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Royal Caribbean Group

RCL · Consumer Discretionary

Last earnings Oct 27, 2026

Key results

Gross marginquarter

3.8%

Gross Margin Yields were up 3.8% as-reported.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Total revenuequarter

$5.1 billion

Total revenues were $5.1 billion, Net Income was $1.6 billion or $5.74 per share, Adjusted Net Income was $1.6 billion or $5.75 per share, and Adjusted EBITDA was $2.3 billion.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Net incomequarter

$1.6 billion

Total revenues were $5.1 billion, Net Income was $1.6 billion or $5.74 per share, Adjusted Net Income was $1.6 billion or $5.75 per share, and Adjusted EBITDA was $2.3 billion.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Adjusted net incomequarter

$1.6 billion

Total revenues were $5.1 billion, Net Income was $1.6 billion or $5.74 per share, Adjusted Net Income was $1.6 billion or $5.75 per share, and Adjusted EBITDA was $2.3 billion.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Third Quarter 2025 Results Net Income for the third quarter of 2025 was $1.6 billion or $5.74 per share compared to Net Income of $1.1 billion or $4.21 per share for the same period in the prior year.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Adjusted Net Income was $1.6 billion or $5.75 per share for the third quarter of 2025 compared to Adjusted Net Income of $1.4 billion or $5.20 per share for the same period in the prior year.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Revenuequarter

$5.1 billion

The company also reported total revenues of $5.1 billion and Adjusted EBITDA of $2.3 billion.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Gross Margin Yields increased 3.8% as-reported, and Net Yields increased 2.8% as-reported (2.4% in Constant Currency).

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Total revenuefull-year

$ 10,951

Certain amounts may not add due to use of rounded numbers reported Adjusted Gross Margin, and Yields amounts are calculated from the underlying dollar amounts) Year Ended December 31, 2019 Total revenue $ 10,951 Less Cruise operating expenses 6,063 Depreciation and amortization expenses 1,246 Gross Margin 3,642 Add Payroll and related 1,079 Food 584 Fuel 698 Other operating 1,406 Depreciation and amortization expenses 1,246 Adjusted Gross Margin $ 8,655 APCD 41,432,451 Passenger Cruise Days 44,803,953 Gross Margin Yields $ 87.90 Net Yields $ 208.89 9 ROYAL CARIBBEAN CRUISES LTD.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Adjusted gross marginquarter

$ 8,655

Certain amounts may not add due to use of rounded numbers reported Adjusted Gross Margin, and Yields amounts are calculated from the underlying dollar amounts) Year Ended December 31, 2019 Total revenue $ 10,951 Less Cruise operating expenses 6,063 Depreciation and amortization expenses 1,246 Gross Margin 3,642 Add Payroll and related 1,079 Food 584 Fuel 698 Other operating 1,406 Depreciation and amortization expenses 1,246 Adjusted Gross Margin $ 8,655 APCD 41,432,451 Passenger Cruise Days 44,803,953 Gross Margin Yields $ 87.90 Net Yields $ 208.89 9 ROYAL CARIBBEAN CRUISES LTD.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

EPSQ3 2025

$16 million

(7) Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $16 million and $169 million for the nine months ended September 30, 2025, and 2024, respectively.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

EPSytd

$169 million

(7) Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $16 million and $169 million for the nine months ended September 30, 2025, and 2024, respectively.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

AI analysis

Q3 2025 · reported Oct 28, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Total revenue · Q3 2025
$5.1B
EX-99 · Oct 28, 2025
Gross margin · Q3 2025
3.8%
EX-99 · Oct 28, 2025
Net income · Q3 2025
$1.6B
EX-99 · Oct 28, 2025
Adjusted net income · Q3 2025
$1.6B
EX-99 · Oct 28, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Gross margin3.8%——
Total revenue$5.1 billion——
Net income$1.6 billion——
Adjusted net income$1.6 billion——
Revenue$5.1 billion——
Adjusted gross margin$ 8,655——
EPS$16 million——

