Carnival Rewards ProgramThe new Carnival Rewards program will initially be a revenue and net yield headwind in 2026-2027, despite being cash flow positive.
Dry Dock CostsHigher dry dock costs were surprisingly noted as an up to 100 basis points net cruise costs growth driver for 26E, in part on greater reinvestment in existing ships.
US Travel GrowthUS travel growth overall remained sluggish, mainly due to weaker US inbound and business travel.