Royal Caribbean Group (NYSE:RCL) reported a banner fiscal 2025, capitalising on insatiable cruise demand to deliver total revenue of $17.9 billion and net income of $4.3 billion.
The Miami-based cruise giant saw full-year earnings per share reach $15.61, supported by a robust $7 billion in adjusted EBITDA, as high load factors and strong onboard spending lifted the company’s bottom line.
A powerhouse performance in the fourth quarter provided a significant tailwind for the new year.
Management revealed that the critical "WAVE" booking season—the industry’s peak reservation period—has started with record-breaking momentum.
Approximately two-thirds of the company’s 2026 capacity is already booked at record rates, providing high visibility into future earnings.
Based on this strength, Royal Caribbean issued an ambitious 2026 guidance, forecasting adjusted EPS in the range of $17.70 to $18.10.
To support this trajectory, the company is preparing for a 6.7% increase in capacity in 2026.
This growth is underpinned by an aggressive capital expenditure plan of approximately $5 billion for the coming year, focused heavily on the next generation of its fleet.
With $7.2 billion in total liquidity, Royal Caribbean appears well-positioned to fund its expansion while managing its debt profile.