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California State Teachers Retirement System raised its stake in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) by 34,251.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 118,498,068 shares of the company’s stock after purchasing an additional 118,153,108 shares during the period. California State Teachers Retirement System owned 44.31% of Royal Caribbean Cruises worth $37,626,692,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Capital International Investors increased its stake in Royal Caribbean Cruises by 9.8% during the fourth quarter. Capital International Investors now owns 36,165,358 shares of the company’s stock worth $10,088,156,000 after acquiring an additional 3,215,382 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Royal Caribbean Cruises in the 2nd quarter valued at about $6,549,422,000. Capital Research Global Investors lifted its stake in shares of Royal Caribbean Cruises by 4.8% in the 4th quarter. Capital Research Global Investors now owns 20,176,544 shares of the company’s stock valued at $5,627,669,000 after purchasing an additional 920,042 shares in the last quarter. State Street Corp grew its holdings in shares of Royal Caribbean Cruises by 0.8% during the 3rd quarter. State Street Corp now owns 10,576,751 shares of the company’s stock worth $3,433,052,000 after purchasing an additional 84,202 shares during the period. Finally, Geode Capital Management LLC increased its position in Royal Caribbean Cruises by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 7,054,191 shares of the company’s stock worth $1,961,758,000 after purchasing an additional 155,491 shares in the last quarter. 87.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling In other news, CEO Michael Bayley sold 12,811 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $315.99, for a total transaction of $4,048,147.89. Following the completion of the transaction, the chief executive officer directly owned 45,297 shares of the company’s stock, valued at approximately $14,313,399.03. This represents a 22.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.44% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth Several research firms recently commented on RCL. Citigroup raised their price target on shares of Royal Caribbean Cruises from $327.00 to $362.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Truist Financial dropped their price objective on shares of Royal Caribbean Cruises from $318.00 to $297.00 and set a “hold” rating for the company in a research report on Friday, May 22nd. Loop Capital assumed coverage on shares of Royal Caribbean Cruises in a research note on Monday, June 1st. They issued a “hold” rating and a $304.00 target price on the stock. William Blair reaffirmed an “outperform” rating on shares of Royal Caribbean Cruises in a research report on Tuesday, July 28th. Finally, Susquehanna increased their price target on Royal Caribbean Cruises from $350.00 to $372.00 and gave the company a “positive” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Royal Caribbean Cruises presently has a consensus rating of “Moderate Buy” and an average price target of $353.40. Get Our Latest Stock Report on RCL

Royal Caribbean Cruises Trading Down 0.1% NYSE RCL opened at $265.02 on Monday. The stock has a market cap of $70.88 billion, a P/E ratio of 16.38, a PEG ratio of 0.95 and a beta of 1.74. The company’s fifty day simple moving average is $297.09 and its 200-day simple moving average is $287.50. The company has a current ratio of 0.21, a quick ratio of 0.19 and a debt-to-equity ratio of 2.03. Royal Caribbean Cruises Ltd. has a 52 week low of $232.10 and a 52 week high of $362.79.

Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.98 by $0.23. Royal Caribbean Cruises had a return on equity of 43.33% and a net margin of 23.54%.The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the company posted $4.38 EPS. Royal Caribbean Cruises’s quarterly revenue was up 6.5% on a year-over-year basis. Royal Caribbean Cruises has set its FY 2026 guidance at 17.730-17.870 EPS and its Q3 2026 guidance at 6.260-6.360 EPS. Equities research analysts predict that Royal Caribbean Cruises Ltd. will post 17.78 EPS for the current fiscal year.

Royal Caribbean Cruises Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Thursday, September 17th. Royal Caribbean Cruises’s dividend payout ratio is currently 37.08%.

(Free Report)

Royal Caribbean Cruises (NYSE: RCL), operating as part of the Royal Caribbean Group, is a global cruise company that develops, markets and operates passenger cruise ships. The company operates multiple consumer-facing cruise brands that offer short- and long-duration itineraries and a range of onboard experiences. Its core activities include itineraries and voyage operations, guest services and hospitality, onboard food and beverage, entertainment and recreation programming, and the commercial activities needed to sell and support cruises through both direct and travel‑agent channels.

Royal Caribbean’s ships serve a broad set of geographies worldwide, regularly deploying vessels in the Caribbean, North America (including Alaska), Europe, Asia, Australia and South America.

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It has been about a month since the last earnings report for Royal Caribbean (RCL - Free Report) . Shares have lost about 10.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Royal Caribbean due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Royal Caribbean Q2 Earnings & Revenues Beat EstimatesRoyal Caribbean reported second-quarter 2026 results, with adjusted earnings and revenues beating the Zacks Consensus Estimate. The top line increased, but the bottom line declined on a year-over-year basis.

The company reported second-quarter 2026 adjusted earnings of $4.21 per share, which surpassed the Zacks Consensus Estimate of $3.97 by 6.1%. However, adjusted earnings declined 3.9% from $4.38 in the year-ago quarter.

Revenues totaled $4.83 billion, beating the consensus mark of $4.81 billion by 0.5%. The top line increased 6.5% year over year. Results benefited from strong close-in demand, lower-than-expected costs and favorable joint-venture performance. Occupancy remained healthy at 110.2%.

RCL Sustains Demand Momentum at Record PricingRoyal Caribbean’s demand commentary remained constructive. Booking volumes were above year-ago levels, while the company remained booked at record prices. Load factors also stayed robust across its vacation portfolio.

Net yields increased 1.9% on an as-reported basis and 1.2% in constant currency. The metric exceeded management’s guidance, primarily reflecting better-than-expected close-in demand. Capacity increased 4.9% year over year, while the number of passengers carried rose 6.4% to nearly 2.4 million.

Royal Caribbean Gains From Tickets and Onboard SpendThe second-quarter top line advanced on strength across the two primary revenue streams. Passenger ticket revenues increased 4.5% year over year to $3.34 billion from $3.20 billion. The increase reflected capacity growth, healthy pricing and continued demand for the company’s differentiated cruise experiences. Our model projected second-quarter passenger ticket revenues to be $3.34 billion.

Onboard and other revenues rose 11.1% to $1.49 billion from $1.34 billion in the prior-year quarter. Management highlighted strong guest engagement and demand for onboard and destination experiences. Product enhancements and more targeted pre-cruise engagement also supported guest spending. Our model projected second-quarter onboard & other revenues to be $1.48 billion.

Royal Caribbean Posts Lower Q2 ProfitabilityOperating income declined 1.7% year over year to $1.31 billion from $1.33 billion, as operating expense growth exceeded the increase in revenues. Net income attributable to Royal Caribbean decreased 6.8% to $1.13 billion from $1.21 billion.

Adjusted net income fell 6% to $1.13 billion from $1.20 billion. Adjusted EBITDA declined 1.1% to $1.83 billion from $1.85 billion. Adjusted EBITDA margin contracted to 37.9% from 40.8% in the prior-year quarter.

RCL’s Costs Rise as Fuel and Payroll IncreaseTotal cruise operating expenses increased 11.6% year over year to $2.55 billion. Payroll and related expenses climbed 23.1% to $405 million, while fuel costs increased 27.2% to $355 million.

Food expenses rose 6.5% to $262 million, while other operating expenses increased 9.6% to $615 million. Marketing, selling and administrative expenses were $513 million compared with $508 million a year ago. Net cruise costs excluding fuel per available passenger cruise day increased 4.4% as reported and 3.9% in constant currency.

RCL Generates Higher Cash Flow, Returns CapitalFor the first six months of 2026, net cash provided by operating activities increased 9.5% year over year to $3.69 billion.

During the second quarter, Royal Caribbean returned more than $600 million to its shareholders. This included $199 million of share repurchases and $404 million of dividend payments. The company had $805 million remaining under its current repurchase authorization.

As of June 30, 2026, cash and cash equivalents were $875 million compared with $825 million at the end of 2025. Total liquidity was $6.9 billion, including available capacity under the company’s revolving credit facilities.

Royal Caribbean Raises 2026 Earnings OutlookFor the third quarter of 2026, Royal Caribbean expects adjusted earnings of $6.26-$6.36 per share. Total revenues are projected to increase 8%, while net yields are expected to remain approximately flat on both an as-reported and constant-currency basis.

The company raised its full-year adjusted earnings guidance to $17.73-$17.87 per share from the prior projection of $17.10-$17.50. The updated range represents expected growth of 14% year over year.

Royal Caribbean expects 2026 revenues to rise 9%. Net yields are projected to increase 2.35%-2.85% as reported and 1.75%-2.25% in constant currency. Capacity is expected to grow 6.6%, while capital expenditures are anticipated to be approximately $4.7 billion.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresAt this time, Royal Caribbean has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Royal Caribbean has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Bank of Nova Scotia purchased a new stake in Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 104,294 shares of the company’s stock, valued at approximately $33,116,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RCL. Pinnacle Wealth Management Advisory Group LLC raised its position in Royal Caribbean Cruises by 1.2% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,485 shares of the company’s stock valued at $693,000 after purchasing an additional 30 shares during the last quarter. AlphaStar Capital Management LLC boosted its position in Royal Caribbean Cruises by 4.1% during the 4th quarter. AlphaStar Capital Management LLC now owns 779 shares of the company’s stock worth $217,000 after buying an additional 31 shares during the period. Kestra Investment Management LLC boosted its position in Royal Caribbean Cruises by 2.6% during the 4th quarter. Kestra Investment Management LLC now owns 1,208 shares of the company’s stock worth $337,000 after buying an additional 31 shares during the period. Waterloo Capital L.P. grew its holdings in Royal Caribbean Cruises by 2.9% during the 4th quarter. Waterloo Capital L.P. now owns 1,191 shares of the company’s stock worth $332,000 after acquiring an additional 34 shares during the last quarter. Finally, REAP Financial Group LLC increased its position in Royal Caribbean Cruises by 16.8% in the 4th quarter. REAP Financial Group LLC now owns 243 shares of the company’s stock valued at $68,000 after acquiring an additional 35 shares during the period. 87.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets In other Royal Caribbean Cruises news, CEO Michael W. Bayley sold 12,811 shares of Royal Caribbean Cruises stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $315.99, for a total value of $4,048,147.89. Following the completion of the sale, the chief executive officer directly owned 45,297 shares of the company’s stock, valued at approximately $14,313,399.03. The trade was a 22.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.44% of the company’s stock.

Wall Street Analysts Forecast Growth Several equities analysts have recently issued reports on RCL shares. Susquehanna raised their price target on shares of Royal Caribbean Cruises from $350.00 to $372.00 and gave the company a “positive” rating in a research note on Wednesday, July 29th. Loop Capital started coverage on Royal Caribbean Cruises in a report on Monday, June 1st. They issued a “hold” rating and a $304.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Royal Caribbean Cruises in a research report on Thursday, June 18th. TD Cowen cut their target price on Royal Caribbean Cruises from $350.00 to $337.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Finally, Mizuho set a $380.00 target price on Royal Caribbean Cruises in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $353.40. Check Out Our Latest Report on RCL

Royal Caribbean Cruises Price Performance Royal Caribbean Cruises stock opened at $292.29 on Monday. The stock has a market capitalization of $78.17 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 1.00 and a beta of 1.77. Royal Caribbean Cruises Ltd. has a 52-week low of $232.10 and a 52-week high of $366.50. The stock’s 50 day moving average price is $304.42 and its two-hundred day moving average price is $291.43. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.19 and a current ratio of 0.21.

Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.98 by $0.23. Royal Caribbean Cruises had a net margin of 23.54% and a return on equity of 43.33%. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the previous year, the business posted $4.38 EPS. Royal Caribbean Cruises’s revenue for the quarter was up 6.5% compared to the same quarter last year. Royal Caribbean Cruises has set its FY 2026 guidance at 17.730-17.870 EPS and its Q3 2026 guidance at 6.260-6.360 EPS. On average, equities analysts predict that Royal Caribbean Cruises Ltd. will post 17.78 earnings per share for the current year.

(Free Report)

Royal Caribbean Cruises (NYSE: RCL), operating as part of the Royal Caribbean Group, is a global cruise company that develops, markets and operates passenger cruise ships. The company operates multiple consumer-facing cruise brands that offer short- and long-duration itineraries and a range of onboard experiences. Its core activities include itineraries and voyage operations, guest services and hospitality, onboard food and beverage, entertainment and recreation programming, and the commercial activities needed to sell and support cruises through both direct and travel‑agent channels.

Royal Caribbean’s ships serve a broad set of geographies worldwide, regularly deploying vessels in the Caribbean, North America (including Alaska), Europe, Asia, Australia and South America.

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Allworth Financial LP purchased a new position in Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,353 shares of the company’s stock, valued at approximately $1,700,000.

Other institutional investors have also modified their holdings of the company. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Royal Caribbean Cruises by 1.2% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,485 shares of the company’s stock valued at $693,000 after acquiring an additional 30 shares in the last quarter. AlphaStar Capital Management LLC lifted its position in Royal Caribbean Cruises by 4.1% in the 4th quarter. AlphaStar Capital Management LLC now owns 779 shares of the company’s stock worth $217,000 after buying an additional 31 shares in the last quarter. Kestra Investment Management LLC lifted its stake in shares of Royal Caribbean Cruises by 2.6% in the 4th quarter. Kestra Investment Management LLC now owns 1,208 shares of the company’s stock valued at $337,000 after purchasing an additional 31 shares during the last quarter. Waterloo Capital L.P. grew its holdings in Royal Caribbean Cruises by 2.9% during the fourth quarter. Waterloo Capital L.P. now owns 1,191 shares of the company’s stock valued at $332,000 after purchasing an additional 34 shares during the last quarter. Finally, REAP Financial Group LLC increased its position in Royal Caribbean Cruises by 16.8% in the 4th quarter. REAP Financial Group LLC now owns 243 shares of the company’s stock worth $68,000 after buying an additional 35 shares during the period. Institutional investors own 87.53% of the company’s stock.

Analyst Ratings Changes RCL has been the subject of a number of analyst reports. Mizuho set a $380.00 price objective on shares of Royal Caribbean Cruises in a report on Friday, May 1st. Loop Capital assumed coverage on Royal Caribbean Cruises in a research report on Monday, June 1st. They issued a “hold” rating and a $304.00 price objective for the company. Citigroup increased their price target on Royal Caribbean Cruises from $327.00 to $362.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. BMO Capital Markets initiated coverage on shares of Royal Caribbean Cruises in a research report on Tuesday, July 7th. They issued an “outperform” rating and a $370.00 price target on the stock. Finally, TD Cowen lowered their price target on Royal Caribbean Cruises from $350.00 to $337.00 and set a “buy” rating for the company in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $353.40.

Read Our Latest Report on RCL Insider Buying and Selling at Royal Caribbean Cruises In other news, CEO Michael W. Bayley sold 12,811 shares of Royal Caribbean Cruises stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $315.99, for a total transaction of $4,048,147.89. Following the transaction, the chief executive officer owned 45,297 shares in the company, valued at approximately $14,313,399.03. The trade was a 22.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.44% of the company’s stock.

Royal Caribbean Cruises Stock Performance Shares of Royal Caribbean Cruises stock opened at $292.29 on Friday. The company has a 50 day moving average of $304.42 and a 200-day moving average of $291.73. The company has a market cap of $78.17 billion, a PE ratio of 18.06, a price-to-earnings-growth ratio of 0.98 and a beta of 1.77. The company has a current ratio of 0.21, a quick ratio of 0.19 and a debt-to-equity ratio of 2.03. Royal Caribbean Cruises Ltd. has a 1-year low of $232.10 and a 1-year high of $366.50.

Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.23. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.82 billion. Royal Caribbean Cruises had a return on equity of 43.33% and a net margin of 23.54%.The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $4.38 EPS. Royal Caribbean Cruises has set its FY 2026 guidance at 17.730-17.870 EPS and its Q3 2026 guidance at 6.260-6.360 EPS. As a group, equities research analysts forecast that Royal Caribbean Cruises Ltd. will post 17.78 earnings per share for the current fiscal year.

(Free Report)

Royal Caribbean Cruises (NYSE: RCL), operating as part of the Royal Caribbean Group, is a global cruise company that develops, markets and operates passenger cruise ships. The company operates multiple consumer-facing cruise brands that offer short- and long-duration itineraries and a range of onboard experiences. Its core activities include itineraries and voyage operations, guest services and hospitality, onboard food and beverage, entertainment and recreation programming, and the commercial activities needed to sell and support cruises through both direct and travel‑agent channels.

Royal Caribbean’s ships serve a broad set of geographies worldwide, regularly deploying vessels in the Caribbean, North America (including Alaska), Europe, Asia, Australia and South America.

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For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

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Stock to Watch: Royal Caribbean (RCL - Free Report) Royal Caribbean Cruises Ltd. is a global cruise company headquartered in Miami. The company operates three global cruise brands: Royal Caribbean, Celebrity Cruises and Silversea. It owns a 50% joint venture interest in TUI Cruises GmbH, which operates Mein Schiff and Hapag-Lloyd Cruises and is accounted for under the equity method.

RCL is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Consumer Discretionary stock. RCL has a Momentum Style Score of A, and shares are up 5.2% over the past four weeks.

Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.38 to $17.78 per share. RCL also boasts an average earnings surprise of +4.9%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, RCL should be on investors' short list.

An exciting Europe season includes new ways to experience the region, as Celebrity Beyond returns for the first time following a 2026 renewal. Enhanced outdoor escapes include the Celebrity Pool Club featuring Orange Peel Bar & Grille and Tacos del Sol, plus al fresco dining at Bora.

, /PRNewswire/ -- Celebrity Cruises today unveiled its 2028 and 2029 deployment, featuring an expansive Europe season and extraordinary journeys across all seven continents. The lineup brings new ports of call, extended seasons in sought-after destinations, and more opportunities to discover every corner of the world. For the first time, four Edge Series ships — including a renewed Celebrity Beyond — will sail Europe, while immersive itineraries span Alaska, Asia, Australia, New England, and South America.

Celebrity Cruises Unveils Unmatched European Vacations And Itineraries On All Seven Continents, In 2028 And 2029

Celebrity Cruises Unveils Unmatched European Vacations And Itineraries On All Seven Continents, In 2028 And 2029: Alaska

Celebrity Cruises Unveils Unmatched European Vacations And Itineraries On All Seven Continents, In 2028 And 2029: Antarctica

Celebrity Cruises Unveils Unmatched European Vacations And Itineraries On All Seven Continents, In 2028 And 2029: Australia

Celebrity Cruises Unveils Unmatched European Vacations And Itineraries On All Seven Continents, In 2028 And 2029: Hawaii

Celebrity Cruises Unveils Unmatched European Vacations And Itineraries On All Seven Continents, In 2028 And 2029: Japan "We're delighted to give our guests more ways than ever to experience the world's most extraordinary destinations in 2028 and 2029," said Laura Hodges Bethge, president of Celebrity Cruises. "From the breathtaking fjords of Norway to the untouched beauty of Antarctica, these itineraries offer endless opportunities to explore, pairing immersive destinations with the elevated hospitality and unforgettable moments that define The Celebrity Way."

Highlights of the 2028-2029 Europe, Alaska, Asia, Australia, New England, and South America season include:

The most Edge Series ships in Europe — Celebrity Beyond, Celebrity Xcel, Celebrity Ascent, and Celebrity Apex — and Celebrity Cruises' most extensive Northern Europe program to date.  Overnight visits to Egypt on Celebrity Infinity. Celebrity Cruises' first-ever visit to Galway, Ireland, on Celebrity Apex's new British Isles itineraries, plus a return to Bari, Italy, for the first time in more than a decade on Celebrity Constellation and Celebrity Infinity. Round-trip Hawaii sailings from Los Angeles, and Celebrity Equinox's first Alaska season. The first full Japan season for the Solstice Series with 2028 sailings on the renewed Celebrity Solstice. An extended South America season and a return to Antarctica on Celebrity Equinox. Celebrity's most extensive European season yet.

An unforgettable vacation in Europe awaits, as four Edge Series ships will sail the region for the first time. Guests can look forward to breathtaking scenery, ancient history, and a rich culture of Northern Europe with Celebrity Cruises' most extensive offering yet. Celebrity Beyond returns to Europe for the first time since 2023, with new spaces: Mediterranean restaurant Bora and the Celebrity Pool Club, an elevated poolside experience with two new food and drink offerings — Orange Peel Bar & Grille and Tacos del Sol (debuting on Celebrity Beyond in November 2026). Guests can enjoy seven- to 14-night sailings from Southampton to Norway, Iceland, and throughout Scandinavia.

Highlights of Celebrity Beyond's Europe itineraries include unforgettable 14-night adventures that take guests first to the Icelandic destinations of Reykjavik, Isafjordur, Akureyri, and Seydisfjordur before sailing through Norway's iconic fjords in Geiranger, Alesund, Flam, Nordfjordeid, and Bergen. Guests can explore Iceland further on Celebrity Summit's round-trip sailings from Reykjavik.

On Celebrity Apex, guests can discover Scandinavia on 12-night sailings to Oslo, Norway; Skagen, Denmark; Stockholm, Sweden; Tallinn, Estonia; Helsinki, Finland; and Copenhagen, Denmark. Plus, new 12-night British Isles sailings on Celebrity Apex to Scotland, Ireland, and England include Celebrity Cruises' first-ever visit to Galway, Ireland. 

For sunny Mediterranean escapes, Celebrity Xcel, Celebrity Ascent, and Celebrity Eclipse offer seven- to 11-night sailings to Italy, France, Spain, Morocco, Portugal, Greece, and Turkey. On Celebrity Constellation, guests can enjoy the best of Italy and Croatia on 10- and 11-night sailings, including Celebrity Cruises' first visit to Bari, Italy, since 2014.

