[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q3 2025 Performance Highlights](index=1&type=section&id=1.1.%20Q3%202025%20Performance%20Highlights) Carnival achieved record Q3 2025 financial results, with $1.9 billion net income and $8.2 billion revenues | Metric | Q3 2025 Value | YoY Change | | :----- | :------------ | :--------- | | Net Income | $1.9 billion | +$116 million (vs 2024) | | Adjusted Net Income | $2.0 billion | N/A | | Revenues | $8.2 billion | +$250 million (vs prior year) | | Net Yields (constant currency) | N/A | +4.6% (vs 2024) | | Adjusted EBITDA | $3.0 billion | N/A | | Adjusted ROIC (trailing 12-months) | 13% | N/A | [Strategic & Operational Achievements](index=1&type=section&id=1.2.%20Strategic%20%26%20Operational%20Achievements) The company launched Celebration Key and strengthened its balance sheet via significant debt refinancing - Successfully opened Celebration Key, a new exclusive destination, receiving rave guest reviews and overwhelming media coverage[4](index=4&type=chunk) - Refinanced **$4.5 billion** of debt and prepaid an additional **$0.7 billion** during the quarter, simplifying the capital structure[7](index=7&type=chunk) [Updated Outlook & Guidance](index=1&type=section&id=1.3.%20Updated%20Outlook%20%26%20Guidance) Carnival raised full-year 2025 adjusted net income guidance by nearly 55% and maintains strong 2026 bookings - Raised full year 2025 adjusted net income guidance for the third quarter in a row, now expected to be up nearly **55 percent year over year**[7](index=7&type=chunk) - Cumulative advanced booked position for 2026 remains strong, in line with 2025 record levels and at historical high prices (in constant currency)[7](index=7&type=chunk) [Third Quarter 2025 Detailed Results](index=1&type=section&id=Third%20Quarter%202025%20Results) [Financial Performance](index=1&type=section&id=2.1.%20Financial%20Performance) Carnival reported record Q3 2025 financial metrics, including net income, adjusted EBITDA, and 4.6% net yield growth | Metric | Q3 2025 | Q3 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Income | $1.9 billion | $1.735 billion | +$116 million | | Adjusted Net Income | $2.0 billion | $1.751 billion | N/A | | Adjusted EBITDA | $3.0 billion | $2.822 billion | N/A | | Revenues | $8.2 billion | $7.896 billion | +$250 million | | Gross Margin Yields | 6.4% higher than 2024 | N/A | N/A | | Net Yields (constant currency) | 4.6% higher than 2024 | N/A | N/A | [Operational Metrics](index=1&type=section&id=2.2.%20Operational%20Metrics) Cruise costs per ALBD increased, but adjusted cruise costs excluding fuel per ALBD improved better than guidance | Metric | Q3 2025 | Q3 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Cruise Costs per ALBD | +4.6% (vs 2024) | N/A | N/A | | Adjusted Cruise Costs excl. Fuel per ALBD (constant currency) | +5.5% (vs 2024) | N/A | N/A | | Fuel Consumption per ALBD | -5.2% (vs prior year) | N/A | N/A | | Customer Deposits | $7.1 billion | $6.425 billion (Nov 30, 2024) | N/A | [Booking Trends](index=2&type=section&id=2.3.%20Booking%20Trends) Booking trends strengthened since May, with higher volumes outpacing capacity growth and strong 2026/2027 positions - Booking trends have continued to strengthen since May, with higher booking volumes than last year and far outpacing capacity growth[9](index=9&type=chunk) - Nearly half of 2026 is booked, in line with 2025 record levels (at the same time last year) but at **historical high prices** (in constant currency) for both North America and Europe segments[9](index=9&type=chunk) - 2027 is already off to a great start, achieving **record booking volumes** during the third quarter[9](index=9&type=chunk) [Financial Management & Capital Structure](index=2&type=section&id=Financing) [Debt Refinancing and Reduction](index=2&type=section&id=3.1.%20Debt%20Refinancing%20and%20Reduction) Carnival aggressively refinanced over $11 billion of debt and prepaid another $1 billion, simplifying its capital structure - Opportunistically refinanced over **$11 billion** of debt and prepaid another **$1 billion** this year[10](index=10&type=chunk) - Issued two senior unsecured notes: **$1.2 billion** at **4.125%** due 2031 and **$3.0 billion** at **5.75%** due 2032, and entered into a **$400 million** loan, using proceeds to repay over **$5 billion** of debt[10](index=10&type=chunk) - Reduced secured debt by nearly **$2.5 billion** during the quarter[10](index=10&type=chunk) [Credit Rating Update](index=2&type=section&id=3.2.