% year-over-year. Overall, revenue of $6.66 billion represented a 5.3% increase over the same period a year ago.
Adjusted EBITDA for the quarter was a record $1.58 billion, up from $1.5 billion a year earlier. Diluted earnings per share (EPS) were 39 cents, and adjusted EPS rose more than 15% to 41 cents, up from 35 cents in the prior-year period and above analysts’ expectations.
The company also said it repurchased more than $450 million of company stock and, with a dividend yield of 2%, distributed $207 million in dividends in the latest quarter.
Healthy Margins Despite Higher Fuel CostsWhile the headline figures were impressive, the unit economics were also encouraging. Net yields in constant currency rose 2.2% for the quarter. Continued price discipline showed up as well, as adjusted daily cruise costs per bed, excluding fuel, held essentially flat year-over-year.
Predictably, fuel was the most visible cost challenge during the quarter. Carnival noted that the increase in earnings per share came despite fuel prices and currency movements, which lowered per share earnings by 6 cents, equal to an overall hit of $73 million for the quarter.
Given 30% higher fuel costs, gross margin yields were down 3.9%. But with adjusted earnings still hitting records, the operating model appears to be holding.
An additional bright spot was a 5.6% improvement in fuel consumption per available lower berth day, suggesting that operational efficiency was at least partially offsetting price pressures.
Debt Reduction Continues to Strengthen the Balance SheetThe latest numbers also showed Carnival’s recovery continuing after more than three years in the making. When the global cruise industry shut down during the pandemic, Carnival took on enormous debt to survive, suspended its dividend, and watched its stock collapse from the low $50s to nearly $7 in the space of a few months.
Its recovery has been methodical and convincing. As of May 31, long-term debt had dropped to $23.4 billion, continuing a steady decline from $32 billion near the end of 2022. The company’s net interest expense improved in the latest quarter to $285 million from $341 million a year earlier.
Strong Demand Faces External RisksThe rest of the year looks strong for the company, though concerns remain.
On the plus side, customer deposits, or the amount consumers have paid to book a cruise months in advance, hit a record $9 billion by the end of the quarter, up more than $450 million compared with the prior year record. In all, Carnival has booked 93% of its capacity and expects record net yields for the rest of the year, the company’s CEO said.
That positive outlook, however, is paired with cautionary forward concerns. The ongoing tensions in the Middle East have significantly cut into Carnival’s operations in the Mediterranean Sea, and concerns linger about demand and net yields going forward.
While earnings for the second quarter came in above analysts’ expectations, revenue missed fractionally from what analysts projected. Further instability in high-tourist areas could continue to cut into passenger bookings.
Further, energy costs remain a significant variable that can shift results quickly. And weather disruptions, macroeconomic slowdowns, or a shift in consumer spending priorities could each push a slowdown that’s not easy to offset. The consumer discretionary sector is always subject to volatility, and competitors, such as Royal Caribbean NYSE: RCL and Norwegian Cruise Line NYSE: NCLH, are stepping up their offerings.
Current Price$28.73High Forecast$45.00Average Forecast$35.13Low Forecast$28.70Carnival Stock Forecast Details
Overall, though, Wall Street analysts like what they see. Of the 26 analysts covering the stock, the consensus rating is a Moderate Buy with a 12-month average target price of $35.13 per share, up more than 20% from current levels.
Finally recovering from its collapse five years ago, shares are up roughly 12% over the past three months. That upside got even more attractive after the pullback that occurred after Carnival reported second-quarter earnings—a reaction similar to what occurred after its first-quarter report.
In all, 21 analysts recommend Buy, while five have the stock as a Hold. The highest price target is $45, while the lowest is $28.70 per share.
Carnival Appeals Most to Aggressive InvestorsFor investors, the choices seem clear. Carnival Corporation has just delivered its best-ever quarter by several key measures, and the record customer deposit balance suggests demand is not fading.
Aggressive investors who are willing to accept cyclicality and balance-sheet risk could likely find the stock interesting. For those who believe in the durability of consumer travel demand, Carnival offers a combination of strong fundamentals, forward momentum, and a meaningful upside.
