Royal Caribbean Group earnings date
Royal Caribbean Group's next results are due on October 27, 2026. For Royal Caribbean Group, watch whether costs meet the promised decline as capacity grows.
What has Royal Caribbean Group guided for 2026?
Royal Caribbean’s July 28 outlook calls for 2026 adjusted earnings per share of $17.73–$17.87, up 14%, against capacity growth of 6.6%. Adjusted earnings per share is profit divided among the shares, after management removes specified items. The gap means the plan relies on pricing, onboard spending, cost control and financing as well as fleet growth.
The company measures capacity in available passenger cruise days, or APCDs. A seven-night sailing with 1,000 two-person berths creates 7,000 APCDs whether every berth sells or not. Net yield is adjusted revenue after important selling and onboard costs, measured per APCD. Management expects full-year net yields to rise 1.8%–2.3% at constant currency while nonfuel costs per APCD remain flat. In plain terms, each available berth should earn more while costing no more to operate.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| APCDs (millions) (Full Year 2026) | Full Year 2026 | 56.9 | 56.9 | Jul 28, 2026 |
| Capacity change vs. 2025 (Full Year 2026) | Full Year 2026 | 6.6% | 6.6% | Jul 28, 2026 |
| Adjusted EPS (Full Year 2026) | Full Year 2026 | 17.73 | 17.87 | Jul 28, 2026 |
| Net Yields vs. 2025 (Constant Currency; Full Year 2026) | Full Year 2026 | 1.8% | 2.3% | Jul 28, 2026 |
| Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency; Full Year 2026) | Full Year 2026 | 0.0% | 0.0% | Jul 28, 2026 |
What this means. These are company forecasts, not results already achieved, so the numbers may change.
Has Royal Caribbean Group kept its past promises?
RCL announced that all three targets had been achieved eighteen months early, on a trailing-twelve-month basis. The resulting performance share unit award paid 298% of target. That means executives received 2.98 times the target share award; it does not mean the stock rose 298%. The achievement shows delivery, but the recovery of cruising also helped produce it.
What have Royal Caribbean Group's last eight quarters shown?
Profit lagged revenue. Gross margin fell from 40.5% to 37.7%, and operating income declined from $1,329 million to $1,307 million. Net income fell from $1,210 million to $1,128 million, while diluted EPS declined from $4.41 to $4.20.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,832 | 4,452 | 4,259 | 5,139 | 4,538 | 3,999 | 3,761 | 4,886 |
| Gross margin | 37.7% | 39.2% | 36.7% | 43.3% | 40.5% | 37.7% | 34.5% | 42.7% |
| Operating income | 1,307 | 1,162 | 933 | 1,702 | 1,329 | 945 | 624 | 1,634 |
| Net income | 1,128 | 941 | 754 | 1,575 | 1,210 | 730 | 553 | 1,111 |
| EPS, diluted | 4.20 | 3.48 | 2.76 | 5.74 | 4.41 | 2.70 | 2.02 | 4.21 |
| = Free cash flow | -877 | 1,334 | 116 | -989 | 910 | 1,199 | 915 | 563 |
What this means. The company's gross margin also subtracts the gradual cost of equipment and software, so it may look lower than a simple sales-minus-direct-cost calculation.
What should investors watch in Royal Caribbean Group's next results?
Royal Caribbean’s next dated test is October 27, 2026. Investors will compare yield with the flat outlook, adjusted EPS with guidance and analyst expectations, and costs with the promised decline. Revenue growth alone will not settle the question because more berths can produce more sales even when each berth earns no more.