Carnival Corporation & plc engages in the provision of leisure travel services in North America, Australia, Europe, Asia, and internationally. The company operates through four segments: NAA Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations, private islands, and a solar park, as well as owns and operates hotels, lodges, glass-domed railcars, and motor coaches. The company offers its services under the Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises, and Cunard brand. Additionally, it sells its cruises primarily through travel agents, tour operators, vacation planners, and websites. Carnival Corporation & plc was founded in 1972 and is headquartered in Miami, Florida.

Carnival Corporation

Norwegian Cruise Line Holdings Ltd. NCLH is positioning 2026 as a pivotal year in its multi-year recovery, with management signaling that operational improvements are beginning to translate into more durable earnings momentum. During third-quarter 2025, management emphasized that rising load factors, disciplined cost control and a more refined deployment strategy are converging to create a structurally stronger earnings profile. With adjusted EBITDA margins already expanding and visibility improving into next year, NCLH appears to be transitioning from recovery mode toward a more sustainable growth phase.
A key driver of this shift is occupancy normalization. NCLH reported a 106.4% load factor in the third quarter and expects occupancy to remain above historical norms into 2026, supported by increased short-duration Caribbean sailings and stronger family demand. While this mix introduces modest pressure on blended pricing, management views the trade-off as margin-accretive. Incremental guests carry relatively low variable costs and support onboard spending, allowing higher volumes to translate into improved profitability rather than price dilution.
Cost discipline remains another central pillar of the company’s earnings outlook. Management reiterated confidence in maintaining sub-inflationary cost growth, extending a multi-year efficiency program that has already driven more than 600 basis points of margin expansion since 2023. With additional cost savings embedded for 2026 and scale benefits improving as capacity grows, NCLH expects operating leverage to continue strengthening. These gains are further supported by improved marketing efficiency and a growing contribution from higher-margin onboard revenue streams.
From a balance sheet perspective, NCLH is also entering this next phase on firmer footing. Leverage is expected to trend toward the mid-4x range as earnings expand and recent refinancing actions reduce financial risk. Combined with improving demand visibility and a clearer earnings algorithm, the company appears increasingly positioned for a more durable growth profile. While macro uncertainty remains, management’s execution suggests 2026 could mark a genuine earnings inflection rather than a temporary post-recovery bump.
NCLH’s Price Performance, Valuation & Estimates
Shares of Norwegian Cruise have declined 12.1% in the past year against the industry’s 5% growth. In the same time frame, other industry players like Royal Caribbean Cruises Ltd. RCL, Carnival Corporation & plc CCL and OneSpaWorld Holdings Limited OSW have gained 21.9%, 25.3% and 7.4%, respectively.
NCLH One-Year Price Performance
Image Source: Zacks Investment Research
NCLH stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 10.59, well below the industry average of 18.57. Conversely, industry players, such as Royal Caribbean, Carnival and OneSpaWorld have P/E ratios of 17.82, 12.28 and 20.32, respectively.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Norwegian Cruise’s 2026 earnings per share has been revised upward, increasing from $2.64 to $2.67 over the past 30 days.
Image Source: Zacks Investment Research
The company is likely to report solid earnings, with projections indicating a 26.9% rise in 2026. Conversely, industry players like Royal Caribbean, Carnival and OneSpaWorld are likely to witness a rise of 14.5%, 11.3% and 14.7%, respectively, year over year in 2026 earnings.
NCLH stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quantum Computing Stocks Set To Soar
Artificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.
Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.
Access the Report Free Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NCLH's Profitability Profile Improves: Is the Turnaround Taking Hold?

Key Points
Royal Caribbean's bookings and onboard spending are up significantly.
The stock has rebounded by 300% in the past five years.
The tranquil seas for Royal Caribbean Cruises (NYSE: RCL) should continue in the new year. The cruise line operator's shares have gained more than 300% over the past five years as it continues to evolve in a post-pandemic travel era. Still, a change in the winds of consumer sentiment could prevent the stock from becoming a multimillionaire maker.