%20Credit%20Rating%20Update) Moody's upgraded the company's credit rating and maintained a positive outlook, reflecting improved leverage and momentum - Moody's upgraded the company's credit rating and maintained a positive outlook, reflecting improved leverage metrics and strong momentum[11](index=11&type=chunk) [Balance Sheet and Cash Flow Summary](index=2&type=section&id=3.3.%20Balance%20Sheet%20and%20Cash%20Flow%20Summary) The company ended the quarter with $26.5 billion in total debt and a significantly improved net debt to adjusted EBITDA ratio | Metric (in millions) | August 31, 2025 | August 31, 2024 | November 30, 2024 | | :----- | :-------------- | :-------------- | :---------------- | | Total Debt | $26.5 billion | N/A | $27.475 billion | | Net Debt to Adjusted EBITDA Ratio | 3.6x | 4.7x | N/A | | Customer Deposits | $7.1 billion | N/A | $6.779 billion | | Liquidity | $6.263 billion | N/A | $4.155 billion | | Cash from Operations (9 months) | $4.7 billion | $5.012 billion | N/A | | Capital Expenditures (9 months) | $2.105 billion | $4.034 billion | N/A | [Recent Operational Highlights](index=2&type=section&id=Other%20Recent%20Highlights) [New Destinations and Fleet Additions](index=2&type=section&id=4.1.%20New%20Destinations%20and%20Fleet%20Additions) Carnival launched Celebration Key, its new exclusive destination, and Princess Cruises welcomed the Star Princess - Successfully opened Celebration Key, the company's new exclusive destination on Grand Bahama Island, featuring the largest freshwater lagoon in the Caribbean and the world's largest swim-up bar[13](index=13&type=chunk) - Carnival Cruise Line hosted nearly **half a million guests** at Celebration Key since its opening in July[13](index=13&type=chunk) - Princess Cruises welcomed Star Princess, sister to the successful Sun Princess, which was previously awarded Condé Nast Traveler's 2024 Mega Ship of the year[13](index=13&type=chunk) [Brand Recognition and Sustainability](index=4&type=section&id=4.2.%20Brand%20Recognition%20and%20Sustainability) Holland America Line received multiple awards, Cunard launched a new campaign, and Carnival released its sustainability report - Holland America Line was recognized as both the **Best Large Ship Ocean Cruise Line** and **Best Mid-Sized Ship Ocean Cruise Line** in Travel + Leisure's 2025 World's Best Awards[14](index=14&type=chunk) - Cunard launched its new campaign, 'Why cruise when you can Cunard,' inviting guests to experience its iconic blend of style, elegance, and uncompromising luxury[14](index=14&type=chunk) - Named by Forbes as one of America's **Best Employers for Women** and one of the **Best-in-State Employers for Florida** in 2025[14](index=14&type=chunk) - Released its **15th annual sustainability report**, 'Doing Business Responsibly from Ship to Shore,' detailing continued progress towards sustainability goals[14](index=14&type=chunk) [Outlook and Guidance](index=2&type=section&id=Guidance) [Full Year 2025 Guidance](index=2&type=section&id=5.1.%20Full%20Year%202025%20Guidance) For full year 2025, Carnival expects significant improvements in net yields and adjusted net income, with adjusted EBITDA projected at $7.05 billion | Metric | Full Year 2025 Outlook | YoY Change (vs 2024) | | :----- | :--------------------- | :------------------- | | Net Yields (constant currency) | Approx. 5.3% | +0.3 percentage points better than June guidance | | Adjusted Cruise Costs excl. Fuel per ALBD (constant currency) | Approx. 3.3% | Better than June guidance | | Adjusted Net Income | Approx. $2,925 million | Up nearly 55% | | Adjusted EBITDA | Approx. $7.05 billion | Up 15% | | Adjusted EPS - diluted | Approx. $2.14 | N/A | [Fourth Quarter 2025 Guidance](index=2&type=section&id=5.2.%20Fourth%20Quarter%202025%20Guidance) For Q4 2025, the company forecasts net yields (constant currency) to be up approximately 4.3% and adjusted net income to increase by over 60% | Metric | 4Q 2025 Outlook | YoY Change (vs 4Q 2024) | | :----- | :-------------- | :---------------------- | | Net Yields (constant currency) | Approx. 