What Should Carnival Stock Investors Be Watching Now?

Shares of Carnival Corporation (CCL) rose more than 12% on September 29, 2026, after third-quarter results beat Wall Street estimates. However, the stock has still lost 8.7% over twelve months, trailing behind the S&P 500 and its 17.1% return. A single strong quarter may not have resolved the underlying worry that weighed on the shares since August: one cost that Carnival does not control. Which cost is it, and how much has it weighed on the earnings outlook.