ROYAL CARIBBEAN CRUISES (RCL) Company Report

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

Presentation

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

Transcript

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

8-K

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

Press Release

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

Press Release

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

8-K

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

8-K

Royal Caribbean Group secures shipbuilding slots through 2036

RCL

New Projects/Investments

Royal Caribbean Group entered a long-term framework agreement with Meyer Turku securing shipbuilding rights through 2036 to underpin its next generation of cruise ships.
The deal includes a firm order for Icon 5 (delivery 2028) and options for Icon 6 and Icon 7, complementing Icon 4 (2027) and Legend of the Seas (Summer 2026) in its Icon Class pipeline.
Meyer Turku has launched Icon of the Seas (Jan 2024) and Star of the Seas (Aug 2025), and the yard supports over 13,000 jobs, generating €1 billion annually for Finland’s economy.

Sep 23, 2025, 12:00 PM

Press Release

Royal Caribbean Group prices $1.5 billion senior notes

RCL

Debt Issuance

Royal Caribbean Group priced $1.5 billion aggregate principal of 5.375% senior unsecured notes due 2036, maturing January 15, 2036.
Notes are expected to be issued on or around October 1, 2025, subject to customary closing conditions.
Net proceeds will finance the delivery of Celebrity Xcel and redeploy remaining funds to redeem, refinance, or repurchase existing debt.
BofA Securities, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC are acting as lead book-running managers.

Sep 22, 2025, 9:53 PM

Press Release

Royal Caribbean Group proposes senior unsecured notes offering

RCL

Debt Issuance

Royal Caribbean Group (NYSE: RCL) has commenced a registered public offering of senior unsecured notes to finance the delivery of Celebrity Xcel and to refinance existing debt.
Net proceeds will first cover the upcoming delivery of Celebrity Xcel, with remaining funds used 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 are acting as lead book-running managers for the offering.
The offering is being made pursuant to an automatic shelf registration statement that became effective upon filing on February 29, 2024.

Sep 22, 2025, 12:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for ROYAL CARIBBEAN CRUISES.

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