Carnival Q4 Preview: Choppy Results; Analyst Expects 2026 To Be Catalyst-Driven

Carnival Corp (NYSE:CCL) is scheduled to report its fiscal second-quarter results on Thursday, December 18.

While there are concerns around the Caribbean oversupply and a dampening of recent cruise events, Carnival has "lower exposure" to the region. Its results may be boosted by Celebration Key, the company's new and exclusive destination on Grand Bahama Island, according to Goldman Sachs.

The Carnival Analyst: Analyst Lizzie Dove maintained a Buy rating and price target of $31.

The Carnival Thesis: The company's fourth-quarter results are likely to come broadly in-line with expectations, Dove said in the note.

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Carnivalis likely to "initially guide to net yield growth of at least ~2.75% (really 3% when factoring in the 25bps loyalty headwind that hits in 4Q) and ~cost growth of 3.25% (weighted to 1H)," she wrote.

While stating that the results may point to a choppy fourth quarter, the analyst highlighted two key drivers that could support the stock in 2026:

• The potential for capital returns in the coming quarters
• The Spring Investor Day
• The company's portfolio and geographic diversification and investments in private destinations provide "some insulation from Caribbean pressure."

CCL Price Action: Shares of Carnival had risen by 1.92% to $28.15 at the time of publication on Monday.

Read More:

• What’s Going On With Carnival? Why Shares Are Popping Before Earnings

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