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Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Royal Caribbean Cruises
Royal Caribbean Cruises (RCL) investor relations material
Royal Caribbean Cruises Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary30 Apr, 2026
Executive summary
First quarter 2026 results exceeded expectations, with revenue up 11% year-over-year and Adjusted EPS of $3.60, 33% above prior year and above guidance, driven by strong demand, record guest satisfaction, and robust onboard spending.
Net income attributable to shareholders rose to $941 million, with adjusted net income at $975 million and adjusted EBITDA reaching $1.7 billion, margin 38.2%.
Delivered over 2.5 million vacations at a 109% load factor, with strong booking volumes and onboard revenue per guest exceeding prior-year levels.
Returned $1.1 billion to shareholders via $836 million in share repurchases and $270 million in dividends.
Demand remains robust across brands, with bookings rebounding after temporary moderation due to geopolitical events.
Financial highlights
Q1 2026 total revenue was $4.5 billion, up 11% year-over-year, with passenger ticket revenues of $3.0 billion and onboard revenues of $1.4 billion.
Adjusted EPS was $3.60, up from $2.77 in Q1 2025, and adjusted EBITDA margin improved to 38.2% from 35.1% year-over-year.
Operating cash flow was $1.8 billion, up from $1.6 billion in the prior year.
Gross Margin Yields increased 6.9% as-reported; Net Yields rose 3.6% as-reported and 2.0% in constant currency.
Net cruise costs excluding fuel per APCD were $130.32, with gross cruise costs per APCD down 1.0% as-reported.
Outlook and guidance
Full-year 2026 Adjusted EPS expected between $17.10 and $17.50, up 11% year-over-year, with revenue projected to grow ~10%.
Net Yield growth forecasted at 1.5%-2.5% in constant currency and 2.3%-3.3% as-reported; NCCx growth approximately 0%.
Capacity for 2026 expected to rise 6.7% over 2025, with higher growth in Q1 and Q3.
Q2 2026 Adjusted EPS guidance is $3.83-$3.93, with a $1 per share unfavorable impact from geopolitical and other factors.
Capital expenditures for 2026 expected at $5 billion, mainly for new ships and destination initiatives.
Air travel cost impact on Mediterranean bookings
Strategic rationale for river cruising entry
Breakdown of non-new ship capital expenditures
Digital penetration impact on onboard revenue
Spending patterns of repeat vs new-to-cruise
Drivers of the 2026 smiley face yield curve
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Latest events from Royal Caribbean Cruises
- Record financials, strong governance, and ambitious ESG targets define the 2026 proxy.RCL
Proxy filing17 Apr 2026 - Definitive additional proxy materials update shareholders on voting matters and procedures.RCLProxy filing17 Apr 2026
- Record 2025 earnings and strong bookings set the stage for double-digit growth in 2026.RCLQ4 20253 Feb 2026
- Q2 net income soared, guidance raised, and dividend reinstated amid record demand and occupancy.RCLQ2 20242 Feb 2026
- Q3 2024 results exceeded guidance, driving a higher full-year EPS outlook and strong 2025 prospects.RCLQ3 202418 Jan 2026
- Record 2024 results, Trifecta goals surpassed, and major river cruise expansion announced.RCLQ4 20249 Jan 2026
- Q1 2025 saw record net income, higher yields, and raised full-year EPS guidance.RCLQ1 202527 Dec 2025
- Q3 2025 net income hit $1.6B; 2025 EPS outlook raised, with strong demand and new destinations.RCLQ3 202516 Dec 2025
- Record results, strong governance, and major ESG progress with early Trifecta goal achievement.RCLProxy Filing1 Dec 2025
Next Royal Caribbean Cruises earnings date
Q2 202628 Jul, 2026
Royal Caribbean Cruises
Next Royal Caribbean Cruises earnings date
Q2 202628 Jul, 2026
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excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
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@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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