Young adults embracing the sea
Royal Caribbean is benefiting as a new generation of younger travelers comes to appreciate the joys of sailing the seas and all-inclusive packages. The company's bookings are skyrocketing. In its third-quarter report, management wrote: "Bookings for 2026 have come in at rates that are well above the prior year, resulting in a year-over-year rate growth at the high end of historical ranges." Onboard spending per passenger has also increased, and purchases are more commonly being booked ahead of time.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
This is good news for Royal Caribbean's shareholders. In addition to the stock being up more than 22% year to date as of Dec. 30, Royal Caribbean is currently paying a quarterly dividend of $1. That's a solid rebound for a company whose investors endured a lengthy suspension of dividends due to the COVID-19 pandemic. Royal Caribbean reinstated its dividend in mid-2024.
Rival Carnival (NYSE: CCL) hasn't seen the same type of returns over the past five years. While the stock is up a similar percentage year to date, Carnival is up just over 47% since the end of 2020. Perhaps more meaningfully for both companies, since the end of 2019 -- prior to the market's recognition of the then-looming pandemic -- Royal Caribbean is up 111% while Carnival is down by about 40%.
Royal Caribbean is perceived as a more high-end option for cruises, with bigger ships, a greater number of unique attractions, and extensive programming.
Will cruises stay in fashion?
Whether or not Royal Caribbean can become a multimillionaire-maker stock will largely depend on the sentiment of younger generations. Generation Z and millennials are embracing experiences and travel over more traditional financial milestones such as home buying, which is largely seen as an unreachable goal for many. As long as the enthusiasm for vacations continues to grow, and barring any new pandemic, Royal Caribbean's shareholders will benefit. Still, it will take continued innovation and new experiences to keep those younger generations of travelers coming back.
At some point, macroeconomic factors hitting both the cruise line and its customers are liable slow this ship right down. Rising fuel costs, higher inflation, higher interest rates, or any combination of those headwinds could emerge -- and at some point, they probably will.
Sailing ahead of the competition
From an investment perspective, Royal Caribbean doesn't hold all of the advantages over its competitors. The stock already trades at higher current and forward price-to-earnings ratios than either Carnival or Norwegian Cruise Lines. Royal Caribbean still carries a significant amount of debt on its balance sheet, too -- $20.6 billion as of the end of the third quarter.
On the positive side, it has been paying its debt load down, and now carries slightly less than Carnival.
Royal Caribbean has considerable room to grow in market share. Among the main cruise lines, its market share is about 26%. Carnival, in the top spot, has a share of more than 32%.
There are a lot of good things happening with Royal Caribbean, and its share price could keep growing, but it doesn't look like it will become a multimillionaire-maker stock for anyone unless the company succeeds in building long-term loyalty among today's younger travelers -- and unless the investor in question is starting that journey to seven figures with a very large purchase of shares.
Should you buy stock in Royal Caribbean Cruises right now?
Before you buy stock in Royal Caribbean Cruises, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Royal Caribbean Cruises wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $507,744!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,153,827!*
Now, it’s worth noting Stock Advisor’s total average return is 983% — a market-crushing outperformance compared to 195% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of December 31, 2025.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Carnival Corp. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Could Royal Caribbean Be a Multimillionaire-Maker Stock?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco S&P 500 Equal Weight ETF (Symbol: RSP) where we have detected an approximate $917.3 million dollar outflow -- that's a 1.2% decrease week over week (from 398,930,000 to 394,190,000). Among the largest underlying components of RSP, in trading today Norwegian Cruise Line Holdings Ltd (Symbol: NCLH) is up about 0.4%, Carnival Corp (Symbol: CCL) is up about 0.8%, and lululemon athletica inc (Symbol: LULU) is lower by about 0.6%. For a complete list of holdings, visit the RSP Holdings page » The chart below shows the one year price performance of RSP, versus its 200 day moving average:
Looking at the chart above, RSP's low point in its 52 week range is $150.35 per share, with $195.465 as the 52 week high point — that compares with a last trade of $193.38. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
KED shares outstanding history
Top Ten Hedge Funds Holding OIA
HMTV Videos
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable ETF Outflow Detected - RSP, NCLH, CCL, LULU

Carnival Corporation & plc CCL exited fiscal 2025 with unusually strong forward booking visibility, a key signal of demand resilience as macro uncertainty continues to weigh on discretionary spending. Management disclosed that the company is already roughly two-thirds booked for 2026, tracking in line with last year’s pace but at historically higher prices across both North America and Europe. Booking volumes for both 2026 and 2027 also reached record levels over the past three months, extending visibility well beyond the near term.
