Group 1 - The stock price of Royal Caribbean Cruises (RCL.US) fell over 8% to $294.6 despite better-than-expected Q3 earnings and an upward revision of annual guidance, as revenue and outlook for the next quarter and new fiscal year fell short of market expectations [1] - Carnival Corporation (CCL.US) dropped over 4.7%, Norwegian Cruise Line (NCLH.US) fell over 4.8%, and Viking Holdings (VIK.US) decreased over 2.5% due to the decline in Royal Caribbean's stock [1] - In Q3, key operational metrics improved with passenger capacity, number of passengers, and average cruise days increasing year-over-year; total revenue grew 4.3% to $5.14 billion, slightly below market consensus of $5.17 billion [1] Group 2 - The company reported a Q3 EPS of $5.75, an 11% year-over-year increase, and adjusted EBITDA of $2.3 billion, a 7% increase year-over-year, benefiting from controlled labor, dining, and fuel costs [1] - Ending liquidity was $6.8 billion, a slight decrease from $7.1 billion in the previous quarter, sufficient to cover upcoming debt obligations; however, due to increased debt, the annual interest expense guidance was raised from $930-940 million to $945-955 million [1] Group 3 - For Q4, Royal Caribbean expects a 10.3% increase in capacity driven by the delivery of the "Star of the Seas" and the inaugural sailing of "Celebrity Xcel," while costs are anticipated to decrease by 5.7%-6.2% year-over-year [2] - The company projects adjusted Q4 EPS of $2.74–$2.79, nearly doubling from last year but below market estimates of $2.90 [2] - Annual earnings guidance was raised to $15.58–$15.63 (previously $15.41–$15.55), still below market expectations of $15.69; CEO Jason Liberty expressed confidence in strong bookings for 2026 and beyond, forecasting EPS over $17 for that year, although market consensus for 2026 is higher at over $18.21 [2]