Royal Caribbean Cruises Ltd. (RCL) Earnings
Royal Caribbean Cruises Ltd. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $3.91. RCL has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +6.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $3.24 | $3.60 | +11.1% | $4.5B | -0.3% |
| Jan 29, 2026 | $2.80 | $2.80 | +0.0% | $4.3B | -0.1% |
| Jul 29, 2025 | $4.09 | $4.38 | +7.1% | $4.5B | -0.3% |
| Apr 29, 2025 | $2.55 | $2.71 | +6.3% | $4.0B | -0.4% |
| Jan 28, 2025 | $1.50 | $1.63 | +8.7% | $3.8B | -0.0% |
| Jul 25, 2024 | $2.75 | $3.21 | +16.7% | $4.1B | +1.5% |
| Apr 25, 2024 | $1.33 | $1.77 | +33.1% | $3.7B | +1.0% |
| Feb 1, 2024 | $1.13 | $1.25 | +10.6% | $3.3B | -0.7% |
| Oct 26, 2023 | $3.46 | $3.85 | +11.3% | $4.2B | +2.7% |
| Jul 27, 2023 | $1.55 | $1.82 | +17.4% | $3.5B | -11.6% |
| May 4, 2023 | $-0.71 | $-0.23 | +67.6% | $2.9B | +2.2% |
| Feb 7, 2023 | $-1.37 | $-1.12 | +18.2% | $2.6B | -0.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Jason Liberty stated that first quarter results exceeded expectations with 11% year-over-year revenue growth, earnings 11% higher than guidance, and $1.1 billion returned via dividends and share buybacks. He addressed geopolitical developments like Middle East impact on ships and fuel costs, and noted improved demand for remaining sailings. Naftali Holtz reviewed first quarter results with adjusted earnings per share at $3.60, 37 cents above guidance, and discussed 2026 guidance including double-digit revenue growth expectation, net yield range, balance sheet status, and second quarter guidance.
Guidance
Revenue is projected to grow roughly double digits year over year, with net yield expected to grow 1.5% to 2.5%. Full-year adjusted earnings per share is anticipated to be between $17.10 and $17.50. Second quarter capacity is up 4.9% year over year, net yields are expected to be up ~0.2% in constant currency, and adjusted earnings per share for the quarter is expected to be $3.83 to $3.93.
Risks & headwinds
Geopolitical events in the Middle East affected operations and demand for certain itineraries. Fuel costs at current spot levels are expected to increase costs by approximately 62 cents per share this year. There were also travel disruption concerns for select West Coast Mexico itineraries.
Analyst Q&A
Q: Steve Wyszynski inquired about fourth quarter yield confidence and the impact of European headwinds.
A: Jason responded that the year has a smiley face in terms of yield, with the Mediterranean and West Coast Mexico having an impact, and Q4 has a strong book position.
Q: Matthew Boss asked about durable growth drivers.
A: Jason mentioned the strong brand position in segments, high-quality demand including repeat customers.
Q: Brant Montour asked about third quarter MED booking details.
A: Jason stated there was moderation in Mediterranean bookings and little inventory left for Q2 and Q3.
Q: James Hardiman asked about the booking trajectory after geopolitical disruption.
A: Jason said the moderation has turned, but there is limited inventory, and bookings for other products are good.
Q: Lizzie Dove asked about Perfect Day Mexico.
A: Michael said the project is on track, with a soft opening in Q4 27 and full opening in 2028, aiming to own the Texas market.
Q: Robin Farley asked about Mexico construction and 2027 yield.
A: Michael said construction has resumed and 2027 bookings are strong.
Q: Zan Su asked about the loyalty program's impact on net yield.
A: Michael said repeat guests spend more, and the loyalty program drives engagement.
Q: Kevin Koppelman asked about North American customers and airfares.
A: Michael said there was a slight impact, but the global infrastructure helps.
Q: Andrew Daddoro asked about fuel hedges and unit costs.
A: Naftali said they are hedged 60% for the year, manage volatility, and focus on cost control.
Q: Sharon Zakvia asked about itinerary changes and cost deferment.
A: Jason said there are no itinerary changes due to fuel, and no initiatives are deferred.
Q: Vince Sapil asked about yield outlook and new hardware.
A: Jason said Europe is doing well, and new hardware contributes to yield growth