Carnival Corporation plc reported QQ1 2024 results with a revenue line of $5.41 billion and a net loss of $214 million, underscoring a step-change in pricing and demand dynamics even as legacy cost structures and the Red Sea rerouting affected near-term profitability. Management delivered a strong narrative around record yields (+~17% YoY) and record bookings/deposits, supported by accelerated debt reduction, fleet enhancements, and a disciplined capital allocation program. The quarter illustrates a company navigating a post-pause demand environment with improving occupancy by European brands, price discipline across core deployments, and an emphasis on targeted investment in higher-return brands and strategic assets, such as Celebration Key. Management guided to higher full-year EBITDA and net income in March guidance revisions and signaled a path to investment-grade credit by 2026, aided by debt repayment, a larger revolver, and anticipated cash generation. The near-term caveat remains external factors (fuel, foreign exchange, Red Sea rerouting) and the need to sustain pricing power as comps normalize, but the early wave-season momentum and portfolio-wide yield upside suggest meaningful upside to 2024-2025 earnings trajectory if demand remains constructive and cost discipline persists.