Celebrity Infinity will again offer year-round sailings in Europe, including Celebrity Cruises' first Egypt sailings since 2023, with overnight visits to Alexandria. Shoulder-season sailings from Athens visit Santorini, Kavala, Rhodes, Mykonos, and Ephesus, offering a chance to beat the crowds at must-see sites, while off-season sailings from Barcelona chase winter sun in the Canary Islands, Portugal, and Morocco.

More ways to explore Alaska and Hawaii.

Guests can immerse themselves in Alaska's landscapes and wildlife aboard one of three Celebrity ships sailing the region in 2028. Celebrity Edge returns for a fifth season, bringing guests closer to nature with its innovative, outward-facing design. Celebrity Equinox will sail Alaska for the first time with seven-night open-jaw sailings between Vancouver and Seward, while Celebrity Millennium will offer round-trip sailings from Vancouver, giving guests access to local cultures, snow-covered peaks, glaciers, and coastal towns.

Guests on Celebrity Equinox can extend their trip with a land-based Cruisetour led by guides with local ties to the region, with stays at lodges and travel along remote roads and railways, stopping in Anchorage, Talkeetna, and Denali.

For a warmer getaway, guests can explore rainforests, tropical blooms, and sandy beaches on new round-trip sailings to Hawaii from Los Angeles on Celebrity Equinox.

Celebrity Edge and Celebrity Solstice return to Australia and New Zealand.

With 23 sailings departing from Sydney and Auckland, guests can choose from Australia and New Zealand itineraries ranging from four-night escapes to 14-night journeys on Celebrity Edge and Celebrity Solstice. From Australia's wine region to New Zealand's majestic fjords, the season blends natural wonders with vibrant cities.

South Pacific sailings on Celebrity Solstice take guests to destinations like Tauranga, New Zealand; Lifou, Loyalty Islands; and Mystery Island, Vanuatu.

Discover Japan on the renewed Celebrity Solstice and more of Asia.

Explore Japan from the renewed Celebrity Solstice, sailing a full season in the region for the first time from April to October 2028. Guests can experience the energy of Tokyo, view Mt. Fuji, enjoy overnight stays in Kyoto and Aomori, and join festivals such as Golden Week and Gion Matsuri. Celebrity Millennium's spring and fall sailings offer Cherry Blossom and Hibiscus season experiences, as well as chances to see koyo — vibrant autumn leaves. Guests on Celebrity Solstice and Celebrity Millennium will have more opportunities to explore Okinawa with 17 visits to the tropical destination.

Winter sailings through Southeast Asia on Celebrity Solstice and Celebrity Millennium bring guests to Malaysia, Thailand, Vietnam, Indonesia, and China. Overnight visits in Bangkok and Phuket in Thailand; Benoa, Bali, Indonesia; Hanoi, Vietnam; Hong Kong, China; and Penang, Malaysia offer even more time to explore these culturally rich destinations.

In Thailand, guests can browse bustling night markets or take in the cities' famous nightlife. In Hanoi, they can watch the sunset over limestone cliffs. On Celebrity Millennium, an overnight stay in Hong Kong on New Year's Eve lets guests watch the city's famous fireworks as they ring in 2029.

Antarctica returns on an extended South America season. 

Bucket-list experiences await in South America and Antarctica. Twelve- to 16-night itineraries spanning five countries on Celebrity Equinox offer breathtaking landscapes, remarkable wildlife, and once-in-a-lifetime adventures. Destinations span from the cliffs of the Chilean Fjords to the UNESCO World Heritage-listed Iguazu Falls and the wild Antarctic. In Patagonia, guests can visit penguin colonies, hike through forests, or go whale watching.

Guests can explore charming towns as they sample South American cuisine, including Patagonian barbecue, Chilean seafood and ceviche, and Uruguayan dulce de leche, with overnights in Valparaiso, Chile, and Buenos Aires, Argentina. At Cape Horn, where the Atlantic and Pacific meet, sailings pass the glaciers and wildlife of Tierra del Fuego National Park, at the southern tip of the South American mainland. Plus, ring in the new year with a 16-night holiday sailing in Antarctica.

Explore Bermuda's coastlines and fall colors in Canada and New England.

In May 2028, seven-night sailings on Celebrity Summit departing Cape Liberty, New Jersey, bring guests to Bermuda, with two overnight stays for scuba diving, golf, art galleries, and the island's pink-sand beaches.

In September and October 2028, 12-night sailings from Boston invite guests to explore Canada and New England's lighthouses, fishing villages, and coastal fall foliage. An overnight stop in Quebec City offers the magic of Old Quebec after dark, as the cobblestone streets light up.

On Sale Dates:

On sale now — Summer 2028 Japan August 25, 2026 — Europe, Bermuda, Canada, and New England September 1, 2026 — Alaska, Hawaii, and South America September 29, 2026 — Australia and Winter 2028/29 Asia Coming soon — Caribbean and 2029 Galapagos  For more information and to book a sailing, please visit www.celebritycruises.com, call Celebrity Cruises at 1-888-751-7804, or contact a trusted travel advisor.

About Celebrity Cruises
Celebrity Cruises, part of Royal Caribbean Group (NYSE: RCL), delivers an elevated premium vacation experience across its fleet of ocean and river ships traveling to more than 300 destinations across more than 70 countries spanning all seven continents. Uniquely offering the intimate feel and thoughtful service of small ships, with the variety and excitement of bigger ones – guests can explore the world or get away from it for a little while. With every detail elevated beyond expectations, guests will never want to vacation any other way. An industry pioneer for more than 35 years, each Celebrity vacation offers experiences you won't find anywhere else.

Visit www.celebritycruises.com for more information, and connect with us on Instagram, Facebook or LinkedIn.

SOURCE Celebrity Cruises

, /PRNewswire/ -- Royal Caribbean Cruises Ltd. (NYSE: RCL) (the "Company") today announced that it has commenced a registered public offering of senior unsecured notes (the "Notes").

The Company intends to use the net proceeds from the sale of the Notes to repay a portion of the outstanding borrowings under its floating rate term loan facilities and any remaining net proceeds to repay or refinance other existing indebtedness.

BNP Paribas Securities Corp., BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as lead book-running managers for the offering.

The Notes offering is being made pursuant to an automatic shelf registration statement (including a prospectus) that was filed by the Company with the Securities and Exchange Commission (the "SEC") on February 29, 2024, and became effective upon filing. Before you invest, you should read the prospectus in the shelf registration statement and the documents incorporated by reference therein and the prospectus supplement that the Company has filed with the SEC for more complete information about the Company and the offering.

Copies of the prospectus and related prospectus supplement relating to the offering may be obtained from BNP Paribas Securities Corp. by telephone at 1-800-854-5674, BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001, Attn: Prospectus Department, at [email protected] or by telephone at 1-800-294-1322 or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or email: [email protected]. A copy of the prospectus and the related prospectus supplement relating to the offering may also be obtained free of charge by visiting EDGAR on the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Special Note Regarding Forward-Looking Statements

Certain statements in this press release relating to, among other things, the offering and sale of the Notes constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding terms of the offering of the Notes and the intended use of proceeds. Words such as "anticipate," "believe," "committed," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "encouraged," "project," "shaping up," "position," "allows," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause the Company's actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment on key aspects of the Company's business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the unavailability or cost of air service; incidents or adverse publicity concerning the Company's ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on the Company's business; risks related to the Company's sustainability activities; the impact of issues at shipyards, including ship delivery delays or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity; inability to manage the Company's cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market the Company's cruises; reliance on third-party service providers; potential unavailability of insurance coverage; disease outbreaks and increased concern about the risk of illness on the Company's ships or when travelling to or from the Company's ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; the risks and costs related to cyber security attacks, data breaches, protecting the Company's systems and maintaining data integrity and security; uncertainties of a foreign legal system as the Company is not incorporated in the United States; the Company's ability to obtain sufficient financing or capital to fund its capital expenditures, operations, debt repayments and other financing needs; the Company's expectation and ability to pay a cash dividend on its common stock in the future; changes to the Company's dividend policy; growing anti-tourism sentiments and environmental concerns; changes in U.S. or other countries' foreign travel policy; impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on the Company's business; fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of the Company's goodwill, long-lived assets, equity investments and notes receivable; an inability to source crew or provisions and supplies from certain places; the Company's ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions.

Forward-looking statements should not be relied upon as predictions of actual results. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to the Company on the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Royal Caribbean Group

Royal Caribbean Group is a leading global vacation company spanning cruise, exclusive destinations, and land-based vacation experiences. The company operates 71 ships sailing to more than 1,000 destinations across all seven continents through its three wholly owned brands - Royal Caribbean, Celebrity Cruises, and Silversea - and a 50% joint venture interest in TUI Cruises, which operates the Mein Schiff and Hapag-Lloyd brands.

SOURCE Royal Caribbean Group

Key Takeaways RCL beat Q2 profit and revenue estimates, supported by stronger revenues, lower costs and joint ventures.RCL sees 2027 bookings ahead of historical levels, with elevated loads and higher year-over-year pricing.RCL held its 2026 yield view as Mediterranean softness offset strong close-in demand and Caribbean pricing. Royal Caribbean Cruises Ltd. (RCL - Free Report) framed its second-quarter call around resilient demand, stronger close-in bookings and a higher full-year earnings outlook. Management said geopolitical disruption is limiting Mediterranean yield upside.

Investor attention shifted to Caribbean pricing, the 2027 booking curve and the company’s ability to expand its vacation ecosystem while maintaining cost discipline.

RCL Raises Outlook on Broad-Based ExecutionRCL reported adjusted earnings of $4.21 per share, above the Zacks Consensus Estimate of $3.97. Revenues of $4.83 billion topped the $4.81 billion consensus figure.

Executive vice president and chief financial officer (CFO) Naftali Holtz said stronger revenues, lower costs and favorable joint-venture performance drove the result. Net yields rose 1.2% in constant currency as capacity increased 5%.

The CFO said cost favorability was mainly timing-related, with expenses shifting later. Adjusted EBITDA reached $1.8 billion.

Royal Caribbean Sees Demand Holding FirmChairman and chief executive officer (CEO) Jason Liberty said consumers remain focused on travel and experiences, though some are choosing closer destinations and booking nearer departure dates for flexibility.

The CEO said June and July demand was strong after a modest May slowdown. The 2026 and 2027 book positions remain at record pricing, while onboard spending and pre-cruise purchases exceed the prior-year levels.

Executive vice president and CFO Naftali Holtz said 2027 bookings are pacing ahead of historical levels, including affected itineraries. Management emphasized that higher volumes are being secured at higher prices.

RCL Keeps Yield View as Europe WeighsRCL maintained its 2026 constant-currency net yield growth outlook of 1.75% to 2.25%. Revenues are expected to rise 9% as capacity grows 6.6%, while net cruise costs excluding fuel remain roughly flat.

Jason Liberty said Mediterranean demand remains healthy but below earlier expectations because the Middle East conflict has persisted. Without that pressure, management would have raised its second-half yield outlook.

Naftali Holtz projected roughly flat third-quarter yields, 8.5% capacity growth and adjusted earnings of $6.26 to $6.36 per share. He expects fourth-quarter yields to reaccelerate as deployment mix and dry-dock timing reverse a roughly two-point third-quarter headwind.

