Carnival Corporation Ltd.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Nov 2025, Passenger ticket was 65% and Onboard and other was 35% of revenue.

In the fiscal year to Nov 2025, United States was 56% and Germany was 13% of revenue.

Quarters: Carnival Corporation Ltd.'s SEC filings, named by the month they end. Fiscal years: Carnival Corporation Ltd.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $10.4 ends up as net income. Net margin rose from −50.1% to 10.4% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Carnival Corporation Ltd.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Carnival Corporation buys from Grand Bahama, White Pass.

Their suppliers

EchoStar SATSto Space Exploration Technologies

Tesla TSLAto Space Exploration Technologies

Valorto Space Exploration Technologies

Show 3

Suppliers

Space Exploration Technologies SPCX

G

Grand Bahama

W

White Pass

 

CCLCarnival Corporation

Only the companies Carnival Corporation names in its 10-K filed Jan 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 12.8x, below the peer median of 19.1x, with earnings still growing.

Priced 33% below the peer median of 19.1x.

At 12.8× trailing earnings CCL is below most of its range since Mar 2024; the median is 15.8×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $33.49, 14% above the current price; 77% of 30 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 23 analysts (77%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $35.29 to $33.58 (−5%), while CCL went from $26.14 to $29.34 (+12%). In the past three months targets were raised 3 times and cut 12 times. 2 upgrades and no downgrades over the year; the latest: HSBC moved it to Buy from Hold on Mar 30, 2026.

The day after each of these reports the stock moved +13.6% (Nov 2025, beat); −5.2% (Feb 2026, beat); −4.2% (May 2026, beat); +10.8% (Aug 2026, beat).

For the quarter ending Nov 2026 (Carnival Corporation reports on Dec 18, 2026), analysts expect adjusted earnings of $0.22 a share, 34% less than the $0.34 of a year earlier, and revenue of $6.5B, up 2% on a year earlier. For the fiscal year ending Nov 2027, they expect adjusted earnings of $2.57 a share, 14% more than the year before's estimate of $2.26, and revenue of $28.6B, up 3% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.2B in free cash flow over the year, of which $1.2B went back to shareholders (dividends plus buybacks), leaving $2.0B in the company.

Carnival Corporation had 1.37B diluted shares in the quarter ended Aug 2026, 2.4% fewer than a year earlier, and 10.8% more each year on average since May 2020. It spent $548M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.3, short-term debt coverage is tight; debt-to-equity 2.2, debt is high, which adds pressure if the economy weakens.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves CCL out (on the exchange, not in the app yet): Swiss National Bank, Norges Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Fisher Asset Management.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 11 held CCL at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 2 cut and 5 bought new. The largest of them is Norges Bank, 15.58M shares worth $445M at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CCL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $15.1M of CCL on the open market in the 12 months to Nov 11, 2026; none bought. The largest was David Bernstein (CFO & CAO), who sold $12.9M in 2 sales.

From the Form 4s filed with the SEC about Carnival Corporation Ltd. (30 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 48 other transactions (grants, shares withheld for tax and gifts).