Carnival (CCL) stock
Consumer Discretionary · Hotels, Resorts & Cruise Lines
Carnival (CCL) is a Hotels, Resorts & Cruise Lines company in the Consumer Discretionary sector, headquartered in Miami, Florida. As of October 23, 2026, CCL closed at $26.11, a market capitalization of $35.11 billion, the 295th largest company in the S&P 500. Over the last twelve months it generated $27.59 billion in revenue (+4% year over year) and $3.18 billion in free cash flow. The stock trades at 11.5x trailing earnings and 10.2x forward earnings.
- 1-year total return: -9.9% (dividends reinvested)
- 5-year return: +3.5% a year
- 52-week range: $21.45 – $34.03
- Gross margin 55.4%, operating margin 26.4%
- Dividend yield: 1.72%
- FI Handbook report card: C+ across 10 metrics
- 25th largest of 47 Consumer Discretionary stocks in the S&P 500
CCL price chart
1Y price change: -11.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CCL | +19.8% | -13.1% | -9.9% | +32.6% | +3.5% | -4.4% | +6.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1987.
CCL key statistics
- Market cap
- $35.1B
- #295 in S&P 500
- P/E (TTM)
- 11.5x
- Forward P/E
- 10.2x
- EPS (TTM)
- $2.27
- Revenue (TTM)
- $27.6B
- +4%
- Free cash flow
- $3.2B
- Gross margin
- 55.4%
- Operating margin
- 26.4%
- Return on equity
- 24.0%
- Dividend yield
- 1.72%
- 52-week range
- $21.45 – $34.03
- Beta
- 2.38
- Price / sales
- 1.3x
- EV / EBITDA
- 8.1x
- Debt / equity
- 1.77x
- Employees
- 160,000
CCL report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth3.5%D
- Gross margin55.4%B
- Operating margin26.4%B
- FCF margin11.5%C
- Return on equity24.0%B
- Net debt / EBITDA3.3xD
- Forward P/E10.2xA
- PEG ratio0.8xA
- Shareholder yield1.7%C
- Share count change / yr12.6%F
Carnival financials
Revenue went from $16.4B in fiscal 2016 to $26.6B in fiscal 2025, growing 5.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.4B | $17.5B | $18.9B | $20.8B | $5.6B | $1.9B | $12.2B | $21.6B | $25.0B | $26.6B |
| Gross profit | $7.0B | $7.0B | $7.8B | $7.9B | — | -$2.7B | $411.0M | $7.3B | $9.4B | — |
| Operating income | $3.1B | $2.8B | $3.3B | $3.3B | -$8.9B | -$7.1B | -$4.4B | $2.0B | $3.6B | $4.5B |
| Net income | $2.8B | $2.6B | $3.2B | $3.0B | -$10.2B | -$9.5B | -$6.1B | -$74.0M | $1.9B | $2.8B |
| EPS (diluted) | $3.72 | $3.59 | $4.44 | $4.32 | $-13.20 | $-8.46 | $-5.16 | $-0.06 | $1.44 | $2.02 |
| Free cash flow | $2.1B | $2.4B | $1.8B | $46.0M | -$9.9B | -$7.7B | -$6.6B | $997.0M | $1.3B | $2.6B |
| Buybacks | $2.3B | $552.0M | $1.5B | $603.0M | $12.0M | $0 | $0 | — | — | — |
| Dividends paid | $977.0M | $1.1B | $1.4B | $1.4B | $689.0M | $0 | $0 | — | — | — |
| Diluted shares | 747.0M | 725.0M | 710.0M | 692.0M | 775.0M | 1.1B | 1.2B | 1.3B | 1.4B | 1.4B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CCL?
A reverse DCF asks what growth the current price requires. With an enterprise value of $59.0B and $3.2B of trailing free cash flow, Carnival needs to grow free cash flow about 8.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 12.9x vs. median 15.8x (10th–90th percentile 8.7x–21.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CCL dividend
- Dividend yield
- 1.72%
- Annual dividend
- $0.45
- Years of increases
- —
- 5-yr dividend growth
- -14.6%
- per year
- Payout ratio
- 20%
- Payments per year
- 0
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CCL analyst price targets
26 analysts' average 12-month target is $33.89 (+30% vs. $26.11). Targets range from $28.70 to $43.00. 83% rate it a buy.
CCL earnings
Next report: December 18, 2026. Carnival has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $8.4B (+3% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Sep 29, 2026 | $1.35 | $1.43 | +5.9% |
| Jun 23, 2026 | $0.34 | $0.41 | +21.1% |
| Mar 27, 2026 | $0.18 | $0.20 | +8.9% |
| Dec 19, 2025 | $0.25 | $0.34 | +38.6% |
| Sep 29, 2025 | $1.32 | $1.43 | +8.5% |
| Jun 24, 2025 | $0.24 | $0.35 | +45.3% |
| Mar 21, 2025 | $0.02 | $0.13 | +485.1% |
| Dec 20, 2024 | $0.07 | $0.14 | +94.0% |
Stocks like CCL
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 BKNG Booking Holdings Inc. Common St | -3.27% | -23% | $117.1B | 17.3x | Compare |
 ABNB Airbnb | -2.13% | +35% | $103.0B | 39.2x | Compare |
 MAR Marriott International | -1.53% | +46% | $101.9B | 40.4x | Compare |
 HLT Hilton Worldwide | -2.36% | +31% | $78.7B | 51.3x | Compare |
 RCL Royal Caribbean Cruises | -3.37% | -11% | $73.9B | 17.1x | Compare |
 EXPE Expedia | -3.18% | +35% | $34.7B | 18.1x | Compare |
 NCLH Norwegian Cruise Line | -2.83% | -36% | $6.9B | 9.3x | Compare |
 AMZN Amazon.com | -0.95% | +12% | $2.7T | 20.0x | Compare |
CCL news
- Should You Buy Carnival Stock For Its Cash? · Oct 24, 2026
- Cruise Stocks Fall as Oil Price Hits Five-Month High: Norwegian Sinks 6%, Royal Caribbean and Carnival Drop 4% · Oct 23, 2026
- Dividend Resumption Altering The Investment Case For Carnival (CCL)? · Oct 23, 2026
- CARNIVAL CORPORATION DECLARES DIVIDEND · Oct 22, 2026
- Is There A Risk Hiding In Carnival Stock's Record Results? · Oct 21, 2026
CCL stock FAQ
What is CCL's market cap?
Carnival's market capitalization is $35.11 billion as of October 23, 2026, ranking 295th in the S&P 500.
What is CCL's P/E ratio?
CCL trades at a trailing price-to-earnings ratio of 11.5x and a forward P/E of 10.2x. Its median P/E over the period we track is 15.8x.
Does CCL pay a dividend?
Yes. Carnival pays $0.45 per share a year, a 1.72% yield. Dividends fell 14.6% a year over the last five years.
How much has CCL stock returned?
Including reinvested dividends, CCL returned -9.9% over one year, +3.5% a year over five years, -4.4% a year over ten years through October 23, 2026.
Is CCL stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Carnival must grow free cash flow about 9% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CCL price target?
26 analysts cover CCL with an average 12-month price target of $33.89, +30% from the current price. 83% of them rate it a buy.
When does CCL report earnings?
Carnival is expected to report earnings on December 18, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Carnival have?
Carnival has about 160,000 full-time employees, or $172,456 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology