Carnival (CCL) Q2 Earnings Drop Tomorrow—Will the Ship Stay Afloat?

Brace for impact: Carnival Corp’s Q2 earnings report hits the wire tomorrow. The cruise giant’s financials are under the microscope—can they navigate choppy economic waters or are investors headed for another iceberg?

Key metrics to watch:

- Revenue trajectory: Post-pandemic recovery or dead in the water?

- Fuel cost turbulence: OPEC+ cuts burning a hole in margins?

- Booking momentum: Are consumers still splurging on "revenge travel" or tightening their life vests?

Wall Street’s betting on smoother sailing—but since when do cruise stocks avoid turbulence? One thing’s certain: if numbers miss, analysts will throw the company overboard faster than you can say "bagholder."

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Carnival’s Q2 FY25 revenue is expected to rise 7.4% year-over-year to $6.21 billion.

Earlier this year, the company impressed investors with its strong Q1 FY25 performance, driven by robust volumes and higher prices. Carnival also raised its full-year earnings outlook, reflecting solid momentum. CCL stock has rallied 48% over the past year, but is down about 5% year-to-date.

Analysts’ Views Ahead of Carnival’s Q2 Earnings

Heading into the results, Goldman Sachs analyst Lizzie Dove slightly reduced the price target for Carnival Corporation stock to $31 from $32 and reiterated a Buy rating. Dove noted the rise in the stock since April and expects Carnival to raise its 2025 net yield outlook. The analyst added that his firm’s HundredX data indicates a recent acceleration in bookings trends for CCL and a rise in searches for Celebration Key opening next month. While the ongoing geopolitical tensions and rise in oil prices add some complexity, Dove expects management’s commentary around 2026 bookings to be in focus, with the analyst finding the Street estimates to be too low.

Meanwhile, Barclays analyst Brandt Montour increased his price target for Carnival stock to $30 from $26 and maintained a Buy rating. The 5-star analyst is looking for a “steady tone” from management regarding the demand and yield outlook. Montour expects the prior concerns related to 2026 bookings and yields to fade.

Options Traders Anticipate a Major Move on Carnival’s Q2 Earnings Report

Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings MOVE is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.

Indeed, it currently says that options traders are expecting about a 7.4% move in either direction in CCL stock in reaction to Q2 FY25 results.

Is Carnival Stock a Good Investment?

With 13 Buys and five Holds, Wall Street has a Moderate Buy consensus rating on Carnival Corporation stock. The average CCL stock price forecast of $28.73 indicates nearly 21% upside potential from current levels.