This strength is reinforced by customer deposits, which rose 7% year over year to an all-time high in the fourth quarter of fiscal 2025. Elevated deposits serve as both a demand indicator and a working capital buffer, improving visibility while supporting near-term cash flow. Importantly, this momentum has persisted despite soft consumer sentiment readings, underscoring the resilience of cruise demand relative to broader discretionary categories.
Management pointed to continued strength in close-in demand during the fiscal fourth quarter, alongside higher ticket pricing and accelerating onboard spending. Rather than relying on aggressive discounting, Carnival emphasized disciplined revenue management and price integrity, allowing yield growth to remain intact even as industry capacity expands. With roughly two-thirds of 2026 capacity already sold at historically high prices, visibility into near-term revenue generation has improved, supported by strong booking momentum and elevated customer deposits.
How CCL Compares With Royal Caribbean & Norwegian Cruise
Royal Caribbean Cruises Ltd. RCL is also seeing strong demand, with management highlighting record booking levels for 2025 and 2026 and sustained pricing strength across itineraries. The company noted that close-in demand remains healthy, while booked load factors for 2026 sit within historical ranges, supported by elevated onboard spending. However, Royal Caribbean’s growth profile is increasingly tied to new ship introductions and destination investments, which add capacity alongside demand.
Norwegian Cruise Line Holdings Ltd. NCLH reported solid booking trends, with third-quarter bookings up more than 20% year over year and load factors exceeding expectations. That said, Norwegian Cruise’s growth strategy leans more heavily on increasing occupancy and family-oriented itineraries, which introduces some mix-related pressure on pricing even as overall demand remains healthy.
Relative to peers, Carnival’s forward booking profile stands out for its depth and duration. While Royal Caribbean and Norwegian Cruise are both executing well, Carnival’s multi-year booking visibility and elevated customer deposits suggest a particularly strong foundation heading into 2026.
CCL’s Price Performance, Valuation & Estimates
Shares of Carnival have gained 8.3% in the past three months compared with the industry’s rise of 1%.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL stock trades at a forward price-to-earnings ratio of 12.37, significantly below the industry’s average of 17.31.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s fiscal 2026 earnings implies a year-over-year uptick of 9.3%. The EPS estimates for fiscal 2026 have increased in the past 30 days.
EPS Trend of CCL Stock
Image Source: Zacks Investment Research
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
#1 Semiconductor Stock to Buy (Not NVDA)
The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.
One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CCL's Booking Visibility Strengthens: Can Demand Hold Amid Macro Noise?

As investors look toward 2026, the cruise sector has moved past survival mode and into a phase where execution matters most. Travel demand remains strong, pricing has held up, and ships are sailing full, but balance sheets, margins, and growth strategies now separate winners from laggards. This sets up a timely comparison between Carnival Corporation & plc CCL and Royal Caribbean Cruises Ltd. RCL, two giants taking different paths into the next cycle.
Carnival is still focused on strengthening its financial footing and turning demand into consistent free cash flow after years of heavy leverage. Royal Caribbean, by contrast, is leaning on newer ships, premium offerings, and higher onboard spending to drive earnings momentum. With the recovery largely priced in, investors are now asking a sharper question: which cruise stock looks structurally stronger for 2026?
