Earnings Calendar: December 19, 2025 — Key Companies Reporting

Six companies are scheduled to report earnings before market open on Thursday, December 19, 2025, representing a combined market capitalization of over $130 billion. The lineup spans multiple sectors including payroll services, consumer packaged goods, cruise operators, and recreational vehicles, offering investors a diverse snapshot of consumer spending trends and business services demand heading into the holiday season.

The reporting calendar features several heavyweight names with market caps exceeding $30 billion, alongside smaller-cap companies facing distinct operational challenges. Recent news surrounding these companies highlights divergent narratives—from cruise operators navigating concerns about consumer demand to packaged food companies dealing with pricing pressures and volume declines. Collectively, these earnings reports will provide critical insights into the health of the consumer economy and corporate pricing power in the current environment.

Investors will be closely monitoring guidance commentary, particularly around 2026 outlooks, as companies assess whether recent economic resilience can continue into the new year.

Key Earnings to Watch

Paychex, Inc. (PAYX) - $41.15B Market Cap

Earnings Date: December 19, 2025 (Before Market Open)
Expected EPS: $1.24
Expected Revenue: $1.55 billion

Recent Developments:

• On December 18, analysts highlighted PAYX as a beneficiary of AI-driven financial automation trends, positioning the company to capitalize on accounts payable and receivable automation for small and mid-sized businesses (247 Wallst).
• Zacks Investment Research noted on December 17 that second-quarter revenues are expected to jump 18% year-over-year, driven by Management Solutions growth and contributions from the Paycor acquisition.
• The company released its annual list of top regulatory and compliance trends to watch in 2026 on December 15, demonstrating thought leadership in the HCM space (Business Wire).

What to Watch:

• Integration progress and revenue contribution from the Paycor acquisition
• Management Solutions segment growth trajectory
• Commentary on regulatory compliance product demand
• Guidance for fiscal 2026 amid evolving labor market dynamics
• Client retention metrics and new customer additions

Carnival Corporation & plc (CCL, CUK) - $37.06B / $34.56B Market Cap

Earnings Date: December 19, 2025 (Before Market Open)
Expected EPS (CCL): $0.25
Expected Revenue: $6.38 billion

Recent Developments:

• Barron's reported on December 18 that cruise stocks have been "in choppy waters recently" and that Carnival's earnings could set the near-term direction for the entire cruise industry, with Wall Street expressing nervousness about results.
• Benzinga noted the same day that Carnival could ease investor concerns about a consumer slowdown when reporting fourth-quarter results, though the focus will be on demand trends (December 18).
• Zacks Investment Research highlighted that Carnival has "an impressive earnings surprise history" and possesses indicators suggesting another potential beat (December 18).
• Stabilis Solutions announced a multi-year marine bunkering agreement with Carnival Corporation for its proposed Galveston LNG facility on December 18 (Accesswire).

What to Watch:

• Booking trends and forward guidance on consumer demand strength
• Pricing power and yield management effectiveness
• Commentary on potential consumer slowdown concerns
• Occupancy rates and ticket pricing for 2026 voyages
• Cost inflation impacts, particularly fuel costs
• Progress on fleet modernization and capacity additions

Conagra Brands, Inc. (CAG) - $8.51B Market Cap

Earnings Date: December 19, 2025 (Before Market Open)
Expected EPS: $0.44
Expected Revenue: $2.99 billion

Recent Developments:

• On December 18, Seeking Alpha published a piece suggesting Conagra offers a "compelling risk/reward profile" with a 7.9% dividend yield, arguing the market has "overly discounted earnings volatility and operational disruptions."
• The company announced a quarterly dividend payment of $0.35 per share on December 18 (PRNewsWire).
• Contrasting views emerged, with another Seeking Alpha analyst upgrading from "strong sell" to "sell" on December 16, citing persistent volume declines, consumer trading down to private labels, and sticky food inflation as ongoing headwinds.
• Zacks Investment Research previewed Q2 results as showing "a business in recovery mode, with restored service levels, a value-focused strategy and margin pressure from rising costs" (December 16).

