Carnival Corporation & plc (CCL)
Coverage summary
Aardvark Labs Capital Research has covered Carnival Corporation & plc (CCL) since March 22, 2025. The company is in the Consumer Cyclical sector. This page lists 7 reports: 7 earnings recaps.
The latest is the Q3 FY26 Earnings Recap, published October 1, 2026. That report moved the rating from Outperform to Hold. The rating has changed 3 times since coverage began.
Translations: 7 in Chinese.
Rating history
All CCL reports
Recap: Q3 FY26
Fuel Took the Year's Growth, Carnival Raised Anyway: A Record Q3, Europe Confirmed Transitory, and a 2027 Book at Records
Recap: Q2 FY26
The Fuel Year Becomes the Cost Year: A Record Q2, a Transitory Europe Yield Cut Offset Dollar-for-Dollar, and a Balance-Sheet Inflection
Recap: Q1 FY26
Record Quarter, Record Demand, and a $500M Fuel Bill That Resets 2026 — The Thesis Is Intact, But Near-Term Earnings Power Is Diminished
Recap: Q4 FY25
The Thesis Is Complete: Record Earnings, Investment Grade, Dividend Reinstated, and Double-Digit Growth Guided for 2026 — Carnival's Post-COVID Transformation Is a Textbook Turnaround
Recap: Q3 FY25
Every Metric Hits All-Time Highs — $8.2B Revenue, $1.9B Net Income, $3.0B EBITDA — But the Stock Falls 5% Because the Recovery Is Now Fully Priced
Recap: Q2 FY25
Adjusted Net Income Triples, SEA Change Targets Smashed 18 Months Early, and $8.5B in Deposits Says the Demand Cycle Has Years Left to Run
Recap: Q1 FY25
Operating Income Doubles, EBITDA +38%, and Guidance Raised $185M in the Weakest Seasonal Quarter — Carnival's Earnings Power Is Being Fundamentally Repriced