Royal Caribbean Reports Strong 2025 Results, Issues Robust 2026 Guidance, and Announces Major Fleet Expansion

summarizeSummary

Royal Caribbean Group reported better-than-expected 2025 results, issued robust 2026 guidance with double-digit growth, and announced major fleet expansion plans for both ocean and river cruises, supported by record bookings.

check_boxKey Events

• Exceeded 2025 Financial Guidance

  Reported full-year 2025 Adjusted EPS of $15.64, surpassing previous guidance, with Net Yields increasing 3.8% and Adjusted EBITDA reaching $7.0 billion.

• Robust 2026 Earnings Outlook

  Issued strong 2026 Adjusted EPS guidance of $17.70 to $18.10, anticipating double-digit revenue and earnings growth driven by 6.7% higher capacity.

• Record Booking Momentum

  Experienced the highest seven booking weeks in company history during the recent 'WAVE season,' with approximately two-thirds of 2026 capacity booked at record rates.

• Strategic Fleet and Portfolio Expansion

  Announced two firm orders for new 'Discovery Class' ships for Royal Caribbean (debuting 2029, 2032) and a commitment for 10 new Celebrity River Cruises vessels, expanding its fleet to 20 by 2031.

auto_awesomeAnalysis

Royal Caribbean Group delivered strong financial results for 2025, exceeding its guidance with Adjusted EPS of $15.64, driven by favorable revenue and joint venture performance. The company provided a very positive outlook for 2026, projecting Adjusted EPS between $17.70 and $18.10, representing double-digit revenue and earnings growth. This optimistic guidance is supported by a record-breaking 'WAVE season' with the highest seven booking weeks in company history and two-thirds of 2026 capacity already booked at record rates. Furthermore, the company announced significant strategic investments, including two firm orders for new 'Discovery Class' ships for Royal Caribbean and a commitment for 10 new Celebrity River Cruises vessels, signaling substantial long-term growth and expansion of its vacation portfolio. The company also continued its share repurchase program, buying back $504 million in Q4 2025. These combined factors indicate strong operational momentum, effective capital allocation, and a clear growth trajectory, reinforcing investor confidence.