Carnival Corp. - Ordinary Shares (Paired Stock)

Carnival Corp. - Ordinary Shares (Paired Stock)

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Market Cap$39.88B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Carnival Corp. - Ordinary Shares (Paired Stock)Carnival Corp. - Ordinary Shares (Paired Stock)12.61.03%24%1.52

Earnings Call Q2 2026

June 23, 2026 - AI Summary

Strong Q2 performance; record results across key metrics - Carnival delivered another record quarter with record revenues, yields, EBITDA, net income, and customer deposits; deposits reached an all-time high of ~$9B. - Net income: $569M, >20% YoY, despite ~30% higher fuel prices. - Outperformed March guidance by ~$100M (about $0.07/share), driven mainly by cost discipline, with smaller contributions from yields/onboard and depreciation/fuel-consumption improvements. - Yields were >2% YoY up (up 2.2% vs prior year), and Carnival said this marked the 12th consecutive quarter of record yields—supported by resilient close-in demand and robust onboard spending.
Cost and efficiency momentum is real; guidance raised modestly - Cruise costs without fuel per ALBD were essentially flat YoY, and beat March guidance by ~250 bps. - Fuel efficiency improved >5% YoY (building on >6% efficiency gain from last year). - CFO framed cost improvements as both timing and structural, with identified initiatives expected to benefit the remainder of 2026 and beyond. - Full-year 2026 EPS guidance: $2.22, +$0.01 vs prior guidance (mainly due to EPS accretion from share repurchases).
Key challenge: geopolitics disrupted Europe (especially Med) and affects demand/trajectory timing - The company emphasized it is resilient but not immune; near-term disruption can affect timing. - The Middle East conflict drove a ~100 bps yield moderation vs prior expectations, concentrated in European deployments (Med region most affected) and worsened by elevated airfares / reduced international flight capacity for North American guests. - Carnival said the moderation is transitory: book position remains ahead of last year with ~93% of business on the books and less remaining inventory than last year. - They also stated Q3/Q4 demand shape is not “lower than Q3” once you adjust for loyalty accounting quirks (questioning implied Q4 may look softer, but CFO said it’s closer to ~2% when normalized).

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$35.75

Target Price by Analysts

23% upsideCarnival Target Price DetailsTarget Price
$23.08

Current Fair Value

20.6% downside

Overvalued by 20.6% based on the discounted cash flow analysis.

Share Statistics

Market cap$39.88 Billion
Enterprise Value$63.81 Billion
Dividend Yield$0.30 (1.03%)
Earnings per Share$2.1
Beta2.33
Outstanding Shares1,382,000,000

Return

Return on Equity23.67%ROE
Return on Assets5.88%
Return on Invested Capital9.63%

Valuation & Multiples

P/E Ratio12.58P/E Ratio
PEG-253.94PEG
Price to Sales1.53Price to Sales
Price to Book Ratio3.23Price to Book Ratio
Enterprise Value to Revenue2.34
Enterprise Value to EBIT17.08
Enterprise Value to Net Income20
Total Debt to Enterprise0.41
Debt to Equity2.02Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
June 23, 2026
EPS Estimate
$0.34
Average shareholder expectation
Revenue Estimate
$6.69 B
Average shareholder expectation

Next Earnings Call

Expected Date
October 5, 2026
EPS Estimate
$1.36
Average shareholder expectation
Revenue Estimate
$8.43 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio1.2882▼ 18.23%
Total Calls30,838,793▼ 4.65%
Total Puts39,726,048▼ 16.47%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %63.28%▼ 3.95%
Total Invested$22.54B▼ 51.21%
Investors Holding1,116▼ 61.00%

ESG Score

No data

About Carnival Corp.

CEO: Arnold Donald

Relevant Senate Committees

Joint Committee on Taxation

This committee provides the official revenue estimates and technical analysis for all tax legislation, directly influencing corporate tax structures and future tax burdens that significantly affect Carnival's profitability.

Finance

This powerful committee controls taxation, trade, and entitlement spending, directly impacting Carnival's corporate tax burden, international trade agreements (port access), and consumer disposable income for travel.

Health, Education, Labor, and Pensions

This committee's jurisdiction over labor laws (e.g., minimum wage, union regulations) is highly relevant for Carnival due to its large, often international, workforce. Health guidelines for cruise ships (e.g., CDC) could also be influenced.

Select Committee on Intelligence

Members receive classified briefings on global threats and geopolitical stability, which can directly affect international travel advisories, safety perceptions, and operational routes for a global cruise line.

Commerce, Science, and Transportation

This committee's broad jurisdiction over interstate and international commerce, consumer protection (FTC), and communications (FCC) directly impacts a major travel company like Carnival.

Environment and Public Works

Carnival's cruise ships are subject to stringent environmental regulations from the EPA regarding emissions, waste discharge, and ballast water management, making this committee's oversight highly relevant.

Foreign Relations

As a global cruise operator, Carnival is highly sensitive to U.S. foreign policy, international treaties, travel advisories, and sanctions, all of which are guided by this committee and directly affect destinations and passenger demand.