A record we are choosing to feel good about: twelve straight quarters of record yields, and a market still catching up
Colleagues, proud news from Investor Relations. This quarter we posted record revenues, record adjusted net income up more than 20 percent, all-time-high customer deposits, and a twelfth consecutive quarter of record net yields. Twelve. We have now broken the same record twelve times, which we believe is the most disciplined way to break a record.
In the words of leadership, our booked position for the second half of 2026 is higher than last year, at historically high prices (in constant currency), despite navigating more than a full quarter of extreme geopolitical volatility. Read that again. Higher demand, higher prices, more belief.
The share price declined on the news. We want to be clear that this is not a disappointment but a timing difference between our performance and the market's understanding of it. A soft summer outlook is not weakness; it is honesty about a season we have not finished being great in yet.
To every colleague who delivered through that volatility: thank you. The number went up.
The market is not behind us. It is simply running late to its own applause.
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