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ROYAL CARIBBEAN GROUP REPORTS FIRST QUARTER RESULTS THAT EXCEEDED EXPECTATIONS AND PROVIDES AN UPDATE TO FULL YEAR GUIDANCEApril 30, 2026 6:30 AM
PR Newswire (US)
MIAMI, April 30, 2026 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported first quarter Earnings per Share ("EPS") of $3.48 and Adjusted EPS of $3.60. These results were better than the company's guidance due to more favorable revenue, lower costs, and better performance from joint ventures. During the first quarter, the company returned approximately $1.1 billion to shareholders through $836 million of share repurchases and $270 million of dividend payments. Following a record WAVE season, the company continues to see strong demand across its vacation portfolio. Bookings moderated in March and early April for Mediterranean and West Coast of Mexico itineraries due to geopolitical developments. However, they have now recovered and are currently running at a higher pace than the same time last year. The company now expects Adjusted EPS to be in the range of $17.10 to $17.50. The updated guidance reflects higher than anticipated fuel costs (based on current at-the-pump rates) and an impact on Middle Eastern itineraries of TUI Cruises from geopolitical events, as well as lower non-fuel costs and the benefit from recent share repurchases.
"Our strong first quarter results and record WAVE season demonstrate the exceptional appeal and compelling value proposition of our trusted brands, industry-leading ships, and destinations," said Jason Liberty, Chairman and CEO, Royal Caribbean Group. "Demand for our experiences continues to be strong, and we remain focused on delivering the best vacations responsibly, accelerating revenue growth, and managing costs, all while continuing to invest in our future and drive further differentiation. We expect another year of double-digit revenue and earnings growth, driven by consumers' preference for our leading brands and expanding portfolio - all supported by our strong booked position, leading margin profile, and fortified balance sheet.""We continue to execute on our innovation pipeline and broaden our vacation ecosystem in ways that further strengthen our long-term growth trajectory," Liberty added. "We are expanding our portfolio through the recent launch of Royal Beach Club Santorini, the upcoming delivery of Legend of the Seas, and the recent orders for Icon VI and Icon VII. Of particular note are the steps we are taking to enhance our loyalty ecosystem, including the recent introduction of the Royal ONE credit card. This is one further step to deepen guest engagement and to position us to capture a greater share of the large and growing global vacation market."First Quarter 2026: Total revenue was $4.5 billion, an 11% increase year over year. Load factor in the first quarter was 109%.Gross Margin Yields increased 6.9% as-reported. Net Yields increased 3.6% as-reported and 2.0% in Constant Currency.Gross Cruise Costs per Available Passenger Cruise Days ("APCD") decreased 1.0% as-reported. Net Cruise Costs ("NCC"), excluding Fuel, per APCD increased 0.6% as-reported and decreased 0.5% in Constant Currency.Net Income was $0.9 billion or $3.48 per share, Adjusted Net Income was $1.0 billion or $3.60 per share, and Adjusted EBITDA was $1.7 billion.Full Year 2026 Outlook:Revenue is expected to grow roughly 10% year over year. Net Yields are expected to increase 2.3% to 3.3% as-reported and 1.5% to 2.5% in Constant Currency, driven by recent geopolitical developments which affected Mediterranean and West Coast of Mexico itineraries.NCC, excluding Fuel, per APCD are expected to increase approximately 0.5% as-reported and be approximately flat in Constant Currency.Fuel costs, based on current at-the-pump rates, net of hedging, are expected to be approximately $1.3 billion, or $0.62 per share higher than prior guidance. The company is 59% hedged for the remainder of 2026 at below market rates.Adjusted EPS is expected to be in the range of $17.10 to $17.50, representing 11% year over year growth, and a 21% 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.First Quarter 2026 ResultsNet Income for the first quarter of 2026 was $0.9 billion or $3.48 per share compared to Net Income of $0.7 billion or $2.70 per share for the same period in the prior year. Adjusted Net Income was $1.0 billion or $3.60 per share for the first quarter of 2026 compared to Adjusted Net Income of $0.7 billion or $2.71 per share for the same period in the prior year. The company also reported total revenues of $4.5 billion and Adjusted EBITDA of $1.7 billion.Capacity for the first quarter was up 8% year over year and the company delivered memorable vacations to 2.5 million guests, a 12% increase year over year. Total revenue increased 11% year over year. Gross Margin Yields increased 6.9% as-reported, and Net Yields increased 3.6% as-reported (2.0% in Constant Currency), when compared to the first quarter of 2025. Load factor for the quarter was 109%. Net Yield growth exceeded the company's guidance mainly due to higher pricing across key products driven by strong close-in demand and onboard revenue.Gross Cruise Costs per APCD decreased 1.0% as-reported, compared to the first quarter of 2025. NCC, excluding Fuel, per APCD increased 0.6% as-reported (and decreased 0.5% in Constant Currency), when compared to the first quarter of 2025.Update on Bookings and Onboard RevenueThe overall demand environment remains strong, and during April, bookings continued to exceed the same period last year, including continued strength in close-in bookings. As a result, the company's booked position enjoys record prices with volumes within historical ranges. Bookings for high-yielding Mediterranean itineraries, which began the year on an exceptionally strong trajectory, moderated following recent geopolitical developments late in the first quarter, partially driven by increased air travel costs, airline capacity reductions, and flight disruptions. In recent weeks, bookings for Mediterranean itineraries have been rebounding for the limited remaining inventory. These factors mainly affect the second and third quarters when these high-yielding itineraries represent a larger share of deployment. Bookings for West Coast of Mexico itineraries also moderated during the quarter, reflecting geopolitical-related considerations specific to that region.Onboard revenue trends remain strong, with onboard spending continuing to exceed prior-year levels. This is driven by both guests' growing demand for onboard and destination experiences and the company's continued expansion of product offerings both on ship and at destinations. These trends are also supported by more effective and targeted engagement, ensuring the right experiences are matched with the right guests."Demand for our vacations remains healthy, with consumers continuing to prioritize experiences even as they navigate the impact of global events," said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. "Travel remains a priority for consumers, with guests becoming more selective and value-focused in how and where they choose to travel. That dynamic aligns well with the attractive value proposition of our experiences, which is why we have done so well historically, even during times of uncertainty."Second Quarter 2026Net Yields are expected to increase approximately 0.9% as-reported and approximately 0.2% in Constant Currency as compared to 2025. The second quarter has higher exposure to higher-yielding itineraries affected by recent global events, with these dynamics also impacting the third quarter.NCC, excluding Fuel, per APCD, is expected to increase 4.9% to 5.4% as-reported and 4.6% to 5.1% in Constant Currency as compared to 2025. Second quarter cost growth is impacted by significantly increased drydock days year over year, as well as elevated crew movement costs.Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects second quarter Adjusted EPS to be in the range of $3.83 to $3.93. Adjusted EPS growth for the second quarter would have been approximately 11% excluding geopolitical impacts and other items affecting year-over-year comparability, including the timing of drydocks.Fuel ExpenseBunker pricing, net of hedging, for the first quarter was $613 per metric ton and consumption was 432,000 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?$346 million?of fuel expense in its second quarter guidance at a forecasted consumption of 423,000 metric tons, which is 60% hedged via swaps. For the full year, the company expects fuel expense to be approximately $1.3 billion based on current at-the-pump prices, net of hedging impacts; however, fuel expense would be approximately 4% lower if rates were based on the forward curve.Forecasted consumption is 59%, 49%, 30%, and 15% hedged via swaps for 2026, 2027, 2028, and 2029 respectively. The annual average cost per metric ton of the hedge portfolio is approximately $475, $408, $424, and $451 for 2026, 2027, 2028, and 2029 respectively.The company provided the following guidance for the second quarter and full year 2026:FUEL STATISTICSSecond Quarter 2026Full Year 2026Fuel Consumption (metric tons)423,0001,755,000Fuel Expenses$346 million$1,349 million
Second Quarter 2026Remainder of Year 2026Percent Hedged (fwd. consumption)60.0 %59.0 %
GUIDANCEAs-ReportedConstant Currency
Second Quarter 2026Net Yields vs. 2025Approximately 0.9%Approximately 0.2%Net Cruise Costs per APCD vs. 20256.8% to 7.3%6.5% to 7.0%Net Cruise Costs per APCD ex. Fuel vs. 20254.9% to 5.4%4.6% to 5.1%
Full Year 2026Net Yields vs. 20252.3% to 3.3%1.5% to 2.5%Net Cruise Costs per APCD vs. 2025Approximately 1.9%Approximately 1.5%Net Cruise Costs per APCD ex. Fuel vs. 2025Approximately 0.5%Approximately flat
GUIDANCESecond Quarter 2026Full Year 2026APCDs13.6 million56.9 millionCapacity change vs. 20254.9 %6.7 %Depreciation and amortization$465 to $475 million$1,910 to $1,920 millionNet Interest, excluding loss on extinguishment of debt$230 to $240 million$985 to $995 millionAdjusted EPS$3.83 to $3.93$17.10 to $17.50
