Earnings summaries and quarterly performance for ROYAL CARIBBEAN CRUISES.
Executive leadership at ROYAL CARIBBEAN CRUISES.
Board of directors at ROYAL CARIBBEAN CRUISES.
AM
Amy McPherson
Detailed
Director
AS
Ann S. Moore
Detailed
Director
AA
Arne Alexander Wilhelmsen
Detailed
Director
DT
Donald Thompson
Detailed
Director
EM
Eyal M. Ofer
Detailed
Director
JF
John F. Brock
Detailed
Lead Independent Director
MG
Maritza G. Montiel
Detailed
Director
MO
Michael O. Leavitt
Detailed
Director
RY
Rebecca Yeung
Detailed
Director
RD
Richard D. Fain
Detailed
Director
SR
Stephen R. Howe, Jr.
Detailed
Director
VO
Vagn O. Sørensen
Detailed
Director
Research analysts who have asked questions during ROYAL CARIBBEAN CRUISES earnings calls.
BC
Benjamin Chaiken
Mizuho Financial Group, Inc.
4 questions for RCL
Also covers: BYD, CCL, CHDN +14 more
Brandt Montour
Barclays PLC
4 questions for RCL
Also covers: BALY, BYD, CCL +23 more
Conor Cunningham
Melius Research
4 questions for RCL
Also covers: AAL, ABNB, ALGT +16 more
RF
Robin Farley
UBS
4 questions for RCL
Also covers: CCL, CHH, CUK +17 more
SW
Steven Wieczynski
Stifel
4 questions for RCL
Also covers: BYD, CCL, CUK +11 more
VC
Vince Ciepiel
Cleveland Research Company
4 questions for RCL
Also covers: CCL, CUK, NCLH +1 more
James Hardiman
Citigroup
3 questions for RCL
Also covers: BC, CCL, CUK +14 more
MB
Matthew Boss
JPMorgan Chase & Co.
3 questions for RCL
Also covers: , AEO, ANF +38 more
ED
Elizabeth Dove
Goldman Sachs
2 questions for RCL
Also covers: ARMK, CAR, CCL +11 more
MB
Matt Boss
JPMorgan Chase & Co.
1 question for RCL
Also covers: ANF, BURL, CCL +10 more
Xian Siew
BNP Paribas
1 question for RCL
Also covers: BC, DOOO, MANU +3 more
Recent press releases and 8-K filings for RCL.
Royal Caribbean Group declares dividend and announces $2 billion share repurchase program
RCL
Dividends
Share Buyback
- Board approved a quarterly dividend of $1.00 per share, payable January 14, 2026, to shareholders of record on December 26, 2025
- Board authorized a new $2 billion common stock repurchase program
- Since July 2024, the company has returned $1.9 billion to shareholders (including retirement of 3.5 million shares) under its prior $1 billion program, underscoring its investment-grade balance sheet
Dec 10, 2025, 2:29 PM
Royal Caribbean announces Q3 2025 results and guidance update
RCL
Earnings
Guidance Update
- Delivered Q3 2025 results with a 112% load factor, 2.4% net yield growth (constant currency), $2.3 B Adjusted EBITDA (44.6% margin), $5.75 Adjusted EPS, and $1.5 B operating cash flow.
- Reaffirmed FY 2025 guidance: 3.5–4.0% net yield growth, (0.1%) NCCx growth, and $15.58–$15.63 Adjusted EPS.
- Issued Q4 2025 guidance: 2.2–2.7% net yield growth, (6.6%)–(6.1%) NCCx growth, and $2.74–$2.79 Adjusted EPS.
- Under the Perfecta program, targeting 20% EPS CAGR and high-teens ROIC by end of 2027.
Oct 28, 2025, 2:00 PM
Royal Caribbean Group reports Q3 2025 earnings
RCL
Earnings
Guidance Update
New Projects/Investments
- Q3 2025: capacity +3%, delivered 2.5 M vacations (+7% YOY); net yields +2.4%; adj. EPS $5.75 (+11%).
- Q4: capacity +10%, revenue +13% YOY; full-year net yields +3.5–4%; raised full-year adj. EPS to $15.58–15.63 and operating cash flow ~$6 B.
- Expanded exclusive destination portfolio from 2 to 8 by 2028, announcing Royal Beach Club Santorini.
- 2026 outlook: adj. EPS at a $17 handle and capacity +6%.
Oct 28, 2025, 2:00 PM
Royal Caribbean reports Q3 2025 results
RCL
Earnings
Guidance Update
Debt Issuance
- In Q3 2025, capacity increased 3%, delivering ~2.5 million vacations (+7% yoy); net yields rose 2.4% and adjusted EPS was $5.75 (+11% yoy).
- For Q4, capacity is expected to be up 10%, net yields +2.2% to 2.7%, and total revenue +13%; full-year net yield growth is guided to 3.5%–4% with adjusted EPS of $15.58–15.63 and operating cash flow of ~$6 billion.
- In 2026, capacity is projected to grow 6%, and adjusted EPS is anticipated to reach a “$17 handle”.
