Total revenue grew 3.7% to $9.8 billion for the full year 2025, primarily driven by higher Capacity Days. GAAP net income for 2025 was $423.2 million, with diluted EPS of $0.92, a decrease from $910.3 million and $1.89 respectively in 2024. Adjusted EBITDA for 2025 increased 11% to $2.73 billion, exceeding guidance of $2.72 billion. Adjusted Net Income grew 15% to $1.045 billion, and Adjusted EPS increased 19% to $2.11, surpassing guidance of $2.10. Fourth quarter 2025 total revenue increased 6% to $2.2 billion, with Adjusted EBITDA up 20% to $564 million, exceeding guidance of $555 million. John W. Chidsey was appointed President and Chief Executive Officer in February 2026, noting that while strategy is sound, execution and cross-functional alignment have fallen short. The company set full year 2026 guidance with Adjusted EPS expected to be $2.38 and Adjusted EBITDA approximately $2.95 billion. First quarter 2026 Net Yield on a Constant Currency basis is expected to decline approximately 1.6% due to challenges absorbing a 40% year-over-year capacity increase in the Caribbean and misalignment with commercial strategy. Occupancy reached 101.8% in Q4 2025 and is expected to reach 105.7% for full year 2026. Three new cruise ships, one for each brand, were ordered for delivery in 2036 and 2037. Enhancements to Great Stirrup Cay, the company's private island, including a new pier, Great Life Lagoon, and Splash Harbor, were completed, with Great Tides Waterpark debuting in summer 2026. Total Debt stood at $14.6 billion and Net Debt at $14.4 billion as of December 31, 2025, with Net Leverage at 5.3x.