SENSITIVITYSecond Quarter 2026Full Year 20261% Change in Net Yields$38 million$156 million1% Change in NCC excluding Fuel$17 million$73 million
Second Quarter 2026Remainder of Year 20261% Change in Currency$5 million$19 million10% Change in Fuel prices$12 million$39 million100 basis pt. Change in SOFR$1 million$8 million
Exchange rates used in guidance calculations
GBP$1.36
AUD$0.72
CAD$0.73
EUR$1.18
LiquidityAs of March 31, 2026, the Group's liquidity position was $6.9 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity.In February 2026, the company issued $1.25 billion of 4.750% senior unsecured notes due 2033 and $1.25 billion of 5.250% senior unsecured notes due 2038. Proceeds from the offerings were used to refinance senior notes maturing in 2026, with remaining proceeds applied toward the repayment of other existing indebtedness, including term loans. These actions extended the company's maturity profile and reduced near-term debt maturities.Also during the quarter, the company purchased 2.9 million of its shares for a total of $836 million. The company has $1.0 billion remaining under its current share repurchase program authorization.The company noted that as of March 31, 2026, the scheduled debt maturities for 2026, 2027, 2028, 2029 and 2030 were $1.2 billion, $2.5 billion, $3.1 billion, $1.1 billion, and $1.0 billion respectively."With a very strong financial position underpinned by an investment grade balance sheet, ample liquidity, and strong cash flow generation, we are well positioned to continue investing in the business while navigating a dynamic environment," said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group.Capital Expenditures and Capacity GuidanceCapital expenditures for the full year 2026 are expected to be approximately $5 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 expects to take delivery of Legend of the Seas in the second quarter of 2026 and has committed financing in place. In April the company also announced orders for Icon VI, with committed financing in place, and Icon VII, which is subject to customary closing conditions including financing. Non-new ship related capital expenditures are expected to be $1.8 billion, a significant portion of which includes the company's previously announced private destinations under development.Capacity changes for 2026 are expected to be 6.7% 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.DefinitionsSelected Operational and Financial MetricsAdjusted 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; and (ii) restructuring charges and other initiative expenses.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 initiatives expenses; and (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition.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 69 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 timing for 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
March 31,
2026
2025Passenger ticket revenues$ 3,021
$ 2,744Onboard and other revenues1,431
1,255Total revenues4,452
3,999Cruise operating expenses:
Commissions, transportation and other564
522 Onboard and other212
200 Payroll and related400
340 Food264
239 Fuel265
277 Other operating542
500Total cruise operating expenses2,247
2,079Marketing, selling and administrative expenses582
562Depreciation and amortization expenses461
412Operating Income 1,162
945Other income (expense):
Interest income5
2 Interest expense, net of interest capitalized(278)
(249) Equity investment income84
48 Other income2
5Income before income taxes976
751Provision for income taxes(26)
(16)Net Income950
736Less: Net Income attributable to noncontrolling interest8
6Net Income attributable to Royal Caribbean Cruises Ltd.$ 941
$ 730
Earnings per Share:
Basic$ 3.49
$ 2.71Diluted$ 3.48
$ 2.70
Weighted-Average Shares Outstanding:
Basic270
269Diluted271
276
Comprehensive Income (Loss)
Net Income$ 950
$ 736Other comprehensive income (loss):
Foreign currency translation adjustments—
(17) Change in defined benefit plans(2)
(4) Gain on cash flow derivative hedges221
128Total other comprehensive income220
107Comprehensive Income 1,170
842Less: Comprehensive Income attributable to noncontrolling interest8
6Comprehensive Income attributable to Royal Caribbean Cruises Ltd.$ 1,161
$ 837__________________________________________________Certain amounts may not add or calculate due to use of rounded numbers. ROYAL CARIBBEAN CRUISES LTD.STATISTICS(unaudited)
Quarter Ended
March 31,
2026
2025
Passengers Carried2,509,672
2,241,673Passenger Cruise Days14,873,199
13,768,332APCD13,702,703
12,657,992Occupancy108.5 %
108.8 % ROYAL CARIBBEAN CRUISES LTD.CONSOLIDATED BALANCE SHEETS(in millions, except share data)
As of
March 31,
December 31,
2026
2025
(unaudited)
Assets
Current assets
Cash and cash equivalents$ 512
$ 825 Trade and other receivables, net479
317 Inventories271
264 Prepaid expenses and other assets719
690 Derivative financial instruments223
115Total current assets2,204
2,211 Property and equipment, net35,884
35,696 Operating lease right-of-use assets611
620 Goodwill808
808 Other assets2,483
2,284Total assets$ 41,990
$ 41,619
Liabilities and Shareholders' Equity
Current liabilities
Current portion of long-term debt$ 1,448
$ 3,180 Current portion of operating lease liabilities79
90 Accounts payable1,010
953 Accrued expenses and other liabilities1,968
2,026 Derivative financial instruments12
67 Customer deposits6,548
5,739Total current liabilities11,065
12,055 Long-term debt19,666
18,165 Long-term operating lease liabilities599
600 Other long-term liabilities632
554Total liabilities31,962
31,374
Shareholders' equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)—
— Common stock ($0.01 par value; 500,000,000 shares authorized; 303,822,400 and 303,054,848 shares
issued, March 31, 2026 and December 31, 2025, respectively)3
3 Paid-in capital7,867
7,964 Retained earnings6,460
5,925 Accumulated other comprehensive loss(385)
(604) Treasury stock (35,631,237 and 32,631,826 common shares at cost, at March 31, 2026 and December 31,
2025, respectively)(4,135)
(3,251)Total shareholders' equity attributable to Royal Caribbean Cruises Ltd.9,810
10,037 Noncontrolling Interest218
208Total shareholders' equity10,028
10,245Total liabilities and shareholders' equity$ 41,990
$ 41,619 ROYAL CARIBBEAN CRUISES LTD.CONSOLIDATED STATEMENTS OF CASH FLOW(unaudited; in millions)
Three Months Ended March 31,
2026
2025Operating Activities
Net Income$ 950
$ 736Adjustments:
Depreciation and amortization461
412 Net deferred income tax benefit(1)
(1) Loss (Gain) on derivative instruments not designated as hedges8
(2) Share-based compensation expense38
53 Equity investment income(84)
(48) Amortization of debt issuance costs, discounts and premiums53
23 Loss on extinguishment of debt and inducement expense60
10Changes in operating assets and liabilities:
Increase in trade and other receivables, net(173)
(77) (Increase) decrease in inventories(7)
9 Increase in prepaid expenses and other assets(25)
(112) (Decrease) increase in accounts payable(8)
22 Decrease in accrued expenses and other liabilities(279)
(151) Increase in customer deposits809
838Other, net32
(85)Net cash provided by operating activities1,834
1,627Investing Activities
Purchases of property and equipment(500)
(428)Cash received on settlement of derivative financial instruments17
—Cash paid on settlement of derivative financial instruments(3)
(2)Investments in and loans to unconsolidated affiliates(38)
(26)Cash received on loans from unconsolidated affiliates—
4Other, net(5)
12Net cash used in investing activities(529)
(440)Financing Activities
Debt proceeds2,807
480Debt issuance costs(21)
(3)Repayments of debt(3,084)
(1,221)Repurchase of common stock(836)
(241)Dividends paid(270)
(148)Payments of withholding tax on stock awards (185)
(60)Other, net(28)
2Net cash used in financing activities(1,617)
(1,191)Effect of exchange rate changes on cash and cash equivalents(1)
2Net decrease in cash and cash equivalents(313)
(2)Cash and cash equivalents at beginning of period 825
388Cash and cash equivalents at end of period $ 512
$ 386
Supplemental Disclosure
Cash paid during the period for:
Interest, net of amount capitalized$ 320
$ 279Non-cash Investing Activities
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities$ 145
$ 42 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 March 31,
2026
2026 On a
Constant
Currency Basis
2025Total revenues$ 4,452
$ 4,386
$ 3,999Less:
Cruise operating expenses2,247
2,226
2,079Depreciation and amortization expenses461
465
412Gross Margin1,744
1,695
1,508Add:
Payroll and related400
400
340Food264
264
239Fuel265
265
277Other operating542
530
500Depreciation and amortization expenses461
465
412Adjusted Gross Margin$ 3,675
$ 3,619
$ 3,276
APCD13,702,703
13,702,703
12,657,992Passenger Cruise Days14,873,199
14,873,199
13,768,332Gross Margin Yields$ 127.29
$ 123.69
$ 119.09Net Yields$ 268.23
$ 264.08
$ 258.83Adjusted Gross Margin per PCD$ 247.12
$ 243.30
$ 237.96 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 March 31,
2026
2026 On a
Constant
Currency Basis
2025Total cruise operating expenses$ 2,247
$ 2,226
$ 2,079Marketing, selling and administrative expenses582
575
562Gross Cruise Costs2,830
2,800
2,641Less:
Commissions, transportation and other564
556
522Onboard and other212
211
200Net Cruise Costs including other costs2,053
2,033
1,919Less:
Restructuring charges and other initiatives expenses (1)3
3
2Net Cruise Costs2,050
2,031
1,917Less:
Fuel265
265
277Net Cruise Costs excluding Fuel$ 1,786
$ 1,766
$ 1,640
APCD13,702,703
13,702,703
12,657,992Gross Cruise Costs per APCD$ 206.51
$ 204.36
$ 208.68Net Cruise Costs per APCD$ 149.63
$ 148.19
$ 151.44Net Cruise Costs excluding Fuel per APCD$ 130.32
$ 128.88
$ 129.54
(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 March 31,
2026
2025
Net Income attributable to Royal Caribbean Cruises Ltd.