Royal Caribbean Deepens Guest EngagementLiberty highlighted loyalty and technology as central to raising repeat rates and lifetime guest value. The Royal ONE card has exceeded sign-up and spending expectations, while Points Choice and Status Match generated more than 500,000 enrollments.

The CEO also said more than 90% of guests use the app, and more than half of onboard revenues are purchased before embarkation. That data supports more relevant recommendations across dining, entertainment and destinations.

The connected platform also includes new ships, private destinations and Celebrity River Cruises. The CEO said stakeholder discussions are expected to affect Mahahual’s prior timeline, though RCL remains committed to the development.

RCL Defends Caribbean Pricing in Q&AA Stifel analyst asked whether heavier competitor promotions were affecting Caribbean pricing. Liberty said differentiated ships, destinations, loyalty tools and high guest satisfaction provide insulation, with demand remaining strong into 2027.

A UBS analyst pressed management on 2027 load factors and pricing. Holtz and Liberty said booked load is near elevated historical levels, while pricing is higher year over year.

A Morgan Stanley analyst asked whether later booking behavior could soften load factors. The CEO said RCL prioritizes price integrity and may accept lower loads in disrupted markets, but close-in demand has supported higher pricing rather than discounting.

Royal Caribbean Stays Focused on ReturnsManagement’s closing posture combined growth investment with balance-sheet and capital-return discipline. RCL ended the quarter with $6.9 billion of liquidity and leverage below three times.

The company returned more than $600 million through dividends and repurchases. The CEO and CFO tied 2027 ambitions to moderate yield growth, cost control and selective capital deployment rather than ideal market conditions.

Zacks Signals Show a Mixed but Balanced SetupRCL carries a Zacks Rank #3 (Hold). Its Value and Growth Score is C each, while the Momentum Score is A and the VGM Score is B, indicating stronger momentum and a favorable combined style profile alongside middling value and growth characteristics.

Style Scores complement the Zacks Rank, with the strongest historical combinations centered on Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks paired with A or B scores. RCL’s current setup is less decisive, and the Zacks Rank can change as earnings estimates are revised after the reported results. 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Jul 31st, 2026

Amundi increased its position in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) by 18.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 967,622 shares of the company’s stock after purchasing an additional 149,849 shares during the period. Amundi owned approximately 0.36% of Royal Caribbean Cruises worth $266,270,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors raised its stake in shares of Royal Caribbean Cruises by 9.8% during the 4th quarter. Capital International Investors now owns 36,165,358 shares of the company’s stock worth $10,088,156,000 after buying an additional 3,215,382 shares in the last quarter. Norges Bank purchased a new stake in shares of Royal Caribbean Cruises in the fourth quarter valued at approximately $456,752,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Royal Caribbean Cruises by 25,747.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,202,161 shares of the company’s stock valued at $335,307,000 after buying an additional 1,197,510 shares in the last quarter. Capital Research Global Investors grew its holdings in Royal Caribbean Cruises by 4.8% during the fourth quarter. Capital Research Global Investors now owns 20,176,544 shares of the company’s stock worth $5,627,669,000 after acquiring an additional 920,042 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in Royal Caribbean Cruises by 23.9% during the fourth quarter. Janus Henderson Group PLC now owns 2,416,425 shares of the company’s stock worth $673,990,000 after acquiring an additional 465,401 shares during the period. Institutional investors and hedge funds own 87.53% of the company’s stock.

Royal Caribbean Cruises Trading Down 0.4% NYSE:RCL opened at $322.15 on Friday. Royal Caribbean Cruises Ltd. has a 52-week low of $232.10 and a 52-week high of $366.50. The company has a quick ratio of 0.17, a current ratio of 0.21 and a debt-to-equity ratio of 2.03. The stock has a fifty day simple moving average of $294.60 and a 200-day simple moving average of $289.60. The company has a market capitalization of $86.16 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 1.12 and a beta of 1.76.

Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $4.21 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.23. Royal Caribbean Cruises had a net margin of 23.54% and a return on equity of 43.33%. The firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the company earned $4.38 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. Royal Caribbean Cruises has set its FY 2026 guidance at 17.730-17.870 EPS and its Q3 2026 guidance at 6.260-6.360 EPS. On average, equities research analysts expect that Royal Caribbean Cruises Ltd. will post 17.74 earnings per share for the current fiscal year.

Royal Caribbean Cruises Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 3rd were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, June 3rd. Royal Caribbean Cruises’s dividend payout ratio is 36.61%.

More Royal Caribbean Cruises News Here are the key news stories impacting Royal Caribbean Cruises this week:

Positive Sentiment: Royal Caribbean reported second-quarter adjusted earnings of $4.21 per share, above the $3.98 analyst consensus, while revenue of $4.83 billion broadly matched estimates and increased 6.5% year over year. Royal Caribbean earnings and outlook article Positive Sentiment: Management maintained its 2026 adjusted EPS outlook of $17.73–$17.87 and reiterated 1.75%–2.25% net yield growth. Record booking volumes and pricing, particularly from higher-margin guests, support continued earnings momentum. Royal Caribbean 2026 forecast article Positive Sentiment: Investors continue to point to premium offerings, private destinations, fleet expansion, river cruises and substantial share repurchases—including approximately $1 billion in first-half buybacks—as longer-term catalysts. Royal Caribbean growth drivers article Neutral Sentiment: Royal Caribbean appears relatively insulated from weaker consumer vacation demand because affluent travelers are continuing to pay for cruises and premium experiences. Analysts comparing RCL with Carnival see resilient demand and strong bookings across the industry. Royal Caribbean cruise pricing article Negative Sentiment: Royal Caribbean reduced its 2026 revenue-growth outlook from 10% to approximately 9% and narrowed reported net-yield guidance, partly reflecting itinerary changes and geopolitical effects on bookings. European cruise demand also faces potential headwinds. Royal Caribbean Q2 outlook article Negative Sentiment: Higher fuel costs, roughly $23 billion of debt and heavy capital spending create downside risks if travel demand weakens. Morgan Stanley raised its target to $300 but kept an “equal weight” rating, implying the current valuation already reflects much of the company’s growth outlook. Morgan Stanley Royal Caribbean price target report Wall Street Analyst Weigh In A number of equities research analysts have commented on the company. Morgan Stanley raised their target price on Royal Caribbean Cruises from $280.00 to $300.00 and gave the company an “equal weight” rating in a report on Thursday. Zacks Research raised shares of Royal Caribbean Cruises from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 18th. Barclays cut their price target on shares of Royal Caribbean Cruises from $351.00 to $340.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Royal Caribbean Cruises in a research note on Thursday, June 18th. Finally, Freedom Capital raised shares of Royal Caribbean Cruises to a “strong-buy” rating in a report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Royal Caribbean Cruises currently has a consensus rating of “Moderate Buy” and an average target price of $350.50.

Get Our Latest Research Report on RCL

About Royal Caribbean Cruises (Free Report)

Royal Caribbean Cruises (NYSE: RCL), operating as part of the Royal Caribbean Group, is a global cruise company that develops, markets and operates passenger cruise ships. The company operates multiple consumer-facing cruise brands that offer short- and long-duration itineraries and a range of onboard experiences. Its core activities include itineraries and voyage operations, guest services and hospitality, onboard food and beverage, entertainment and recreation programming, and the commercial activities needed to sell and support cruises through both direct and travel‑agent channels.

Royal Caribbean’s ships serve a broad set of geographies worldwide, regularly deploying vessels in the Caribbean, North America (including Alaska), Europe, Asia, Australia and South America.

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Key Takeaways RCL raised 2026 adjusted EPS guidance to $17.73-$17.87, implying 14% year-over-year growth.Royal Caribbean beat second-quarter estimates on Caribbean demand, lower costs and joint-venture gains.RCL's premium valuation, $23.4B debt and $4.7B in 2026 capital spending support patience. Royal Caribbean Cruises Ltd. (RCL - Free Report) has a stronger earnings outlook, healthy demand and clear momentum in bookings. Those factors support the bullish side of the stock’s investment case.

The issue is valuation. RCL already reflects much of that strength, while debt, capital spending and regional disruption keep the risk-reward profile balanced.

RCL Raises Its 2026 Earnings ExpectationsRoyal Caribbean now expects adjusted earnings per share of $17.73-$17.87 for 2026. That implies expected year-over-year growth of 14%, supported by stronger second-quarter performance and a better outlook for the balance of the year.

Revenues are expected to grow 9% in 2026. Capacity is projected to increase 6.6%, while constant-currency net yields are expected to rise 1.75-2.25%.

Royal Caribbean Delivers Another Earnings BeatSecond-quarter adjusted earnings were $4.21 per share, beating the Zacks Consensus Estimate by 6.1%. Revenues of $4.83 billion topped expectations by 0.5%.

Close-in demand was better than expected, particularly in the Caribbean. Lower-than-expected costs and favorable joint-venture performance also helped the company exceed guidance.

RCL Trades Above Key Industry ValuationsRCL trades at 4.23X forward 12-month sales, above the Zacks sub-industry’s 2.74X. That premium leaves less room for disappointment.

The $339 price target is based on a 4.44X forward sales multiple. Against the reported share price of $322.50, that points to only moderate upside.

Carnival Corporation Ltd. (CCL - Free Report) and Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) remain useful peer references for investors comparing cruise demand, fuel exposure and balance-sheet repair across the industry. RCL’s premium multiple suggests investors are already assigning it credit for stronger execution.

Royal Caribbean Faces Margin and Cost PressureThe second quarter was not clean across every line item. Net income attributable to Royal Caribbean fell 6.8% year over year, adjusted net income declined 6% and adjusted EBITDA slipped 1.1%.

Adjusted EBITDA margin contracted to 37.9% from 40.8%. Payroll and fuel expenses increased, and 2026 capital expenditures are expected to be approximately $4.7 billion, keeping the business capital intensive.

RCL Carries Material Financial CommitmentsRoyal Caribbean ended the second quarter with total debt of $23.4 billion. Scheduled debt maturities include $2.7 billion in 2027 and $3.4 billion in 2028.

The company also had approximately $12.8 billion of remaining contractual ship purchase obligations. These commitments are balanced by $6.9 billion of liquidity, improving operating cash flow and leverage below three times.

RCL’s Scores Support Patience Over Aggressive BuyingThe bottom line is that RCL looks like a stronger company than a straightforward bargain. Earnings expectations are rising, demand remains durable and the stock has momentum, but valuation and execution risks argue against aggressive buying at current levels.

The stock currently carries a Zacks Rank #3 (Hold). That rank fits a mixed setup where positive estimate activity and business momentum are offset by premium valuation and sizable financial commitments.

