Carnival Corp. - Ordinary Shares (Paired Stock)
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+ FollowMarket Cap$38.77B
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Earnings Call Q3 2026
September 29, 2026 - AI Summary
Q3 performance: record results; beats guidance despite fuel volatility
- Revenues and yields reached new highs; net income beat June guidance by ~$100M (~$0.08/share).
- Yield up ~2.5% YoY (about 1+ point better than expected), aided by strong close-in demand and robust onboard spending.
- Cruise costs (ex-fuel) improved vs guidance: unit costs ~1 point better than guidance; most cruise cost savings are expected to flow through to full-year results.
- Fuel consumption improved: ~3–4 points better than expected and nearly ~4% better YoY (helping offset higher fuel prices).
Full-year 2026 outlook raised: EPS up to ~$2.24 (+$0.02)
- Company expects > $150M net income improvement vs June guidance, driven by better yields, cruise costs ex-fuel, and fuel consumption improvements, offsetting ~$150M impact from higher fuel prices.
- Full-year yield growth guided at ~2.3% (about 0.5 point better than June).
- Q4 yield outlook: ~1.7% YoY (about 0.75 points above implied June); “normalized” for loyalty accounting, guidance implies ~2.3%.
- Key fuel/cost takeaway: while fuel price is volatile, management emphasizes consumption discipline—guided fuel savings from reduced consumption are described as nearly ~$750M at September fuel price assumptions.
2027 demand/booking momentum strong, but with early-year carryover
- 2027 capacity growth ~+0.5% (i.e., modest supply growth).
- They highlight record occupancy and pricing with the booking impact of spring disruption still weighted into 2H 2026 → Q1 2027.
- Q1 2027 expected to still reflect residual disruption, but booking trends have rebounded over the past ~3 months; team working to increase demand across the board.
- Europe mix narrative: Europe becomes tied with the Caribbean as the largest region for 2027 (~34% each)—seen as supported by longer seasonality and Northern Europe demand.
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$23.08
26.3% downside
Current Fair Value
26.3% downsideOvervalued by 26.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $38.77 Billion |
|---|---|
| Enterprise Value | $69.84 Billion |
| Annual dividend | $0.45 |
| Dividend yield | 1.56% |
| Earnings per Share | $2.1 |
| Beta | 2.38 |
| Outstanding Shares | 1,363,000,000 |
Return
| Return on Equity | 22.11% |
|---|---|
| Return on Assets | 6.30% |
| Return on Invested Capital | 10.20% |
Valuation & Multiples
| P/E Ratio | 12.48 |
|---|---|
| PEG | 339.91 |
| Price to Sales | 1.57 |
| Price to Book Ratio | 3.13 |
| Enterprise Value to Revenue | 2.53 |
| Enterprise Value to EBIT | 18.34 |
| Enterprise Value to Net Income | 22 |
| Total Debt to Enterprise | 0.46 |
| Debt to Equity | 2.28 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 5, 2026
EPS Estimate
$1.36
Consensus analyst estimateRevenue Estimate
$8.40 B
Consensus analyst estimateNext Earnings Call
Expected Date
December 18, 2026
EPS Estimate
$0.22
Consensus analyst estimateRevenue Estimate
$6.47 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 160.55% |
|---|---|
| Total Calls | 246,596▼ 99.09% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.79%▼ 67.61% |
|---|---|
| Total Invested | $603.47M▼ 97.80% |
| Investors Holding | 369▼ 700.00% |
About Carnival Corp.
115,000 employees
CEO: Arnold Donald
Carnival Corporation & plc operates as a prominent global leisure and travel conglomerate. The company boasts an extensive fleet of 87 cruise ships, collectively accommodating 223,000 guests, which journey to approximately 700 different ...