EX-99 · Oct 28, 2025

Guidance · company-stated

Direction: Raised

EPS

“htm EX-99.1 Document Exhibit 99.1 ROYAL CARIBBEAN GROUP REPORTS THIRD QUARTER RESULTS, INCREASES FULL YEAR GUIDANCE AND ANNOUNCES A NEW EXCLUSIVE DESTINATION Expands its vacation ecosystem with the introduction of Royal Beach Club Santorini MIAMI October 28, 2025 Royal Caribbean Group (NYSE RCL) today reported third quarter Earnings per Share ( EPS ) of $5.74 and Adjusted EPS of $5.75 .”

EPS

“The company is raising its full year 2025 Adjusted EPS guidance to $15.58 to $15.63, representing 32% year-over-year growth.”

Company outlook

“Full Year 2025 Outlook Net Yields are expected to increase 3.5% to 4.0% on both an as-reported and Constant Currency basis.”

Company outlook

“Notably, cost growth was nearly (200) bps lower than the company's guidance, reflecting continued strong execution across its operations and disciplined cost management.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Gross margin3.8%
Adjusted gross margin$ 8,655

Capital allocation

Dividend33%

2024 10.3% 5.5% Depreciation and amortization $445 to $455 million $1,705 to $1,715 million Net Interest, excluding loss on extinguishment of debt $245 to $255 million $945 to $955 million Adjusted EPS $2.74 to $2.79 $15.58 to $15.63 SENSITIVITY Fourth Quarter 2025 Full Year 2025 1% Change in Net Yields $34 million $141 million 1% Change in NCC excluding Fuel $19 million $68 million Fourth Quarter 2025 Remainder of Year 2025 1% Change in Currency $5 million $5 million 10% Change in Fuel prices $13 million $13 million 100 basis pt.

Company-stated claims

Oct 27, 2026

Forward-looking · 20% compound annual growth rate · eps · by the 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.”

EX-99 · Oct 27, 2026
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

These results were better than the company's guidance primarily due to higher than expected close-in demand and lower costs

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

EPS: “htm EX-99.1 Document Exhibit 99.1 ROYAL CARIBBEAN GROUP REPORTS THIRD QUARTER RESULTS, INCREASES FULL YEAR GUIDANCE AND ANNOUNCES A NEW EXCLUSIVE DESTINATION Expands its vacation ecosystem with the introduction of Royal Beach Club Santorini MIAMI October 28, 2025 Royal Caribbean Group (NYSE RCL) today reported third quarter Earnings per Share ( EPS ) of $5.74 and Adjusted EPS of $5.75 .”

EPS: “The company is raising its full year 2025 Adjusted EPS guidance to $15.58 to $15.63, representing 32% year-over-year growth.”

Company outlook: “Full Year 2025 Outlook Net Yields are expected to increase 3.5% to 4.0% on both an as-reported and Constant Currency basis.”

Company outlook: “Notably, cost growth was nearly (200) bps lower than the company's guidance, reflecting continued strong execution across its operations and disciplined cost management.”

EPS — Raised (“INCREASES”)
“htm EX-99.1 Document Exhibit 99.1 ROYAL CARIBBEAN GROUP REPORTS THIRD QUARTER RESULTS, INCREASES FULL YEAR GUIDANCE AND ANNOUNCES A NEW EXCLUSIVE DESTINATION Expands its vacation ecosystem with the introduction of Royal Beach Club Santorini MIAMI October 28, 2025 Royal Caribbean Group (NYSE RCL) today reported third quarter Earnings per Share ( EPS ) of $5.74 and Adjusted EPS of $5.75 .”

Company outlook — Lowered (“lower”)
“These results were better than the company's guidance primarily due to higher than expected close-in demand and lower costs.”

EPS — Raised (“raising”)
“The company is raising its full year 2025 Adjusted EPS guidance to $15.58 to $15.63, representing 32% year-over-year growth.”

Company outlook — Raised (“increase”)
“Full Year 2025 Outlook Net Yields are expected to increase 3.5% to 4.0% on both an as-reported and Constant Currency basis.”

