Total Revenue

+11% (to $2.81B) " " "

The strong recovery in cruise demand and higher occupancy drove overall revenue growth, aided by robust consumer spending on ticket fares and onboard offerings. Looking ahead, continued capacity additions and sustained demand trends are expected to support further revenue gains. " " "

Passenger Ticket Revenue

+12% (to $1.94B) " "

Higher pricing and increased capacity days, along with the normalization of cruise operations compared to the prior year, boosted ticket sales. Close-in bookings and expanded deployments in popular regions are likely to sustain momentum in future periods. " "

Onboard and Other Revenue

+7% (to $862M) " "

Elevated onboard spending per passenger, driven by strong demand for specialty dining, excursions, and improved internet services, contributed to this growth. Pre-cruise purchases and ongoing enhancements to guest experiences are anticipated to further stimulate onboard spending over time. " "

North America

+6% (to $1.32B) " " "

Growth in consumer confidence and steady demand for short Caribbean and Alaskan itineraries underpinned revenue gains in North America. While the segment performed well, the company’s continued investment in fleet optimization could shift capacity deployments and shape regional revenue in upcoming quarters. " " "

Europe

+12% (to $1.44B) " " "

Strong pent-up demand for European sailings and higher ticket pricing supported the YoY revenue jump. Geopolitical factors and cost management efficiencies may influence future performance, but robust bookings suggest sustained European growth. " " "

Asia-Pacific

+214% (to $50M) " " "

The substantial rebound reflects post-pandemic reopening and easing travel restrictions in key Asia-Pacific markets. Further expansion in this region is likely as the company reintroduces itineraries and benefits from improving consumer confidence. " " "

Net Income

+37% (to $475M) " " "

The significant bottom-line improvement stemmed from heightened revenue and effective cost controls, including fuel optimization and margin enhancement initiatives. Going forward, interest rate volatility and broader macroeconomic conditions could affect profitability, but strong booking trends remain supportive. " " "

Diluted EPS

+22% (to $0.96) " " "

The upswing in net income—alongside disciplined expense management—resulted in higher earnings per share despite a larger share count. Future EPS growth will likely hinge on capacity expansion and continued revenue-per-passenger gains, balanced against debt and interest considerations. " " "

Net Yield Growth

FY 2024

8.2% "

9.4% "

raised

Adjusted Net Cruise Cost Excl. Fuel

FY 2024

flat year-over-year "

flat year-over-year "

no change

Adjusted EBITDA

FY 2024

$2.35B "

$2.425B "

raised

Adjusted EPS

FY 2024

$1.53 "

$1.65 "

raised

Adjusted ROIC

FY 2024

double-digit by year-end "

double-digit by year-end "

no change

Adjusted Operational EBITDA Margin

FY 2024

34.5% "

35.3% "

raised

Net Leverage

FY 2024

no prior guidance

5.4x "

no prior guidance

Net Yield Growth

Q4 2024

5% "

6.9% "

raised

Adjusted Net Cruise Cost Excl. Fuel PCD

Q4 2024

no prior guidance

2.7% increase to $155 "

no prior guidance

Adjusted EBITDA

Q4 2024

no prior guidance

$445M "

no prior guidance

Adjusted EPS

Q4 2024

no prior guidance

$0.09 "

no prior guidance

Consistent focus on pricing power and yield growth

Q2 2024: Highlighted 6.3% net yield increase and focus on yield over occupancy. " " " " Q1 2024: Posted 16.2% yield growth, raising full-year guidance. " " Q4 2023: Projected 5.5% annual yield increase. " "

Emphasized 9.4% net yield growth for 2024, exceeding prior guidance; reaffirmed low to mid-single-digit long-term yield growth targets. " "

Consistently mentioned, with robust pricing performance reinforced every quarter

Strong demand and booking trends across brands

Q2 2024: Reported record-breaking advanced ticket sales of $3.9 billion. " " Q1 2024: Achieved record bookings with all-time high forward positions. " " Q4 2023: Highlighted strong Caribbean and Hawaii demand. " "

Cited robust broad-based demand for 2025, with solid pricing and load factors above 2024 levels. " " " "

Continues to be strong across all brands, fueling confidence in forward bookings

Ongoing cost control efforts including a $300 million savings program

Q2 2024: Confident in delivering $300M over three years through 2026, already ahead for 2024. " " Q1 2024 & Q4 2023: Mentioned cost optimization but did not specify the $300M figure. " " " "

On track to meet $300M savings by 2026; expects flat adjusted net cruise costs ex fuel yoy in 2024, despite inflation. " "

New key initiative introduced in Q2; reinforced progress in Q3

Leverage reduction goals aiming for mid-4x by 2026, still above pre-COVID levels

Q2 2024: Achieved net leverage of 5.9x and reiterated mid-4x by 2026 goal. " " Q1 2024: Aimed to reduce leverage by 1.5 turns in 2024. " " Q4 2023: Anticipated steady progress, but above pre-COVID levels. " "

Net leverage at 5.58x, down 1.75x from year-end 2023; targeting 5.4x by year-end and mid-4x by 2026. " "

Consistent deleveraging trajectory, improving but still higher than pre-pandemic

Geopolitical disruptions in the Middle East

Q2 2024: Estimated a 1–2 point yield impact from rerouted Middle East itineraries. " " Q1 2024: Proactive cancellations and redeployments for 2025. " " " Q4 2023: Projected disruptions mainly for Oceania/Regent. " "

Noted 10% of Q4 capacity was affected; despite challenges, overall demand and pricing remained strong. " "

Still mentioned in Q3, though less prominent as redeployments mitigate impact

Dry dock scheduling uncertainties

Q2 2024: Timing of certain dry-dock expenses shifted into Q3. " " Q1 2024 & Q4 2023: No specific references to Q3 2024 scheduling uncertainties. " "

Mentioned 6 more dry dock days but impacting 50% more capacity days, affecting Q1 comparisons. "

New detail in Q3 regarding timing and capacity impact

Inflationary pressures on costs and newbuild expenses

Q2 2024: Aimed to keep core costs flat excluding fuel, with 3% general inflation assumption. " " " " Q1 2024: Acknowledged inflation on newbuilds but mitigating via efficiencies. " " " Q4 2023: Focus on cost offsets. " "

Maintained sub-inflationary cost increases; no major newbuild cost overruns discussed. " " " "

Ongoing focus on offsetting inflation and carefully managing newbuild expenses

Loyalty program development gap

Q2 2024: Not ready to discuss loyalty program details, though exploring industry trends. " Q1 2024 & Q4 2023: No specific commentary.

No mention in Q3 2024.

Briefly noted in Q2; no follow-up thereafter

Cautious outlook for 2025 yield growth

Q2 2024: Targeted organic yield increase for 2025. " Q1 2024: Planned Middle East redeployments to minimize 2025 impact. " " Q4 2023: Modest tailwind expected post-disruptions. "

Reiterated low to mid-single-digit outlook; emphasized tough comps from 16% Q1 2024 yield growth and more dry dock days. " " " " "

Heightened caution due to strong 2024 comps and operational factors

Long-term 2026 targets for margin, EPS, leverage, and ROIC

Q2 2024: Detailed plan to reach 39% margin, $2.45 EPS, mid-4x leverage, 12% ROIC. " " " Q1 2024 & Q4 2023: No explicit figures mentioned; planned to share at Investor Day. " " "

Reiterated 39% EBITDA margin, $2.45 EPS, mid-4x leverage, and 12% ROIC by 2026. " " " "

Core strategic targets reaffirmed, showing confidence in meeting 2026 goals