4.3% | N/A | | Adjusted Net Income | Approx. $300 million | Up over 60% | | Adjusted EBITDA | Approx. $1.34 billion | N/A | | Adjusted EPS - diluted | Approx. $0.23 | N/A | [Capital Expenditures](index=5&type=section&id=5.3.%20Capital%20Expenditures) Newbuild capital expenditures for Q4 2025 are projected at $1.0 billion, with an additional $0.7 billion for non-newbuilds | Category | 4Q 2025 Capital Expenditures | | :------- | :--------------------------- | | Newbuild | $1.0 billion | | Non-newbuild | $0.7 billion | [Company Overview](index=6&type=section&id=Company%20Information) [About Carnival Corporation & plc](index=6&type=section&id=6.1.%20About%20Carnival%20Corporation%20%26%20plc) Carnival Corporation & plc is the largest global cruise company, operating a portfolio of world-class cruise lines - Carnival Corporation & plc is the largest global cruise company, with a portfolio of world-class cruise lines[19](index=19&type=chunk) - Portfolio includes AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn[19](index=19&type=chunk) [Conference Call and Contacts](index=6&type=section&id=6.2.%20Conference%20Call%20and%20Contacts) The company scheduled a conference call to discuss earnings, with additional information available on its website - A conference call with analysts was scheduled for September 29, 2025, at 10:00 a.m. EDT to discuss the earnings release[18](index=18&type=chunk) - Additional information, including the earnings presentation and debt maturities schedule, is available on www.carnivalcorp.com and www.carnivalplc.com[18](index=18&type=chunk) [Cautionary Note Concerning Factors That May Affect Future Results](index=7&type=section&id=Cautionary%20Note%20Concerning%20Factors%20That%20May%20Affect%20Future%20Results) [Forward-Looking Statements](index=7&type=section&id=7.1.%20Forward-Looking%20Statements) The document contains forward-looking statements involving risks and uncertainties regarding future results, operations, and financial position - The document contains 'forward-looking statements' involving risks, uncertainties, and assumptions concerning future results, operations, strategy, outlooks, plans, goals, reputation, cash flows, and liquidity[21](index=21&type=chunk) - These statements are based on current expectations, estimates, forecasts, and projections about the business and industry, and are intended to qualify for safe harbors from liability[21](index=21&type=chunk) [Key Risk Factors](index=7&type=section&id=7.2.%20Key%20Risk%20Factors) Various factors could cause actual results to differ materially, including global events, incidents, regulations, and debt levels - Events and conditions around the world, including geopolitical uncertainty, war, pandemics, inflation, higher fuel prices, and higher interest rates, could lead to a decline in demand for cruises and negatively impact financial condition[24](index=24&type=chunk) - Risks include incidents concerning ships/guests, non-compliance with laws/regulations, factors associated with climate change, cybersecurity incidents, loss of key team members, increases in fuel prices, reliance on suppliers, fluctuations in foreign currency exchange rates, overcapacity/competition, and the company's debt levels[24](index=24&type=chunk)[28](index=28&type=chunk) [Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Income (Loss)](index=9&type=section&id=8.1.%20Consolidated%20Statements%20of%20Income%20(Loss)) The consolidated statements of income show total revenues of $8,153 million for Q3 2025 and $20,292 million for the nine months ended August 31, 2025 | Metric (in millions) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total Revenues | $8,153 | $7,896 | $20,292 | $19,083 | | Operating Income | $2,271 | $2,178 | $3,748 | $3,013 | | Income Before Income Taxes | $1,857 | $1,743 | $2,368 | $1,626 | | Net Income (Loss) | $1,852 | $1,735 | $2,338 | $1,613 | | Diluted EPS | $1.33 | $1.26 | $1.71 | $1.21 | [Consolidated Balance Sheets](index=10&type=section&id=8.2.