Conservative investors seeking above a 2% dividend yield, more predictable results, and greater balance-sheet strength might prefer other options.
Should You Invest $1,000 in Carnival Right Now?Before you consider Carnival, you'll want to hear this.
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Donations begin at Amber Cove in Puerto Plata, making the Dominican Republic the second Latin American country to join the initiative and bringing the program to 19 ports worldwide
Milestone builds on Carnival Corporation's long-standing commitment to the Dominican Republic through local partnerships and community engagement in Puerto Plata
, /PRNewswire/ -- Carnival Corporation (NYSE: CCL), the world's largest cruise company, today announced the expansion of its surplus meal donation program to the Dominican Republic, marking the second Latin American country to join the company's initiative to safely redirect prepared, unserved meals to local communities where its ships visit.
As part of Carnival Corporation's Less Left Over food waste reduction strategy, the donation of approximately 200 portions of prepared, unserved meals from Carnival Cruise Line's Mardi Gras was provided to the Archdiocese of Puerto Plata, Carnival Corporation's local program partner, for distribution to area organizations assisting families and the elderly. Supported by government collaboration, coordination with local partners ashore and Carnival Cruise Line's culinary teams, the effort is designed to move meals from ship to shore safely and consistently. The program is expected to expand quickly to all Carnival Cruise Line ships calling on Amber Cove.
With the addition of the Dominican Republic, the program has expanded to 19 ports since launching in 2017, helping address food insecurity in port communities where the company's ships visit. As of year-end 2025, the program has provided more than 320,000 meal portions to global communities since its inception, with plans to continue expanding the model into new markets.
"Bringing our surplus meal donation program to the Dominican Republic is an important part of expanding this work across Latin America," said Vicky Rey, vice president of government relations for Latin America, Carnival Corporation. "This work depends on clear processes, strong coordination with government and local partners, and a shared commitment to supporting the local community. Amber Cove's long-standing presence in Puerto Plata gives us a strong foundation to build on. We are grateful to the Archdiocese of Puerto Plata for serving as our local program partner, to our business partner Fabio Valenzuela, advisor to Rannik Group, and to government authorities for helping make this possible."
"We value Carnival Corporation's continued investment in Puerto Plata and its work with the Archdiocese of Puerto Plata to help ensure these meals reach organizations serving people in need," said Claritza Rochtte Peralta de Senior, governor of Puerto Plata. "This donation reflects the value of bringing the right partners together to support communities across the province."
The announcement builds on Carnival Corporation's long-standing role in Puerto Plata through Amber Cove, which opened in 2015 as an $85 million cruise destination that helped return cruise tourism to the region after more than three decades. Since then, Amber Cove has welcomed approximately seven million visitors, helped position Puerto Plata as a leading Caribbean cruise destination and created opportunities for local tour operators, artisans, vendors, transportation providers and small businesses.
The meal donation milestone adds to Carnival Corporation's broader work with local partners in Puerto Plata, including Maimón Basura Cero, a collaboration with the District Municipality of Maimón and Fundación Héroes del Medio Ambiente that is nearing completion of its third and final phase. The initiative is designed to strengthen local waste management by reducing solid waste sent from Maimón to the Puerto Plata landfill, encouraging separation at the source and supporting recycling and circular economy opportunities within the community.
As the leading cruise operator in the Dominican Republic, Carnival Corporation's eight global cruise lines will visit six Dominican ports in 2026, bringing more than 1.3 million guests and representing 50% of the country's cruise market share.
About Carnival Corporation
Carnival Corporation is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. Carnival Corporation Ltd. trades under the ticker symbol CCL on the NYSE and is a member of the S&P 500.
For more information, please visit www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com, and www.seabourn.com.
To learn more about Carnival Corporation's purpose and our commitment to sustainability, go to Our Impact.
Carnival Corporation (NYSE:CCL | CCL Price Prediction) just delivered its twelfth consecutive quarter of record net yields, yet the stock sold off after Q2 results landed. That dislocation is the setup for our call.
