Royal Caribbean Cruises Earnings Call Transcripts
Fiscal Year 2026
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Second quarter results surpassed expectations with strong revenue, yield, and EPS growth. Robust demand, record pricing, and high guest satisfaction support an improved full-year outlook, despite geopolitical headwinds in Europe. Capital returns and investments in technology and destinations continue.
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First quarter revenue and earnings exceeded expectations, driven by strong demand, record guest satisfaction, and robust onboard spending. Despite geopolitical headwinds impacting Mediterranean and Mexico itineraries, guidance remains for double-digit revenue and earnings growth, with continued investment in new ships, destinations, and digital initiatives.
Fiscal Year 2025
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Record 2025 results featured strong demand, 33% EPS growth, and $2B returned to shareholders. 2026 guidance calls for double-digit revenue growth, 6.7% capacity increase, and 14% higher adjusted EPS, supported by new ships, exclusive destinations, and digital innovation.
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Third quarter results exceeded expectations with strong demand, yield growth, and record guest satisfaction. Full-year adjusted EPS is projected at $15.58-$15.63, with 2026 earnings expected to have a $17 handle, supported by robust bookings and disciplined cost control.
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Second quarter results surpassed expectations with strong yield and EPS growth, driven by robust close-in demand and disciplined cost management. Full-year guidance was raised, with continued investments in new ships, private destinations, and digital innovation supporting long-term growth and margin expansion.
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Q1 2025 results exceeded expectations with record guest satisfaction, strong yield growth, and robust onboard spending. Full-year guidance was raised, reflecting continued demand, disciplined cost control, and expanded capacity, while maintaining a strong balance sheet and investment-grade rating.
Fiscal Year 2024
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Record 2024 results included 8.6 million vacations, 11.6% net yield growth, and $5B+ operating cash flow. 2025 guidance calls for 5.4% capacity growth, 2.5%-4.5% yield growth, and $14.35-$14.65 adjusted EPS, with strong bookings and new river cruise expansion.
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Third-quarter results surpassed expectations with strong yield and earnings growth, driven by robust demand, higher pricing, and successful new ship launches. The company raised full-year guidance, achieved key financial milestones, and announced major private destination expansions, positioning for continued margin and cash flow growth into 2025.
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Achieved Trifecta financial targets 18 months early, reinstated a $0.40 dividend, and raised 2024 guidance with strong Q2 results. Yield growth, robust bookings, and new ship launches drive outperformance, while leverage and liquidity remain strong.