The Case for CCL
Carnival enters 2026 with clear operational momentum, having delivered record results in 2025. Management highlighted that revenues, yields, operating income, and EBITDA all reached all-time highs, with net income exceeding $3 billion for the year, representing a roughly 60% year-over-year increase. Importantly, this performance was not driven by aggressive discounting, but by stronger close-in demand, higher ticket pricing and accelerating onboard spending across brands. The company also achieved its highest return on invested capital in nearly two decades, underscoring that the recovery has transitioned into a more profitable, disciplined growth phase.
Looking ahead, visibility into demand remains strong. Carnival is already about two-thirds booked for 2026 at historically high prices in both North America and Europe, with record booking volumes extending into 2027. Management expects same-ship yield growth to continue, supported by disciplined revenue management, resilient consumer demand, and differentiated private destinations like Celebration Key and future Paradise Collection assets. These initiatives are positioning Carnival to grow earnings again in 2026 despite elevated industry capacity growth in the Caribbean.
One of Carnival’s biggest improvements has been financial discipline. The company has reduced debt by more than $10 billion from peak levels and achieved an investment-grade leverage profile by the end of 2025. This progress has meaningfully lowered interest expense and improved cash flow visibility. With leverage now moving toward under-3x net debt to EBITDA, management has reinstated the dividend and signaled flexibility for future capital returns, an important shift for investors focused on 2026 and beyond
Despite the progress, Carnival is not without challenges. Unit costs are expected to rise in 2026 due to inflation, higher marketing spend, dry dock activity, and new destination operating expenses. While management expects efficiency gains to offset part of this pressure, margins remain more sensitive to cost inflation than peers with newer fleets or higher premium exposure. Additionally, elevated Caribbean capacity industry-wide could test pricing power if demand softens, making execution critical for Carnival’s 2026 outlook.
The Case for RCL
Royal Caribbean enters the 2026 setup with clear momentum in demand, pricing and execution. Management highlighted that bookings for 2026 are already tracking at record rates, with booked load factors comfortably within historical norms and pricing at the high end of past ranges. This matters because it signals that RCL is not relying on heavy discounting to fill ships. Instead, demand strength is being driven by premium hardware, differentiated itineraries, and a loyal customer base that continues to prioritize experiences, even as broader consumer spending normalizes.
Another major positive is RCL’s expanding ecosystem of exclusive destinations and next-generation ships, which continues to support yield growth and onboard spending. The company plans to grow its private destination portfolio from two locations to eight by 2028, including Beach Clubs and Perfect Day Mexico, creating itinerary differentiation that competitors struggle to replicate. These assets not only lift ticket pricing but also drive high-margin onboard revenue, reinforcing RCL’s ability to grow yields even during periods of moderate capacity expansion.
Financial discipline further strengthens the 2026 outlook. Management reiterated its formula of moderate capacity growth, moderate yield growth, and “anemic” cost inflation, which is expected to drive continued margin expansion. RCL ended the quarter with leverage below 3x and nearly $7 billion in liquidity, giving it flexibility to fund growth, return capital through dividends and buybacks, and still maintain an investment-grade balance sheet. Importantly, management indicated that 2026 earnings are likely to start with a “$17 handle,” underscoring confidence in another year of strong profit growth.
The key risk for Royal Caribbean is that the bar is now set high after several years of exceptional yield growth. With tougher comparisons ahead and some industry capacity growth in regions like the Caribbean, yield expansion is likely to moderate rather than accelerate. While Royal Caribbean’s differentiated assets should help it outperform peers, any softening in consumer willingness to pay or increased promotional activity could limit upside versus recent years, making execution in 2026 more important than ever.
How Does Zacks Consensus Estimate Compare for CCL & RCL?
