CCL

Consumer

Carnival achieved an all-time high net income of $2 billion in Q3 2025, surpassing pre-pause benchmarks by nearly 10%.
Yields increased by 4.6% on a same-ship basis, driven by strong demand and onboard spending.
Despite a capacity reduction of 2.5%, revenue, yields, and operating income reached 20-year highs, demonstrating operational strength.
Unit costs beat guidance by 1.5 points, reflecting disciplined cost management amidst record results.
ROIC for the trailing twelve months hit 13%, the first time since 2007 that returns have reached the teens.
Leverage decreased to 3.6x net debt to EBITDA, nearing investment-grade levels, indicating strong balance sheet improvement.

CASY

Consumer

Diluted EPS increased 19% to $5.77 per share compared to prior year.
Fuel gallons sold grew 1.7% same-store with a fuel margin of $0.41 per gallon, up $0.03 from prior year.
Gross profit increased 16.5% to $1.11 billion, with inside gross profit margin up 20 basis points to 41.9%.
Net income rose 20% to $215 million, and EBITDA increased 20% to $414 million year-over-year.
Net interest expense increased due to financing related to the Fikes acquisition, with a debt-to-EBITDA ratio of 1.8x.
Operating expenses rose 14.6%, partly due to 8% more stores and modest wage increases.
Same-store inside sales increased 4.3%, with a 6.7% increase on a 2-year stack basis.
Total revenue grew 11.5% to $4.6 billion, driven by higher inside sales and fuel gallons sold.

Consumer

Adjusted operating margin improved by 340 basis points to 15.1%, and adjusted EBITDA margin rose to 20.6%.
Demand grew 13.7% in the quarter, with a 2-year revenue increase of 12% and demand increase of 21%.
Free cash flow generation was $81 million for the quarter, with full-year guidance of $250 million to $300 million.
Inventory reduction efforts are ongoing, with a $200 million to $300 million target over the next 12 to 18 months.
Investments for European expansion caused a 170 basis point drag on margins.
Net income surged 79% year-over-year, reflecting strong profitability.
Revenue increased 8.4% year-over-year despite challenging housing market conditions and tariff uncertainties.

MLKN

Consumer

Adjusted EPS increased 25% to $0.45, significantly outperforming expectations.
Cash flow from operations was $9 million; liquidity ended at $481 million.
Consolidated net sales grew 10.9% year-over-year to $956 million, exceeding guidance midpoint.
Global Retail segment sales grew 6.4% to $254 million but operating margin declined to 0.6% due to new store costs and tariffs.
Gross margin was 38.5%, including an $8 million net tariff-related impact.
International Contract segment sales increased 14.4% to $168 million, with adjusted operating margin at 8.5%.
Net debt to EBITDA ratio was 2.92, well below covenant limits.
North America Contract segment sales rose 12% to $534 million with operating margin improving to 10.7%.

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