Carnival's (NYSE: CCL) stock plunged nearly 50% over the past 12 months as the cruise line operator's long-awaited post-pandemic recovery was challenged by inflation, its exit from Russia, and other macroeconomic headwinds. Carnival's top-line growth suggests its business is finally stabilizing, but it's also been unprofitable on a generally accepted accounting principles (GAAP) basis since fiscal 2020. That outlook is encouraging, but Royal Caribbean already generated a positive full-year adjusted EBITDA in 2022, and analysts expect it to return to profitability on a GAAP basis this year.