The Zacks Consensus Estimate for Carnival’s fiscal 2026 sales and earnings per share (EPS) indicates year-over-year increases of 4.1% and 9.3%, respectively. In the past seven days, earnings estimates for fiscal 2026 have witnessed upward revisions, as shown in the chart.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Royal Caribbean’s 2026 sales and EPS implies year-over-year growth of 9.4% and 14.5%, respectively. In the past 30 days, earnings estimates for 2026 have remained stable.
Image Source: Zacks Investment Research
Price Performance & Valuation
Royal Caribbean stock has risen 27.2% year to date, significantly outpacing its industry’s growth of 7.3%. Meanwhile, Carnival’s shares have gained 25.4% in the same time.
Price Performance
Image Source: Zacks Investment Research
RCL is trading at a forward 12-month price-to-earnings ratio of 16.45X, above its median of 16.29X over the last year. CCL’s forward earnings multiple sits at 12.95X, above its median of 12.42X over the same time frame.
P/S (F12M)
Image Source: Zacks Investment Research
End Notes
Overall, the analysis points to Royal Caribbean having a slight edge over Carnival as the industry shifts from recovery to execution. Both companies are sailing into the next phase with solid demand and healthier balance sheets, but Royal Caribbean’s newer ships, premium mix, and expanding private destinations give it stronger pricing power and more consistent margin support. Carnival’s turnaround in cash flow and leverage is significant, yet its earnings remain more exposed to cost pressures and mass-market dynamics.
With both CCL and RCL carrying a Zacks Rank #3 (Hold), Royal Caribbean stands out marginally due to better earnings visibility and a business model geared toward sustaining profitability as growth moderates.
Zacks Naming Top 10 Stocks for 2026
Want to be tipped off early to our 10 top picks for the entirety of 2026? History suggests their performance could be sensational.
From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.
Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2026. Don’t miss your chance to get in on these stocks when they’re released on January 5.
Be First to New Top 10 Stocks >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CCL vs. RCL: Which Cruise Stock Looks Stronger for 2026?

Norwegian Cruise Line Holdings Ltd. NCLH continues to see momentum in pre-cruise and onboard revenue execution, with management highlighting record pre-cruise sales and higher attachment rates across onboard products during the third quarter of 2025. Executives cited increased participation in beverage packages, specialty dining, Wi-Fi, spa services and shore excursions, noting that a growing portion of these purchases is occurring prior to embarkation.
Management attributed this trend to improved digital engagement, including more targeted emails and notifications, as well as enhancements to the Norwegian Cruise Line website that allow onboard offerings to be presented earlier in the booking cycle. These initiatives were described as driving higher guest participation and earlier engagement, rather than reflecting any change in ticket pricing or promotional approach.
The company reported resilient onboard demand across itineraries, including shorter Caribbean sailings that are attracting higher family participation. While management acknowledged that these itineraries can affect blended ticket pricing due to a higher mix of third and fourth guests, executives noted that onboard offerings continue to see solid uptake across sailings.
Management characterized pre-cruise and onboard revenues as complementary contributors alongside ticket pricing and occupancy. As itinerary mix and capacity continue to evolve, continued execution across digital engagement and onboard offerings remains an operational focus supporting overall revenue performance.
How NCLH Stacks Up to Competitors
Peers are also emphasizing onboard monetization, though execution differs across operators. At Carnival Corporation & plc CCL, management has highlighted historically strong onboard revenue per diem as part of broader yield optimization, blending ticket pricing with onboard spending to support overall revenue performance. Carnival has consistently framed onboard revenues as an integrated component of yield management rather than a standalone strategic initiative. Carnival continues to view onboard spending as one of several levers supporting yield execution alongside pricing and occupancy.
Royal Caribbean Group RCL has taken a more digitally centered approach to onboard monetization. Royal Caribbean reported that nearly 90% of onboard revenues are booked pre-cruise through digital channels, supported by app-based personalization and loyalty initiatives. Royal Caribbean positions these capabilities as part of a broader commercial ecosystem designed to enhance guest engagement and conversion. RCL is emphasizing technology and data-driven engagement as central to its onboard revenue execution.