RCL has a Momentum Score of A and a VGM Score of B, reflecting favorable price strength and a balanced overall style profile. Its Value Score of C and Growth Score of C temper the bullish case, suggesting investors may be better served by patience than chasing the stock after its run.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Royal Caribbean Cruises Ltd. (RCL) Q2 2026 Earnings Call Transcript

Royal Caribbean Group (RCL), a global cruise operator, slipped approximately 1% in Tuesday's premarket trading after reducing its annual revenue-growth forecast

Royal Caribbean (RCL - Free Report) reported $4.83 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 6.5%. EPS of $4.21 for the same period compares to $4.38 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $4.81 billion, representing a surprise of +0.45%. The company delivered an EPS surprise of +6.05%, with the consensus EPS estimate being $3.97.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Royal Caribbean performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

APCD (Available passenger cruise days): 13,572.40 Days versus the five-analyst average estimate of 13,585.62 Days.Net Yields: $288.95 versus $287.91 estimated by four analysts on average.Occupancy Rate: 110.2% versus 110.4% estimated by four analysts on average.Passenger Cruise Days: 14,962.21 Days versus the four-analyst average estimate of 14,985.60 Days.Net Cruise Costs Excluding Fuel per APCD: $132.30 versus $133.29 estimated by three analysts on average.Net Cruise Costs per APCD: $158.42 versus the three-analyst average estimate of $158.70.Passengers Carried: 2.4 million versus the two-analyst average estimate of 2.57 million.Revenues- Onboard and other: $1.49 billion versus the five-analyst average estimate of $1.45 billion. The reported number represents a year-over-year change of +11.1%.Revenues- Passenger ticket: $3.34 billion versus $3.36 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +4.5% change.View all Key Company Metrics for Royal Caribbean here>>>

Shares of Royal Caribbean have returned -5.1% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Key Takeaways RCL beat Q2 estimates with EPS of $4.21 and revenues of $4.83 billion, though profit declined.Royal Caribbean's revenues rose 6.5% as close-in demand, pricing and onboard spending stayed strong.RCL raised 2026 EPS guidance to $17.73-$17.87, while costs rose on higher fuel and payroll. Royal Caribbean Cruises Ltd. (RCL - Free Report) reported second-quarter 2026 results, with adjusted earnings and revenues beating the Zacks Consensus Estimate. The top line increased, but the bottom line declined on a year-over-year basis. Post the results, the cruise stock fell 1.2% in the pre-market trading session.

The company reported second-quarter 2026 adjusted earnings of $4.21 per share, which surpassed the Zacks Consensus Estimate of $3.97 by 6.1%. However, adjusted earnings declined 3.9% from $4.38 in the year-ago quarter.

Revenues totaled $4.83 billion, beating the consensus mark of $4.81 billion by 0.5%. The top line increased 6.5% year over year. Results benefited from strong close-in demand, lower-than-expected costs and favorable joint-venture performance. Occupancy remained healthy at 110.2%.

RCL Sustains Demand Momentum at Record PricingRoyal Caribbean’s demand commentary remained constructive. Booking volumes were above year-ago levels, while the company remained booked at record prices. Load factors also stayed robust across its vacation portfolio.

Net yields increased 1.9% on an as-reported basis and 1.2% in constant currency. The metric exceeded management’s guidance, primarily reflecting better-than-expected close-in demand. Capacity increased 4.9% year over year, while the number of passengers carried rose 6.4% to nearly 2.4 million.

Royal Caribbean Gains From Tickets and Onboard SpendThe second-quarter top line advanced on strength across the two primary revenue streams. Passenger ticket revenues increased 4.5% year over year to $3.34 billion from $3.20 billion. The increase reflected capacity growth, healthy pricing and continued demand for the company’s differentiated cruise experiences. Our model projected second-quarter passenger ticket revenues to be $3.34 billion.

Onboard and other revenues rose 11.1% to $1.49 billion from $1.34 billion in the prior-year quarter. Management highlighted strong guest engagement and demand for onboard and destination experiences. Product enhancements and more targeted pre-cruise engagement also supported guest spending. Our model projected second-quarter onboard & other revenues to be $1.48 billion.

Royal Caribbean Posts Lower Q2 ProfitabilityOperating income declined 1.7% year over year to $1.31 billion from $1.33 billion, as operating expense growth exceeded the increase in revenues. Net income attributable to Royal Caribbean decreased 6.8% to $1.13 billion from $1.21 billion.

Adjusted net income fell 6% to $1.13 billion from $1.20 billion. Adjusted EBITDA declined 1.1% to $1.83 billion from $1.85 billion. Adjusted EBITDA margin contracted to 37.9% from 40.8% in the prior-year quarter.

RCL’s Costs Rise as Fuel and Payroll IncreaseTotal cruise operating expenses increased 11.6% year over year to $2.55 billion. Payroll and related expenses climbed 23.1% to $405 million, while fuel costs increased 27.2% to $355 million.

Food expenses rose 6.5% to $262 million, while other operating expenses increased 9.6% to $615 million. Marketing, selling and administrative expenses were $513 million compared with $508 million a year ago. Net cruise costs excluding fuel per available passenger cruise day increased 4.4% as reported and 3.9% in constant currency.

RCL Generates Higher Cash Flow, Returns CapitalFor the first six months of 2026, net cash provided by operating activities increased 9.5% year over year to $3.69 billion.

During the second quarter, Royal Caribbean returned more than $600 million to its shareholders. This included $199 million of share repurchases and $404 million of dividend payments. The company had $805 million remaining under its current repurchase authorization.

As of June 30, 2026, cash and cash equivalents were $875 million compared with $825 million at the end of 2025. Total liquidity was $6.9 billion, including available capacity under the company’s revolving credit facilities.

Royal Caribbean Raises 2026 Earnings OutlookFor the third quarter of 2026, Royal Caribbean expects adjusted earnings of $6.26-$6.36 per share. Total revenues are projected to increase 8%, while net yields are expected to remain approximately flat on both an as-reported and constant-currency basis.

The company raised its full-year adjusted earnings guidance to $17.73-$17.87 per share from the prior projection of $17.10-$17.50. The updated range represents expected growth of 14% year over year.

Royal Caribbean expects 2026 revenues to rise 9%. Net yields are projected to increase 2.35%-2.85% as reported and 1.75%-2.25% in constant currency. Capacity is expected to grow 6.6%, while capital expenditures are anticipated to be approximately $4.7 billion.

RCL’s Zacks Rank & Key PicksRoyal Caribbean currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the Zacks Consumer-Discretionary sector are Life Time Group Holdings, Inc. (LTH - Free Report) , AMC Entertainment Holdings, Inc. (AMC - Free Report) and The Marcus Corporation (MCS - Free Report) .

Life Time Group presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.

 Life Time Group delivered a trailing four-quarter earnings surprise of 10.9%, on average. The stock has surged 67.3% in the year-to-date period. The Zacks Consensus Estimate for LTH’s 2026 sales and EPS implies growth of 11.3% and 18.1%, respectively, from the year-ago levels.

 AMC Entertainment presently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. The stock has rallied 64.1% in the year-to-date period.

 The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS indicates an increase of 13.3% and 77.1%, respectively, from the year-ago levels.

 Marcus currently sports a Zacks Rank #1. The company delivered a trailing four-quarter earnings miss of 40.4%, on average. The stock has gained 59.3% in the year-to-date period.

 The Zacks Consensus Estimate for Marcus’ 2026 sales and EPS indicates growth of 6.2% and 211.8%, respectively, from the year-ago period’s levels.

Royal Caribbean (RCL - Free Report) came out with quarterly earnings of $4.21 per share, beating the Zacks Consensus Estimate of $3.97 per share. This compares to earnings of $4.38 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.05%. A quarter ago, it was expected that this cruise operator would post earnings of $3.2 per share when it actually produced earnings of $3.6, delivering a surprise of +12.5%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Royal Caribbean, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $4.83 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.45%. This compares to year-ago revenues of $4.54 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Royal Caribbean shares have added about 9.4% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for Royal Caribbean?While Royal Caribbean has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Royal Caribbean was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $6.18 on $5.6 billion in revenues for the coming quarter and $17.29 on $19.6 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, United Parks & Resorts (PRKS - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This theme park operator is expected to post quarterly earnings of $1.62 per share in its upcoming report, which represents a year-over-year change of +11.7%. The consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level.

United Parks & Resorts' revenues are expected to be $485.23 million, down 1% from the year-ago quarter.

, /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share ("EPS") of $4.20 and Adjusted EPS of $4.21. These results were better than the company's guidance, driven by strong close-in demand, lower costs, and favorable performance from joint ventures. The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87. The increase in earnings expectations reflects the stronger-than-expected second quarter performance and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.

"The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business," said Jason Liberty, Chairman and CEO, Royal Caribbean Group. "We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers' preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet."

"We continue to expand, elevate and differentiate our portfolio of vacation experiences," Liberty added. "Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns. Its successful debut represents another important milestone in the execution of our innovation pipeline as we continue to redefine the vacation experience. At the same time, we are deepening guest engagement through our loyalty and technology platforms - strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market."

Second Quarter 2026:

Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the second quarter was 110%. Gross Margin Yields decreased 5.6% as-reported. Net Yields increased 1.9% as-reported and 1.2% in Constant Currency. Gross Cruise Costs per Available Passenger Cruise Days ("APCD") increased 4.5% as-reported. Net Cruise Costs ("NCC"), excluding Fuel, per APCD increased 4.4% as-reported and 3.9% in Constant Currency. Net Income was $1.1 billion or $4.20 per share, Adjusted Net Income was $1.1 billion or $4.21 per share, and Adjusted EBITDA was $1.8 billion. Full Year 2026 Outlook:

Revenue is expected to grow 9% year over year. Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency. NCC, excluding Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency. Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027. Second Quarter 2026 Results
Net Income for the second quarter of 2026 was $1.1 billion or $4.20 per share compared to Net Income of $1.2 billion or $4.41 per share for the same period in the prior year. Adjusted Net Income was $1.1 billion or $4.21 per share for the second quarter of 2026 compared to Adjusted Net Income of $1.2 billion or $4.38 per share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion.

Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total revenue increased 6% year over year. Gross Margin Yields decreased 5.6% as-reported, and Net Yields increased 1.9% as-reported (1.2% in Constant Currency), when compared to the second quarter of 2025. Load factor for the quarter was 110%. Net Yield growth exceeded the company's guidance primarily driven by better than expected close-in demand.

Gross Cruise Costs per APCD increased 4.5% as-reported, compared to the second quarter of 2025. NCC, excluding Fuel, per APCD increased 4.4% as-reported (and 3.9% in Constant Currency), when compared to the second quarter of 2025. The better-than-expected cost performance in the second quarter was primarily driven by favorable timing of expenses.

Update on Bookings and Onboard Revenue
The overall demand environment remains strong, supported by consumers' continued preference for the company's differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year's levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.

"Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us," said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. "As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year."

Third Quarter 2026
Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.

NCC, excluding Fuel, per APCD, is expected to decrease 1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency as compared to 2025.

Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.

Fuel Expense
Bunker pricing, net of hedging, for the second quarter was $839 per metric ton and consumption was 422,000 metric tons.

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 current fuel prices, the company has included $362 million of fuel expense in its third quarter guidance at a forecasted consumption of 441,000 metric tons, which is 58% hedged via swaps.

