Core Insights - Royal Caribbean Cruises Ltd. is focusing on its loyalty program strategy to enhance guest engagement and drive additional revenues, with strong cruising demand expected to continue into 2025 [1][8] - Customer deposits reached $6.33 billion as of March 31, 2025, an increase from $5.5 billion in the previous year, indicating robust forward demand [1] Loyalty Program and Guest Engagement - Loyalty members accounted for nearly 40% of bookings in 2024 and spent 25% more per trip, demonstrating strong engagement and supporting the company's retention efforts for 2025 and beyond [2] - There is a notable increase in cross-brand bookings among loyalty members, indicating a preference for staying within the Royal Caribbean Group ecosystem [2] - Loyalty members show a higher inclination for direct bookings, aided by a doubling of mobile app usage for bookings in 2025, which helps reduce distribution costs [2] Enhancements and New Offerings - Royal Caribbean is enhancing its guest ecosystem with destination-driven improvements, such as the upcoming Royal Beach Club in Nassau, aimed at increasing guest satisfaction and maximizing ancillary spending [3] - The company is building loyalty across various touchpoints, including exclusive locations and digital booking flows, which supports higher guest value and repeat travel [3] Industry Trends - Other cruise lines, such as Carnival Corporation and Norwegian Cruise Line, are also evolving their loyalty strategies to enhance guest retention and spending [4] - Carnival is shifting its loyalty model to reward total spend rather than just cruise nights, with a new program called "Carnival Rewards" aimed at creating a more personalized loyalty experience [5] - Norwegian Cruise is focusing on operational refinements and experiential upgrades without introducing a spend-based loyalty framework, maintaining its loyalty proposition based on cruise frequency [6] Financial Performance and Valuation - Royal Caribbean's shares have increased by 86.3% over the past three months, outperforming the industry's growth of 43% [7] - The company trades at a forward price-to-sales ratio of 4.82X, significantly higher than the industry's average of 2.5X [10] - The Zacks Consensus Estimate for RCL's earnings in 2025 and 2026 indicates a year-over-year increase of 30.7% and 14.5%, respectively, with EPS estimates for 2025 having risen in the past 60 days [12]

Key Takeaways Carnival beat 2026 EBITDA and sustainability targets 18 months early, hitting record margin levels. Carnival is boosting appeal with new destinations, a revamped fleet, and a 2026 loyalty program rollout. RCL shows strong yield growth but faces rising costs associated with ports, dry docks, and new ships.As consumer appetite for experiential travel continues to rebound, cruise operators like Carnival Corporation & plc (CCL) and Royal Caribbean Cruises Ltd. (RCL) are vying for investor attent ...

Key Takeaways CCL will launch a spend-based loyalty program, "Carnival Rewards," in June 2026. The program rewards onboard and credit card spending, shifting away from cruise-day tracking. CCL expects a short-term yield drag in 2026 but sees the program turning accretive by 2028.Carnival Corporation & plc (CCL) is embarking on a significant transformation of its customer loyalty strategy with the upcoming launch of “Carnival Rewards” in June 2026. The new initiative reflects the cruise line’s broader pivo ...

Carnival (CCL) Q2 2025 Earnings Call June 24, 2025 10:00 AM ET Company Participants Beth Roberts - SVP - IRJosh Weinstein - CEODavid Bernstein - CFO & Chief Accounting OfficerSteven Wieczynski - Managing DirectorRobin Farley - Managing DirectorBrandt Montour - Director, Equity Research - Gaming, Lodging & LeisureDavid Katz - Managing Director Conference Call Participants Matthew Boss - Equity Research AnalystBenjamin Chaiken - Equity AnalystJames Hardiman - Director - Leisure and Travel AnalystConor Cunning ...

A Cruise Industry First, the Program will Introduce a Points-Based System Featuring Personalized Perks and New Ways to Earn Status, Including Credit Card SpendMIAMI, June 18, 2025 /PRNewswire/ -- Carnival Cruise Line announced today it will launch its new loyalty program with a cruise industry first, adding new features, new ways to earn status, new reward categories and a new name: Carnival Rewards™. The new program will take effect in June 2026, providing guests plenty of time to learn about the changes w ...