1 Reason to Buy Carnival Stock (CCL) in October

Carnival Corporation (CCL) posted record Q3 2026 results: $8.4 billion in revenue and $1.9 billion in net income. The report landed alongside a valuation argument that has traders paying attention.

CCL trades at a forward P/E of 8.4, a 50% discount to the S&P 500. That gap is the core of the bull case: if the current run of record results persists, the multiple leaves room for upside. Interpretation: a single-digit forward multiple on record earnings suggests the market is pricing in a slowdown that the latest numbers do not yet show.

Demand held up despite economic concerns, per the report. CEO Josh Weinstein pointed to record booked occupancy and pricing for 2027, which extends the visibility beyond the quarter just reported. Forward bookings at record levels support the idea that revenue momentum is not confined to Q3.

The risk, framed as interpretation: a low multiple reflects skepticism about durability. The stock rerates only if results keep validating the bookings story.