Carnival Corporation (NYSE:CCL) could highlight demand and ease investor concerns about a consumer slowdown when the cruise line company reports fourth-quarter financial results Friday before market open.
Here are the earnings estimates, what analysts are saying ahead of the report and key items to watch.
Earnings Estimates
Analysts expect Carnival to report fourth-quarter revenue of $6.37 billion, up from revenue of $5.94 billion in last year’s fourth quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for revenue in six straight quarters and in nine of the last 10 quarters overall.
Analysts expect Carnival to report fourth-quarter earnings per share of 25 cents, up from 14 cents per share in last year’s fourth quarter.
The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.
Read Also: What’s Going On With Carnival? Why Shares Are Popping Before Earnings
What Analysts Are Saying
JPMorgan analyst Matthew R. Boss highlighted the weakness in cruise line stocks in a recent investor note.
The analyst said the sell-off could be investor panic without evidence of a consumer slowdown for the sector.
Boss said Carnival, Norwegian Cruise Line Holdings (NYSE:NCLH) and Royal Caribbean Cruises (NYSE:RCL) shares are all down over 20% since September.
The analyst said the cruise line sector is facing concerns about rising supply in the Caribbean and a consumer slowdown in 2026.
Boss argues that concerns of supply issues in the Caribbean come with strong bookings reported for the first calendar quarter of 2026.
Here are recent analyst ratings on Carnival stock and their price targets:
- UBS: Maintained Buy rating, raised price target from $35 to $37
- Barclays: Maintained Overweight rating, lowered price target from $37 to $36
- Susquehanna: Maintained Positive rating, raised price target from $35 to $40
- Jefferies: Maintained Buy rating, raised price target from $35 to $37
- Wells Fargo: Maintained Overweight rating, raised price target from $34 to $35
Key Items to Watch
Carnival’s report is likely to highlight consumer demand and the strength of future bookings. The company’s guidance could play a key role in deciding where shares end in 2025.
Rival Norwegian Cruise reported third-quarter results in November, with earnings per share beating analyst estimates and revenue missing estimates. Norwegian has beaten earnings per share for two consecutive quarters but missed revenue for three straight quarters.
Royal Caribbean reported third-quarter results in October, with earnings per share beating analyst estimates and revenue missing estimates. The company has beaten earnings-per-share estimates in five consecutive quarters, while missing revenue estimates in three of the last four quarters.
When it comes to consistency, Carnival has the longest streak of beating analyst estimates for both revenue and earnings per share of the three companies.
Norwegian’s report indicated some consumer weakness, which sent Carnival shares down.
Carnival could report something completely different and has shown strength in earnings reports throughout 2025.
The company shared that customer deposits hit a record $7.1 billion in the third quarter, which could indicate strong future quarters. Carnival CEO Josh Weinstein highlighted record revenue and net income along with “strong demand.”
Weinstein said at the time that nearly half of 2026 was already booked and that comes at historical high prices for several segments. The executive said 2027 was also off to a great start.
Carnival recently had a float in the Macy’s Thanksgiving Day parade to highlight its cruises in the Alaska region, which could help with demand for perhaps one of the company’s lesser-known segments.
The cruise company raised its guidance three times in 2025. Investors and analysts are eagerly awaiting 2026 guidance and to hear more on the future consumer demand.
Price Action
Carnival stock trades at $28.26 on Thursday versus a 52-week trading range of $15.07 to $32.86. Carnival shares are up 13.0% year-to-date in 2025.
For comparison, Norwegian shares are down 16.6% in 2025, while Royal Caribbean shares are up 25.3% on the year.
Read Next:
Image: Shutterstock
Recent Comments