What to Watch:

• Volume trends and market share dynamics versus private label
• Pricing strategy effectiveness amid food inflation
• Service level restoration progress following recent disruptions
• Margin performance and cost management initiatives
• Brand portfolio performance and consumer trading patterns
• 2026 guidance commentary on volume recovery potential

Lamb Weston Holdings, Inc. (LW) - $8.27B Market Cap

Earnings Date: December 19, 2025 (Before Market Open)
Expected EPS: $0.67
Expected Revenue: $1.59 billion

Recent Developments:

• Zacks Investment Research noted on December 17 that second-quarter results are "likely to show softer revenues and pricing pressure, partly offset by steady volume growth and benefits from restructuring efforts."
• A Seeking Alpha analyst downgraded shares to Hold on December 16, citing margin pressure from rising input costs and competitive pricing, despite reasonable valuation. The piece also noted that international segment growth was acquisition-driven rather than organic.
• Despite challenges, Zacks highlighted on December 15 that Lamb Weston has "an impressive earnings surprise history" and possesses indicators for a potential beat in the upcoming report.

What to Watch:

• Volume trends in foodservice and retail channels
• Pricing environment and competitive dynamics in frozen potato products
• Input cost inflation impacts, particularly potato costs
• Restructuring benefits realization and cost savings progress
• International expansion strategy and organic growth prospects
• Restaurant industry demand trends and QSR customer health

Winnebago Industries, Inc. (WGO) - $1.14B Market Cap

Earnings Date: December 19, 2025 (Before Market Open)
Expected EPS: $0.12
Expected Revenue: $632 million

Recent Developments:

• The company announced on December 17 that its Board of Directors named John Murabito as chair and declared a quarterly cash dividend (GlobeNewsWire).
• Winnebago celebrated industry recognition across its premium RV brands—Winnebago, Newmar, and Grand Design—on December 15, highlighting quality and innovation achievements (GlobeNewsWire).
• Recent news coverage has been limited, suggesting market attention remains focused on near-term demand challenges in the RV sector.

What to Watch:

• Retail demand trends and dealer inventory levels
• Pricing and promotional activity amid softer RV demand
• Market share performance across different RV segments
• Impact of interest rates on RV financing and consumer affordability
• Backlog levels and production scheduling
• New product launches and brand strength metrics

Full Earnings Calendar

Market Themes

Several common threads emerge across Thursday's earnings reports that deserve investor attention:

Consumer Pressure Points: Multiple companies face questions about consumer health and spending patterns. Carnival is navigating concerns about a potential consumer slowdown in discretionary travel spending, while Conagra is dealing with consumers trading down to private label products. Winnebago operates in the discretionary RV market where higher interest rates have dampened demand. These reports will provide updated reads on whether consumer resilience is holding or showing cracks.

Pricing Power Challenges: Both Conagra and Lamb Weston are confronting pricing pressures in their respective markets. Conagra faces competition from private label alternatives, while Lamb Weston is experiencing competitive pricing dynamics in the frozen potato category. How these companies balance volume retention with margin preservation will be critical.

Restructuring and Recovery Narratives: Several companies are in various stages of operational improvement initiatives. Conagra is working to restore service levels and execute a value-focused strategy, while Lamb Weston is realizing benefits from restructuring efforts. Investors will assess whether these turnaround efforts are gaining traction or facing additional headwinds.

Acquisition Integration: Paychex's Paycor acquisition is a focal point, with significant revenue growth expected from the combination. Successful integration and cross-selling opportunities could drive sustained growth in the payroll and HR services market.

How to Use This Calendar

For investors and traders looking to make informed decisions around these earnings releases, consider the following approaches:

Before the Reports: Review recent news and analyst commentary to understand key debate points for each company. The news summaries above highlight where Wall Street is focused—use these to form your own expectations and identify potential surprises.

During Earnings Calls: Listen for management commentary on guidance, particularly around 2026 outlooks. Conference calls typically begin 30-60 minutes after the press release. Focus on questions about demand trends, pricing power, and margin outlook.

After the Reports: Compare actual results to expectations (consensus estimates), but pay equal attention to forward guidance and management tone. A "beat" on earnings with weak guidance often disappoints, while a "miss" with improving trends can rally shares.

Resources for Analysis: Earnings releases are typically available on company investor relations websites. Transcripts are usually published within 24 hours on platforms like Seeking Alpha. For real-time analysis, financial news outlets like Barron's, Benzinga, and specialized sites provide immediate reaction and expert commentary.

Important Note: This earnings calendar is provided for informational purposes only. It is not a recommendation to buy, sell, or hold any securities. Always conduct your own research and consider your individual financial situation before making investment decisions.

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