Forecasted consumption is 58%, 53%, 29%, and 14% hedged via swaps for 2026, 2027, 2028, and 2029 respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $405, $424, and $451 for 2026, 2027, 2028, and 2029 respectively.

The company provided the following guidance for the third quarter and full year 2026:

FUEL STATISTICS

Third Quarter 2026

Full Year 2026

Fuel Consumption (metric tons)

441,000

1,756,000

Fuel Expenses

$362 million

$1,338 million

Third Quarter 2026

Remainder of Year 2026

Percent Hedged (fwd. consumption)

58.0 %

58.0 %

GUIDANCE

As-Reported

Constant Currency

Third Quarter 2026

Net Yields vs. 2025

Approximately Flat

Approximately Flat

Net Cruise Costs per APCD vs. 2025

0.3% to 0.8%

0.4% to 0.9%

Net Cruise Costs per APCD ex. Fuel vs. 2025

(1.7)% to (1.2)%

(1.6)% to (1.1)%

Full Year 2026

Net Yields vs. 2025

2.35% to 2.85%

1.75% to 2.25%

Net Cruise Costs per APCD vs. 2025

Approximately 1.7%

Approximately 1.4%

Net Cruise Costs per APCD ex. Fuel vs. 2025

Approximately 0.4%

Approximately Flat

GUIDANCE

Third Quarter 2026

Full Year 2026

APCDs

14.9 million

56.9 million

Capacity change vs. 2025

8.5 %

6.6 %

Depreciation and amortization

$485 to $495 million

$1,905 to $1,915 million

Net Interest, excluding loss on extinguishment of debt

$255 to $265 million

$980 to $990 million

Adjusted EPS

$6.26 to $6.36

$17.73 to $17.87

SENSITIVITY

Third Quarter 2026

Full Year 2026

1% Change in Net Yields

$45 million

$156 million

1% Change in NCC excluding Fuel

$18 million

$73 million

Third Quarter 2026

Remainder of Year 2026

1% Change in Currency

$8 million

$14 million

10% Change in Fuel prices

$13 million

$26 million

100 basis pt. Change in SOFR

$0.2 million

$1.8 million

Exchange rates used in guidance calculations

GBP

$1.34

AUD

$0.70

CAD

$0.71

EUR

$1.14

Liquidity
As of June 30, 2026, the Group's liquidity position was $6.9 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity. In July, the company increased its revolving credit facility capacity by $250 million, through the accordion feature, to a total capacity of $6.6 billion.

During the second quarter, the company returned over $600 million to shareholders through $199 million of share repurchases, totaling 0.8 million shares, and $404 million of dividend payments. The company has $805 million remaining under its current share repurchase program authorization.

The company noted that as of June 30, 2026, the scheduled debt maturities for 2026, 2027, 2028, 2029 and 2030 were $0.9 billion, $2.7 billion, $3.4 billion, $1.2 billion, and $1.3 billion respectively.

Capital Expenditures and Capacity Guidance
Capital expenditures for the full year 2026 are expected to be approximately $4.7 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book and land-based destination initiatives. The company took delivery of Legend of the Seas during the second quarter. In April the company also announced orders for Icon VI and Icon VII, with committed financing in place. Non-new ship related capital expenditures are expected to be $1.6 billion.

Capacity changes for 2026 are expected to be 6.6% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.

Conference call scheduled
The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's investor relations website at www.rclinvestor.com. 

Definitions
Selected Operational and Financial Metrics

Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other income; (ii) restructuring charges and other initiative expenses; and (iii) equity investment impairment, (recovery) of losses and other.

Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.

Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) restructuring charges and other initiative expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; and (v) equity investment impairment, recovery of losses, and other.

Adjusted Operating Income is a non-GAAP measure that represents operating income including income from equity investments and provision for income taxes but excluding certain items for which we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below).

Available Passenger Cruise Days ("APCD") is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. We calculate "Constant Currency" by applying the average of the prior period exchange rates for each of the corresponding months, of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

EBITDA is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) provision for income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Gross Margin Yield represent Gross Margin per APCD.

Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus the most recent five-quarter average of Total shareholders' equity. We use this measure to calculate ROIC (as defined below).

Net Cruise Costs and Net Cruise Costs excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our cost performance. For the periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel excludes restructuring charges and other initiative expenses.

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.

Occupancy ("Load factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days ("PCD") represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.

Return on Invested Capital ("ROIC") represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.

For additional information see "Adjusted Measures of Financial Performance" below.

About Royal Caribbean Group
Royal Caribbean Group is a leading global vacation company spanning cruise, exclusive destinations, and land-based vacation experiences. The company operates 71 ships sailing to more than 1,000 destinations across all seven continents through its three wholly owned brands -Royal Caribbean, Celebrity Cruises, and Silversea - and a 50% joint venture interest in TUI Cruises which operates the Mein Schiff and Hapag-Lloyd brands.

The Group is expanding its portfolio of private destinations from three to eight by 2028 through its Perfect Day and Royal Beach Club collections, and the company will enter river cruising in 2027 with Celebrity River Cruises. Powered by innovative brands, advanced technology, and an industry-leading loyalty program, the company has built a connected vacation ecosystem, turning the vacation of a lifetime into a lifetime of vacations.

Named to the Fortune World's Most Admired Companies 2026 list and to Forbes' 2026 Best American Companies lists, Royal Caribbean Group is guided by its mission to deliver the best vacations responsibly. For more information, visit www.royalcaribbeangroup.com. 

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2026 and beyond; anticipated timing for launch of private destinations, our progress toward achievement of our Perfecta program; demand for our brands; expectations on river cruise offerings; future capital expenditures; and expectations regarding our credit profile and fuel expenses. Words such as "anticipate," "believe," "committed," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "encouraged," "project," "shaping up," "position," "allows," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment, including changing tariffs and the related uncertainty thereof, on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data integrity and security; uncertainties of a foreign legal system as we are not incorporated in the United States; our ability to obtain sufficient financing or capital to fund our capital expenditures, operations, debt repayments and other financing needs; our expectation and ability to pay a cash dividend on our common stock in the future; changes to our dividend policy; growing anti-tourism sentiments and environmental concerns; changes in U.S. or other countries' foreign travel policy; impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions.

More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Adjusted Measures of Financial Performance
This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.

The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.

A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions, except per share data)

Quarter Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Passenger ticket revenues

$         3,344

$       3,199

$      6,365

$      5,942

Onboard and other revenues

1,488

1,339

2,919

2,595

Total revenues

4,832

4,538

9,284

8,537

Cruise operating expenses:

Commissions, transportation and other

622

606

1,186

1,128

Onboard and other

288

262

501

463

Payroll and related

405

329

806

669

Food

262

246

526

486

Fuel

355

279

619

557

Other operating

615

561

1,157

1,061

Total cruise operating expenses

2,547

2,283

4,795

4,362

Marketing, selling and administrative expenses

513

508

1,095

1,071

Depreciation and amortization expenses

464

417

925

829

Operating Income

1,307

1,329

2,469

2,275

Other income (expense):

Interest income

5

12

10

15

Interest expense, net of interest capitalized

(236)

(228)

(514)

(477)

Equity investment income

67

107

151

155

Other income

7

11

9

15

Income before income taxes

1,150

1,232

2,126

1,983

Provision for income taxes

(14)

(17)

(39)

(33)

Net Income

1,136

1,214

2,086

1,950

Less: Net Income attributable to noncontrolling interest

8

5

16

10

Net Income attributable to Royal Caribbean Cruises Ltd.

$         1,128

$       1,210

$      2,070

$      1,940

Earnings per Share:

Basic

$          4.21

$        4.45

$       7.70

$       7.17

Diluted

$          4.20

$        4.41

$       7.68

$       7.10

Weighted-Average Shares Outstanding:

Basic

268

272

269

270

Diluted

268

275

270

275

Comprehensive Income (Loss)

Net Income

$         1,136

$       1,214

$      2,086

$      1,950

Other comprehensive income (loss):

Foreign currency translation adjustments

—

(9)

—

(26)

Change in defined benefit plans

6

4

4

—

(Loss) gain on cash flow derivative hedges

(137)

181

84

309

Total other comprehensive (loss) income

(131)

176

88

283

Comprehensive Income

1,005

1,391

2,174

2,233

Less: Comprehensive Income attributable to noncontrolling interest

8

5

16

10

Comprehensive Income attributable to Royal Caribbean Cruises Ltd.

$           997

$       1,386

$      2,158

$      2,222

__________________________________________________

Certain amounts may not add or calculate due to use of rounded numbers.

ROYAL CARIBBEAN CRUISES LTD.

STATISTICS

(unaudited)

Quarter Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Passengers Carried

2,399,066

2,254,057

4,908,738

4,495,730

Passenger Cruise Days

14,962,211

14,277,894

29,835,410

28,046,226

APCD

13,572,396

12,942,385

27,275,099

25,600,377

Occupancy

110.2 %

110.3 %

109.4 %

109.6 %

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

As of

June 30,

December 31,

2026

2025

(unaudited)

Assets

Current assets

Cash and cash equivalents

$                875

$                825

Trade and other receivables, net

441

317

Inventories

267

264

Prepaid expenses and other assets

803

690

Derivative financial instruments

47

115

Total current assets

2,433

2,211

Property and equipment, net

38,251

35,696

Operating lease right-of-use assets

618

620

Goodwill

808

808

Other assets

2,534

2,284

Total assets

$             44,644

$             41,619

Liabilities and Shareholders' Equity

Current liabilities

Current portion of long-term debt

$              1,573

$              3,180

Current portion of operating lease liabilities

71

90

Accounts payable

1,093

953

Accrued expenses and other liabilities

2,165

2,026

Derivative financial instruments

17

67

Customer deposits

6,736

5,739

Total current liabilities

11,655

12,055

Long-term debt

21,263

18,165

Long-term operating lease liabilities

611

600

Other long-term liabilities

654

554

Total liabilities

34,183

31,374

Shareholders' equity

Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)

—

—

Common stock ($0.01 par value; 500,000,000 shares authorized; 303,877,626  and 303,054,848 shares issued, June 30, 2026
and December 31, 2025, respectively)

3

3

Paid-in capital

7,896

7,964

Retained earnings

7,187

5,925

Accumulated other comprehensive loss

(516)

(604)

Treasury stock (36,429,278 and 32,631,826 common shares at cost, at June 30, 2026  and December 31, 2025, respectively)

(4,334)

(3,251)

Total shareholders' equity attributable to Royal Caribbean Cruises Ltd.