$ 941
$ 730Interest income
(5)
(2)Interest expense, net of interest capitalized
278
249Depreciation and amortization expenses
461
412Provision for income taxes
26
16EBITDA
1,701
1,405
Other income
(2)
(5)Restructuring charges and other initiative expenses (1)
3
2Adjusted EBITDA
$ 1,702
$ 1,402
Total revenues
$ 4,452
$ 3,999
APCD
13,702,703
12,657,992Net Income attributable to Royal Caribbean Cruises Ltd. per APCD
$ 68.71
$ 57.66Adjusted EBITDA per APCD
$ 124.21
$ 110.73Adjusted EBITDA Margin
38.2 %
35.1 %
(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 March 31,
2026
2025
Net Income attributable to Royal Caribbean Cruises Ltd.$ 941
$ 730Loss on extinguishment of debt and inducement expense (1)29
10Restructuring charges and other initiative expenses (2)3
2Amortization of Silversea intangible assets resulting from the Silversea acquisition (3)2
2Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.$ 975
$ 744
Earnings per Share - Diluted (4)$ 3.48
$ 2.70Adjusted Earnings per Share - Diluted (5)$ 3.60
$ 2.71
Weighted-Average Shares Outstanding - Diluted271
276
(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, Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $15 million for the quarter ended March 31, 2025.(5)For 2025, Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $5 million for the quarter ended March 31, 2025.
View original content to download multimedia:https://www.prnewswire.com/news-releases/royal-caribbean-group-reports-first-quarter-results-that-exceeded-expectations-and-provides-an-update-to-full-year-guidance-302758677.htmlSOURCE Royal Caribbean Group
Original: ROYAL CARIBBEAN GROUP REPORTS FIRST QUARTER RESULTS THAT EXCEEDED EXPECTATIONS AND PROVIDES AN UPDATE TO FULL YEAR GUIDANCE
US Market News
2月前
/C O R R E C T I O N -- Silversea Cruises/April 14, 2026 12:35 PM
PR Newswire (US)
In the news release, A PACIFIC AWAKENING: SIX EXCLUSIVE EVENTS HEADLINE SILVERSEA'S NEW 125-DAY WORLD CRUISE 2029, issued 14-Apr-2026 by Silversea Cruises over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:
A PACIFIC AWAKENING: SIX EXCLUSIVE EVENTS HEADLINE SILVERSEA'S NEW 125-DAY WORLD CRUISE 2029
Silversea's World Cruise 2029 is set to provide unmatched access across the Pacific, calling in more than 60 destinations across 19 countriesMIAMI, April 14, 2026 /PRNewswire/ -- Silversea, the leading experiential luxury and expedition travel brand, has unveiled its World Cruise 2029, A Pacific Awakening. Sailing from San Diego on January 5, 2029, the 125-day odyssey on board the intimate Silver Whisper will take guests through the world's largest ocean, exploring more than 60 destinations in 19 countries – with six signature events and one included overland experience. Guided by themes of wonder, wayfinding, and cultural awakening, the voyage spans Polynesia, Micronesia, Melanesia, Australia, Asia, and New Zealand – inviting guests to experience the richness of the Pacific.
"The depth and variety of experiences around which we have designed our World Cruise 2029, A Pacific Awakening, is what makes it such a special journey," said Bert Hernandez, president, Silversea. "With 17 overnights, new ports of call, and dozens of immersive experiences across the Pacific, our guests will enjoy iconic destinations alongside smaller, rarely visited ports. From a private evening at the ?Iolani Palace in Honolulu to an exclusive island celebration in the Philippines – these experiences deliver true access and a deep connection to the destination that is unique to Silversea."UNMATCHED ACCESS ACROSS THE PACIFICThe brand's World Cruise 2029 unfolds in eight thoughtfully designed chapters, each crafted to reveal a different dimension of the Pacific's vast cultural, historical, and natural landscape. From ancestral homelands and wayfinding routes to regions shaped by imperial legacies, these segments provide a thoughtfully layered narrative of exploration for even the most well-traveled guests:THE ANCESTRAL ISLES – San Diego, California to Papeete, Tahiti (January 5 - January 23): Sailing from San Diego after an exclusive Bon Voyage celebration, the first leg of the voyage will take guests to Papeete, Tahiti, honoring Hawaii as the ancestral homeland of the Polynesian people. Guests will explore volcanic archipelagos, pristine reefs, and ancient navigation traditions.WAY OF THE WAYFINDER – Papeete, Tahiti to Auckland, New Zealand (January 23 - February 11): Rooted in the legacy of celestial navigation, this segment from Tahiti to Auckland, New Zealand, traces the path of the great wayfinders across French Polynesia, Samoa, Fiji, and beyond. Extended stays throughout the region will give guests time to engage with local communities, from ceremonial sites such as Taputapuatea in Raiatea to vibrant markets and village traditions.THE WILD & THE WORLDLY – Auckland, New Zealand to Melbourne, Australia (February 11 -February 27): A journey into the duality of the Pacific, this chapter from Auckland to Melbourne captures how the region blends its glacier-carved wilderness with the cultural energy of cosmopolitan cities. Guests will encounter dramatic fjords, remote coastal landscapes, and heritage-rich port towns before transitioning into vibrant urban centers.CURRENTS OF CONTRAST – Melbourne, Australia to Benoa, Bali (February 27 - March 13): From tranquil moments in nature to dynamic city life and wildlife encounters, this segment from Melbourne to Benoa, Bali, highlights the striking contrasts that define Australia's southern coast and beyond. Alongside visits to celebrated wine regions such as Barossa Valley, guests explore destinations where local gastronomy reflects a deep connection to place. Encounters with marine life and untouched coastlines continue as the voyage moves northward, reinforcing the Pacific's rich biodiversity and ever-changing natural rhythms.EMERALD LANDS & GOLDEN COASTS – Benoa, Bali, to Manila, the Philippines (March 13 - March 25): Lush rainforests, golden mosques, endemic wildlife, and rich island traditions mark this portion of the voyage, as guests sail across Indonesia, Malaysia, Brunei, and the Philippines. Calls in smaller ports and emerging destinations will offer insight into daily life and regional cultures. Guests will also wander deep into Malaysia's sanctuary forests to witness orangutans and proboscis monkeys move along the treetops.CERULEAN SHORES & SAKURA SKIES – Manila, Philippines to Tokyo, Japan (March 25 to April 6): From tropical blue horizons to a breathtaking canvas of soft pink and white, this segment from the Philippines to Tokyo is perfectly timed for guests to witness Japan's Sakura in peak bloom, as the country becomes awash in delicate cherry blossoms, symbolizing renewal and beauty. Culinary tradition also takes center stage through immersive S.A.L.T. experiences that reveal the ancient art of fermentation at a serene Zen retreat on Awaji Island, where time-honored techniques and seasonal ingredients reflect the deep cultural and spiritual significance of food in Japan.SPRING AT THE GATES OF EMPIRE – Tokyo, Japan, to Hong Kong, China (April 6 to April 25): This segment is set to honor imperial histories and timeless artistry across Japan, Korea, and China. As