NCLH’s Price Performance, Valuation & Estimates
Shares of Norwegian Cruise have gained 21.5% in the past six months compared with the industry’s growth of 9.3%.
NCLH Stock Six-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, NCLH trades at a forward price-to-earnings ratio of 8.66, significantly below the industry’s average of 17.83.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NCLH’s 2026 earnings implies a year-over-year uptick of 28.4%. The EPS estimates for 2026 have increased in the past 30 days.
Image Source: Zacks Investment Research
NCLH stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Naming Top 10 Stocks for 2026
Want to be tipped off early to our 10 top picks for the entirety of 2026? History suggests their performance could be sensational.
From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.
Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2026. Don’t miss your chance to get in on these stocks when they’re released on January 5.
Be First to New Top 10 Stocks >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can Rising Onboard Spend Per Guest Stabilize NCLH's Yields?

Carnival Corporation & plc CCL is entering a more disciplined phase of commercial execution, with pricing integrity becoming a clearer focal point of its yield strategy. During the fourth-quarter fiscal 2025earnings call management indicated that revenue optimization — rather than absolute occupancy maximization — is increasingly guiding deployment and pricing decisions. It noted that brands are not required to sail at full occupancy in all cases, reflecting a shift away from volume-driven tactics that have historically characterized periods of excess industry capacity.
This approach comes as Carnival heads into 2026 amid a meaningful increase in Caribbean supply. Management highlighted that non-Carnival industry capacity in the region is expected to rise approximately 14% in 2026, bringing cumulative growth to about 27% over two years. Historically, such expansions have pressured industry pricing and led to elevated promotional activity. However, in this cycle, Carnival emphasized that its diversified itinerary mix, bundled pricing structures and improved revenue management tools provide greater flexibility to prioritize yield quality over marginal occupancy gains.
Recent results suggest the strategy has so far been effective. In the fiscal fourth quarter, net yields increased 5.4% year over year, exceeding prior guidance by 110 basis points, despite the early stages of elevated Caribbean capacity. Management attributed the outperformance to sustained close-in demand and a more measured promotional environment.
Carnival’s fiscal 2026 yield guidance explicitly incorporates elevated Caribbean capacity, with management forecasting net yields in constant currency to rise approximately 2.5% compared with the 2025 levels. This outlook reflects an emphasis on balancing ticket pricing, onboard spending and guest mix. If sustained, this approach could represent a meaningful evolution in how Carnival manages supply-driven volatility, with potential implications for yield stability in a more competitive regional environment.
How CCL Stacks Up to Competitors
Within the cruise industry, Royal Caribbean Cruises Ltd. RCL and Norwegian Cruise Line Holdings Ltd. NCLH remain Carnival’s closest comparables as operators position their businesses for a period of heavier Caribbean supply. Both peers are leaning more visibly on capacity and occupancy levers, creating a contrast with Carnival’s increasingly yield-focused posture.
Royal Caribbean continues to demonstrate strong demand and pricing resilience, supported by record booked load factors and steady yield growth. Management has emphasized the role of differentiated assets — including exclusive destinations and premium hardware — in sustaining pricing power even as Caribbean capacity expands. With capacity expected to grow in 2026, Royal Caribbean is pairing moderate yield gains with a larger revenue base, relying on its destination ecosystem to absorb incremental supply while maintaining overall yield momentum.
Meanwhile, Norwegian Cruise has been more explicit about trading pricing for volume. Management has highlighted a significant increase in short Caribbean itineraries aimed at attracting families, a strategy that is lifting load factors but diluting blended pricing due to a higher mix of third and fourth guests per cabin. Norwegian Cruise continues to target low- to mid-single-digit yield growth over time.
