Core Insights - Carnival Corporation reported strong demand for cruising, with yields up over 4.5% in the third quarter, exceeding guidance [1][2] - The company has increased its guidance for the third time this year, projecting over 5% yields for the year, primarily driven by same-ship sales rather than new ships [2][3] - Booking visibility is strong, with 50% of 2026 bookings already secured and two-thirds booked for the next 12 months [2][3] Financial Performance - Carnival Corporation achieved a 13% return on invested capital (ROIC) for the first time in nearly 20 years, alongside record net income for the quarter [4] - The company has reported record revenues, EBITDA, and operating income on a unit basis, marking the highest performance in 20 years [4] - Booking volumes for Carnival Cruise Line, the largest brand, were 8% higher year-over-year in the third quarter [5] Market Positioning - The strength of the portfolio is evident, particularly in the top two returning brands, Carnival and Aida, which are performing well due to the value offered [6] - Pricing growth is expected to hold into next year, with bookings at higher prices compared to the previous year for both North American and European brands [7] - Carnival Corporation competes not just with other cruise lines but also with the broader vacation market, emphasizing the value proposition of cruising over land-based vacations [9][10]