guests explore heritage landmarks and ceremonial sites, such as the Temple of Heaven, regional cuisine provides an additional layer of insight, connecting tradition, ritual, and identity through flavors refined over generations. Select overland journeys will also provide rare access beyond the shoreline, including a complimentary experience to Xi'an with after-hours entry to the Terracotta Warriors and an optional UNESCO-focused exploration of Beijing, featuring the Great Wall and Forbidden City.ACROSS TEMPLE KINGDOMS – Hong Kong, China, to Singapore (April 25 to May 11): Exploring regions once ruled by powerful Southeast Asian kingdoms, guests will travel from China to Singapore in the final chapter of their immersive voyage. Ancient temples, layered histories, and vibrant cuisine define this segment, both along the coast and inland, including a S.A.L.T. culinary highlight in Thailand, where guests will be invited into the home and garden of Michelin-starred chef Vichit Mukura to explore the principles of plant-based cuisine and wellness, through an intimate cooking demonstration and lunch experience.SIGNATURE WORLD CRUISE EVENTSSilversea's World Cruises offer rare access to extraordinary places and experiences, through thoughtfully curated events that are seamlessly integrated into the journey. Starting with an exclusive Bon Voyage event in San Diego, the World Cruise 2029 will feature the following events, inspired by the theme 'From Kingdoms to Dynasties':In Honolulu, A Night at the Palace offers guests a private evening at the ?Iolani Palace – the only official royal residence in the United States – providing an intimate introduction to the Hawaiian monarchy and living heritage.In Tasmania, guests will step into the historic Theatre Royal for a private performance at Australia's oldest continually operating theater. The one-night-only event will feature a performance by the 47-piece Tasmania Symphony Orchestra, in celebration of artistry and heritage.In the Philippines, a full-ship private island experience on Kalanggaman Island transforms a pristine stretch of white sand into Silversea's own open-air setting for Filipino cultural performances, island-inspired cocktails, and an authentic dinner prepared by a local chef beneath the open sky.The Mysteries of Japan in Tokyo will immerse guests in an evening inspired by the country's imperial heritage, blending refined regional cuisine with honored traditions and performances.The voyage concludes in extraordinary fashion with an elegant seaside dinner at Pattaya's iconic Sanctuary of Truth, a hand-carved wooden temple that provides a symbolic and memorable finale to the 125-day World Cruise 2029.EXPLORING RARELY VISITED GEMS & MORE THAN 15 UNESCO WORLD HERITAGE SITESThroughout the World Cruise 2029, guests will experience some of the Pacific's lesser-known destinations that invite a more meaningful connection with place. Among the voyage's hidden gems are Kalanggaman Island in the Philippines, and Motu Tapu in French Polynesia, a sacred islet deeply connected to ancestral tradition. Additional calls in the Philippines, including Bohol and Romblon Island, offer intimate encounters with endemic wildlife, dramatic landscapes, and island communities shaped by craftsmanship, culture, and daily life.Complementing these off-the-beaten-path discoveries, the itinerary also includes destinations of significant cultural importance, such as Vigan, a UNESCO World Heritage Site known for its remarkably preserved Spanish colonial architecture.A WORLD OF QUIET COMFORTOn board Silver Whisper, refined elegance meets immersive exploration. As one of the smallest luxury ships ever to host a World Cruise, Silver Whisper accommodates just 392 guests, creating an intimate atmosphere. Onboard, they will enjoy spacious ocean-view suites, each paired with dedicated butler service, and a nearly one-to-one crew-to-guest ratio ensures that every moment onboard is met with care. Built to access hidden harbors and remote islands, Silver Whisper brings the most elusive edges of the Pacific into reach – carrying guests into the heart of cultures, coastlines, and communities few travelers ever experience.An exclusive pre-sale for A Pacific Awakening World Cruise 2029 opens to Venetian Society members on April 14, with general sales beginning April 21.To learn more about Silversea's World Cruise 2029, A Pacific Awakening, visit https://www.silversea.com/lp-world-cruise-2029.htmlWatch a video on Silversea's World Cruise 2029 at https://youtu.be/0SCm9w5S9gIAbout Silversea Silversea is the leading experiential luxury and expedition travel brand, offering guests immersive experiences on all seven continents, personalized service, and an innovative culinary offering aboard its 12 intimate ocean and expedition ships. Silversea's itineraries encompass an unparalleled range of destinations worldwide, from the Mediterranean and the Caribbean to the Galápagos, both Polar Regions, and hundreds of fascinating places in between. Set to strengthen its destination leadership starting in 2026, the brand is developing the southernmost hotel on Earth, The Cormorant at 55 South, in Puerto Williams, Chile – offering guests a uniquely seamless journey to Antarctica. Silversea brings its like-minded guests closer to their destination in uncompromised comfort, championing the joy of travel, an enriching spirit of discovery, and an enduring commitment to Silversea's signature "To Finding More" promise. Silversea is owned and operated by global cruise company Royal Caribbean Group (NYSE: RCL). For more information, visit www.silversea.com. Media can stay up to date by visiting the brand's press center.Silversea, Otium, S.A.L.T., The Cormorant at 55 South, To Finding More, and the various ship names are registered trademarks of Silversea Cruises Ltd.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 69 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 royalcaribbeangroup.com.Correction: The image has been updated.
View original content to download multimedia:https://www.prnewswire.com/news-releases/a-pacific-awakening-six-exclusive-events-headline-silverseas-new-125-day-world-cruise-2029-302741800.htmlSOURCE Silversea Cruises
Original: /C O R R E C T I O N -- Silversea Cruises/
US Market News
2月前
A PACIFIC AWAKENING: SIX EXCLUSIVE EVENTS HEADLINE SILVERSEA'S NEW 125-DAY WORLD CRUISE 2029April 14, 2026 9:44 AM
PR Newswire (US)
Silversea's World Cruise 2029 is set to provide unmatched access across the Pacific, calling in more than 60 destinations across 19 countriesMIAMI, April 14, 2026 /PRNewswire/ -- Silversea, the leading experiential luxury and expedition travel brand, has unveiled its World Cruise 2029, A Pacific Awakening. Sailing from San Diego on January 5, 2029, the 125-day odyssey on board the intimate Silver Whisper will take guests through the world's largest ocean, exploring more than 60 destinations in 19 countries – with six signature events and one included overland experience. Guided by themes of wonder, wayfinding, and cultural awakening, the voyage spans Polynesia, Micronesia, Melanesia, Australia, Asia, and New Zealand – inviting guests to experience the richness of the Pacific.
