Royal Caribbean Q3 Earnings Overview
Royal Caribbean Group reported third‑quarter 2026 results before the market open, with shares trading about 1% higher in the pre‑market session. Adjusted earnings per share (EPS) were $6.57, surpassing the Wall Street consensus of $6.38. Revenue reached $5.6 billion, a 9% year‑over‑year increase, marginally below the consensus estimate of $5.61 billion.
The cruise operator raised its full‑year 2026 adjusted EPS guidance to a range of $17.85‑$17.95, with a midpoint of $17.90, exceeding the analyst consensus of $17.83. Net yields for the quarter rose 0.9% as‑reported and 0.6% in constant currency, driven by stronger‑than‑expected demand in Europe and the Caribbean, and net cruise costs excluding fuel per available passenger cruise day fell 1.9% as‑reported (1.8% in constant currency) because of expense timing that shifted costs into the fourth quarter.
For the fourth quarter, the company projects adjusted EPS of $3.48‑$3.58. Net yields are expected to increase 4.4%‑4.9% as‑reported (4.2%‑4.7% in constant currency) versus 2025, while net cruise costs excluding fuel per available passenger cruise day are forecast to decline 1.5%‑1.0% as‑reported.
Royal Caribbean delivered vacations to 2.7 million guests in Q3, a 9% YoY rise, and recorded a load factor of 112%. For the full year 2026, the company anticipates revenue growth of 9% YoY and net yields to rise approximately 2.7% as‑reported and about 2.1% in constant currency.
The firm also announced that it expects to close its acquisition of a 50% interest in Sandals and Beaches Resorts in early 2027, which it expects to be immediately accretive to earnings.
"Our third quarter results reflect continued strong consumer demand for our vacation experiences and the accelerated momentum across our industry‑leading brands," said Jason Liberty, Chairman and CEO.