Against this backdrop, Carnival’s approach appears closer to Royal Caribbean’s emphasis on yield quality than to Norwegian Cruise’s volume-led strategy. By signaling tolerance for modestly lower occupancy to protect pricing, Carnival is positioning itself to manage Caribbean supply growth with a sharper focus on revenue optimization rather than load-factor maximization, setting its competitive response apart as industry capacity increases.
CCL’s Price Performance, Valuation & Estimates
Shares of Carnival have gained 3.8% in the past three months compared with the industry’s rise of 0.2%.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL stock trades at a forward price-to-earnings ratio of 13.13, significantly below the industry’s average of 17.83.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
EPS Trend of CCL Stock
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s fiscal 2026 earnings implies a year-over-year uptick of 7.6%. The EPS estimates for fiscal 2026 have increased in the past 60 days.
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Naming Top 10 Stocks for 2026
Want to be tipped off early to our 10 top picks for the entirety of 2026? History suggests their performance could be sensational.
From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.
Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2026. Don’t miss your chance to get in on these stocks when they’re released on January 5.
Be First to New Top 10 Stocks >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can Carnival Sustain Yield Gains Amid Heavier Caribbean Supply?

Fintel reports that on December 22, 2025, Argus Research reiterated coverage of Carnival Corporation (NYSE:CCL) with a Buy recommendation.
Analyst Price Forecast Suggests 11.10% Upside
As of December 21, 2025, the average one-year price target for Carnival Corporation is $35.76/share. The forecasts range from a low of $26.26 to a high of $45.15. The average price target represents an increase of 11.10% from its latest reported closing price of $32.18 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Carnival Corporation is 24,542MM, a decrease of 7.81%. The projected annual non-GAAP EPS is 2.44, an increase of 48.10% from the prior forecast.
What is the Fund Sentiment?
There are 1,729 funds or institutions reporting positions in Carnival Corporation. This is an increase of 43 owner(s) or 2.55% in the last quarter. Average portfolio weight of all funds dedicated to CCL is 0.21%, an increase of 8.28%. Total shares owned by institutions increased in the last three months by 4.12% to 986,091K shares. The put/call ratio of CCL is 1.19, indicating a bearish outlook.
What are Other Shareholders Doing?
Barrow Hanley Mewhinney & Strauss holds 36,110K shares representing 3.09% ownership of the company. In its prior filing, the firm reported owning 35,818K shares , representing an increase of 0.81%. The firm decreased its portfolio allocation in CCL by 44.36% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 33,741K shares representing 2.89% ownership of the company. In its prior filing, the firm reported owning 31,282K shares , representing an increase of 7.29%. The firm increased its portfolio allocation in CCL by 38.56% over the last quarter.
Causeway Capital Management holds 31,912K shares representing 2.73% ownership of the company. In its prior filing, the firm reported owning 29,128K shares , representing an increase of 8.72%. The firm decreased its portfolio allocation in CCL by 6.01% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 29,803K shares representing 2.55% ownership of the company. In its prior filing, the firm reported owning 29,114K shares , representing an increase of 2.31%. The firm increased its portfolio allocation in CCL by 30.95% over the last quarter.
Geode Capital Management holds 28,767K shares representing 2.46% ownership of the company. In its prior filing, the firm reported owning 27,617K shares , representing an increase of 4.00%. The firm decreased its portfolio allocation in CCL by 48.22% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Argus Research Reiterates Carnival Corporation (CCL) Buy Recommendation

Fintel reports that on December 22, 2025, Barclays maintained coverage of Carnival Corporation (NYSE:CCL) with a Overweight recommendation.
Analyst Price Forecast Suggests 11.10% Upside
As of December 21, 2025, the average one-year price target for Carnival Corporation is $35.76/share. The forecasts range from a low of $26.26 to a high of $45.15. The average price target represents an increase of 11.10% from its latest reported closing price of $32.18 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Carnival Corporation is 24,542MM, a decrease of 7.81%. The projected annual non-GAAP EPS is 2.44, an increase of 48.10% from the prior forecast.