"The depth and variety of experiences around which we have designed our World Cruise 2029, A Pacific Awakening, is what makes it such a special journey," said Bert Hernandez, president, Silversea. "With 17 overnights, new ports of call, and dozens of immersive experiences across the Pacific, our guests will enjoy iconic destinations alongside smaller, rarely visited ports. From a private evening at the ?Iolani Palace in Honolulu to an exclusive island celebration in the Philippines – these experiences deliver true access and a deep connection to the destination that is unique to Silversea."UNMATCHED ACCESS ACROSS THE PACIFICThe brand's World Cruise 2029 unfolds in eight thoughtfully designed chapters, each crafted to reveal a different dimension of the Pacific's vast cultural, historical, and natural landscape. From ancestral homelands and wayfinding routes to regions shaped by imperial legacies, these segments provide a thoughtfully layered narrative of exploration for even the most well-traveled guests:THE ANCESTRAL ISLES – San Diego, California to Papeete, Tahiti (January 5 - January 23): Sailing from San Diego after an exclusive Bon Voyage celebration, the first leg of the voyage will take guests to Papeete, Tahiti, honoring Hawaii as the ancestral homeland of the Polynesian people. Guests will explore volcanic archipelagos, pristine reefs, and ancient navigation traditions.WAY OF THE WAYFINDER – Papeete, Tahiti to Auckland, New Zealand (January 23 - February 11): Rooted in the legacy of celestial navigation, this segment from Tahiti to Auckland, New Zealand, traces the path of the great wayfinders across French Polynesia, Samoa, Fiji, and beyond. Extended stays throughout the region will give guests time to engage with local communities, from ceremonial sites such as Taputapuatea in Raiatea to vibrant markets and village traditions.THE WILD & THE WORLDLY – Auckland, New Zealand to Melbourne, Australia (February 11 -February 27): A journey into the duality of the Pacific, this chapter from Auckland to Melbourne captures how the region blends its glacier-carved wilderness with the cultural energy of cosmopolitan cities. Guests will encounter dramatic fjords, remote coastal landscapes, and heritage-rich port towns before transitioning into vibrant urban centers.CURRENTS OF CONTRAST – Melbourne, Australia to Benoa, Bali (February 27 - March 13): From tranquil moments in nature to dynamic city life and wildlife encounters, this segment from Melbourne to Benoa, Bali, highlights the striking contrasts that define Australia's southern coast and beyond. Alongside visits to celebrated wine regions such as Barossa Valley, guests explore destinations where local gastronomy reflects a deep connection to place. Encounters with marine life and untouched coastlines continue as the voyage moves northward, reinforcing the Pacific's rich biodiversity and ever-changing natural rhythms.EMERALD LANDS & GOLDEN COASTS – Benoa, Bali, to Manila, the Philippines (March 13 - March 25): Lush rainforests, golden mosques, endemic wildlife, and rich island traditions mark this portion of the voyage, as guests sail across Indonesia, Malaysia, Brunei, and the Philippines. Calls in smaller ports and emerging destinations will offer insight into daily life and regional cultures. Guests will also wander deep into Malaysia's sanctuary forests to witness orangutans and proboscis monkeys move along the treetops.CERULEAN SHORES & SAKURA SKIES – Manila, Philippines to Tokyo, Japan (March 25 to April 6): From tropical blue horizons to a breathtaking canvas of soft pink and white, this segment from the Philippines to Tokyo is perfectly timed for guests to witness Japan's Sakura in peak bloom, as the country becomes awash in delicate cherry blossoms, symbolizing renewal and beauty. Culinary tradition also takes center stage through immersive S.A.L.T. experiences that reveal the ancient art of fermentation at a serene Zen retreat on Awaji Island, where time-honored techniques and seasonal ingredients reflect the deep cultural and spiritual significance of food in Japan.SPRING AT THE GATES OF EMPIRE – Tokyo, Japan, to Hong Kong, China (April 6 to April 25): This segment is set to honor imperial histories and timeless artistry across Japan, Korea, and China. As guests explore heritage landmarks and ceremonial sites, such as the Temple of Heaven, regional cuisine provides an additional layer of insight, connecting tradition, ritual, and identity through flavors refined over generations. Select overland journeys will also provide rare access beyond the shoreline, including a complimentary experience to Xi'an with after-hours entry to the Terracotta Warriors and an optional UNESCO-focused exploration of Beijing, featuring the Great Wall and Forbidden City.ACROSS TEMPLE KINGDOMS – Hong Kong, China, to Singapore (April 25 to May 11): Exploring regions once ruled by powerful Southeast Asian kingdoms, guests will travel from China to Singapore in the final chapter of their immersive voyage. Ancient temples, layered histories, and vibrant cuisine define this segment, both along the coast and inland, including a S.A.L.T. culinary highlight in Thailand, where guests will be invited into the home and garden of Michelin-starred chef Vichit Mukura to explore the principles of plant-based cuisine and wellness, through an intimate cooking demonstration and lunch experience.SIGNATURE WORLD CRUISE EVENTSSilversea's World Cruises offer rare access to extraordinary places and experiences, through thoughtfully curated events that are seamlessly integrated into the journey. Starting with an exclusive Bon Voyage event in San Diego, the World Cruise 2029 will feature the following events, inspired by the theme 'From Kingdoms to Dynasties':In Honolulu, A Night at the Palace offers guests a private evening at the ?Iolani Palace – the only official royal residence in the United States – providing an intimate introduction to the Hawaiian monarchy and living heritage.In Tasmania, guests will step into the historic Theatre Royal for a private performance at Australia's oldest continually operating theater. The one-night-only event will feature a performance by the 47-piece Tasmania Symphony Orchestra, in celebration of artistry and heritage.In the Philippines, a full-ship private island experience on Kalanggaman Island transforms a pristine stretch of white sand into Silversea's own open-air setting for Filipino cultural performances, island-inspired cocktails, and an authentic dinner prepared by a local chef beneath the open sky.The Mysteries of Japan in Tokyo will immerse guests in an evening inspired by the country's imperial heritage, blending refined regional cuisine with honored traditions and performances.The voyage concludes in extraordinary fashion with an elegant seaside dinner at Pattaya's iconic Sanctuary of Truth, a hand-carved wooden temple that provides a symbolic and memorable finale to the 125-day World Cruise 2029.EXPLORING RARELY VISITED GEMS & MORE THAN 15 UNESCO WORLD HERITAGE SITESThroughout the World Cruise 2029, guests will experience some of the Pacific's lesser-known destinations that invite a more meaningful connection with place. Among the voyage's hidden gems are Kalanggaman Island in the Philippines, and Motu Tapu in French Polynesia, a sacred islet deeply connected to ancestral tradition. Additional calls in the Philippines, including Bohol and Romblon Island, offer intimate encounters with endemic wildlife, dramatic landscapes, and island communities shaped by craftsmanship, culture, and daily life.Complementing these off-the-beaten-path discoveries, the itinerary also includes destinations of significant cultural importance, such as Vigan, a UNESCO World Heritage Site known for its remarkably preserved Spanish colonial architecture.A WORLD OF QUIET COMFORTOn board Silver Whisper, refined elegance meets immersive exploration. As one of the smallest luxury ships ever to host a World Cruise, Silver Whisper accommodates just 392 guests, creating an intimate atmosphere. Onboard, they will enjoy spacious ocean-view suites, each paired with dedicated butler service, and a nearly one-to-one crew-to-guest ratio ensures that every moment onboard is met with care. Built to access hidden harbors and remote islands, Silver Whisper brings the most elusive edges of the Pacific into reach – carrying guests into the heart of cultures, coastlines, and communities few travelers ever experience.An exclusive pre-sale for A Pacific Awakening World Cruise 2029 opens to Venetian Society members on April 14, with general sales beginning April 21.To learn more about Silversea's World Cruise 2029, A Pacific Awakening, visit https://www.silversea.com/lp-world-cruise-2029.htmlWatch a video on Silversea's World Cruise 2029 at https://youtu.be/0SCm9w5S9gIAbout Silversea Silversea is the leading experiential luxury and expedition travel brand, offering guests immersive experiences on all seven continents, personalized service, and an innovative culinary offering aboard its 12 intimate ocean and expedition ships. Silversea's itineraries encompass an unparalleled range of destinations worldwide, from the Mediterranean and the Caribbean to the Galápagos, both Polar Regions, and hundreds of fascinating places in between. Set to strengthen its destination leadership starting in 2026, the brand is developing the southernmost hotel on Earth, The Cormorant at 55 South, in Puerto Williams, Chile – offering guests a uniquely seamless journey to Antarctica. Silversea brings its like-minded guests closer to their destination in uncompromised comfort, championing the joy of travel, an enriching spirit of discovery, and an enduring commitment to Silversea's signature "To Finding More" promise. Silversea is owned and operated by global cruise company Royal Caribbean Group (NYSE: RCL). For more information, visit www.silversea.com. Media can stay up to date by visiting the brand's press center.Silversea, Otium, S.A.L.T., The Cormorant at 55 South, To Finding More, and the various ship names are registered trademarks of Silversea Cruises Ltd.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 69 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 royalcaribbeangroup.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/a-pacific-awakening-six-exclusive-events-headline-silverseas-new-125-day-world-cruise-2029-302741800.htmlSOURCE Silversea Cruises
Original: A PACIFIC AWAKENING: SIX EXCLUSIVE EVENTS HEADLINE SILVERSEA'S NEW 125-DAY WORLD CRUISE 2029
US Market News
5月前
ROYAL CARIBBEAN GROUP REPORTS 2025 RESULTS, ISSUES 2026 GUIDANCEJanuary 29, 2026 6:30 AM
PR Newswire (US)
Fourth quarter exceeds guidance, resulting in over 30% earnings growth in 2025WAVE season off to a record start, propelling momentum for 2026Adjusted EPS in 2026 are expected to be $17.70 to $18.10Expanding vacation portfolio with Royal Caribbean's new Discovery Class, and 10 additional ships for Celebrity River CruisesMIAMI, Jan. 29, 2026 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported 2025 Earnings per Share ("EPS") of $15.61 and Adjusted EPS of $15.64. These results were better than the company's guidance primarily due to more favorable revenue and better performance from joint ventures. Looking ahead, demand remains strong and the company expects Adjusted EPS to be in the range of $17.70 to $18.10 per share in 2026.
