$CCL Reports Earnings: Revenue Up 5.3%, P/E at 10x
Carnival Corporation reported earnings on Sept 29, 2026. Revenue grew 5.3% year over year. ACCE score sits at 54/100 with a 6-model fair value of $26.44.
CCL reported its most recent quarterly earnings on September 29, 2026. Revenue grew 5.3% year over year, continuing a recovery trend in cruise demand. We do not have verified EPS figures for this period, so we are not publishing an earnings-per-share comparison. For the latest figures, visit the live stock page at acceinvestments.com/stocks/CCL. We also have no guidance commentary from management to share at this time.
The stock closed at $22.14 on September 28, 2026, giving Carnival a market cap of $30.47B. The trailing P/E sits at 10.0x, with the forward P/E tighter at 8.4x, suggesting the market expects earnings to improve from here.
What it means
The valuation picture is the most striking part of this update. Our 6-model fair value estimate comes to $26.44, which is 19.4% above the current price. That gap, combined with a Value score of 96 out of 100, puts CCL firmly in the cheap-on-fundamentals camp.
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The underlying business metrics support that read. Return on equity is 26.7%, net margin is 11.2%, and free cash flow yield is 8.6%. Those are not the numbers of a company in distress. Earnings quality is flagged as mixed, which is worth watching, but the cash generation is real.
The weak spots are harder to ignore. The ACCE score of 54 out of 100 reflects a lopsided profile: Growth scores just 28 and Momentum just 25. The stock is down 27.7% over the past year, and that price action is baked into the momentum reading. Analyst consensus sits at a $33.99 target, well above both the current price and our own fair value estimate, though analyst targets tend to lag price moves in both directions.
The 1.4% dividend yield adds a small income component, but it is not the reason to look at this name.
The core tension with CCL right now is straightforward: the valuation metrics are compelling, the cash flow is solid, but the stock has been falling and the growth engine is running slowly. Whether the 5.3% revenue growth is enough to shift momentum is the question the market is still answering.
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