What is the Fund Sentiment?
There are 1,729 funds or institutions reporting positions in Carnival Corporation. This is an increase of 43 owner(s) or 2.55% in the last quarter. Average portfolio weight of all funds dedicated to CCL is 0.21%, an increase of 8.28%. Total shares owned by institutions increased in the last three months by 4.12% to 986,091K shares. The put/call ratio of CCL is 1.19, indicating a bearish outlook.
What are Other Shareholders Doing?
Barrow Hanley Mewhinney & Strauss holds 36,110K shares representing 3.09% ownership of the company. In its prior filing, the firm reported owning 35,818K shares , representing an increase of 0.81%. The firm decreased its portfolio allocation in CCL by 44.36% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 33,741K shares representing 2.89% ownership of the company. In its prior filing, the firm reported owning 31,282K shares , representing an increase of 7.29%. The firm increased its portfolio allocation in CCL by 38.56% over the last quarter.
Causeway Capital Management holds 31,912K shares representing 2.73% ownership of the company. In its prior filing, the firm reported owning 29,128K shares , representing an increase of 8.72%. The firm decreased its portfolio allocation in CCL by 6.01% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 29,803K shares representing 2.55% ownership of the company. In its prior filing, the firm reported owning 29,114K shares , representing an increase of 2.31%. The firm increased its portfolio allocation in CCL by 30.95% over the last quarter.
Geode Capital Management holds 28,767K shares representing 2.46% ownership of the company. In its prior filing, the firm reported owning 27,617K shares , representing an increase of 4.00%. The firm decreased its portfolio allocation in CCL by 48.22% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Barclays Maintains Carnival Corporation (CCL) Overweight Recommendation

Fintel reports that on December 22, 2025, Wells Fargo maintained coverage of Carnival Corporation (NYSE:CCL) with a Overweight recommendation.
Analyst Price Forecast Suggests 11.10% Upside
As of December 21, 2025, the average one-year price target for Carnival Corporation is $35.76/share. The forecasts range from a low of $26.26 to a high of $45.15. The average price target represents an increase of 11.10% from its latest reported closing price of $32.18 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Carnival Corporation is 24,542MM, a decrease of 7.81%. The projected annual non-GAAP EPS is 2.44, an increase of 48.10% from the prior forecast.
What is the Fund Sentiment?
There are 1,729 funds or institutions reporting positions in Carnival Corporation. This is an increase of 43 owner(s) or 2.55% in the last quarter. Average portfolio weight of all funds dedicated to CCL is 0.21%, an increase of 8.28%. Total shares owned by institutions increased in the last three months by 4.12% to 986,091K shares. The put/call ratio of CCL is 1.19, indicating a bearish outlook.
What are Other Shareholders Doing?
Barrow Hanley Mewhinney & Strauss holds 36,110K shares representing 3.09% ownership of the company. In its prior filing, the firm reported owning 35,818K shares , representing an increase of 0.81%. The firm decreased its portfolio allocation in CCL by 44.36% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 33,741K shares representing 2.89% ownership of the company. In its prior filing, the firm reported owning 31,282K shares , representing an increase of 7.29%. The firm increased its portfolio allocation in CCL by 38.56% over the last quarter.
Causeway Capital Management holds 31,912K shares representing 2.73% ownership of the company. In its prior filing, the firm reported owning 29,128K shares , representing an increase of 8.72%. The firm decreased its portfolio allocation in CCL by 6.01% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 29,803K shares representing 2.55% ownership of the company. In its prior filing, the firm reported owning 29,114K shares , representing an increase of 2.31%. The firm increased its portfolio allocation in CCL by 30.95% over the last quarter.
Geode Capital Management holds 28,767K shares representing 2.46% ownership of the company. In its prior filing, the firm reported owning 27,617K shares , representing an increase of 4.00%. The firm decreased its portfolio allocation in CCL by 48.22% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.