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Royal Caribbean Cruises Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 results exceeded expectations with record performance, including 112% load factor, 2.4% net yield growth, and Adjusted EPS of $5.75, driven by strong demand, higher capacity, and lower costs.
Adjusted EBITDA for Q3 reached $2.3 billion with a 44.6% margin, and net income was $1.6 billion, up from $1.1 billion in the prior year.
Full year 2025 Adjusted EPS guidance was raised to $15.58–$15.63, representing 32% year-over-year growth, with 2026 EPS expected to have a $17 handle.
Strategic investments in innovative ships, exclusive destinations like Royal Beach Club Santorini, and technology are fueling growth and guest loyalty.
High guest satisfaction and strong booking momentum for 2025 and 2026, with record rates and robust onboard spending.
Financial highlights
Q3 total revenue was $5.139 billion, with net income of $1.6 billion and Adjusted EBITDA of $2.3 billion.
Net yields grew 2.4% year-over-year in constant currency; Gross Margin Yield was $162.39 per APCD and Net Yield was $301.58 per APCD.
Adjusted EBITDA margin for Q3 was 44.6%; operating cash flow was $1.5 billion.
Full-year net yield expected to grow 3.5%-4%, with adjusted EPS guidance raised to $15.58-$15.63, up 32% year-over-year.
Q4 capacity up 10% year-over-year, with expected yield growth of 2.2%-2.7% and total revenue up approximately 13%.
Outlook and guidance
2025 net yield growth expected at 3.5%-4%, with net cruise costs (excluding fuel) to decline by 0.1% in constant currency.
Adjusted EBITDA projected to grow 18% to over $7 billion, with margin expansion of 290 basis points.
2026 capacity to increase 6%, with continued moderate yield growth and anemic cost growth despite new destination openings.
Adjusted EPS for 2026 expected to have a $17 handle, with more details to be provided in the next earnings call.
Targeting 20% EPS CAGR and high teens ROIC by 2027 under the Perfecta Program.
Impact of 8 land destinations by 2028?
What underpins confidence in 2026 $17 EPS?
Credit rating upgrades: what do they signify?
Capital allocation for Celebrity River expansion?
Factors tempering 2026 EPS despite strong ops?
Caribbean supply impact on 2026 yield strategy?
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Next Royal Caribbean Cruises earnings date
Q4 202527 Jan, 2026
Next Royal Caribbean Cruises earnings date
Q4 202527 Jan, 2026
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Frequently asked questions
Setting Sail
Royal Caribbean Cruises Ltd. is a global cruise company that was established in 1968 and is headquartered in Miami, Florida. Royal Caribbean operates under several brands, including Royal Caribbean International, Celebrity Cruises, and Silversea. The company is known for its large fleet of cruise ships, some of which rank among the largest in the world. Through its brands, the company offers a range of itineraries with destinations and cruises spanning several regions in the world, including the Caribbean, Alaska, and Europe.
The Voyage Begins
Royal Caribbean's journey started in Norway when three Norwegian shipping companies came together to form a cruise line that would later become an industry giant. Royal Caribbean's first ship, the Song of Norway, launched in 1970. This vessel set the precedent for the larger-than-life cruise ships that have become synonymous with the Royal Caribbean brand. Over the years, Royal Caribbean has expanded its fleet and diversified its cruise offerings. As of 2023, the company operates 25 ships that sail to over 260 global destinations.
The cruise industry is fascinating in and of itself, and when looking at some other publicly traded companies operating in the sector we find names such as Carnival, Norwegian Cruise Lines, and even Disney.
An Appealing Crusing Experience
Royal Caribbean's appeal extends to a wide range of passengers. The line is especially popular among families, thanks to their ships' family-friendly amenities like water parks, ice skating rinks, and kids' clubs. The company also offers adult-only areas and sophisticated dining options, making it an appealing choice for couples and groups of friends as well.
In terms of destinations, Royal Caribbean covers virtually every corner of the globe, with options to explore Alaska, the Caribbean, Europe, Asia, and Australia, among others. The company also owns two private islands: CocoCay and Labadee, providing exclusive tropical getaways for its guests.
A Vast Fleet
Each Royal Caribbean cruise ship offers a unique travel experience. The largest and most iconic ships in the fleet, Oasis Class vessels, can accommodate more than 5,000 guests and are known for their seven distinct neighborhoods including Central Park, Boardwalk, and the Royal Promenade. Each neighborhood on the ship has its own character and offers different activities, dining, and shopping options. The Quantum Class ships, on the other hand, are slightly smaller but feature advanced amenities and activities nonetheless.
For those who prefer a more intimate and traditional cruising experience, the smaller vessels of the Vision and Radiance Class offer just that. These ships offer panoramic vistas, glass-canopied Solarium pool areas, and fewer passengers, which in turn leads to a more personal experience than what is possible on the larger vessels.
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