(Part 2 of 5) Earnings Calendar (23Mar2026) - time for Carnival?
Earnings Calendar (23Mar2026)
I am interested in examining the forthcoming earnings reports for the following companies: Beyond Meat, Carnival, and AAR. Let us review the scheduled earnings release for Carnival.
Earnings Overview and Stock Performance
The earnings per share (EPS) for the stock is currently $2.0193, and it has a price-to-earnings (P/E) ratio of 11.45, which appears to be relatively affordable when compared to industry averages.
From a technical analysis standpoint, there is a “Strong Sell” recommendation for the stock. However, according to analyst sentiment, there is a recommendation to “buy”, with a price target set at $37.35. This suggests a potential upside of 54.86% from the current price levels.
Additionally, the stock price has experienced an increase of 15.19% over the past year, demonstrating positive momentum in its recent performance.
Financial Performance Analysis
Revenue Growth
Carnival Corporation & plc experienced remarkable revenue growth over the past several years. The company’s annual revenue surged from $1.9 billion in 2021 to $26.6 billion in 2025. This exceptional increase was largely influenced by the impact of COVID-19, which initially constrained business operations. Despite these challenges, the business demonstrated strong recovery and consistent growth, especially between 2023 and 2025.
Gross Profit Recovery
In 2021, Carnival Corporation & plc reported a gross profit loss of $809 million, reflecting the difficulties faced during the pandemic. By 2025, the company had managed to turn around its performance, recording a gross profit of $14.7 billion. This recovery highlights the company’s resilience and ability to adapt to challenging circumstances.
Operating Income Improvement
The company’s operating income also showed significant improvement. Starting with a substantial loss of $6.2 billion in 2021, Carnival Corporation & plc increased its operating income to $4.35 billion by 2025. This turnaround is particularly noteworthy, given the extraordinary challenges brought on by the COVID-19 pandemic beginning in 2020.
Balance Sheet Trends
Carnival Corporation & plc has made progress in reducing its total liabilities. These liabilities decreased from $41.2 billion in 2021 to $39.4 billion in 2025. A similar trend is observed with total assets, which started at $53.3 billion in 2021 and declined to $51.6 billion by 2025. This reduction in both assets and liabilities suggests a focused effort to stabilise the company’s financial position following the disruptions of the previous years.
News (Compiled by Gemini)
Over the last three months, Carnival Corporation has navigated a complex mix of structural evolution and operational headwinds.
The company announced a significant unification of its dual-listed structure, moving to a single entity (Carnival Corporation Ltd.) domiciled in Bermuda. While 2025 closed with record revenues of $26.6 billion, the first quarter of 2026 has been volatile. A sharp year-to-date share price decline was exacerbated by rising oil prices; notably, Carnival remains the only major cruise line that does not hedge fuel costs.
Operationally, security concerns forced the suspension of calls to Puerto Vallarta, affecting over 15,000 passengers. Furthermore, the company faces a labor scandal in Australia involving allegations of extreme underpayment and poor living conditions on its vessels. Despite these challenges, analysts at Morgan Stanley recently upgraded the stock to “Overweight,” citing a favourable long-term risk-reward profile as the company reinstates its dividend.
Earnings Forecast
The upcoming earnings projection for Carnival Corporation & plc indicates an expected earnings per share (EPS) of $0.182, accompanied by a revenue forecast of $6.13 billion. Both EPS and revenue are expected to fall, compared to previous results.
While the business appears to be profitable and growing, the recent energy crisis is likely to affect its business. I prefer to monitor the company for now.
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