Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. For more information, please visit www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com, and www.seabourn.com. SOURCE Carnival C ...

Core Insights - Carnival Corporation & plc (CCL) is the largest cruise company globally, with a market cap of $34.3 billion, operating under brands like Carnival Cruise Line and Princess Cruises, and carrying nearly half of global cruise guests [1] Stock Performance - CCL shares have outperformed the broader market over the past 52 weeks, gaining 27.1% compared to the S&P 500 Index's 18.3% increase, but are up only 11.8% year-to-date, lagging behind the SPX's 17.2% rise [2] - Over the past 52 weeks, CCL shares have also outpaced the Consumer Discretionary Select Sector SPDR Fund's (XLY) return of 19.8% [3] Financial Performance - In Q3 2025, Carnival Corp reported adjusted EPS of $1.43 and revenue of $8.15 billion, exceeding expectations, yet shares fell nearly 4% on Sept. 29 due to projected cruise costs rising 3.3% for the year and potential impacts from increased investments in 2026 [4] - For the fiscal year ending in November 2025, analysts expect CCL's adjusted EPS to increase by 52.8% year-over-year to $2.17, with a strong earnings surprise history [5] Analyst Ratings and Price Targets - Among 25 analysts covering CCL, the consensus rating is a "Strong Buy," with 19 "Strong Buy" ratings, one "Moderate Buy," and five "Holds" [5] - Citi raised its price target on Carnival to $38, maintaining a "Buy" rating, with a mean price target of $35.43 indicating a 27.2% premium to the current price, and a Street-high price target of $43 suggesting a potential upside of 54.3% [6]

Core Viewpoint - Carnival Corporation & plc is a leading player in the global cruise industry, demonstrating strong financial performance with a record revenue and consistent earnings growth [1][3][5] Financial Performance - Carnival reported earnings of $1.43 per share, exceeding the Zacks Consensus estimate of $1.32 by $0.11 [2][6] - The company's revenue for the third quarter reached a record $8.2 billion, an increase of over $250 million from the previous year [3][6] - Carnival is expected to grow its earnings by 47.9% this year, marking its 12th consecutive quarter of beating earnings expectations [5] Market Position - The stock is currently trading at $29.06, reflecting a slight increase from the previous session, with a market capitalization of approximately $38 billion [4] - Carnival's stock has fluctuated between a high of $32.80 and a low of $15.07 over the past year [4] - Analysts have set a price target of $40 for CCL, indicating a potential upside of about 38.1% from its trading price [2] Valuation - Carnival is considered undervalued with a forward price-to-earnings ratio of 13.7 [3][6]

Core Insights - The owner of Carnival Cruise Line, Princess Cruises, and Holland America is planning a new marketing campaign ahead of the industry's competitive "wave season" [1] Group 1 - The campaign aims to attract more customers during a peak booking period for the cruise industry [1]

Core Viewpoint - Carnival Corporation & plc has successfully arranged a new $4.5 billion multi-currency revolving credit facility, enhancing its liquidity and supporting debt reduction efforts [1][2]. Group 1: Financial Arrangement - The new revolving credit facility matures in June 2030 and replaces the existing facility of Carnival Holdings (Bermuda) II Limited [1]. - The facility includes an accordion feature, allowing for up to $1.0 billion of additional revolving commitments, representing a 50 percent increase in available liquidity [1][2]. Group 2: Management Commentary - The Chief Financial Officer, David Bernstein, emphasized that the increase in the revolver reflects confidence in the company's performance and is a milestone in rebuilding its financial strength [2]. - Bernstein noted that the New Revolver is a testament to the company's ongoing business improvement and strong banking relationships [2]. Group 3: Security and Structure - The New Revolver will be unsecured and guaranteed on an unsecured basis by the same subsidiaries that guarantee the company's senior secured term loan facilities [3]. - Carnival Corporation and Carnival plc are entering into the New Revolver with a global syndicate of financial institutions, with JPMorgan Chase Bank, N.A. acting as the administrative agent [3]. Group 4: Company Overview - Carnival Corporation & plc is the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of world-class cruise lines [4].

Core Insights - Carnival Corporation & plc (CCL) is shifting towards high-impact marketing strategies to enhance bookings due to limited capacity growth, with no new ship deliveries in 2026 and only three scheduled over the next four years [1][8] Marketing Strategies - In Q1 fiscal 2025, Carnival executed extensive marketing campaigns during Wave season, leveraging cultural events like the Oscars and Super Bowl, featuring brand ambassadors and generating over 5 billion media impressions [2] - Costa Cruises and AIDA Cruises also engaged in promotional activities, with Costa enhancing its visibility through a live performance during the Sanremo Music Festival and AIDA revamping onboard experiences [2] Financial Performance - Carnival reported historically high pricing across all core programs, with over 80% of 2025 capacity booked by the end of Q1 fiscal 2025, and record booking volumes for 2026 [3][8] - The strong marketing execution contributed to a 7.3% year-over-year increase in net yields during the fiscal first quarter [3][8] Competitive Landscape - Royal Caribbean Group (RCL) is focusing on customer loyalty through app adoption and personalization, achieving record demand for new ships and the best Wave season in company history [5] - Norwegian Cruise Line Holdings Ltd. (NCLH) is adopting a targeted approach with experiential upgrades and significant enhancements to its offerings, aiming for brand differentiation and premium pricing [6] Stock Performance and Valuation - CCL shares have increased by 26.7% over the past three months, outperforming the industry growth of 12.7% [7] - CCL trades at a forward price-to-earnings ratio of 12.24X, below the industry average of 18.57X [10] Earnings Estimates - The Zacks Consensus Estimate for CCL's fiscal 2025 and 2026 earnings indicates a year-over-year increase of 30.3% and 12.8%, respectively [11] - Current EPS estimates for fiscal 2025 are 1.85, with a year-over-year growth estimate of 30.28% [12]

Core Insights - Wyndham Travel Bundles allows travelers to customize their entire vacation experience, including flights, hotel stays, rental cars, excursions, and post-cruise getaways, all in one platform [1][6] - The partnership with Carnival Cruise Line enhances the travel experience by allowing members to earn Wyndham Rewards points on cruise bundle reservations, as well as on airfare and car rentals [2][3] Wyndham Travel Bundles - Members earn one Wyndham Rewards point per dollar spent on cruise bundle reservations, with additional points for airfare, car rentals, and hotel stays, including up to 10 points per dollar on qualifying hotel stays [3] - The platform was developed in collaboration with Snowstorm Technologies, and requires that cruise bundles include at least one night at a Wyndham hotel [6] Carnival Cruise Line - Carnival Cruise Line is recognized as the world's most popular cruise line, known for its extensive reach and variety of cruise options, including new exclusive destinations like Celebration Key [2][10] - The company operates a fleet of 27 ships and is set to expand with seven new ships by 2033, reflecting ongoing growth in the cruise industry [10] Wyndham Rewards Program - Wyndham Rewards is the largest hotel rewards program, with approximately 114 million members globally, offering generous point redemption options starting at 7,500 points for free nights [7] - Members can earn guaranteed points with every qualified stay, enhancing the overall value of the Wyndham Travel Bundles [7]