Our 24/7 Wall St. price target for Carnival is $37.74 over the next 12 months, implying 31.41% upside from a current price of $28.72. The recommendation is buy, with confidence at 90%, the high end of our framework.
Metric Value Current Price $28.72 24/7 Wall St. Price Target $37.74 Upside 31.41% Recommendation BUY Confidence Level 90% A Record Quarter, Punished by a Soft Guide CCL is up 20.75% over the past year but down 4.95% year to date, and shares fell 4.87% on Q2 results. Carnival posted adjusted EPS of $0.41 against $0.35 a year ago and revenue of $6.663B, beating its own March guidance by $100M. Customer deposits hit a record $9B, and 2026 is 93% booked.
The sell-off traced to a Q3 outlook that came in below estimates on roughly 30% higher fuel prices and a $73M currency headwind. CEO Josh Weinstein told investors that “recent booking trends already suggest that we are beginning to see a reversal of these headwinds.”
Why Bulls See a Breakout Ahead The bull case rests on demand that refuses to crack. Weinstein flagged that “booking volumes and prices” for 2027 sailings are running ahead of last year. The PROPEL plan targets >16% ROIC, >50% adjusted EPS growth from 2025 by 2029, and roughly $14B in shareholder distributions.
A $2.5B buyback is underway, and Fitch awarded investment grade. Bureau of Economic Analysis data shows recreation spending at a 16-month high of $864.2B. Freedom Broker carries a $35 target on a “rare” mix of record demand and disciplined supply. A bull case run takes shares to $42.91, a 49.41% return.
The Risks Worth Watching Bears point to $24.9B in total debt, unhedged fuel exposure, and Mediterranean booking softness from Middle East tensions. Truist recently trimmed its price objective, and Q2 gross profit fell 29.81% YoY.
Bulls would counter that GAAP weakness reflects the fuel spike and FX, while adjusted net income still rose 20% and net debt to EBITDA improved to 3.4x. If macro softens, our bear case lands at $32.72, still 13.92% above today.
Carnival Price Prediction 2026 to 2030 Our 24/7 Wall St. price target of $37.74 reflects a buy rating at 90% confidence. The deciding factor is the $9B deposit book paired with 12x forward earnings. The thesis strengthens if fuel prices stabilize and 2027 booking momentum persists. It weakens if the Mediterranean disruption deepens and debt service crowds out buybacks.
Looking further out, here is where our model projects CCL could trade if base case growth holds.
Year 24/7 Wall St. Price Target 2026 $37.74 2027 $44.11 2028 $51.57 2029 $60.27 2030 $70.45 These projections assume Carnival continues hitting PROPEL targets. Material upside or downside could come from oil price shocks, recession risk, or accelerated deleveraging.
Carnival Corp (NYSE:CCL)’s reduced fiscal 2026 guidance reflects near-term pressures rather than a change in its longer-term trajectory, according to Jefferies analysts, who reiterated a ‘Buy’ rating and maintained a $35 price target on the cruise operator's shares.
Shares of Carnival traded hands at about $29 on Wednesday afternoon, down about 5% this year.
Jefferies believes that Carnival's trimmed yield outlook is unlikely to derail what it views as a multi-year improvement story driven by margin expansion and more than $9 billion in free cash flow generation expected between fiscal 2026 and 2027.
The firm wrote that the level of cash generation should support organic growth investments, debt reduction and shareholder returns.
The analysts also noted that Carnival has exceeded its guidance for net yields, adjusted EBITDA and adjusted earnings per share in every quarter since the first quarter of 2025, suggesting the company's latest outlook could prove conservative.
Carnival lowered its fiscal 2026 net yield growth forecast to 3.2% from 4.1% previously. The company now expects adjusted EBITDA of about $7.11 billion, down slightly from its prior estimate of $7.19 billion, while adjusted earnings per share are projected at $2.22, compared with earlier guidance of $2.21.