"2025 was an outstanding year, and the momentum is further accelerating into 2026," said Jason Liberty, Chairman and CEO, Royal Caribbean Group. "WAVE is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences. We expect another strong year of financial performance with both revenue and earnings growing double digits, and we remain on track to achieve our Perfecta goals by 2027," added Liberty."We are shaping the future by further investing in game-changing vacation experiences. The new Discovery Class for Royal Caribbean, the expansion of Celebrity River Cruises, and five new exclusive destinations launching by 2028 strengthen our long-term growth trajectory," added Liberty. "We are also creating long-term value by connecting our innovative ships, differentiated exclusive destinations, cross-brand loyalty program, and disruptive technologies into a single vacation ecosystem. We are attracting new guests and driving repeat engagement, turning the vacation of a lifetime into a lifetime of vacations."Full Year 2025 Results: Gross Margin Yields increased 8.5% as-reported. Net Yields increased 3.8% as-reported and 3.7% in Constant Currency.Gross Cruise Costs per Available Passenger Cruise Day ("APCD") decreased 0.6% as-reported. Net Cruise Costs ("NCC"), excluding Fuel, per APCD increased 0.1% as-reported and decreased 0.1% in Constant Currency.Total revenues were $17.9 billion, Net Income was $4.3 billion or $15.61 per share, Adjusted Net Income was $4.3 billion or $15.64 per share, and Adjusted EBITDA was $7.0 billion.Full Year 2026 Outlook:Net Yields are expected to increase 2.1% to 4.1% as-reported and 1.5% to 3.5% in Constant Currency. This includes 30 bps of headwind from itinerary modifications in China.NCC, excluding Fuel, per APCD are expected to be 0.4% to 1.4% as-reported and flat to up 1.0% in Constant Currency.Adjusted EPS is expected to be in the range of $17.70 to $18.10, representing a CAGR of 23% over the first two years of Perfecta. Perfecta is the company's multi-year financial program targeting 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.The company expects double-digit revenue and Adjusted EPS growth in 2026, driven by 6.7% higher capacity, as well as anticipated yield growth.Fourth Quarter 2025 ResultsNet Income for the fourth quarter of 2025 was $0.8 billion or $2.76 per share compared to Net Income of $0.6 billion or $2.02 per share for the same period in the prior year. Adjusted Net Income was $0.8 billion or $2.80 per share for the fourth quarter of 2025 compared to Adjusted Net Income of $0.4 billion or $1.63 per share for the same period in the prior year. The company also reported total revenues of $4.3 billion and Adjusted EBITDA of $1.5 billion.Gross Margin Yields increased 9.2% as-reported, and Net Yields increased 3.1% as-reported (2.5% in Constant Currency), when compared to the fourth quarter of 2024. Load factor for the quarter was 108%.Gross Cruise Costs per APCD decreased 4.5% as-reported, compared to 2024. NCC, excluding Fuel, per APCD decreased 5.8% as-reported and 6.3% in Constant Currency, when compared to 2024.Update on Bookings and Onboard RevenueSince the last earnings call, Cyber Sales and the onset of WAVE season have resulted in the highest seven booking weeks in the company's history. The company has approximately two-thirds of 2026 capacity booked, which is within historical ranges and at record rates, and the company continues to see elevated close-in bookings. Guest spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices. Nearly 50% of onboard revenue in 2025 was booked pre-cruise, with 90% of pre-cruise purchases being made through digital channels. Looking to 2026, the share of booked guests who have purchased onboard revenue pre-cruise is up year-over-year."We're very pleased by the strength we're seeing across our portfolio as consumers continue to prioritize our vacation experiences," said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. "We continue to see net yield growth for key products, including the Caribbean, as our investments continue to differentiate us and strengthen our leadership in the region," added Holtz.First Quarter 2026Net Yields are expected to increase 2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency as compared to 2025. This includes an impact of 30 bps from itinerary modifications in China.NCC, excluding Fuel, per APCD, is expected to increase 1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency as compared to 2025.Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects first quarter Adjusted EPS to be in the range of $3.18 to $3.28. Expanding Vacation PortfolioEarlier today, Royal Caribbean announced a?series of?agreements?with the?Chantiers?de?l'Atlantique shipyard in Saint Nazaire, France?to secure the construction of its highly?anticipated?Discovery Class ships?that will?redefine how Royal's guests experience the world.?The?agreements?include?two?firm?ship orders with options for?four?additional?ships.?The first?ship in the class?is set to debut in 2029, while the second ship?is scheduled to be delivered in 2032.?In addition, Celebrity Cruises announced a commitment for 10 new ships that will expand its river cruise fleet to 20 vessels by 2031. Celebrity River Cruises is Royal Caribbean Group's new premium river cruise vacation offering that will launch in 2027 and take guests to historic cities on the world's most iconic rivers."Today's announcements mark an exciting step forward in expanding our vacation portfolio across ocean and river," said Jason Liberty, Chairman and CEO, Royal Caribbean Group. "With Discovery Class, we're building a new platform with Chantiers de l'Atlantique that will advance next-generation innovation and sustainability while taking our guests to extraordinary destinations around the world. And with the next phase of Celebrity River Cruises, we're extending our vacation ecosystem into iconic rivers and historic cities - expanding into more geographies and itineraries over time while staying true to the elevated, guest-first experience Celebrity is known for. Together, these moves create more reasons for guests to vacation with us more often, for more occasions, and across our family of brands."Fuel ExpenseBunker pricing, net of hedging, for the fourth quarter was $667 per metric ton and consumption was 439,000 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 today's fuel prices, the company has included?$275 million?of fuel expense in its first quarter guidance at a forecasted consumption of 436,000 metric tons, which is 66% hedged via swaps. Forecasted consumption is 60%, 47%, and 26% hedged via swaps for 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $393, and $416 for 2026, 2027, and 2028, respectively. The company provided the following guidance for the first quarter and full year 2026:FUEL STATISTICSFirst Quarter 2026Full Year 2026Fuel Consumption (metric tons)436,0001,762,000Fuel Expenses$275 million$1,173 millionPercent Hedged (fwd. consumption)66.0 %60.0 %
GUIDANCEAs-ReportedConstant Currency
First Quarter 2026Net Yields vs. 20252.4% to 2.9%1.0% to 1.5%Net Cruise Costs per APCD vs. 20250.2% to 0.7%(0.5%) to 0.0%Net Cruise Costs per APCD ex. Fuel vs. 20251.7% to 2.2%0.9% to 1.4%
Full Year 2026Net Yields vs. 20252.1% to 4.1%1.5% to 3.5%Net Cruise Costs per APCD vs. 2025(0.3%) to 0.7%(0.6%) to 0.4%Net Cruise Costs per APCD ex. Fuel vs. 20250.4% to 1.4%0.0% to 1.0%
GUIDANCEFirst Quarter 2026Full Year 2026APCDs13.7 million56.9 millionCapacity change vs. 20258.5 %6.7 %Depreciation and amortization$455 to $465 million$1,890 to $1,900 millionNet Interest, excluding loss on extinguishment of debt$245 to $255 million$990 to $1,000 millionAdjusted EPS$3.18 to $3.28$17.70 to $18.10
SENSITIVITYFirst Quarter 2026Full Year 20261% Change in Net Yields$36 million$156 million1% Change in NCC excluding Fuel$18 million$73 million
