Cruise line leader Carnival Corporation (CCL  ) could provide more clarity on the impact of rising fuel costs for the sector when the company reports first-quarter financial results Friday before market open.

Here are the earnings estimates, analyst ratings and key items to watch.

Carnival Q1 Earnings Estimates

Analysts expect Carnival to report first-quarter revenue of $6.13 billion, up from $5.81 billion in last year's first quarter, according to data from Benzinga Pro.

The company missed revenue estimates in the fourth quarter, but reported a new fourth-quarter record figure.

Carnival has beaten analyst estimates for revenue in eight of the last 10 quarters overall.

Analysts expect Carnival to report first-quarter earnings per share of 18 cents, up from 13 cents per share year-over-year.

The company has beaten analyst estimates for earnings per share in 13 straight quarters.

Carnival Analyst Ratings and Price Targets

As one of the first large travel companies to report since the rising oil prices, Bank of America analyst Andrew Didora said attention could be largely on fuel costs.

The analyst maintained a Buy rating on Carnival stock with a $45 price target ahead of the earnings report.

Outside of fuel costs, Didora said key items to watch include demand and regional pricing. The analyst said demand, particularly in Europe and Alaska, could be supportive of the near-term trends for the cruise company.

After fuel cost volatility in fiscal 2026, Didora sees numbers return to normal in fiscal 2027.

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

• Truist: Maintained Hold rating, lowered price target from $34 to $30
• Barclays: Maintained Overweight rating, lowered price target from $37 to $36
• Susquehanna: Maintained Positive rating, lowered price target from $40 to $30
• Morgan Stanley: Upgraded from Equal-Weight to Overweight, lowered price target from $33 to $31
• Goldman Sachs: Maintained Buy rating, lowered price target from $34 to $30

Rising oil prices put costs and short-term pressure in the spotlight for the company's report and guidance, which could be bad timing for Carnival and the cruise sector.

Carnival reported record fourth quarter revenue, reinstated its dividend and highlighted strong demand back in December.

"The momentum is carrying into 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth and return on invested capital expected to exceed 13.5%, closing in on our 20-year high," Carnival CEO Josh Weinstein said after fourth-quarter results.

Strong initial 2026 guidance helped boost the share price. Since Carnival's earnings report, the company has been volatile due in part to commentary from peers.

Rival Royal Caribbean Group (RCL  ) reported strong fourth-quarter results and provided strong guidance, including saying that "momentum is further accelerating into 2026."

After that report, rival Norwegian Cruise Line Holdings (NCLH  ) reported mixed earnings with revenue missing analyst estimates and the company trimmed its full-year financial outlook, sending cruise line peers like Carnival down.

While things may be different across all three of the major cruise line companies, the stocks can trade highly volatile based on their peers.

Carnival will likely need to provide a strong double beat and strong guidance to excite investors, given the pressure other cruise lines are reporting and the rising fuel costs that could hurt margins going forward.

Carnival Stock Price Action

Carnival stock is up 0.3% to $25.82 on Thursday versus a 52-week trading range of $15.07 to $34.04. Carnival shares are down 16.6% year-to-date in 2026, but remain up around 23% over the last year.

Royal Caribbean stock is down 1.5% year-to-date in 2026 and up 27% over the last year.

Norwegian Cruise stock is down 11.6% year-to-date in 2026 and down 0.4% over the last year.