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Strong close-in demand, lower costs and a favorable performance from joint ventures drove Royal Caribbean Group's better than expected second quarter, and the company raised its full-year profit outlook.
Yet RCL was trading lower before market open Tuesday after closing up $11.50 Monday at $305.04 following the largest one-day drop in oil prices in about two months.
Adjusted earnings per share of $4.21 were 23 cents higher than Wall Street's forecast and above the $3.83 to $3.93 April guidance.
Royal Caribbean now expects adjusted EPS for full-year 2026 to be in the range of $17.73 to $17.87, outpacing Wall Street's $17.34 consensus and April guidance of $17.10 to $17.50.
The increase reflects the stronger than expected Q2 and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to "prolonged geopolitical issues," aka the Iran war.
"We continue to expand, elevate and differentiate our portfolio of vacation experiences," CEO Jason Liberty said. "Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns."
Capacity was up 5% year over year, and 2.4m passengers were carried.
Net Income was $1.1b, or $4.20 per share, compared to $1.2b, or $4.21 per share, a year ago, while adjusted net income was $1.1b, or $4.21 per share, versus $1.2b, or $4.38 per share, in Q2 2025.
Total revenue was $4.83b, a 6% increase year over year and squarely in line with Wall Street's forecast. Occupancy was 110%, the same as a year ago.
Net yields increased 1.9% as reported and 1.2% in constant currency. This was higher than guidance of 0.9% as reported and approximately 0.2% in constant currency, mainly driven by close-in demand.
Net cruise costs, excluding fuel, per available passenger cruise day increased 4.4% as reported and 3.9% in constant currency. This was better than April's guidance of up 4.9% to 5.4% as reported and 4.6% to 5.1% in constant currency, largely driven by favorable timing of expenses.
Bunker pricing, net of hedging, for the second quarter was $839 per metric ton and consumption was 422,000 metric tons.
Royal Caribbean's 2026 capacity is 6.6% higher than in 2025.
Revenue is expected to grow 9% year over year. Net yields are forecast to increase 2.35% to 2.85% as reported and 1.75% to 2.25% in constant currency.
Net cruise costs, excluding fuel, per APCD are expected to increase approximately 0.4% as reported and be approximately flat in constant currency.
This puts Royal Caribbean's adjusted EPS forecast in the the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% compound annual growth rate over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and return on invested capital in the high teens by 2027.
Third quarter adjusted EPS is now forecast in the range of $6.26 to $6.36, compared to Wall Street's $6.26 consensus.
Net yields are expected to be approximately flat as reported and in constant currency year over year, "reflecting continued healthy demand and pricing at record levels, leading to expected total revenue growth of 8%."
Net cruise costs, excluding fuel, per APCD are projected to decrease 1.7% to 1.2% as reported and 1.6% to 1.1% in constant currency compared to 2025.
Royal Caribbean said the overall demand environment remains strong. Since the last earnings call, the company has experienced a "modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity." The company remains booked at record prices, booking volumes are above last year's levels and load factors remain robust across the portfolio.
Royal Caribbean said it continues to benefit from strong customer engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.
"Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us," CFO Naftali Holtz said.
"While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year," Holtz said.
Capacity changes for 2027, 2028 and 2029 are expected to be 4%, 6% and 7%, respectively.
Check back for more reporting after the company's earnings call