First Quarter 2026Full Year 20261% Change in Currency$5 million$25 million10% Change in Fuel prices$13 million$57 million100 basis pt. Change in SOFR$1 million$12 million
Exchange rates used in guidance calculations
GBP$1.34
AUD$0.67
CAD$0.72
EUR$1.17
LiquidityAs of December 31, 2025, the Group's liquidity position was $7.2 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity.During the fourth quarter of 2025, the company purchased 1.8 million of its shares for a total of $504 million. The company completed the prior $1 billion share repurchase program, authorized in February 2025 and currently has $1.8 billion remaining under its current program authorization.The company noted that as of December 31, 2025, the scheduled debt maturities for 2026, 2027, 2028, 2029 and 2030 were $3.2 billion, $2.6 billion, $3.2 billion, $1.1 billion, and $1.1 billion respectively.Capital Expenditures and Capacity GuidanceCapital expenditures for the full year 2026 are expected to be approximately $5 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book. The company expects to take delivery of Legend of the Seas in the second quarter of 2026 and has committed financing in place. Non-new ship related capital expenditures are expected to be $1.8 billion, a significant portion of which includes the company's previously announced private destinations under development including Perfect Day Mexico.Capacity changes for 2026 are expected to be 6.7% 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 MetricsAdjusted 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; (iii) equity investment impairment, recovery of losses, and other; and (iv) impairment losses.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 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 initiatives expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; (v) equity investment impairment, recovery of losses and other; (vi) litigation loss contingency, which includes the 2024 release of the loss contingency recorded in 2022 in connection with the Havana Docks litigation inclusive of related legal fees and costs; (vii) impairment losses; and (viii) tax on the sale of PortMiami noncontrolling interest.Adjusted Operating Income 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. For the 2025 periods presented, we calculate "Constant Currency" by applying the average for 2024 or Q4 2024 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 ("NCC") and NCC 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 periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; and (ii) impairment losses. 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 69 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 timing and demand for river cruising offerings; future capital expenditures; and expectations regarding our credit profile. Words such as "anticipate," "believe," "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)(in millions, except per share data)
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(unaudited)
(unaudited)
Passenger ticket revenues$ 2,937
$ 2,599
$ 12,515
$ 11,499Onboard and other revenues1,323
1,161
5,419
4,986Total revenues4,259
3,761
17,935
16,484Cruise operating expenses:
Commissions, transportation and other545
492
2,369
2,250 Onboard and other206
183
981
909 Payroll and related356
342
1,366
1,301 Food269
237
1,019
934 Fuel293
284
1,146
1,160 Other operating572
514
2,202
2,098Total cruise operating expenses2,242
2,052
9,083
8,652Marketing, selling and administrative expenses630
674
2,223
2,125Depreciation and amortization expenses453
411
1,718
1,600Operating Income 933
624
4,910
4,106Other income (expense):
Interest income7
3
24
16 Interest expense, net of interest capitalized(267)
(266)
(992)
(1,590) Equity investment income100
57
414
260 Other income4
141
17
149Income before income taxes777
559
4,373
2,941Provision for income taxes(15)
—
(82)
(46)Net Income762
559
4,291
2,896Less: Net Income attributable to noncontrolling interest8
6
23
18Net Income attributable to Royal Caribbean Cruises Ltd.$ 754
$ 553
$ 4,268
$ 2,877
Earnings per Share:
Basic$ 2.78
$ 2.06
$ 15.75
$ 11.00Diluted$ 2.76
$ 2.02
$ 15.61
$ 10.94
Weighted-Average Shares Outstanding:
Basic271
269
271
261Diluted273
277
274
279
Comprehensive Income (Loss)
Net Income$ 762
$ 559
$ 4,291
$ 2,896Other comprehensive income (loss):
Foreign currency translation adjustments2
17
(26)
17 Change in defined benefit plans(2)
9
(4)
12 (Loss) gain on cash flow derivative hedges(76)
(75)
228
(157)Total other comprehensive (loss) income(76)
(49)
198
(128)Comprehensive Income 686
510
4,489
2,768Less: Comprehensive Income attributable to noncontrolling interest8
6
23
18Comprehensive Income attributable to Royal Caribbean Cruises Ltd.$ 678
$ 504
$ 4,466
$ 2,750
Certain amounts may not add or calculate due to use of rounded numbers. ROYAL CARIBBEAN CRUISES LTD.STATISTICS(unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Passengers Carried2,484,241
2,159,429
9,446,010
8,564,272Passenger Cruise Days15,116,254
13,678,795
58,518,751
54,844,780APCD14,025,949
12,716,724
53,325,212
50,552,731Occupancy107.8 %
107.6 %
109.7 %
108.5 % ROYAL CARIBBEAN CRUISES LTD.CONSOLIDATED BALANCE SHEETS(in millions, except share data)
As of
December 31,
December 31,
2025
2024
(unaudited)
Assets
Current assets
Cash and cash equivalents$ 825
$ 388 Trade and other receivables, net 317
371 Inventories264
265 Prepaid expenses and other assets690
670 Derivative financial instruments115
11Total current assets2,211
1,705 Property and equipment, net35,696
31,831 Operating lease right-of-use assets620
677 Goodwill808
808 Other assets2,284
2,049Total assets$ 41,619
$ 37,070
Liabilities and shareholders' equity
Current liabilities
Current portion of long-term debt$ 3,180
$ 1,603Current portion of operating lease liabilities90
74Accounts payable953
919Accrued expenses and other liabilities2,026
1,635Derivative financial instruments67
90Customer deposits5,739
5,496Total current liabilities12,055
9,817Long-term debt18,165
18,473Long-term operating lease liabilities600
670Other long-term liabilities554
375Total liabilities31,374
29,335Shareholders' equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; 0ne outstanding)—
—Common stock ($0.01 par value; 500,000,000 shares authorized; 303,054,848 and 297,368,235
shares issued, December 31, 2025 and December 31, 2024, respectively)3
3Paid-in capital7,964
7,831Retained earnings5,925
2,612Accumulated other comprehensive loss(604)
(802)Treasury stock (32,631,826 and 28,468,430 common shares at cost, December 31, 2025 and
December 31, 2024, respectively)(3,251)
(2,081)Total shareholders' equity attributable to Royal Caribbean Cruises Ltd.10,037
7,563 Noncontrolling Interest208
172Total shareholders' equity10,245
7,735Total liabilities and shareholders' equity$ 41,619
$ 37,070 ROYAL CARIBBEAN CRUISES LTD.CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)
Year Ended December 31,
2025
2024
(unaudited)
Operating Activities
Net Income$ 4,291
$ 2,896Adjustments:
Depreciation and amortization1,718
1,600 Net deferred income tax expense18
— (Gain) loss on derivative instruments not designated as hedges(49)
77 Share-based compensation expense175
267 Equity investment income(414)
(260) Amortization of debt issuance costs, discounts and premiums97
98 Loss on extinguishment of debt and inducement expense16
463Changes in operating assets and liabilities:
(Increase) decrease in trade and other receivables, net(3)
52 Increase in inventories, net—
(17) Increase in prepaid expenses and other assets(100)
(137) Increase in accounts payable27
120 Increase in accrued expenses and other liabilities216
— Increase in customer deposits243
186Dividends received from unconsolidated affiliates264
29Other, net(34)
(109)Net cash provided by operating activities6,465
5,265
Investing Activities
Purchases of property and equipment(5,229)
(3,268)Cash received on settlement of derivative financial instruments200
14Cash paid on settlement of derivative financial instruments(24)