10,236

10,037

Noncontrolling Interest

225

208

Total shareholders' equity

10,461

10,245

Total liabilities and shareholders' equity

$             44,644

$             41,619

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOW

(unaudited; in millions)

Six Months Ended June 30,

2026

2025

Operating Activities

Net Income

$           2,086

$           1,950

Adjustments:

Depreciation and amortization

925

829

Net deferred income tax (benefit) expense

(2)

4

Loss (Gain) on derivative instruments not designated as hedges

8

(56)

Share-based compensation expense

68

92

Equity investment income

(151)

(155)

Amortization of debt issuance costs, discounts and premiums

14

46

Loss on extinguishment of debt and inducement expense

60

10

Changes in operating assets and liabilities:

Increase in trade and other receivables, net

(138)

(51)

(Increase) decrease in inventories

(3)

17

Increase in prepaid expenses and other assets

(133)

(142)

Increase in accounts payable

6

24

Decrease in accrued expenses and other liabilities

(107)

(21)

Increase in customer deposits

996

883

Other, net

65

(57)

Net cash provided by operating activities

3,694

3,373

Investing Activities

Purchases of property and equipment

(3,237)

(1,264)

Cash received on settlement of derivative financial instruments

109

111

Cash paid on settlement of derivative financial instruments

(18)

(11)

Investments in and loans to unconsolidated affiliates

(43)

(77)

Cash received on loans from unconsolidated affiliates

—

70

Other, net

(13)

25

Net cash used in investing activities

(3,202)

(1,146)

Financing Activities

Debt proceeds

5,716

730

Debt issuance costs

(103)

(28)

Repayments of debt

(4,193)

(1,945)

Repurchase of common stock

(1,035)

(241)

Dividends paid

(674)

(348)

Payments of withholding tax on stock awards

(191)

(62)

Other, net

39

7

Net cash used in financing activities

(441)

(1,887)

Effect of exchange rate changes on cash and cash equivalents

(1)

7

Net increase in cash and cash equivalents

50

347

Cash and cash equivalents at beginning of period

825

388

Cash and cash equivalents at end of period

$            875

$            735

Supplemental Disclosure

Cash paid during the period for:

Interest, net of amount capitalized

$            431

$            443

Non-cash Investing Activities

Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities

$            248

$             61

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD are calculated as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin per PCD. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2026 On a
Constant
Currency Basis

2025

2026

2026 On a
Constant
Currency Basis

2025

Total revenues

$         4,832

$         4,802

$         4,538

$         9,284

$         9,188

$         8,537

Less:

Cruise operating expenses

2,547

2,538

2,283

4,795

4,763

4,362

Depreciation and amortization expenses

464

464

417

925

929

829

Gross Margin

1,820

1,801

1,838

3,564

3,495

3,345

Add:

Payroll and related

405

405

329

806

805

669

Food

262

262

246

526

526

486

Fuel

355

355

279

619

619

557

Other operating

615

609

561

1,157

1,139

1,061

Depreciation and amortization expenses

464

464

417

925

929

829

Adjusted Gross Margin

$         3,922

$         3,896

$         3,670

$         7,597

$         7,515

$         6,946

APCD

13,572,396

13,572,396

12,942,385

27,275,099

27,275,099

25,600,377

Passenger Cruise Days

14,962,211

14,962,211

14,277,894

29,835,410

29,835,410

28,046,226

Gross Margin Yields

$       134.11

$       132.66

$       142.00

$       130.69

$       128.15

$       130.67

Net Yields

$       288.95

$       287.05

$       283.56

$       278.54

$       275.51

$       271.33

Adjusted Gross Margin per PCD

$       262.11

$       260.39

$       257.03

$       254.64

$       251.87

$       247.67

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2026 On a
Constant
Currency Basis

2025

2026

2026 On a
Constant
Currency Basis

2025

Total cruise operating expenses

$         2,547

$         2,538

$         2,283

$         4,795

$         4,763

$         4,362

Marketing, selling and administrative expenses

513

511

508

1,095

1,086

1,071

Gross Cruise Costs

3,060

3,049

2,791

5,890

5,849

5,433

Less:

Commissions, transportation and other

622

619

606

1,186

1,174

1,128

Onboard and other

288

288

262

501

499

463

Net Cruise Costs including other costs

2,150

2,142

1,923

4,203

4,175

3,842

Less:

Restructuring charges and other initiatives expenses (1)

—

—

3

3

3

6

Net Cruise Costs

2,150

2,142

1,920

4,200

4,173

3,837

Less:

Fuel

355

355

279

619

619

557

Net Cruise Costs excluding Fuel

$         1,796

$         1,788

$         1,641

$         3,581

$         3,554

$         3,280

APCD

13,572,396

13,572,396

12,942,385

27,275,099

27,275,099

25,600,377

Gross Cruise Costs per APCD

$       225.48

$       224.62

$       215.68

$        215.95

$       214.44

$        212.22

Net Cruise Costs per APCD

$       158.42

$       157.83

$       148.34

$        154.00

$       152.99

$        149.88

Net Cruise Costs excluding Fuel per APCD

$       132.30

$       131.71

$       126.76

$        131.30

$       130.29

$        128.14

(1) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net Income attributable to Royal Caribbean Cruises Ltd.

$         1,128

$         1,210

$        2,070

$        1,940

Interest income

(5)

(12)

(10)

(15)

Interest expense, net of interest capitalized

236

228

514

477

Depreciation and amortization expenses

464

417

925

829

Provision for income taxes

14

17

39

33

EBITDA

1,837

1,860

3,538

3,264

Other income

(7)

(11)

(9)

(15)

Restructuring charges and other initiative expenses (1)

—

3

3

6

Equity investment impairment, (recovery) of losses and other

—

(1)

—

(1)

Adjusted EBITDA

$         1,830

$         1,851

$        3,532

$        3,252

Total revenues

$         4,832

$         4,538

$        9,284

$        8,537

APCD

13,572,396

12,942,385

27,275,099

25,600,377

Net Income attributable to Royal Caribbean Cruises Ltd. per APCD

$         83.13

$         93.47

$        75.89

$        75.76

Adjusted EBITDA per APCD

$       134.84

$       143.00

$      129.50

$      127.04

Adjusted EBITDA Margin

37.9 %

40.8 %

38.0 %

38.1 %

(1)  These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net Income attributable to Royal Caribbean Cruises Ltd.

$           1,128

$           1,210

$          2,070

$          1,940

Loss on extinguishment of debt and inducement expense (1)

—

—

29

10

Restructuring charges and other initiative expenses (2)

—

3

3

6

Amortization of Silversea intangible assets resulting from the Silversea acquisition (3)

2

2

3

3

Gain on sale of noncontrolling interest (4)

—

(11)

—

(11)

Equity investment impairment, (recovery) of losses and other

—

(1)

—

(1)

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.

$           1,130

$           1,202

$          2,105

$          1,946

Earnings per Share - Diluted (5)

$            4.20

$            4.41

$           7.68

$           7.10

Adjusted Earnings per Share - Diluted (6)

$            4.21

$            4.38

$           7.81

$           7.09

Weighted-Average Shares Outstanding - Diluted

268

275

270

275

(1)

For 2026, includes the loss on extinguishment of debt associated with redemptions of the senior notes maturing in 2026. For 2025, includes $10 million of inducement expense related to the settlements of the 2025 6.00% convertible notes. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss).

(2)

These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

(3)

Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.

(4)

For 2025, represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss).

(5)

For 2025, diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $1 million and $16 million for the quarter and for the six months ended June 30, 2025, respectively.

(6)

For 2025, Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $1 million and $6 million for the quarter and six months ended June 30, 2025, respectively.

SOURCE Royal Caribbean Group

Royal Caribbean Group cut its revenue outlook for the year, as prolonged geopolitical uncertainty hurt bookings in the second quarter.

Posted by Defense World Staff on Jul 27th, 2026

Entropy Technologies LP reduced its stake in Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) by 72.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 7,015 shares of the company’s stock after selling 18,230 shares during the quarter. Entropy Technologies LP’s holdings in Royal Caribbean Cruises were worth $1,930,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RCL. Pinnacle Wealth Management Advisory Group LLC grew its stake in shares of Royal Caribbean Cruises by 1.2% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,485 shares of the company’s stock worth $693,000 after acquiring an additional 30 shares in the last quarter. AlphaStar Capital Management LLC lifted its stake in Royal Caribbean Cruises by 4.1% in the fourth quarter. AlphaStar Capital Management LLC now owns 779 shares of the company’s stock worth $217,000 after acquiring an additional 31 shares during the last quarter. Kestra Investment Management LLC lifted its stake in Royal Caribbean Cruises by 2.6% in the fourth quarter. Kestra Investment Management LLC now owns 1,208 shares of the company’s stock worth $337,000 after acquiring an additional 31 shares during the last quarter. Waterloo Capital L.P. grew its holdings in Royal Caribbean Cruises by 2.9% during the 4th quarter. Waterloo Capital L.P. now owns 1,191 shares of the company’s stock worth $332,000 after acquiring an additional 34 shares in the last quarter. Finally, REAP Financial Group LLC grew its holdings in Royal Caribbean Cruises by 16.8% during the 4th quarter. REAP Financial Group LLC now owns 243 shares of the company’s stock worth $68,000 after acquiring an additional 35 shares in the last quarter. 87.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes RCL has been the subject of a number of analyst reports. Loop Capital initiated coverage on shares of Royal Caribbean Cruises in a research note on Monday, June 1st. They set a “hold” rating and a $304.00 target price for the company. Morgan Stanley cut their price target on Royal Caribbean Cruises from $310.00 to $280.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 26th. BMO Capital Markets started coverage on Royal Caribbean Cruises in a report on Tuesday, July 7th. They set an “outperform” rating and a $370.00 price target for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Royal Caribbean Cruises in a research report on Thursday, June 18th. Finally, Stifel Nicolaus set a $410.00 price objective on Royal Caribbean Cruises in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Royal Caribbean Cruises presently has a consensus rating of “Moderate Buy” and a consensus target price of $345.05.

Get Our Latest Stock Analysis on RCL

Royal Caribbean Cruises News Summary Here are the key news stories impacting Royal Caribbean Cruises this week:

Positive Sentiment: Analysts say Royal Caribbean heads into Q2 earnings with strong booking demand and improving digital momentum, which could support another solid quarterly result. Should Investors Hold or Fold RCL Stock Ahead of Q2 Earnings? Positive Sentiment: The company recently beat first-quarter expectations, reinforcing the view that Royal Caribbean’s earnings power remains strong even though the stock has lagged broader market gains this year. Should You Buy Royal Caribbean Stock Before July 28? Neutral Sentiment: Wall Street estimate roundups ahead of Q2 earnings are keeping attention on key operating metrics, but these previews are not signaling a major new catalyst by themselves. Curious about Royal Caribbean (RCL) Q2 Performance? Explore Wall Street Estimates for Key Metrics Neutral Sentiment: Royal Caribbean’s community-center outreach in Mahahual may help strengthen local government relations, but the stock impact is likely limited in the near term. Royal Caribbean courts Mexican government with community center in Mahahual Negative Sentiment: Some broader consumer-discretionary commentary remains cautious, noting that demand trends across the group have been mixed, which could temper enthusiasm for cruise stocks. 3 Consumer Stocks We Steer Clear Of Negative Sentiment: Citigroup trimmed its price target on Royal Caribbean, which can weigh on sentiment even though the firm still sees upside from current levels. Citigroup Lowers Royal Caribbean Cruises (NYSE:RCL) Price Target to $327.00 Royal Caribbean Cruises Trading Down 0.2% NYSE RCL opened at $293.00 on Monday. The firm’s fifty day moving average price is $289.42 and its 200 day moving average price is $289.19. Royal Caribbean Cruises Ltd. has a 12 month low of $232.10 and a 12 month high of $366.50. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.20 and a quick ratio of 0.17. The company has a market capitalization of $78.58 billion, a price-to-earnings ratio of 17.88, a price-to-earnings-growth ratio of 1.04 and a beta of 1.76.

Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $3.60 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.40. Royal Caribbean Cruises had a net margin of 24.36% and a return on equity of 45.25%. The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the company earned $2.71 earnings per share. Royal Caribbean Cruises’s quarterly revenue was up 11.3% compared to the same quarter last year. Royal Caribbean Cruises has set its Q2 2026 guidance at 3.830-3.930 EPS and its FY 2026 guidance at 17.100-17.500 EPS. On average, sell-side analysts expect that Royal Caribbean Cruises Ltd. will post 17.29 earnings per share for the current fiscal year.

Royal Caribbean Cruises Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 3rd were given a $1.50 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.0%. Royal Caribbean Cruises’s dividend payout ratio is 36.61%.

About Royal Caribbean Cruises (Free Report)

Royal Caribbean Cruises (NYSE: RCL), operating as part of the Royal Caribbean Group, is a global cruise company that develops, markets and operates passenger cruise ships. The company operates multiple consumer-facing cruise brands that offer short- and long-duration itineraries and a range of onboard experiences. Its core activities include itineraries and voyage operations, guest services and hospitality, onboard food and beverage, entertainment and recreation programming, and the commercial activities needed to sell and support cruises through both direct and travel‑agent channels.

Royal Caribbean’s ships serve a broad set of geographies worldwide, regularly deploying vessels in the Caribbean, North America (including Alaska), Europe, Asia, Australia and South America.

Further Reading Five stocks we like better than Royal Caribbean Cruises RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit

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Posted by Defense World Staff on Jul 25th, 2026

Bank of Nova Scotia decreased its stake in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) by 8.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,848 shares of the company’s stock after selling 9,277 shares during the quarter. Bank of Nova Scotia’s holdings in Royal Caribbean Cruises were worth $28,852,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RCL. Dougherty & Associates LLC purchased a new position in Royal Caribbean Cruises in the 4th quarter worth approximately $10,827,000. TD Asset Management Inc boosted its stake in Royal Caribbean Cruises by 29.7% during the 4th quarter. TD Asset Management Inc now owns 877,659 shares of the company’s stock valued at $244,797,000 after purchasing an additional 201,014 shares during the last quarter. North Dakota State Investment Board purchased a new stake in Royal Caribbean Cruises during the 4th quarter valued at $2,424,000. Stanley Laman Group Ltd. bought a new stake in shares of Royal Caribbean Cruises in the 4th quarter worth $2,159,000. Finally, Capital International Sarl increased its holdings in shares of Royal Caribbean Cruises by 19.3% in the 4th quarter. Capital International Sarl now owns 363,713 shares of the company’s stock worth $101,447,000 after purchasing an additional 58,734 shares in the last quarter. 87.53% of the stock is owned by institutional investors.

Royal Caribbean Cruises Stock Up 3.4% RCL opened at $293.00 on Friday. The stock has a market cap of $78.58 billion, a price-to-earnings ratio of 17.88, a price-to-earnings-growth ratio of 1.00 and a beta of 1.76. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.17 and a current ratio of 0.20. The firm’s fifty day moving average is $289.42 and its 200 day moving average is $289.13. Royal Caribbean Cruises Ltd. has a fifty-two week low of $232.10 and a fifty-two week high of $366.50.

Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $3.60 EPS for the quarter, beating the consensus estimate of $3.20 by $0.40. Royal Caribbean Cruises had a return on equity of 45.25% and a net margin of 24.36%.The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same period in the previous year, the business earned $2.71 earnings per share. The business’s revenue was up 11.3% on a year-over-year basis. Royal Caribbean Cruises has set its Q2 2026 guidance at 3.830-3.930 EPS and its FY 2026 guidance at 17.100-17.500 EPS. On average, sell-side analysts forecast that Royal Caribbean Cruises Ltd. will post 17.29 earnings per share for the current fiscal year.

Royal Caribbean Cruises Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 3rd were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Wednesday, June 3rd. Royal Caribbean Cruises’s dividend payout ratio (DPR) is 36.61%.

More Royal Caribbean Cruises News Here are the key news stories impacting Royal Caribbean Cruises this week:

Positive Sentiment: Analysts say Royal Caribbean heads into Q2 earnings with strong booking demand and improving digital momentum, which could support another solid quarterly result. Should Investors Hold or Fold RCL Stock Ahead of Q2 Earnings? Positive Sentiment: The company recently beat first-quarter expectations, reinforcing the view that Royal Caribbean’s earnings power remains strong even though the stock has lagged broader market gains this year. Should You Buy Royal Caribbean Stock Before July 28? Neutral Sentiment: Wall Street estimate roundups ahead of Q2 earnings are keeping attention on key operating metrics, but these previews are not signaling a major new catalyst by themselves. Curious about Royal Caribbean (RCL) Q2 Performance? Explore Wall Street Estimates for Key Metrics Neutral Sentiment: Royal Caribbean’s community-center outreach in Mahahual may help strengthen local government relations, but the stock impact is likely limited in the near term. Royal Caribbean courts Mexican government with community center in Mahahual Negative Sentiment: Some broader consumer-discretionary commentary remains cautious, noting that demand trends across the group have been mixed, which could temper enthusiasm for cruise stocks. 3 Consumer Stocks We Steer Clear Of Negative Sentiment: Citigroup trimmed its price target on Royal Caribbean, which can weigh on sentiment even though the firm still sees upside from current levels. Citigroup Lowers Royal Caribbean Cruises (NYSE:RCL) Price Target to $327.00 Analysts Set New Price Targets A number of brokerages have recently issued reports on RCL. Truist Financial lowered their price target on Royal Caribbean Cruises from $318.00 to $297.00 and set a “hold” rating on the stock in a report on Friday, May 22nd. Mizuho set a $380.00 target price on Royal Caribbean Cruises in a research report on Friday, May 1st. Wells Fargo & Company upped their target price on shares of Royal Caribbean Cruises from $360.00 to $361.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. BMO Capital Markets started coverage on shares of Royal Caribbean Cruises in a report on Tuesday, July 7th. They set an “outperform” rating and a $370.00 price target on the stock. Finally, Morgan Stanley decreased their price objective on shares of Royal Caribbean Cruises from $310.00 to $280.00 and set an “equal weight” rating for the company in a report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Royal Caribbean Cruises has an average rating of “Moderate Buy” and an average target price of $345.05.

Get Our Latest Analysis on RCL

About Royal Caribbean Cruises (Free Report)

Royal Caribbean Cruises (NYSE: RCL), operating as part of the Royal Caribbean Group, is a global cruise company that develops, markets and operates passenger cruise ships. The company operates multiple consumer-facing cruise brands that offer short- and long-duration itineraries and a range of onboard experiences. Its core activities include itineraries and voyage operations, guest services and hospitality, onboard food and beverage, entertainment and recreation programming, and the commercial activities needed to sell and support cruises through both direct and travel‑agent channels.

Royal Caribbean’s ships serve a broad set of geographies worldwide, regularly deploying vessels in the Caribbean, North America (including Alaska), Europe, Asia, Australia and South America.

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Royal Caribbean heads into Q2 earnings with strong booking demand and digital momentum, while investors watch for cost and margin pressures.

The upcoming report from Royal Caribbean (RCL - Free Report) is expected to reveal quarterly earnings of $3.97 per share, indicating a decline of 9.4% compared to the year-ago period. Analysts forecast revenues of $4.81 billion, representing an increase of 6% year over year.

Over the last 30 days, there has been a downward revision of 1.9% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Given this perspective, it's time to examine the average forecasts of specific Royal Caribbean metrics that are routinely monitored and predicted by Wall Street analysts.

It is projected by analysts that the 'Revenues- Onboard and other' will reach $1.45 billion. The estimate suggests a change of +8.6% year over year.

The consensus among analysts is that 'Revenues- Passenger ticket' will reach $3.36 billion. The estimate indicates a year-over-year change of +5%.

Analysts forecast 'APCD (Available passenger cruise days)' to reach 13586 days. The estimate compares to the year-ago value of 12942 days.

The average prediction of analysts places 'Net Yields' at $287.91 . Compared to the present estimate, the company reported $283.56 in the same quarter last year.

Analysts predict that the 'Occupancy Rate' will reach 110.4%. The estimate compares to the year-ago value of 110.3%.

Based on the collective assessment of analysts, 'Passenger Cruise Days' should arrive at 14986 days. Compared to the current estimate, the company reported 14278 days in the same quarter of the previous year.

The collective assessment of analysts points to an estimated 'Net Cruise Costs Excluding Fuel per APCD' of $133.29 . Compared to the current estimate, the company reported $126.76 in the same quarter of the previous year.

The consensus estimate for 'Net Cruise Costs per APCD' stands at $158.70 . The estimate compares to the year-ago value of $148.34 .

According to the collective judgment of analysts, 'Passengers Carried' should come in at 2.57 million. Compared to the current estimate, the company reported 2.25 million in the same quarter of the previous year.

View all Key Company Metrics for Royal Caribbean here>>>

Royal Caribbean shares have witnessed a change of -10.9% in the past month, in contrast to the Zacks S&P 500 composite's +0.4% move. With a Zacks Rank #3 (Hold), RCL is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Royal Caribbean (RCL - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 28. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis cruise operator is expected to post quarterly earnings of $3.97 per share in its upcoming report, which represents a year-over-year change of -9.4%.

Revenues are expected to be $4.81 billion, up 6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.25% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Royal Caribbean?For Royal Caribbean, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.05%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Royal Caribbean will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Royal Caribbean would post earnings of $3.2 per share when it actually produced earnings of $3.60, delivering a surprise of +12.50%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Royal Caribbean appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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Royal Caribbean (RCL - Free Report) closed the most recent trading day at $286.96, moving -2.38% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 1.01%. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq lost 1.4%.

Heading into today, shares of the cruise operator had lost 5.94% over the past month, lagging the Consumer Discretionary sector's gain of 1.27% and the S&P 500's gain of 0.32%.

Investors will be eagerly watching for the performance of Royal Caribbean in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 28, 2026. The company's earnings per share (EPS) are projected to be $3.95, reflecting a 9.82% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $4.8 billion, reflecting a 5.82% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $17.29 per share and a revenue of $19.61 billion, representing changes of +10.55% and +9.36%, respectively, from the prior year.

Any recent changes to analyst estimates for Royal Caribbean should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.11% higher. Royal Caribbean is currently a Zacks Rank #3 (Hold).

In terms of valuation, Royal Caribbean is currently trading at a Forward P/E ratio of 17. This denotes no noticeable deviation relative to the industry average Forward P/E of 17.

It's also important to note that RCL currently trades at a PEG ratio of 1.04. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Leisure and Recreation Services industry had an average PEG ratio of 1.45.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 42% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.