Record Bookings Cannot Hide Royal Caribbean’s Growing Fuel Problem

Quick Read Royal Caribbean (RCL) guided for $18 adjusted EPS in 2026 after posting $4.27 billion in full-year 2025 net income, up 48% year-over-year, with two-thirds of 2026 capacity already booked at record rates and the Legend of the Seas arriving in Q2 2026. Oil prices surging toward $100 a barrel are exposing Royal Caribbean to fuel cost inflation with hedge coverage dropping to just 16% by 2028, while the company faces $3.2 billion in debt maturing in 2026 alongside a $5 billion capital expenditur ...