Carnival Corporation & plc (CCL)

Outperform Recap: Q2 FY26

The Fuel Year Becomes the Cost Year: A Record Q2, a Transitory Europe Yield Cut Offset Dollar-for-Dollar, and a Balance-Sheet Inflection

Hold Recap: Q1 FY26

Record Quarter, Record Demand, and a $500M Fuel Bill That Resets 2026 — The Thesis Is Intact, But Near-Term Earnings Power Is Diminished

Outperform Recap: Q4 FY25

The Thesis Is Complete: Record Earnings, Investment Grade, Dividend Reinstated, and Double-Digit Growth Guided for 2026 — Carnival's Post-COVID Transformation Is a Textbook Turnaround

Outperform Recap: Q3 FY25

Every Metric Hits All-Time Highs — $8.2B Revenue, $1.9B Net Income, $3.0B EBITDA — But the Stock Falls 5% Because the Recovery Is Now Fully Priced

Outperform Recap: Q2 FY25

Adjusted Net Income Triples, SEA Change Targets Smashed 18 Months Early, and $8.5B in Deposits Says the Demand Cycle Has Years Left to Run

Outperform Recap: Q1 FY25

Operating Income Doubles, EBITDA +38%, and Guidance Raised $185M in the Weakest Seasonal Quarter — Carnival's Earnings Power Is Being Fundamentally Repriced