Company outlook — Lowered (“lower”)
“Notably, cost growth was nearly (200) bps lower than the company's guidance, reflecting continued strong execution across its operations and disciplined cost management.”

Classified from the release's primary full-year outlook statement.

Capital allocation

2024 10.3% 5.5% Depreciation and amortization $445 to $455 million $1,705 to $1,715 million Net Interest, excluding loss on extinguishment of debt $245 to $255 million $945 to $955 million Adjusted EPS $2.74 to $2.79 $15.58 to $15.63 SENSITIVITY Fourth Quarter 2025 Full Year 2025 1% Change in Net Yields $34 million $141 million 1% Change in NCC excluding Fuel $19 million $68 million Fourth Quarter 2025 Remainder of Year 2025 1% Change in Currency $5 million $5 million 10% Change in Fuel prices $13 million $13 million 100 basis pt.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Change in SOFR $1 million $1 million Exchange rates used in guidance calculations GBP $1.33 AUD $0.65 CAD $0.71 EUR $1.16 Liquidity and Financing Arrangements As of September 30, 2025, the company s liquidity position was $6.8 billion, which includes cash and cash equivalents and revolving credit facility capacity.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

During the third quarter, the company repurchased approximately 1.3 million shares under its existing share repurchase program.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

As of September 30, 2025, approximately $345 million remained available for repurchase under the current authorization.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

In September, the board of directors authorized a 33% increase to the company's quarterly dividend to $1.00 per common share.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Since July 2024, the company has returned $1.6 billion of capital to shareholders through dividends and share repurchases.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Strategy & priorities

We are focused on building for the future through innovative ships, a growing portfolio of exclusive destinations, technology, and AI that enhance every step of the guest journey.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Looking ahead, we see strong momentum across our portfolio of brands and the differentiated experiences that they provide as consumers continue to prioritize vacations, said Jason Liberty, president and CEO, Royal Caribbean Group.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

New Exclusive Destination - Royal Beach Club Santorini Royal Caribbean Group continues to strategically invest in expanding its unrivaled portfolio of destinations and experiences deepening its competitive moat, strengthening its vacation ecosystem and creating new ways to deliver extraordinary vacations that resonate with guests.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

This exciting lineup of land-based initiatives strengthens Royal Caribbean Group s strategy to extend its brands reach beyond the ship and deepen guest engagement, while creating lasting benefits for local communities all while advancing the company s mission to deliver the best vacation experiences responsibly.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Capital Expenditures and Capacity Guidance Capital expenditures for the full year 2025 are expected to be approximately $5 billion, based on current foreign exchange rates, and are predominantly related to the new ship order book and land-based destination initiatives.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Risks & headwinds

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.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

or other countries' foreign travel policy the 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.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

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.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

SEC original ↗Royal Caribbean Group — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Legal Proceedings 38 Item 1A.

SEC original ↗Royal Caribbean Group — 10-Q Quarterly report10-QOct 27, 2026

Litigation As previously reported, a lawsuit was filed against us in August 2019 in the U.

SEC original ↗Royal Caribbean Group — 10-Q Quarterly report10-QOct 27, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Amazon (AMZN) Consumer DiscretionaryTesla, Inc. (TSLA) Consumer DiscretionaryAlibaba Group (BABA) Consumer DiscretionaryeBay Inc. (EBAY) Consumer DiscretionaryToyota Motor (TM) Consumer DiscretionaryO'Reilly Automotive (ORLY) Consumer DiscretionaryLi Auto Inc. (LI) Consumer DiscretionaryV F Corp (VFC) Consumer Discretionary
Documents

Filings

74 documents

Earnings releases

20 documents

Presentations

0 documents

No presentations for Royal Caribbean Group are held in this edition of the library.

Transcripts

0 documents

No transcripts for Royal Caribbean Group are held in this edition of the library.

Mentioned by

1 company

Other tracked companies whose held documents mention Royal Caribbean Group by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.