Carnival Corporation & plc (CCL)
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