%20Consolidated%20Balance%20Sheets) As of August 31, 2025, total assets were $50,831 million, with total liabilities of $38,903 million and equity of $11,928 million | Metric (in millions) | August 31, 2025 | November 30, 2024 | | :------------------- | :-------------- | :---------------- | | Total Assets | $50,831 | $49,057 | | Cash and cash equivalents | $1,763 | $1,210 | | Property and Equipment, Net | $42,889 | $41,795 | | Total Current Liabilities | $11,436 | $11,617 | | Long-Term Debt | $25,064 | $25,936 | | Total Shareholders' Equity | $11,928 | $9,251 | [Other Balance Sheet and Statistical Information](index=11&type=section&id=8.3.%20Other%20Balance%20Sheet%20and%20Statistical%20Information) The company reported $6,263 million in liquidity, $26,481 million in total debt, and record customer deposits of $7,146 million | Metric (in millions) | August 31, 2025 | November 30, 2024 | | :------------------- | :-------------- | :---------------- | | Liquidity | $6,263 | $4,155 | | Debt (current and long-term) | $26,481 | $27,475 | | Customer deposits | $7,146 | $6,779 | | Statistical Metric | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :----------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Passenger cruise days (PCDs) | 27.5 | 28.1 | 77.1 | 76.0 | | ALBDs | 24.6 | 25.2 | 72.3 | 71.7 | | Occupancy percentage | 112% | 112% | 107% | 106% | | Passengers carried | 3.8 | 3.9 | 10.3 | 10.3 | | Fuel consumption (metric tons) | 0.7 | 0.7 | 2.1 | 2.2 | | Fuel cost per metric ton (excl. EUA) | $607 | $670 | $621 | $680 | [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=12&type=section&id=9.1.%20Reconciliation%20of%20Non-GAAP%20Measures) The report reconciles non-GAAP measures like adjusted net income, adjusted EBITDA, and net yields to comparable U.S. GAAP measures | Metric (in millions, except per share) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :----------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net income (loss) | $1,852 | $1,735 | $2,338 | $1,613 | | Adjusted net income (loss) | $1,982 | $1,751 | $2,625 | $1,705 | | Adjusted EBITDA | $2,993 | $2,822 | $5,706 | $4,890 | | Diluted EPS | $1.33 | $1.26 | $1.71 | $1.21 | | Adjusted earnings per share - diluted | $1.43 | $1.27 | $1.91 | $1.27 | | Metric (per ALBD) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2025 (Constant Currency) | Three Months Ended Aug 31, 2024 | | :---------------- | :------------------------------ | :-------------------------------------------------- | :------------------------------ | | Gross margin yields | $124.20 | N/A | $116.77 | | Net yields | $249.11 | $244.51 | $233.87 | | Adjusted cruise costs excluding fuel per ALBD | $111.96 | $109.65 | $103.97 | [Explanation of Non-GAAP Measures](index=15&type=section&id=9.2.%20Explanation%20of%20Non-GAAP%20Measures) Non-GAAP measures provide insights into core operating performance, leverage, and cost control by excluding certain non-core items - Adjusted net income (loss) and adjusted earnings per share exclude certain gains, losses, and expenses not considered part of core operating business to provide insight into future earnings performance[44](index=44&type=chunk) - Adjusted EBITDA, adjusted EBITDA per ALBD, and adjusted EBITDA margin provide information on core operating profitability by excluding non-core items, interest, taxes, depreciation, and amortization[45](index=45&type=chunk) - Net yields measure cruise segment performance on a per ALBD basis, using adjusted gross margin to reflect revenues net of significant variable costs[47](index=47&type=chunk) - Adjusted cruise costs per ALBD and excluding fuel per ALBD help monitor cost performance by separating capacity changes and excluding fuel expense[48](index=48&type=chunk)[49](index=49&type=chunk) [Constant Currency Reporting](index=16&type=section&id=9.3.%20Constant%20Currency%20Reporting) Constant currency reporting removes exchange rate impacts to facilitate a comparative view of business changes amidst fluctuations - Constant currency reporting removes the impact of changes in exchange rates on the translation of operations and transactional impacts from revenues and expenses denominated in a currency other than the functional currency[53](index=53&type=chunk) - This method facilitates a comparative view for changes in the business in an environment with fluctuating exchange rates, applied to metrics like adjusted gross margin, net yields, and adjusted cruise costs excluding fuel[54](index=54&type=chunk) - The company does not provide a reconciliation of forecasted non-GAAP financial measures to GAAP due to the unreasonable effort required to predict future foreign exchange rates, fuel prices, and non-core gains/losses[51](index=51&type=chunk)

