ROYAL CARIBBEAN CRUISES (RCL) Company Report

Delivered a record 9.4 million vacations, $17.9 billion revenue, 33% earnings growth, generated $6.5 billion operating cash flow, and returned $2 billion to shareholders in 2025
Fourth quarter net yields grew 2.5% and adjusted EPS was $2.80, above guidance
2026 outlook: double-digit revenue growth, net yield up 1.5%–3.5%, adjusted EPS $17.70–18.10 (+14% y/y), and > $7 billion operating cash flow
Announced 10 additional Celebrity River Cruises ships (fleet to reach 20 by 2031), Discovery Class order (2 firm + 4 options), loyalty program Points Choice, and opened Royal Beach Club Paradise Island
Strong liquidity and balance sheet: ended Q4 with $7.2 billion in liquidity and leverage below 3×

6 days ago

Transcript

Royal Caribbean Group announces Q4 2025 and full year results

RCL

Earnings

Guidance Update

New Projects/Investments

In FY 2025, the group delivered a record 9.4 million vacations, generated $18 billion in revenue, achieved 33% EPS growth, produced $6.5 billion of operating cash flow, and returned $2 billion to shareholders.
In Q4 2025, net cruise yields grew 2.5% and adjusted EPS was $2.80.
For 2026, capacity is projected to rise mid-single digits, net yields to grow 1.5%–3.5%, adjusted EPS to reach $17.70–$18.10, and operating cash flow to exceed $7 billion.
Strategic investments include committing to 10 additional Celebrity River Cruise ships (bringing the fleet to 20 vessels by 2031) and ordering two Discovery Class ocean ships with options for four more.

6 days ago

Transcript

Royal Caribbean reports Q4 2025 results

RCL

Earnings

Guidance Update

New Projects/Investments

Fourth quarter net yields grew 2.5% and adjusted EPS was $2.80, exceeding guidance.
For the full year, total revenue rose 8.8%, adjusted EPS increased 33% to $15.64, adjusted EBITDA grew 17.6% to just over $7 billion, with operating cash flow of $6.4 billion and $2 billion returned to shareholders.
2026 outlook: revenue expected to grow double-digit, net yield growth of 1.5%–3.5%, and adjusted EPS of $17.70–18.10.
Capacity is projected to rise 6.7% in 2026, with net cruise costs (ex-fuel) flat to up 1% and fuel expense of ~$1.17 billion.
Announced commitments for 10 additional Celebrity River Cruises ships (to reach 20 by 2031) and new Discovery Class ocean ships, alongside launch of Royal Beach Club Paradise Island.

6 days ago

Transcript

Royal Caribbean Group reports Q4 2025 results

RCL

Earnings

Guidance Update

Q4 by the numbers: load factor 108%, net yield growth +2.5% YoY (constant currency), NCCx -6.3%, adjusted EBITDA $1.48 B (+35%), adjusted EPS $2.80 (+72%), operating cash flow $1.6 B.
FY2025 highlights: load factor 110%, net yield growth +3.7% YoY, NCCx -0.1%, adjusted EBITDA $7.03 B (+18%), adjusted EPS $15.64 (+33%), operating cash flow $6.5 B.
FY2026 guidance: APCDs 56.9 M, capacity growth +6.7%, net yield growth +1.5%–3.5%, NCCx growth 0.0%–1.0%, fuel ~$1,173 M, D&A $1,890–1,900 M, net interest $990–1,000 M, adjusted EPS $17.70–18.10.

6 days ago

Presentation

Royal Caribbean reports 2025 results and issues 2026 guidance

RCL

Earnings

Guidance Update

Royal Caribbean delivered 2025 EPS of $15.61 and Adjusted EPS of $15.64, surpassing guidance on stronger revenues and joint-venture performance.
Full-year 2025 revenues reached $17.9 billion, with net income of $4.3 billion and Adjusted EBITDA of $7.0 billion.
For 2026, the company forecasts Adjusted EPS of $17.70–$18.10, aiming for double-digit revenue and earnings growth under its Perfecta program.
Capacity is expected to grow 6.7% in 2026, alongside the launch of the new Discovery Class and 10 additional ships for Celebrity River Cruises.

7 days ago

8-K

Royal Caribbean reports 2025 results and 2026 outlook

RCL

Earnings

Guidance Update

New Projects/Investments

Full-year 2025 revenues of $17.9 billion, Net Income of $4.3 billion (EPS $15.61; Adjusted EPS $15.64), and Adjusted EBITDA of $7.0 billion.
Q4 2025 Net Income of $0.8 billion (EPS $2.76 vs $2.02 LY), Adjusted Net Income of $0.8 billion (EPS $2.80 vs $1.63 LY), revenues $4.3 billion, and Adjusted EBITDA $1.5 billion.
2026 guidance: Adjusted EPS of $17.70–$18.10 (+23% CAGR 2024–26), Net Yields +2.1% to 4.1% as-reported, and NCC ex-fuel per APCD +0.4% to 1.4%.
Growth investments include two firm Discovery Class ocean ships (with four options) debuting in 2029/2032 and ten new Celebrity River Cruises vessels by 2031.

7 days ago

Press Release

Royal Caribbean Group orders new Discovery Class ships with Chantiers de l’Atlantique

RCL

New Projects/Investments

Two firm ship orders with options for four additional Discovery Class vessels, debuting in 2029 and 2032.
Expanding private destinations from three to eight by 2028 and entering river cruising in 2027 under Celebrity River Cruises.
Partnership builds on a 40-year relationship: Chantiers de l’Atlantique has constructed 21 ships for Royal Caribbean and is currently building Oasis 7 and Celebrity Xcite.
Part of a multiyear vacation portfolio across ocean, river and land experiences, supported by an industry-leading loyalty program and digital ecosystem.

7 days ago

Press Release

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

Press Release

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

Presentation

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%.