Chief Financial Officer Naftali Holtz said fourth-quarter net yields grew 2.5% on a constant-currency basis, slightly above the midpoint of guidance, on 10% capacity growth. He added that total revenue rose 13% in the quarter and net cruise costs excluding fuel decreased 6.3% in constant currency, in line with guidance. Adjusted earnings per share in the quarter were $2.80, with outperformance versus guidance driven by favorable revenue and stronger joint venture performance.Chairman and CEO Jason Liberty c ...

Royal Caribbean had a great 2025, and its 2026 bookings are off to a record-setting pace.Shares of leading global cruise company Royal Caribbean Group (RCL +17.27%) are up 16% this week as of 2 p.m. ET on Thursday. The world's second-largest cruise provider reported record fourth-quarter earnings, leaving the market to take an optimistic view about the company's future. While Royal Caribbean technically "missed" Wall Street's Q4 earnings expectations, revenue and adjusted earnings per share (EPS) grew by 13 ...

Key Takeaways RCL missed Q4 EPS and revenue estimates, but the stock rose 6.2% premarket on strong 2026 guidance.RCL reported record booking momentum, with about two-thirds of 2026 sailings already booked at higher prices.RCL sees double-digit revenue and earnings growth, supported by new ships and expanded destinations.Royal Caribbean Cruises Ltd. (RCL) reported fourth-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. However, the top and bottom lines increased ...

Royal Caribbean Cruises (NYSE:RCL) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBlake Vanier - VP of Investor RelationsBrandt Montour - Director of Equity ResearchConor Cunningham - DirectorDavid Katz - Managing DirectorJason Liberty - Chairman and CEOMichael Bayley - President and CEONaftali Holtz - CFORobin Farley - Managing DirectorSteve Wieczynski - Managing DirectorConference Call ParticipantsJames Hardiman - Leisure and Travel AnalystLizzie Dove - VP and Equity Research Analy ...

Royal Caribbean Cruises (NYSE:RCL) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBlake Vanier - VP of Investor RelationsBrandt Montour - Director of Equity ResearchConor Cunningham - DirectorDavid Katz - Managing DirectorJason Liberty - Chairman and CEOMichael Bayley - President and CEONaftali Holtz - CFORobin Farley - Managing DirectSteven Wieczynski - Managing DirectorConference Call ParticipantsJames Hardiman - Leisure and Travel AnalystLizzie Dove - VP and Equity Research Analys ...

Financial Data and Key Metrics Changes - In 2025, the company achieved nearly $18 billion in total revenue, with a 33% year-over-year earnings growth and a record 9.4 million vacations delivered [4][19] - Adjusted earnings per share (EPS) for the fourth quarter was $2.80, exceeding guidance, while full-year adjusted EPS grew 33% to $15.64 [8][19] - Operating cash flow for the year was approximately $6.5 billion, with $2 billion returned to shareholders through dividends and share buybacks [4][19] Business Line Data and Key Metrics Changes - The fourth quarter saw net yields grow by 2.5% on a constant currency basis, driven by both new and existing hardware [18] - Total revenue growth in the fourth quarter was 13%, with adjusted EBITDA growing by 17.6% to just over $7 billion [18][19] - The company is expanding its Celebrity River Cruises fleet with a commitment for 10 additional ships, increasing the fleet to 20 vessels by 2031 [5][15] Market Data and Key Metrics Changes - The Caribbean represents 57% of the company's capacity, with an 8% growth compared to last year, and Caribbean yields have increased by 35% since 2019 [21] - European capacity is growing by 5% year-over-year, with strong demand from both American and European consumers [22] - Alaska is expected to account for 5% of total capacity, up 3% from last year, with premium hardware deployed in the region [22] Company Strategy and Development Direction - The company is focused on creating a lifetime of vacations for guests by strengthening its ecosystem, which includes differentiated experiences, exclusive destinations, and an industry-leading loyalty program [13][14] - Investments in technology and AI are aimed at enhancing guest experiences and operational efficiency, with a 25% year-over-year increase in active users on the app [15][16] - The launch of the new Discovery Class ships is part of the company's innovation roadmap to enhance guest experiences and maintain leadership in the vacation space [6][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, with a strong start to 2026 and record booking rates [10][12] - The company anticipates double-digit revenue growth for 2026, with adjusted EPS expected to be in the range of $17.70-$18.10, representing a 14% year-over-year increase [13][25] - Management noted that consumer demand remains strong, with 40% of consumers planning to increase leisure travel spending in the next year [11] Other Important Information - The company is committed to investing $5 billion in strategic growth initiatives while maintaining an investment-grade balance sheet [25][26] - Fuel efficiency is improving, with a projected fuel expense of approximately $1.17 billion for the year, and 60% of fuel consumption is hedged [24] Q&A Session Summary Question: Can you elaborate on the further acceleration and momentum into 2026? - Management noted strong consumer demand and an increase in loyalty program participation, which is driving high-quality demand [30][31] Question: What is the current state of the Caribbean market regarding pricing and capacity? - Management indicated strong demand trends in the Caribbean, with pricing higher than last year, despite concerns about increased capacity [36][39] Question: How does the company view its organic versus inorganic growth? - Management stated that half of the yield growth will come from new hardware, with the other half from like-for-like improvements [42][44] Question: Can you discuss the new Discovery Class ship order? - Management expressed excitement about the Discovery Class ships, indicating they will be a game changer, but provided limited details at this time [51][53] Question: What is the outlook for net cruise costs? - Management expects net cruise costs to follow their established formula, with a focus on maintaining a spread between yield growth and cost growth [54][55]