For the third quarter of fiscal 2026, Carnival expects net yields to rise 1.3% year over year and adjusted EBITDA of $2.88 billion, both below Jefferies' prior estimates and Wall Street expectations.
According to Jefferies, management said demand was uneven during the second quarter because of the conflict involving Iran, though booking trends improved in June. Carnival also reported continued efficiencies in both fuel and non-fuel costs.
The company said refurbishment work on ships within its AIDA Cruises brand is progressing as planned, with a similar program expected to be extended to Holland America Line in the second half of 2027.
Jefferies noted that Carnival remains confident it can continue lowering leverage while investing in growth initiatives and returning capital to shareholders. The firm estimates the company could deliver roughly $3.5 billion in capital returns during the second half of fiscal 2026 and fiscal 2027 while reducing leverage to 2.9 times by the end of fiscal 2027.
Jefferies modestly lowered its revenue forecasts to reflect weaker yield assumptions but raised its adjusted EBITDA estimates to account for lower fuel and operating costs. The brokerage now projects fiscal 2026 revenue of $27.6 billion and adjusted EBITDA of $7.17 billion, compared with previous estimates of $27.9 billion and $7.05 billion, respectively.
Carnival Corp (NYSE:CCL)’s reduced fiscal 2026 guidance reflects near-term pressures rather than a change in its longer-term trajectory, according to Jefferies analysts, who reiterated a ‘Buy’ rating and maintained a $35 price target on the cruise operator's shares.
Shares of Carnival traded hands at about $29 on Wednesday afternoon, down about 5% this year.
Jefferies believes that Carnival's trimmed yield outlook is unlikely to derail what it views as a multi-year improvement story driven by margin expansion and more than $9 billion in free cash flow generation expected between fiscal 2026 and 2027.
The firm wrote that the level of cash generation should support organic growth investments, debt reduction and shareholder returns.
The analysts also noted that Carnival has exceeded its guidance for net yields, adjusted EBITDA and adjusted earnings per share in every quarter since the first quarter of 2025, suggesting the company's latest outlook could prove conservative.
Carnival lowered its fiscal 2026 net yield growth forecast to 3.2% from 4.1% previously. The company now expects adjusted EBITDA of about $7.11 billion, down slightly from its prior estimate of $7.19 billion, while adjusted earnings per share are projected at $2.22, compared with earlier guidance of $2.21.
For the third quarter of fiscal 2026, Carnival expects net yields to rise 1.3% year over year and adjusted EBITDA of $2.88 billion, both below Jefferies' prior estimates and Wall Street expectations.
According to Jefferies, management said demand was uneven during the second quarter because of the conflict involving Iran, though booking trends improved in June. Carnival also reported continued efficiencies in both fuel and non-fuel costs.
The company said refurbishment work on ships within its AIDA Cruises brand is progressing as planned, with a similar program expected to be extended to Holland America Line in the second half of 2027.
Jefferies noted that Carnival remains confident it can continue lowering leverage while investing in growth initiatives and returning capital to shareholders. The firm estimates the company could deliver roughly $3.5 billion in capital returns during the second half of fiscal 2026 and fiscal 2027 while reducing leverage to 2.9 times by the end of fiscal 2027.
Jefferies modestly lowered its revenue forecasts to reflect weaker yield assumptions but raised its adjusted EBITDA estimates to account for lower fuel and operating costs. The brokerage now projects fiscal 2026 revenue of $27.6 billion and adjusted EBITDA of $7.17 billion, compared with previous estimates of $27.9 billion and $7.05 billion, respectively.
This should be a quieter week than usual on the earnings front. It's just that time of the quarter. However, one company with a fiscal year ending in November is Carnival Corp. (CCL 4.69%). The country's largest cruise line -- by revenue and passenger volume, but not by market cap -- reports its fiscal second-quarter results on Tuesday morning.
There is a lot going on with the wave-riding bellwether. An impressive winning streak, a critical guidance update, and a potential shift in market leadership to monitor are at stake as Carnival pulls into port. Let's take a look at some of the questions that investors will want answered this week.