Core Insights - Carnival Corporation & plc reported record financial results for Q3 2025, achieving an all-time high net income of $1.9 billion and adjusted net income of $2.0 billion, marking a nearly 55% year-over-year increase [10][11][12] - The company raised its full-year 2025 adjusted net income guidance for the third consecutive quarter, driven by improved net yields and effective cost management [10][12] - Strong demand and onboard spending contributed to a 4.6% improvement in net yields on a constant currency basis [2][10] Financial Performance - Total revenues for Q3 2025 reached $8.2 billion, up over $250 million compared to the prior year, marking the tenth consecutive quarter of record revenues [10][11] - Adjusted EBITDA for the quarter was approximately $3.0 billion, with adjusted net income of $2.0 billion, surpassing previous records set in 2019 [11][12] - The company achieved a gross margin yield increase of 6.4% compared to 2024, with all-time high net yields outperforming June guidance by 1.1 points [11][12] Booking Trends - Booking trends have strengthened since May, with higher booking volumes than last year, significantly outpacing capacity growth [8] - Nearly half of 2026 is already booked at historical high prices in constant currency for both North America and Europe segments, indicating a strong base for future business [8][10] Capital Structure and Debt Management - The company has successfully refinanced over $11 billion of debt this year and prepaid an additional $1 billion, aiming to reach investment-grade leverage metrics [9][10] - During the quarter, Carnival reduced secured debt by nearly $2.5 billion and issued two senior unsecured notes totaling $4.2 billion [9][10] Operational Highlights - The new exclusive destination, Celebration Key, received positive reviews and is expected to attract more first-time cruisers [4][18] - The company continues to focus on increasing same-ship net yields and closing the price-to-value gap with land-based vacation alternatives [5][10] Future Outlook - For Q4 2025, the company expects net yields to increase approximately 6.4% year-over-year, with adjusted cruise costs excluding fuel per ALBD expected to rise approximately 5.5% [16] - The company aims to drive its net debt to adjusted EBITDA ratio to under 3x as part of its financial strength strategy [9][14]

Core Insights - Archer Roose Wines has partnered with Princess Cruises to become the first official canned wine partner, offering a selection of wines on all voyages starting September 2025 [1][3] - The partnership aims to enhance the cruising experience by providing high-quality, sustainable wine options to guests [3][4] Company Overview - Archer Roose Wines is recognized as one of the fastest-growing wine brands in the U.S., specializing in luxury canned wines sourced from esteemed winemakers globally [4] - The brand emphasizes low-intervention winemaking practices, producing vegan, gluten-free wines with no added sugar or unnecessary additives [4] Product Offering - The wines available on Princess Cruises include Bubbly, Pinot Noir, Rosé, and Sauvignon Blanc, designed to be enjoyed in various settings onboard [1][2] - Archer Roose Wines has received multiple awards, including recognition as the most awarded brand at the California-hosted International Canned Wine Competition [4] Marketing Strategy - A promotional video featuring Elizabeth Banks, the brand's Chief Creative Officer, will highlight the partnership and its appeal to modern cruisers [2][3] - The marketing campaign will be distributed across social media platforms, Princess Cruises' YouTube channel, and in-stateroom video on demand [2]