Core Insights - Royal Caribbean Group reported a strong performance in 2025, with earnings per share (EPS) of $15.61 and adjusted EPS of $15.64, exceeding guidance due to favorable revenue and joint venture performance [1][4] - The company anticipates continued growth in 2026, projecting adjusted EPS between $17.70 and $18.10, representing a compound annual growth rate (CAGR) of 23% over the first two years of its Perfecta program [1][8] Financial Performance - For Q4 2025, net income was $0.8 billion or $2.76 per share, compared to $0.6 billion or $2.02 per share in Q4 2024, with adjusted net income also showing significant growth [6][8] - Total revenues for 2025 reached $17.9 billion, with adjusted EBITDA of $7.0 billion, indicating strong operational performance [8][49] Revenue and Yield Growth - Gross margin yields increased by 9.2% and net yields by 3.1% in Q4 2025 compared to Q4 2024, with a load factor of 108% [7][8] - The company expects net yields to increase by 2.1% to 4.1% in 2026, driven by higher capacity and anticipated yield growth [8][12] Capacity and Expansion Plans - Royal Caribbean is expanding its vacation portfolio with the introduction of the new Discovery Class ships and an additional 10 ships for Celebrity River Cruises, aiming to enhance guest experiences and long-term growth [3][14][15] - Capacity for 2026 is expected to increase by 6.7% compared to 2025, with further growth projected for 2027, 2028, and 2029 [8][24] Booking Trends and Onboard Revenue - The onset of the WAVE season has led to record booking weeks, with approximately two-thirds of 2026 capacity already booked at record rates [10] - Onboard revenue continues to exceed prior years, with nearly 50% of onboard revenue in 2025 booked pre-cruise, primarily through digital channels [10][11] Liquidity and Capital Expenditures - As of December 31, 2025, the company's liquidity position was $7.2 billion, including cash and undrawn credit facilities [20] - Capital expenditures for 2026 are projected to be around $5 billion, primarily related to new ship orders and private destination developments [22][23]

Core Insights - Celebrity Cruises is launching its inaugural season of river vacations, opening to the public on September 25, 2025, following high demand for Priority Booking Access which sold out in six minutes [2][3]. Company Overview - Celebrity Cruises offers premium vacation experiences across a fleet of ocean and river ships, covering over 300 destinations in more than 70 countries [5][6]. - The company is part of the Royal Caribbean Group and has been an industry pioneer for over 35 years [6]. Product Offering - The new Celebrity River Cruises will feature innovative ships designed for a seamless vacation experience, combining the sophistication of ocean ships with European charm [3][7]. - The ships will include unique features such as revolutionary open decks for 360-degree views, cantilevered dining pods, and an infinity-edge plunge pool [7]. - Guests can choose from five boutique stateroom categories and enjoy eight restaurants and bars, providing a variety of dining options [7]. Itinerary and Experience - In 2027, Celebrity River Cruises will offer 33 seven-night sailings on the Rhine and Danube rivers, allowing guests to explore multiple ports per day and experience local culture and cuisine [7].

Core Viewpoint - Celebrity River Cruises is launching a new fleet of river ships that combine innovative design with enhanced guest experiences, focusing on spacious accommodations and immersive connections to destinations [2][12]. Group 1: Ship Design and Features - The new ships feature a patent-pending design that maximizes space and offers the most usable outdoor areas of any river ship, providing guests with 360-degree views [2][3]. - Revolutionary open decks and unique dining experiences, such as the first-ever cantilevered dining pods, enhance the outdoor experience while ensuring comfort year-round [4]. - The ships are equipped with a lightweight hull design that improves navigation and offers a seamless vacation experience [12][13]. Group 2: Accommodations - Staterooms are designed with intuitive storage, king-sized beds, and spacious balconies, providing a luxurious and comfortable environment for guests [5][6]. - The innovative Infinite Veranda concept allows guests to connect with the surrounding landscapes at the touch of a button, enhancing the overall experience [7]. Group 3: Dining and Culinary Experience - Guests can enjoy a variety of dining options at eight restaurants and bars, featuring destination-driven menus that evolve throughout each itinerary [8][9]. - The dining experience includes flexible, all-day dining access and complimentary breakfast room service, offering the only 24/7 meal options on the river [9]. Group 4: Destinations and Experiences - The cruise itineraries include 33 seven-night sailings on the Rhine and Danube, focusing on cultural immersion and exploration of multiple ports per day [10][11]. - Unique experiences, such as private wine tastings and cycling along the riverbanks, are designed to highlight the local culture and scenery [11]. Group 5: Sustainability and Innovation - The ships are equipped with hybrid propulsion systems and advanced waste management technologies, reflecting the company's commitment to sustainability [13]. - Celebrity Cruises aims to push the boundaries of leisure travel while maintaining respect for the environment and local history [12].

Core Insights - Celebrity River Cruises is set to launch its inaugural season in 2027, offering Priority Booking Access starting September 3, 2025, for guests who place a fully refundable $500 deposit [1][2]. Group 1: Company Overview - Celebrity River Cruises aims to provide a premium vacation experience on the Danube and Rhine rivers, combining the design and sophistication of Edge Series ocean ships with European charm [2][3]. - The cruise experience will include all meals, drinks (both alcoholic and non-alcoholic), Wi-Fi, onboard experiences, and one shore excursion each day [2]. Group 2: Booking and Access - Guests can join Priority Booking Access by placing a fully refundable $500 deposit through various channels, including the website and travel advisors [4]. - More detailed information about destinations, fleet size, and shore excursions will be announced when bookings open [5]. Group 3: Industry Position - Celebrity Cruises has over 35 years of experience in the industry, offering a unique blend of small ship intimacy and larger ship variety across more than 300 destinations in over 70 countries [6]. - The company is headquartered in Miami and is part of the Royal Caribbean Group, which owns five cruise brands [7].