Image source: Getty Images.
1. Can the bottom-line beats keep coming? The cruising market has staged one of the most remarkable recoveries in the history of travel. An industry that was essentially shut down for more than a year following the COVID-19 crisis has more than recovered. Cruise lines are generating more in trailing revenue and earnings than they ever have right now.
Turning to the bottom line, analysts are still trying to catch up to the recovery. Carnival's stock has a pretty jaw-dropping winning streak when it comes to landing ahead of analyst profit targets. Just size up how Carnival has fared in its last 11 quarterly earnings reports.
Topping expectations by at least 9% for almost three years should grab your attention. Expectations are low this time around, as rising fuel prices weigh on margins. Wall Street's modeling a profit of $0.34 a share in net income for the fiscal quarter that ended in May, down from the $0.35 a share it posted a year earlier. Can Carnival stretch that string of beats to an even dozen? The market will find out on Tuesday morning.
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2. Can guidance continue to impress? The last few years have been strong. Demand for Carnival sailings has been resilient. However, something problematic happened the last time that one of the country's leading ocean cruise line operators stepped up with fresh financials.
Norwegian Cruise Line (NCLH +1.75%) stumbled. Last month's financial update for the third-largest player in the market, which Carnival leads, began to take on water. Norwegian delivered mixed results for its fiscal first quarter. It was an earnings beat, but it did fall short on the top line.
Guidance was the real dagger. With fuel costs rising and the war in Iran heightening at the time, softening demand in a climate of spiking operating costs was a one-two punch. Norwegian would go on to dramatically hose down its full-year adjusted earnings guidance despite the quarterly beat. It also warned that net yields -- a widely watched metric for the cruising industry that measures net revenue per available passenger cruise day after backing out select variable items -- would be negative. The industry's net yields were positive before.
Carnival's report will matter. Guidance will be even more important. If Carnival can keep its outlook for net yields positive (in more ways than one), it will pass this critical test that sank one of its competitors in May.
3. Can Carnival retain its newfound market leadership? I mentioned earlier that Carnival was not the largest among its peers by market capitalization. It may be the top dog in terms of revenue, fleet size, and passenger volume, but Royal Caribbean (RCL +0.26%) is the one wearing the market cap and enterprise value crowns.
Royal Caribbean has historically grown faster than Carnival and Norwegian. It has also commanded healthier profit margins, outperforming its rivals in returning to profitability and reinstating its dividend after the pandemic. Carnival is now also very profitable and has resumed its quarterly payouts.
Royal Caribbean has also historically outperformed the larger Carnival and the smaller Norwegian in terms of stock performance, but check out the chart above. Carnival's 30% jump over the past year is more than double Royal Caribbean's return. A strong report by Carnival on Tuesday morning -- and the subsequent earnings call that will kick off a half hour into the trading day -- can keep it on top.
Carnival, Primoris Services And 3 Stocks To Watch Heading Into TuesdayWith U.S. stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
Check out our premarket coverage here
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1. Futures Sink as Tech Stocks Hit Nasdaq futures fell around 2%, with S&P 500 futures dropping over 1%, as the fall in megacap tech stocks on Monday continues to weigh on investor sentiment. The spillover caused the South Korean Kospi index to fall 10% in Asia, which has heavy exposure to chip names including SK Hynix and Samsung.
"Many investors are sitting on large gains with their AI stocks, and any jitters could lead them to cut their position to lock in the gain": Jian Shi Cortesi, a fund manager at Gam Investment Management, also pointed to the hawkish Federal Reserve meeting last week as another reason why stocks are sensitive. Higher interest rates typically are negative for the stock market due to higher debt financing costs. Global investor sentiment on edge: Concern over two high-profile departures from Alphabet (GOOG 0.61%) to rivals saw the stock close 5% lower, with SpaceX (SPCX +1.61%) ending Monday down 16% – for a third straight day of losses – after announcing it would turn to the bond market to raise capital. 2. Qualcomm Chases Nvidia with Modular Deal Bloomberg reports Qualcomm (QCOM 8.01%) is in advanced talks to buy AI chip start-up Modular, in a deal worth around $4 billion, as it tries to enhance its offering to compete better with Nvidia (NVDA 3.99%).
