Total revenue increased 3.7% to $9.8 billion for the year ended December 31, 2025, compared to $9.5 billion in 2024. Capacity Days increased by 4.2% in 2025, primarily due to the delivery of Norwegian Aqua in March 2025 and Oceania Allura in July 2025. Net income for 2025 was $423.2 million, a decrease from $910.3 million in 2024. Diluted EPS was $0.92 in 2025, down from $1.89 in 2024. Adjusted Net Income was $1.0 billion in 2025, up from $911.7 million in 2024, including $607.6 million of adjustments primarily related to euro foreign currency remeasurements and debt extinguishment losses. Adjusted EPS was $2.11 in 2025, up from $1.77 in 2024. Adjusted EBITDA increased 11.4% to $2.7 billion in 2025 from $2.5 billion in 2024. The company had 34 ships with approximately 71,400 Berths as of December 31, 2025, and expects to add 17 additional ships to its fleet from 2026 through 2037. Several financing transactions were completed in 2025, including issuing $1.8 billion of 6.750% senior unsecured notes due 2032, $1.4 billion of 0.750% exchangeable senior notes due 2030, $1.2 billion of 5.875% senior unsecured notes due 2031, and $850.0 million of 6.250% senior unsecured notes due 2033. The Revolving Loan Facility was increased from $1.2 billion to approximately $2.5 billion and its maturity extended to 2030. The company spent $36.1 million on capital expenditures for carbon emissions reduction projects in 2025 and recognized $34.2 million of expense related to E.U. ETS compliance. Bookings for 2026 are slightly below the optimal range following certain execution missteps in aligning commercial strategy with deployment, particularly in the Caribbean, though longer-term demand trends remain constructive, especially for luxury brands. Investment in private island destination Great Stirrup Cay includes a nearly six-acre Great Tides Waterpark expected to open in summer 2026.