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Fourth quarter exceeds guidance, resulting in over 30% earnings growth in 2025<\/i><\/b><\/p>\n
WAVE season off to a record start, propelling momentum for 2026<\/i><\/b><\/p>\n
Adjusted EPS in 2026 are expected to be $17.70 to $18.10<\/i><\/b><\/p>\n
Expanding vacation portfolio with Royal Caribbean’s new Discovery Class, and 10 additional ships for Celebrity River Cruises<\/i><\/b><\/p>\n
MIAMI<\/span>, Jan. 29, 2026<\/span> \/PRNewswire\/ — Royal Caribbean Group (NYSE:\u00a0RCL<\/a>) today reported 2025 Earnings per Share (“EPS”) of $15.61 and Adjusted EPS of $15.64. These results were better than the company’s guidance primarily due to more favorable revenue and better performance from joint ventures. Looking ahead, demand remains strong and the company expects Adjusted EPS to be in the range of $17.70 to $18.10 per share in 2026.<\/p>\n “2025 was an outstanding year, and the momentum is further accelerating into 2026,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “WAVE is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences. We expect another strong year of financial performance with both revenue and earnings growing double digits, and we remain on track to achieve our Perfecta <\/i>goals by 2027,” added Liberty.<\/p>\n “We are shaping the future by further investing in game-changing vacation experiences. The new Discovery Class for Royal Caribbean, the expansion of Celebrity River Cruises, and five new exclusive destinations launching by 2028 strengthen our long-term growth trajectory,” added Liberty. “We are also creating long-term value by connecting our innovative ships, differentiated exclusive destinations, cross-brand loyalty program, and disruptive technologies into a single vacation ecosystem. We are attracting new guests and driving repeat engagement, turning the vacation of a lifetime into a lifetime of vacations.”<\/p>\n Full Year 2025 Results: <\/b><\/p>\n Full Year 2026 Outlook:<\/b><\/p>\n Fourth Quarter 2025 Results<\/u><\/b><\/p>\n Net Income for the fourth quarter of 2025 was $0.8 billion or $2.76 per share compared to Net Income of $0.6 billion or $2.02 per share for the same period in the prior year. Adjusted Net Income was $0.8 billion or $2.80 per share for the fourth quarter of 2025 compared to Adjusted Net Income of $0.4 billion or $1.63 per share for the same period in the prior year. The company also reported total revenues of $4.3 billion and Adjusted EBITDA of $1.5 billion.<\/p>\n Gross Margin Yields increased 9.2% as-reported, and Net Yields increased 3.1% as-reported (2.5% in Constant Currency), when compared to the fourth quarter of 2024. Load factor for the quarter was 108%.<\/p>\n Gross Cruise Costs per APCD decreased 4.5% as-reported, compared to 2024. NCC, excluding Fuel, per APCD decreased 5.8% as-reported and 6.3% in Constant Currency, when compared to 2024.<\/p>\n Update on Bookings and Onboard Revenue<\/u><\/b><\/p>\n Since the last earnings call, Cyber Sales and the onset of WAVE season have resulted in the highest seven booking weeks in the company’s history. The company has approximately two-thirds of 2026 capacity booked, which is within historical ranges and at record rates, and the company continues to see elevated close-in bookings. Guest spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices. Nearly 50% of onboard revenue in 2025 was booked pre-cruise, with 90% of pre-cruise purchases being made through digital channels. Looking to 2026, the share of booked guests who have purchased onboard revenue pre-cruise is up year-over-year.<\/p>\n “We’re very pleased by the strength we’re seeing across our portfolio as consumers continue to prioritize our vacation experiences,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “We continue to see net yield growth for key products, including the Caribbean, as our investments continue to differentiate us and strengthen our leadership in the region,” added Holtz.<\/p>\n First Quarter 2026<\/u><\/b><\/p>\n Net Yields are expected to increase 2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency as compared to 2025. This includes an impact of 30 bps from itinerary modifications in China.<\/p>\n NCC, excluding Fuel, per APCD, is expected to increase 1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency as compared to 2025.<\/p>\n Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects first quarter Adjusted EPS to be in the range of $3.18 to $3.28.\u00a0<\/p>\n Expanding Vacation Portfolio<\/u><\/b><\/p>\n Earlier today, Royal Caribbean announced a\u202fseries of\u202fagreements\u202fwith the\u202fChantiers\u202fde\u202fl’Atlantique shipyard in Saint Nazaire, France\u202fto secure the construction of its highly\u202fanticipated\u202fDiscovery Class ships\u202fthat will\u202fredefine how Royal’s guests experience the world.\u202fThe\u202fagreements\u202finclude\u202ftwo\u202ffirm\u202fship orders with options for\u202ffour\u202fadditional\u202fships.\u202fThe first\u202fship in the class\u202fis set to debut in 2029, while the second ship\u202fis scheduled to be delivered in 2032.\u202f<\/p>\n In addition, Celebrity Cruises announced a commitment for 10 new ships that will expand its river cruise fleet to 20 vessels by 2031. Celebrity River Cruises is Royal Caribbean Group’s new premium river cruise vacation offering that will launch in 2027 and take guests to historic cities on the world’s most iconic rivers.<\/p>\n “Today’s announcements mark an exciting step forward in expanding our vacation portfolio across ocean and river,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “With Discovery Class, we’re building a new platform with Chantiers de l’Atlantique that will advance next-generation innovation and sustainability while taking our guests to extraordinary destinations around the world. And with the next phase of Celebrity River Cruises, we’re extending our vacation ecosystem into iconic rivers and historic cities – expanding into more geographies and itineraries over time while staying true to the elevated, guest-first experience Celebrity is known for. Together, these moves create more reasons for guests to vacation with us more often, for more occasions, and across our family of brands.”<\/p>\n Fuel Expense<\/u><\/b><\/p>\n Bunker pricing, net of hedging, for the fourth quarter was $667 per metric ton and consumption was 439,000 metric tons.\u00a0\u00a0<\/p>\n The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on today’s fuel prices, the company has included\u202f$275 million\u202fof fuel expense in its first quarter guidance at a forecasted consumption of 436,000 metric tons, which is 66% hedged via swaps. Forecasted consumption is 60%, 47%, and 26% hedged via swaps for 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $393, and $416 for 2026, 2027, and 2028, respectively.\u00a0<\/p>\n The company provided the following guidance for the first quarter and full year 2026:<\/p>\n\n
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