Modular's unified infrastructure makes it an appealing purchase: Founded by two former Apple (AAPL 0.73%) and Alphabet engineers, Modular's platform provides a bridge between software and underlying chip hardware. Qualcomm diversifies and goes after Nvidia's software monopoly: Down about 5% in pre-market trading, Qualcomm continues to push away from traditional handset reliance, as well as targeting Nvidia's dominance by its current software ecosystem which ties developers into using Nvidia hardware.
3. Micron and IBM Announce AI Partnerships
Micron (MU 13.08%) announced a new agreement with Anthropic, while IBM (IBM +4.94%) revealed an OpenAI partnership, as companies continue to seek closer ties with major AI players to leverage their abilities.
Micron's deal includes a strategic investment in Anthropic's latest funding round: Though the stock is down around 8% in early trade, the agreement is seen to be mutually beneficial as Micron continues to expand use of Claude models internally, with Anthropic getting more access to memory and storage products. With the continued shortage of memory and high demand, last week Fool contributing analyst Jon Quast said "it's hard for me to call Micron overvalued when there's such a disparity" and "Micron can probably put up some really good numbers." "The OpenAI Daybreak Cyber Partner Program expands our access to a broader set of advanced AI capabilities": Mark Hughes, a global managing partner at IBM, pointed to benefits for end-user clients as it looks to integrate AI enterprise security products. The Hidden Gems recommendation rose around 3% ahead of the opening bell. 4. Next Up: CCL, CBRS, and FDX Earnings Carnival Corp (CCL 4.69%) posts earnings ahead of the market open, with a 6% rise in revenue versus last year expected thanks to higher passenger volume and enhanced ticket pricing. This builds on last quarter's impressive numbers. Cerebras (CBRS +1.40%) is set to publish its first set of results since the AI chip company went public back in April following the closing bell. Investors will be watching for signs it can convert its $24.6 billion order backlog into revenue. FedEx (FDX 2.90%) releases results after the market closes. The Stock Advisor rec by Team Rule Breakers is expected to show a modest 2.6% fall in earnings but an 8.8% rise in revenue, with guidance for the full year in focus after last quarter. 5. Today's Take: Where AI Will Actually Make Change
Fields ranging from robot-assisted surgery and automated defense manufacturing to logistics networks and precision agriculture are already capturing meaningful value from AI transformation.-- Rachel Warren Team Hidden Gems
Banks and insurance companies will use it to better mitigate risk. Cybersecurity companies will partner with AI companies to protect our information, particularly as we make the leap into quantum computing in the coming years.-- Jason Moser Team Rule Breakers
6. Your Take In a single word, how are you feeling about the tech sell-off – for example, anxious, opportunistic, calm, frustrated, excited? Share your adjective and elaborate on what's driving it. Bonus: is that feeling translating into any action, or are you holding steady?
Share with friends and family, or become a member to hear what your fellow Fools are saying!
This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, International Business Machines, Micron Technology, Nvidia, and Qualcomm. The Motley Fool recommends Carnival Corp. and FedEx. The Motley Fool has a disclosure policy.
As talks for a resolution to the conflict in Iran continue, crude oil prices hit a three-month low, and prices at the pump are now averaging less than $4 per gallon. Optimism and hope are driving down fuel costs, and record-breaking demand for cruise vacations is all creating favorable conditions for the red-hot Carnival Corp. (CCL 4.69%). So is the cruise line still a strong buy for investors?
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There are few companies more fuel-dependent than Carnival. The decline in oil prices turns what's been a short-term headwind into a tailwind for the second half of the year. Management expects fuel prices to continue falling through the remainder of 2026.
