Carnival Corporation & plc (CCL)

Benzinga examined the prospects for many investors' favorite stocks over the last week - here's a look at some of our top stories.

Carnival Corporation is poised for record FQ4 results, with strong travel demand and improving financials supporting a bullish outlook. The cruise line expects FY25 adjusted EBITDA over $7 billion, net income up 55% YoY, and robust 2026 bookings at higher prices. Debt reduction remains a key theme, with leverage down to ~3.5x EBITDA and plans to repay $500 million in convertible debt.

Carnival (CCL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Major stock indexes were mixed Thursday, with the Dow Jones Industrial Average setting a new all-time high but the Nasdaq and S&P 500 falling as Oracle results dragged AI-tied shares.

CCL is Tripadvisor's competitor in the Hotels, Resorts & Cruise Lines sector that possesses:

Carnival's free cash flow momentum accelerates as stronger pricing, longer booking curves and efficiency gains deepen its recovery.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.

The best-performing stock on this list is up just 4% this year. Investors may be undervaluing these companies' growth opportunities.

The COVID-19 pandemic ruined Carnival's balance sheet. Carnival's credit is steadily improving and could attain investment-grade ratings next year.

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Marking the cruise line's 80th year exploring Alaska, the season delivers upgraded amenities, immersive adventures and added value for guests SEATTLE , Dec. 10, 2025 /PRNewswire/ -- As Holland America Line prepares to celebrate 80 years of exploring Alaska, the cruise line is unveiling its 2027 Cruisetour season with fresh enhancements. Travelers can pair an iconic Alaska cruise with an unforgettable journey into Denali National Park and Canada's Yukon, featuring an expanded Denali Lodge and a new inclusive dining package — free for guests booking with the Have It All Early Booking Bonus — that delivers local flavors, multiple dining venues and added value.

In the latest trading session, Carnival (CCL) closed at $25.51, marking a -1.92% move from the previous day.

Carnival Corporation remains rated Buy, with a compelling upside after a recent 10% price drop, reflecting softening demand conditions. CCL's forward P/E has dropped in the past two months, owing to an improved outlook and lower price. Its EV/EBITDA is also at the lowest levels in the sector. While deceleration in industry-wide cruise growth along with a weak macroeconomic outlook is concerning, the company's earnings outlook and expectations for 2026 are still encouraging.

The cruise industry maintains a 25-30% cost advantage over land-based vacations, driving high growth and customer stickiness (82% repeat rate). Carnival (CCL) is upgrading to higher-end ships and investing in private island destinations, enhancing ROIC and narrowing the ROTC gap with RCL. Demand visibility remains high, and CCL trades at a valuation discount to RCL, offering a relative value opportunity.

Carnival Corporation shows financial recovery post-COVID, but its balance sheet remains more leveraged than pre-pandemic levels. CCL's FCF has surpassed $2B YTD, yet capital allocation priorities between debt reduction and shareholder returns remain unclear. Management hints at resuming buybacks or dividends, but offers no timeline, maintaining debt reduction as a key focus.

Cruise stocks, such as Carnival Corp (NYSE: CCL), Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) and Royal Caribbean Cruises Ltd (NYSE: RCL) have been treated like a disaster is already happening — sliding over 20% since late September while investors rush for the exits.