Carnival Q2 Earnings Outlook: Analysts Predict $1.31 EPS

Carnival is set to announce its quarterly earnings on September 29, 2025. Analysts estimate an earnings per share (EPS) of $1.31. The company's EPS beat in the last quarter led to a 0.86% drop in share price. Long-term shareholders are bullish ahead of the earnings release, with shares up 64.99% over the past 52 weeks. Guidance is a significant driver of stock prices, so investors will be watching closely for news on future performance.

Carnival Corporation & plc (CCL) is scheduled to release its third-quarter fiscal 2025 earnings on September 29, 2025. Analysts estimate an earnings per share (EPS) of $1.31, suggesting a 3.2% growth from the prior-year quarter's EPS of $1.27 Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1]. This expected growth aligns with the company's strong earnings surprise history, where CCL has consistently outperformed Zacks Consensus Estimates over the past four quarters Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1].

The consensus estimate for fiscal third-quarter revenues is pegged at $8.1 billion, indicating a 2% increase from the year-ago quarter's reported figure Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1]. Carnival's performance is expected to have benefited from sustained yield momentum, strong European demand, and the launch of Celebration Key, a new Caribbean destination Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1]. The company has consistently demonstrated robust performance in both ticket prices and onboard spending, which are likely to have supported revenue generation in the to-be-reported quarter.

The opening of Celebration Key is anticipated to have attracted strong traffic and incremental onboard revenue opportunities. Early indications suggest premium pricing for itineraries including the destination, while increased marketing investment and strong customer interest have positioned it as a potential demand catalyst Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1]. Additionally, ongoing enhancements to the fleet, such as the AIDA Evolution program and preparations for the Star Princess launch, may have supported demand and strengthened pricing power Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1].

However, certain headwinds may have limited the extent of margin improvement in the fiscal third quarter. Management had flagged a 7% year-over-year increase in cruise costs excluding fuel for the fiscal third quarter, driven by Celebration Key start-up expenses, higher advertising costs, and the impact of lower capacity levels Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1]. Total operating expenses in the fiscal third quarter are anticipated to rise 1.5% year over year to $5.8 billion Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1].

Carnival shares have risen 20.5% in the past three months, outperforming the Zacks Leisure and Recreation Services industry’s growth of 11.2% and the S&P 500's rise of 11.6% Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1]. From a valuation perspective, Carnival stock is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 13.64X, well below the industry average of 18.77X Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1].

Long-term shareholders are bullish ahead of the earnings release, with shares up 64.99% over the past 52 weeks. Guidance is a significant driver of stock prices, so investors will be watching closely for news on future performance. Carnival's strong demand trends, record customer deposits, and sustained strength in both pricing and onboard revenue provide a solid foundation for the company's long-term prospects Carnival Stock Before Q3 Earnings: Buy Now or Wait for Results?^[1].