Carnival Corp heads into its earnings print as the bellwether for cruise stocks, which have rallied sharply off post-COVID lows. FY revenue of $26.6B represents a solid 6.4% YoY gain, and $2.02 diluted EPS shows the business is generating meaningful profit — but the 10.4% net margin is still thin relative to the debt load the sector carries, leaving little room for demand softness.

The real question is forward guidance: booking cadence, onboard spending trends, and any commentary on consumer health into 2026. A beat-and-raise keeps the rally intact across CCL, RCL, and NCLH; a cautious guide or margin miss could trigger a sector-wide de-rating given elevated valuations and macro sensitivity. Watch the yield-per-passenger metric and fuel cost assumptions closely.