The cost of oil is just a part of the story, though, as Carnival's fundamentals are already strong. Bookings and prices are both at record highs. Last quarter, Carnival raised its full-year outlook. Customer deposits in the first quarter reached a record of nearly $8 billion, a 10% increase from the prior year's high. The stock is up 24% in the past month.
Image source: Getty Images.
The bull case for investors is compelling. The cruise industry has made a remarkable comeback since the early days of the pandemic, and cruising has truly returned as a trendy form of travel. Demand is steep, and Carnival's management recently launched a $2.5 billion buyback to reward shareholders.
If oil continues to fall, momentum will remain on Carnival's side. Less expensive fuel will make good fundamentals look great. However, even if the Iran conflict is prolonged and talks remain fluid and uncertain, Carnival still has plenty of bullish momentum. The stock's forward and trailing P/E ratios are around 13, and the analyst consensus is $35 per share, so Carnival is still priced fairly even after the recent increase.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Carnival Corp. The Motley Fool has a disclosure policy.
Carnival (CCL) beat on EPS but missed on sales and guidance expectations in earnings. Sam Vadas outlines what the report signifies for the greater cruise line industry.
Carnival CCL shares are down following their Q2 earnings report. Investors are shifting focus from a solid earnings per share (EPS) beat to a less favorable outlook for future earnings, especially after a 16% stock rally since June 10. The company reported an adjusted EPS of $0.41, exceeding the $0.34 consensus, while revenue reached $6.66 billion, slightly below the $6.69 billion expectation. This situation has sparked discussions about earnings quality and guidance rather than a clear top-line victory.
Demand Quality: The demand landscape remains robust, with pricing and bookings buoyed by limited inventory, historically high booked prices, strong last-minute demand, and continued growth in both ticket revenue and onboard spending. Pricing and Yields: Record net yields are a key positive indicator, demonstrating that CCL is effectively translating strong cruise demand into improved revenue per available lower berth day, despite modest capacity growth. Fuel Drag: The main challenge lies in earnings translation, as operational gains are being offset by significant fuel costs. Management has indicated that a 10% increase in fuel costs could impact the bottom line by approximately $160 million, or $0.11 per share. Regional Mix: Market conditions vary, with Alaska and the Caribbean showing strength, while Europe presents a mixed picture, particularly between the Eastern and Western Mediterranean and Northern Europe. Capital Allocation: CCL’s PROPEL framework, a $2.5 billion buyback authorization, and a commitment to return over 40% of cash from operations to shareholders by 2029, along with a target of 2.75x net debt/EBITDA, provide important long-term support but fall short of alleviating near-term EPS concerns. The main takeaway for investors is a shift in focus from cruise demand to CCL's ability to convert that demand into higher earnings amidst rising fuel costs. While the company has established credibility with consistent pricing, booking momentum, and improving profitability, the recent report did not deliver a clear beat-and-raise outcome. Instead, it highlighted mixed signals: operational performance remains strong, but external fuel pressures are significantly impacting potential earnings growth. After a 16% pre-report rally, expectations had already risen. Factors that could enhance sentiment include sustained booking strength, stable summer pricing, increased onboard spending, and easing fuel cost assumptions. Conversely, signs of weakening demand, increased discounting in Europe, or lowered earnings projections could negatively affect sentiment.
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Carnival (CCL - Free Report) came out with quarterly earnings of $0.41 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +18.84%. A quarter ago, it was expected that this cruise operator would post earnings of $0.18 per share when it actually produced earnings of $0.2, delivering a surprise of +11.11%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Carnival, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $6.66 billion for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 0.33%. This compares to year-ago revenues of $6.33 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Carnival shares have lost about 1.2% since the beginning of the year versus the S&P 500's gain of 9.2%.
What's Next for Carnival?While Carnival has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Carnival was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.42 on $8.5 billion in revenues for the coming quarter and $2.22 on $27.84 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Travel + Leisure Co. (TNL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $1.91 per share in its upcoming report, which represents a year-over-year change of +15.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Travel + Leisure Co.'s revenues are expected to be $1.05 billion, up 3% from the year-ago quarter.
