Research · Sep 3, 2026
[RCL] Royal Caribbean Thesis 2026: Vacation Volume Record Sets Up Strong Forward Guidance
Royal Caribbean Group FY25 (Dec 31, 2025) at $17.94B revenue (+9%). NI $4.27B; EPS $15.61 (+43%). Record 9.4M vacations. Op margin 27.4% best-ever. Celebrity River Cruises (10 ships by 2031) announced. Buyback resumed $1.16B + dividend resumed $264M. FY26 guide: capacity +6.7%, yield +1.5-3.5%, adj EPS $17.70-$18.10 (+14%), OCF >$7B, $5B strategic investment.