# Carnival Corporation Ltd. (CCL)

> Source: Nexqual · https://nexqual.com/CCL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Carnival Corporation Ltd. (CCL), nexqual.com/CCL" · informational, not investment advice.

**Price:** USD 27.08 (-0.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.3 · day 26.76–27.65 · 52w 21.45–34.03 · market cap $36.4B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $27.6B, net income $3.14B (11.4% margin), free cash flow $3.18B (SEC filings).
- Valuation: P/E 11.6x (avg 15.9x at the last 2 fiscal year-ends), EV/EBITDA 8.2x, net debt $23.3B.
- 2 of 80 tracked superinvestors hold CCL (13F, Q2 2026): 2 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.2M; 2 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -6.5% vs S&P 500 +14.9%; 5Y +23.4% vs S&P 500 +80.3%.
- Next earnings: 2026-12-18, EPS estimate USD 0.22, revenue estimate $6.47B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.91B | $12.2B | $21.6B | $25.0B | $26.6B | $27.6B |
| Gross profit | -$2.75B | $411M | $7.28B | $9.38B | — | — |
| Operating income | -$7.09B | -$4.38B | $1.96B | $3.57B | $4.48B | $4.41B |
| Net income | -$9.50B | -$6.09B | -$74.0M | $1.92B | $2.76B | $3.14B |
| EPS (diluted) | -$8.46 | -$5.16 | -$0.06 | $1.44 | $2.02 | — |
| Free cash flow | -$7.72B | -$6.61B | $997M | $1.30B | $2.61B | $3.18B |
| Gross margin | -144.0% | 3.4% | 33.7% | 37.5% | — | — |
| Operating margin | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% | 16.0% |
| Net margin | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% | 11.4% |
| Revenue growth | -65.9% | +537.7% | +77.5% | +15.9% | +6.4% | — |
| Cash + short-term investments | $9.40B | $8.60B | $5.40B | — | $1.93B | — |
| Total debt | $33.2B | $35.6B | $31.3B | $28.2B | $27.4B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 11.6x · P/S 1.3x · EV/EBITDA 8.2x · EV/Sales 2.2x · P/FCF 11.5x · P/B 2.6x · FCF yield 8.72% · Earnings yield 8.62% · Net debt $23.3B · EV $59.8B
P/E at fiscal year-ends: Nov 2025 13.1x, Nov 2024 18.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CCL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 12.74% | $1.18B | New position |
| Viking Global | Viking Global Investors | 1.16% | $409M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-28 | Deynes Bettina Alejandra | Chief Human Resources Officer | 43,058 | $1.2M | 38.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Subotnick Stuart | Director | 0 | $0K | 0% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Tigress Financial | Maintained | Buy | $42 |
| 2026-10-01 | Freedom Broker | Target raised | Buy | $35 → $36 |
| 2026-10-01 | Argus Research | Target lowered | Buy | $35 → $30 |
| 2026-10-01 | Wells Fargo | Target lowered | Overweight | $36 → $34 |
| 2026-09-30 | Morgan Stanley | Target raised | Overweight | $31 → $32.5 |
| 2026-09-30 | Susquehanna | Target raised | Positive | $28 → $29 |
| 2026-09-30 | Mizuho | Target lowered | Outperform | $39 → $38 |
| 2026-09-30 | BNP Paribas | Target lowered | Outperform | $33 → $31 |
| 2026-09-24 | JP Morgan | Target lowered | Overweight | $43 → $39 |
| 2026-09-24 | Susquehanna | Target lowered | Positive | $33 → $28 |
| 2026-09-22 | TD Cowen | Target lowered | Buy | $34 → $32 |
| 2026-09-17 | Goldman Sachs | Target lowered | Buy | $35 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -6.5% | +23.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.6% | +4.3% |
| Volatility (annualized) | 49.1% | 54.5% |
| Max drawdown | -34.9% (Feb 2026→Sep 2026) | -72.7% (Nov 2021→Oct 2022) |

## Peers (Travel Services)
EXPE (Expedia Group, Inc.) USD 298.49 +4.50% · VIK (Viking Holdings Ltd) USD 85 -1.96% · TCOM (Trip.com Group Limited) USD 39.57 +0.66% · RCL (Royal Caribbean Cruises Ltd.) USD 286.13 -0.80% · ABNB (Airbnb, Inc.) USD 175.76 +1.19% · BKNG (Booking Holdings Inc. Common St) USD 161.1 +1.72%

## More
Full page: https://nexqual.com/CCL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CCL in their own reports (relationship from CCL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ONESPAWORLD HOLDINGS Ltd (OSW) | 10-K 2026-02-23 | "A significant portion of our revenue is generated from operating health and wellness centers under long-term contracts with the following cruise line partners, each of which accounted for more than 10…" |
| supplier | AKAMAI TECHNOLOGIES INC (AKAM) | 10-K 2026-02-20 | "Our customers include many of the world's leading corporations, such as adidas, Adobe, Aflac, Airbnb, Asus, Autodesk, Bank of Montreal, Carnival Corporation, Comcast, Commerzbank, Daiwa Institute of R…" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $5.54B | 65.7% | +3.6% |
| Europe | $2.61B | 30.9% | +2.2% |
| Tour And Other | $191.0M | 2.3% | +6.7% |
| Cruise Support | $96.0M | 1.1% | +29.7% |
| Total revenue | $8.44B | 100% | — |

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Passenger ticket | $5.53B | 65.5% | +1.8% |
| Onboard and other | $2.91B | 34.5% | +6.7% |
| Total revenue | $8.44B | 100% | — |

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.99B | 59.1% | +4.7% |
| All Other Geographic Areas | $1.55B | 18.4% | +1.3% |
| Germany | $991.0M | 11.7% | +0.4% |
| United Kingdom | $903.0M | 10.7% | +3.8% |
| Total revenue | $8.44B | 100% | — |

## Company outlook (8-K filed 2026-09-29)

- "For the fourth quarter of 2026, the company expects net yields (in constant currency) up approximately 1.7 percent compared to 2025 record levels."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.22 | $0.28 | -19.0% | $6.47B | 23 |
| Next quarter (ends 2027-02-28) | $0.12 | $0.19 | -39.0% | $6.27B | 12 |
| Current fiscal year (ends 2026-11-30) | $2.26 | $2.24 | +0.9% | $27.74B | 27 |
| Next fiscal year (ends 2027-11-30) | $2.57 | $2.63 | -2.2% | $28.60B | 28 |