Royal Caribbean Cruises Earnings Call Transcripts
Fiscal Year 2026
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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 included 33% EPS growth, $18B revenue, and $2B returned to shareholders. 2026 guidance calls for double-digit revenue growth, 6.7% capacity increase, and 14% EPS growth, supported by strong demand, new ships, and expanded river cruise offerings.
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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 36% EPS growth, driven by strong demand, higher yields, and robust onboard spending. Full-year guidance was raised, with continued investments in new ships, destinations, and digital innovation supporting long-term growth targets.
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Q1 2025 results exceeded expectations with record guest satisfaction, strong yield growth, and robust bookings for 2025 and 2026. Full-year EPS guidance was raised, supported by new ships, strong cost control, and high liquidity, while maintaining a focus on price integrity and disciplined capital allocation.
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 exceeded expectations, with strong yield and earnings growth driven by robust demand, higher onboard revenue, and successful new ship launches. Guidance for 2024 and 2025 was raised, supported by disciplined cost control, strategic private destination expansion, and a strengthened balance sheet.
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Achieved all Trifecta financial targets 18 months early, reinstated a $0.40 dividend, and raised full-year guidance with strong yield and EPS growth. Robust demand, new ships, and private destinations are driving record bookings and pricing, with 2025 trends accelerating.