CCL
Carnival Corporation & plc
CCL's fundamentals are mixed: it turned 12% of its revenue into free cash flow, while its operating margin held steady at 16%. At 13x earnings, it's trading below its usual 14x. Analysts expect earnings growth, though they disagree widely on how much.
CCL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
CCL's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
CCL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $24.05 | -18% |
| Forward | 12x | $29.34 | — |
| Current | 13x | $29.34 | — |
| Fair | 14x | $32.52 | +11% |
| Expensive | 21x | $48.32 | +65% |
Historical ranges are pointers, not guarantees.
CCL's PE is in its fair range at 13x. If earnings grow as analysts expect, today's price would be 12x next year's earnings.
CCL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect CCL's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
CCL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.39 | +3.3% |
| Q3 2026 | $2.31 | +17% |
| Q2 2026 | $2.24 | +18% |
| Q1 2026 | $2.27 | +46% |
| Q4 2025 | $2.02 | +40% |
| Q3 2025 | $1.97 | +67% |
| Q2 2025 | $1.90 | +168% |
| Q1 2025 | $1.55 | +384% |
| Q4 2024 | $1.44 | +$1.50 |
CCL's earnings per share have fallen from their peak: $2.31 over the past year, against $4.32 in late 2019.
CCL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $8.4B | +3.5% |
| Q2 2026 | $6.7B | +5.3% |
| Q1 2026 | $6.2B | +6.1% |
| Q4 2025 | $6.3B | +6.6% |
| Q3 2025 | $8.2B | +3.3% |
| Q2 2025 | $6.3B | +9.5% |
| Q1 2025 | $5.8B | +7.5% |
| Q4 2024 | $5.9B | +10% |
CCL's revenue has grown year over year for 21 quarters in a row: $8.4B last quarter, up 3.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | -1.5 points |
| Q2 2026 | 13% | -2 points |
| Q1 2026 | 9.8% | +0.5 points |
| Q4 2025 | 12% | +2.2 points |
| Q3 2025 | 28% | +0.3 points |
| Q2 2025 | 15% | +5.1 points |
| Q1 2025 | 9.3% | +4.2 points |
| Q4 2024 | 9.4% | +2.3 points |
CCL's operating margin was 26% last quarter, down 1.5 points from the same quarter a year ago.
CCL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $712M | -3.3% |
| Q2 2026 | $1.8B | +14% |
| Q1 2026 | $697M | +119% |
| Q4 2025 | $12M | -96% |
| Q3 2025 | $736M | +17% |
| Q2 2025 | $1.5B | +114% |
| Q1 2025 | $318M | +$688M |
| Q4 2024 | $319M | +29% |
CCL generated $3.2B in free cash flow over the past year, up 9% from the year before.
CCL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.4% | -20M shares |
| 1 year | -2.4% | -34M shares |
| 3 years | -2% | -28M shares |
| 5 years | +21% | +236M shares |
| Available history | +100% | +684M shares |
CCL has 1.4B diluted shares, down 2.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $548M |
| Q4 2021 | $94M |
| Q3 2021 | $94M |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
CCL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.2x | Elevated |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 4.1x | High |
| Q4 2024 | 4.3x | High |
CCL's net debt is about 3.1 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
CCL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.6 | Neutral |
| Stochastic | 80.8 | Overbought |
CCL's weekly RSI is 59 (neutral) and its Stochastic is 81 (overbought).
CCL PE vs Consumer Cyclical Sector
| Metric | CCL | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 18x | 30% below |
| PE % | 39 | 47 | 8 pts below |
CCL is trading at 13x earnings, a 30% discount to the Consumer Cyclical sector's median of 18x.
CCL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.8 | 9.6% above |
| 20 week MA | $26.3 | 12% above |
| 50 week MA | $27.5 | 6.6% above |
| 100 week MA | $26.6 | 11% above |
| 200 week MA | $21.1 | 39% above |
CCL is in an uptrend: it's above all five of its weekly moving averages, and 39% above its 200-week average.
CCL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.3 | $20.8 | -59% |
| 2021 | $20.8 | $21.2 | +1.7% |
| 2022 | $21.2 | $7.81 | -63% |
| 2023 | $7.81 | $18.5 | +137% |
| 2024 | $18.5 | $25.1 | +35% |
| 2025 | $25.1 | $30.7 | +22% |
| 2026 YTD | $30.7 | $29.3 | -4.4% |
CCL's yearly returns have swung widely, from +137% in 2023 to −63% in 2022. It's down 4.4% so far in 2026.