Group 1 - Costco Wholesale Corporation is highlighted as a significant retail player with earnings report scheduled after market close on Thursday [1] - Nike Inc. is set to report its earnings after market close next Tuesday [1] - Several IT services companies, including Accenture plc Class A (Ireland), will report earnings on Thursday morning [1] Group 2 - Leisure companies Carnival Corporation and Carnival Plc ADS are scheduled to report pre-market next Monday [1]

Group 1 - Major consumer and tech companies are set to report earnings in the upcoming week, with Costco Wholesale Corporation reporting on Thursday after market close and Accenture plc Class A (Ireland) before market open [1] - Micron Technology Inc. will kick off the earnings reports on Tuesday after market close, while Nike Inc. will conclude the reporting next Tuesday after market close [1] - Carnival Corporation and Carnival Plc ADS will report pre-market next Monday, amidst a moderately dense earnings schedule [1]

Core Viewpoint - Carnival Corp. has shown significant recovery, with a 216% increase over the past three years, but remains 57% below its all-time highs from 2018 due to a substantial debt of $27 billion [1][4]. Group 1: Financial Performance - The company has been actively paying down its debt and refinancing at lower rates, including a prepayment of $350 million of high-rate notes and refinancing $7 billion year-to-date, resulting in substantial interest savings [5]. - Carnival's stock price has remained stable following recent Federal Reserve rate cuts, indicating investor anticipation for upcoming management commentary [6]. Group 2: Market Conditions - Lower interest rates have positively impacted Carnival's stock performance, alleviating some investor concerns regarding high debt levels and potential demand slowdown [4]. - Upcoming earnings release on September 29 is expected to provide insights into further debt reduction and refinancing efforts, which could influence stock movement [6].

Group 1 - Major market movers include Micron Technology Inc. after the close on Tuesday [1] - Accenture plc Class A (Ireland) is set to report pre-market [1] - Costco Wholesale Corporation will report after the close on Thursday, noted for having the highest earnings density [1] Group 2 - Next Monday will focus on the leisure sector, with Carnival Corporation and Carnival Plc ADS reporting pre-market [1]

Core Viewpoint - Both Carnival and Chewy are experiencing revenue growth and present strong long-term investment opportunities in the consumer goods sector [1][2]. Group 1: Carnival - Carnival, the largest cruise operator, faced significant challenges during the pandemic, leading to a substantial increase in debt [4]. - The company has made progress by replacing older ships with fuel-efficient vessels, enhancing onboard spending strategies, and focusing on debt repayment, particularly variable-rate borrowings [4]. - Recent financial performance includes record revenue of $6.3 billion and customer deposits reaching $8.5 billion, with advanced bookings for next year matching record levels at higher fares [5]. - Carnival has exceeded financial targets in its turnaround plan, achieving the highest adjusted return on invested capital in over 20 years [6]. - Lower interest rates are expected to facilitate debt repayment and encourage consumer spending on cruises [7]. Group 2: Chewy - Chewy is a leading e-commerce platform for pet supplies, with a loyal customer base supported by its Autoship service, which accounts for 83% of overall sales [8]. - The company reported a sales increase of over 8% to $3.1 billion, with Autoship sales climbing 15% [9]. - Chewy has diversified its revenue by opening veterinary clinics, allowing it to introduce e-commerce services to new customers [10]. - The company maintains a strong financial position with no debt and over $590 million in cash [11]. - Chewy's loyal customer base, as evidenced by Autoship metrics, positions it well for long-term success despite competition [11]. Group 3: Investment Comparison - Both Carnival and Chewy are considered reasonably priced, with Carnival trading at 15 times forward earnings estimates and Chewy at 29 times [12]. - The high debt level of Carnival poses a risk, while Chewy's debt-free status is viewed favorably [14][15]. - If only one stock could be chosen, Chewy is preferred due to its lack of debt and strong customer loyalty [15].

