Cruise line operator Carnival Corporation (CCL  ) looks to show investors that things are not as bad as feared when the company reports third-quarter financial results Tuesday before market open.

Here are the earnings estimates, what analysts are saying, and key items to watch.

Carnival Q3 Earnings Estimates

Analysts expect Carnival to report third-quarter revenue of $8.30 billion, up from $8.15 billion in last year's third quarter, according to data from Benzinga Pro.

The company missed revenue estimates from analysts in the most recent second quarter, while beating estimates in seven of the last 10 quarters overall. The third quarter is typically the highest for Carnival's revenue.

Analysts expect Carnival to report third-quarter earnings per share of $1.36, down from $1.43 in last year's third quarter.

The company has beaten analyst estimates for earnings per share in 15 straight quarters.

What Analysts are Saying

Analysts have been lowering their price targets on Carnival stock ahead of the earnings report.

Bank of America Securities analyst Andrew Didora warned of higher oil prices and their impact on Carnival, with the company being the only major cruise line that doesn't hedge its fuel prices.

Didora said this leaves Carnival "uniquely exposed to higher fuel prices."

The analyst lowered the price target on Carnival from $42 to $38, while reiterating a Buy rating.

Didora said the higher oil prices could impact Carnival's fourth quarter more than its third, which could put an emphasis on guidance Tuesday.

Here are other recent analyst ratings on Carnival stock and their price targets:

• JPMorgan: Maintained Overweight rating, lowered price target from $43 to $39
• Susquehanna: Maintained Positive rating, lowered price target from $33 to $28
• TD Cowen: Maintained Buy rating, lowered price target from $34 to $32
• Goldman Sachs: Maintained Buy rating, lowered price target from $35 to $30

Higher fuel prices are likely to be a key topic and could end up sinking the stock, which currently trades near 16-month lows.

The company's second-quarter results were overshadowed by guidance, which could happen again, with future guidance potentially hurt even more by rising oil costs.

In the second quarter, Carnival saw revenue up 5.3% year-over-year and highlighted strong passenger ticket revenue and overall strong demand. The company was 93% booked for 2026 at the time.

Ultimately, investors and analysts will be looking at financial results, customer deposits, demand, pricing and company commentary on future guidance and what higher oil prices mean.

Strong bookings and record customer deposits weren't enough to carry the stock after second-quarter results and may not be enough again on Tuesday.

Carnival Stock Price Action

Carnival stock is down 0.1% to $22.22 on Monday versus a 52-week trading range of $21.45 to $34.03. Carnival stock is down 28% year-to-date in 2026.