- The company had $6.8 billion in liquidity with leverage below 3×, issued $1.5 billion of unsecured notes at 5.38%, saw its credit rating upgraded to BBB, and increased its dividend by 30% while repurchasing 1.3 million shares.
Oct 28, 2025, 2:00 PM
Royal Caribbean Group reports Q3 2025 results
RCL
Earnings
Guidance Update
Debt Issuance
- Net yield grew 2.4%, NCC ex-fuel increased 4.3%, Adj. EBITDA margin was 44.6%, OCF $1.5 B, Adj EPS $5.75 (+11% YoY)
- Updated 2025 guidance: net yield +3.5–4%, NCC ex-fuel -0.1%, fuel expense $1.14 B (68% hedged), Adj EPS $15.58–15.63 (+32% YoY), OCF ~$6 B
- 2026 Adj EPS expected to have a $17 handle driven by 6% capacity growth, moderate yield gains, and anemic cost growth amid higher fuel costs and global minimum tax
- Strong liquidity $6.8 B, leverage <3x LTM, issued $1.5 B unsecured notes at 5.38%, Fitch upgraded to BBB, raised quarterly dividend 30% to $1, repurchased 1.3 M shares ($345 M remaining)
Oct 28, 2025, 2:00 PM
Royal Caribbean Group reports Q3 2025 results and expands destination portfolio
RCL
Earnings
Guidance Update
New Projects/Investments
- Royal Caribbean Group reported Q3 2025 revenue of $5.1 billion, Net Income of $1.6 billion ($5.74 EPS) and Adjusted EPS of $5.75, driven by higher close-in demand and lower costs.
- The company raised its full-year 2025 Adjusted EPS guidance to $15.58–$15.63, reflecting 32% year-over-year growth.
- Operational metrics were strong, with a 112% load factor and Net Yield growth of 2.8% as-reported (2.4% constant currency) in the quarter.
- Announced the opening of Royal Beach Club Santorini in summer 2026, expanding its exclusive land-based destinations from two to eight by 2028.
Oct 28, 2025, 10:34 AM
Royal Caribbean Group reports Q3 2025 results and boosts full-year guidance
RCL
Earnings
Guidance Update
New Projects/Investments
- Royal Caribbean Group reported third quarter 2025 EPS of $5.74 (Adjusted EPS $5.75), revenue of $5.1 billion, net income of $1.6 billion, and Adjusted EBITDA of $2.3 billion.
- The company raised its full-year 2025 Adjusted EPS guidance to $15.58–$15.63, representing 32% year-over-year growth.
- Q3 operational metrics included a 112% load factor, net yields up 2.8%, and net cruise costs ex-fuel per APCD up 4.8%, reflecting strong cost control.
- Announced the new Royal Beach Club Santorini, opening in 2026 and expanding its land-based portfolio from two to eight exclusive destinations by 2028.
Oct 28, 2025, 10:32 AM
Royal Caribbean Cruises completes $1.5 billion senior notes offering
RCL
Debt Issuance
- Royal Caribbean Cruises completed a public offering of $1.5 billion aggregate principal of 5.375% senior unsecured notes due 2036.
- The notes will mature on January 15, 2036, unless earlier redeemed or repurchased.
- Net proceeds will finance the upcoming delivery of Celebrity Xcel and redeem or refinance existing indebtedness, including amounts under its revolving credit facilities.
- BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as lead book-running managers for the offering.
- CFO Naftali Holtz stated the transaction underscores the company’s financial flexibility and marks its relaunch into the investment-grade market.
Oct 1, 2025, 8:22 PM
Royal Caribbean completes $1.5 billion senior notes offering
RCL
Debt Issuance
- Royal Caribbean Cruises completed an offering of $1.5 billion aggregate principal amount of 5.375% Senior Notes due January 15, 2036 under its July 31, 2006 Base Indenture, as supplemented by a Fourth Supplemental Indenture dated October 1, 2025.
- The company received net proceeds of approximately $1.484 billion, which it will use to finance the delivery of Celebrity Xcel and to redeem, refinance or repurchase existing indebtedness, including amounts under its revolving credit facilities.
- BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as representatives of the underwriters for the transaction.
- The notes bear interest at 5.375% per annum, payable semi-annually on January 15 and July 15 (beginning January 15, 2026), and mature on January 15, 2036, subject to customary redemption provisions.
Oct 1, 2025, 8:20 PM
Royal Caribbean issues $1.5 B 5.375% Senior Notes due 2036
RCL
Debt Issuance
- On September 22, 2025, Royal Caribbean Cruises Ltd. entered into an underwriting agreement to issue $1.5 billion aggregate principal of 5.375% Senior Notes due 2036, expected to close October 1, 2025.
- Notes will bear interest at 5.375%, payable January 15 and July 15, commencing January 15, 2026, and mature January 15, 2036.
- Initial public offering price set at 99.852% of par (yield 5.395%, +125 bps to the UST 4.250% Aug 2035), with purchase price to underwriters at 99.202%.
- Net proceeds will finance delivery of Celebrity Xcel and redeem or refinance existing indebtedness, including revolving credit facilities.
Sep 23, 2025, 9:27 PM
Quarterly earnings call transcripts for ROYAL CARIBBEAN CRUISES.
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