How Much Is Costlier Fuel Hitting Carnival’s Bottom Line?

Carnival Corporation (CCL) stock had fallen about 27% for the year by its September 10 low as oil prices surged. The stock has since recovered part of that fall, closing at $26.13 on October 8, 2026. The cruise operator buys its fuel at the market price. Management defended that choice on its September 29 call, but the strategy leaves a holder exposed to every move in the oil price. How much has costlier fuel already taken from Carnival’s earnings.