Core Insights - Princess Cruises has promoted Carmen Roig to Senior Vice President of Sales, enhancing her leadership role in driving consumer demand through trade relationships [1][2][3] Company Overview - Carmen Roig joined Princess Cruises in 2022 as Vice President of Sales and has successfully led various sales initiatives across North America, Europe, and South America [2][3] - Roig has introduced innovative programs for travel advisors, improved earning opportunities through new promotional platforms, and strengthened trade partnerships [2][3] Leadership Impact - Jim Berra, Chief Commercial Officer of Princess Cruises, highlighted Roig's exceptional team-building and sales strategy advancements, emphasizing her significant contributions to the company's growth [3] - Roig has over 40 years of experience in the cruise industry, having held key positions at Crystal Cruises, Azamara Club Cruises, and Costa Cruises, and began her career at Carnival Cruise Line in 1981 [3] Future Outlook - In her new role, Roig aims to further elevate Princess Cruises' market presence by delivering innovative tools and unforgettable cruise experiences for guests [4]

Core Insights - Princess Cruises has announced its 2027 Canada & New England season, featuring 17 scheduled voyages from August 21 to October 30, 2027, with Regal Princess and Caribbean Princess as the main vessels [1][2]. Group 1: Season Details - The 2027 season will include two ships: Regal Princess, accommodating 3,560 guests, and Caribbean Princess, with a capacity of 3,140 guests [4]. - The itineraries will range from 7 to 13 days, visiting 13 destinations across 10 states and provinces, including six UNESCO World Heritage Sites and four late-night stays [4]. - Regal Princess will offer 7-day roundtrip cruises from New York, featuring popular ports like Boston, Saint John, Newport, and Halifax [4]. - Caribbean Princess will operate 10- and 11-day sailings between Boston and Quebec City, with overnight stays in Quebec and scenic cruising through the Saguenay Fjord and St. Lawrence River [4]. Group 2: Unique Experiences - The season will highlight the Bay of Fundy, known for having the world's highest tides of 53 feet [4]. - Guests can opt for two in-depth cruisetours: the Historic America Cruisetour, which includes visits to Washington D.C., Monticello, Colonial Williamsburg, Independence Hall, and Gettysburg Battlefield, and the Maple Explorer Cruisetour, featuring Niagara Falls, Ottawa, and Montreal [5]. - The itineraries will showcase the vibrant fall foliage along the New England coastline, with opportunities to explore charming towns like Charlottetown and Halifax [5]. Group 3: Cultural and Culinary Highlights - The cruises will provide historical insights, allowing guests to walk Boston's Freedom Trail and explore significant sites in American and Canadian history [5]. - Culinary experiences will include New England seafood and Canadian specialties, with themed dining options onboard [5]. - Iconic views will be a highlight, including sailing past the Statue of Liberty and Quebec's Château Frontenac [5]. Group 4: Company Overview - Princess Cruises is recognized as a leading cruise brand, offering a range of experiences across various global destinations, including the Caribbean, Alaska, and Europe [7]. - The company is part of Carnival Corporation & plc, which is publicly traded [7].