Carnival delivered record second-quarter results with revenue up 5.3% and net income of $569 million, more than 20% higher than the prior year, even as roughly 30% higher fuel prices pushed GAAP operating income down about 9% and GAAP diluted EPS to $0.39 from $0.42. Net yields rose 2.2% in constant currency, a twelfth consecutive quarter of record yields, while cruise costs without fuel were essentially flat and beat cost guidance by about 250 basis points. Management trimmed full-year normalized yield growth by roughly 1 percentage point ($0.14 per share) on the Middle East conflict's hit to European deployments, but offset it with structural cost savings, lifting full-year EPS guidance by a penny to $2.22 on buyback accretion. Deleveraging continued, with net debt to adjusted EBITDA improving to 3.1x and the company on track for over $7 billion of EBITDA, while $450 million of buybacks plus dividends bring planned shareholder returns to $1.3 billion this year. Management framed the yield moderation as transitory, pointing to 2027 European bookings up mid-teens percentages at higher prices.