(130)Investments in and loans to unconsolidated affiliates(106)
(67)Cash received on loans to unconsolidated affiliates126
18Other, net21
(13)Net cash used in investing activities(5,012)
(3,446)
Financing Activities
Debt proceeds4,671
10,318Debt issuance costs(118)
(133)Repayments of debt(3,534)
(11,651)Premium on repayment of debt(2)
(292)Repurchase of common stock(1,159)
—Dividends paid(824)
(107)Other, net(52)
(57)Net cash used in financing activities(1,018)
(1,922)Effect of exchange rate changes on cash2
(6)Net increase (decrease) in cash and cash equivalents437
(109)Cash and cash equivalents at beginning of year388
497Cash and cash equivalents at end of year$ 825
$ 388
Supplemental Disclosures
Cash paid during the year for:
Interest, net of amount capitalized$ 864
$ 1,210Non-Cash Investing Activities
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities$ 72
$ 47Non-Cash Financing Activities
Non-cash inducement on convertible notes exchange$ 7
$ 104 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 December 31,
Year Ended December 31,
2025
2025 On a
Constant
Currency Basis
2024
2025
2025 On a
Constant
Currency Basis
2024Total revenues$ 4,259
$ 4,236
$ 3,761
$ 17,935
$ 17,915
$ 16,484Less:
Cruise operating expenses2,242
2,232
2,052
9,083
9,058
8,652Depreciation and amortization expenses453
453
411
1,718
1,718
1,600Gross Margin1,564
1,550
1,298
7,133
7,140
6,231Add:
Payroll and related356
355
342
1,366
1,366
1,301Food269
269
237
1,019
1,019
934Fuel293
293
284
1,146
1,146
1,160Other operating572
567
514
2,202
2,188
2,098Depreciation and amortization expenses453
453
411
1,718
1,718
1,600Adjusted Gross Margin$ 3,508
$ 3,488
$ 3,086
$ 14,585
$ 14,577
$ 13,325
APCD14,025,949
14,025,949
12,716,724
53,325,212
53,325,212
50,552,731Passenger Cruise Days15,116,254
15,116,254
13,678,795
58,518,751
58,518,751
54,844,780Gross Margin Yields$ 111.49
$ 110.53
$ 102.06
$ 133.77
$ 133.89
$ 123.27Net Yields$ 250.09
$ 248.72
$ 242.66
$ 273.51
$ 273.35
$ 263.59Adjusted Gross Margin per PCD$ 232.05
$ 230.78
$ 225.60
$ 249.24
$ 249.09
$ 242.96 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 December 31,
Year Ended December 31,
2025
2025 On a
Constant
Currency Basis
2024
2025
2025 On a
Constant
Currency Basis
2024Total cruise operating expenses$ 2,242
$ 2,232
$ 2,052
$ 9,083
$ 9,058
$ 8,652Marketing, selling and administrative
expenses630
627
674
2,223
2,220
2,125Gross Cruise Costs2,872
2,859
2,726
11,306
11,277
10,778Less:
Commissions, transportation and other545
542
492
2,369
2,362
2,250Onboard and other206
205
183
981
976
909Net Cruise Costs including other costs2,121
2,112
2,051
7,957
7,938
7,619Less:
Restructuring charges and other initiatives
expenses (1)1
1
5
8
8
10Impairment losses (2)—
—
3
—
—
9Net Cruise Costs2,120
2,111
2,043
7,949
7,931
7,600Less:
Fuel293
293
284
1,146
1,146
1,160Net Cruise Costs excluding Fuel$ 1,827
$ 1,818
$ 1,759
$ 6,803
$ 6,784
$ 6,440
APCD14,025,949
14,025,949
12,716,724
53,325,212
53,325,212
50,552,731Gross Cruise Costs per APCD$ 204.79
$ 203.84
$ 214.33
$ 212.03
$ 211.48
$ 213.20Net Cruise Costs per APCD$ 151.15
$ 150.48
$ 160.63
$ 149.07
$ 148.72
$ 150.34Net Cruise Costs excluding Fuel per
APCD$ 130.27
$ 129.61
$ 138.31
$ 127.57
$ 127.23
$ 127.40
(1) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).(2) For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating 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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Net Income attributable to Royal Caribbean Cruises Ltd.
$ 754
$ 553
$ 4,268
$ 2,877Interest income
(7)
(3)
(24)
(16)Interest expense, net of interest capitalized
267
266
992
1,590Depreciation and amortization expenses
453
411
1,718
1,600Provision for income taxes
15
—
82
46EBITDA
1,483
1,227
7,036
6,097
Other income
(4)
(141)
(17)
(149)Restructuring charges and other initiatives expenses (1)
1
5
8
10Equity investment impairment, recovery of losses and other
—
4
(1)
4Impairment losses (2)
—
3
—
9Adjusted EBITDA
$ 1,481
$ 1,098
$ 7,025
$ 5,971
Total revenues
$ 4,259
$ 3,761
$ 17,935
$ 16,484
APCD
14,025,949
12,716,724
53,325,212
50,552,731Net Income attributable to Royal Caribbean Cruises Ltd. per APCD
$ 53.76
$ 43.46
$ 80.04
$ 56.92Adjusted EBITDA per APCD
$ 105.55
$ 86.35
$ 131.75
$ 118.13Adjusted EBITDA Margin
34.8 %
29.2 %
39.2 %
36.2 %
(1)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).(2)For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating 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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Net Income attributable to Royal Caribbean Cruises Ltd.$ 754
$ 553
$ 4,268
$ 2,877Loss on extinguishment of debt and inducement expense (1)6
7
16
463Restructuring charges and other initiatives expenses (2)1
5
8
10Amortization of Silversea intangible assets resulting from the Silversea
acquisition (3)2
2
6
6Gain on sale of noncontrolling interest (4)—
—
(11)
—Equity investment impairment, recovery of losses and other—
(1)
(1)
(1)Litigation loss contingency (5)—
(124)
—
(124)Impairment losses (6)—
3
—
9PortMiami tax on sale of noncontrolling interest (7)—
—
—
(3)Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.$ 762
$ 445
$ 4,286
$ 3,237
Earnings per Share - Diluted (8)$ 2.76
$ 2.02
$ 15.61
$ 10.94Adjusted Earnings per Share - Diluted (9)$ 2.80
$ 1.63
$ 15.64
$ 11.80
Weighted-Average Shares Outstanding - Diluted273
277
274
279
(1)For 2025 and 2024, includes $10 million and $119 million, respectively, of inducement expense related to the settlements of our 6.00% convertible notes due 2025. 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) 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 2024, represents the release of the loss contingency recorded in 2022, in connection with the Havana Docks litigation inclusive of related legal fees and costs. These amounts are included in Other income within our consolidated statements of comprehensive income (loss).(6)For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).(7) For 2024, represents adjustments to tax impacts on the 2023 PortMiami sale of noncontrolling interest. These amounts are included in Other income (expense) in our consolidated statements of comprehensive income (loss).(8) Diluted EPS includes the add-back of $16 million and $175 million of dilutive inducement and interest expense related to our convertible notes for the year ended December 31, 2025, and 2024, respectively, and none and $5 million for the quarters ended December 31, 2025, and 2024, respectively.(9)Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $6 million and $56 million for the year ended December 31, 2025, and 2024, respectively, and none and $5 million for the quarters ended December 31, 2025, and 2024 respectively. ROYAL CARIBBEAN CRUISES LTD.NON-GAAP RECONCILING INFORMATION (unaudited)Adjusted Operating Income and ROIC, are calculated as follows: (in millions, except ROIC. Certain amounts may not add or
calculate due to the use of rounded numbers):
For the Twelve Months Ended
December 31, 2025Operating Income$ 4,910Including:Equity investment income414Provision for income taxes(82)Adjustments:
Restructuring charges and other initiatives expenses (1)8Amortization of Silversea intangible assets related to Silversea acquisition (2)6Gain on sale of noncontrolling interest (3)(11)Equity investment impairment, recovery of losses and other(1)Adjusted Operating Income$ 5,243
Invested Capital$ 29,174
ROIC18.0 %
(1) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).(2) Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.(3) 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).
View original content to download multimedia:https://www.prnewswire.com/news-releases/royal-caribbean-group-reports-2025-results-issues-2026-guidance-302673898.htmlSOURCE Royal Caribbean Group
Original: ROYAL CARIBBEAN GROUP REPORTS 2025 RESULTS, ISSUES 2026 GUIDANCE
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