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Mar 31, 2025
Royal Caribbean Q1 2025 Earnings Report
Royal Caribbean beat expectations with strong close-in demand and lower costs.
Key Takeaways
Royal Caribbean Group delivered a strong Q1 2025 with higher-than-expected earnings, driven by robust pricing and operational efficiencies, leading to increased full-year EPS guidance.
EPS of $2.70 and Adjusted EPS of $2.71 beat expectations.
Net Income rose to $730 million, up from $360 million a year earlier.
Total revenue reached $3.999 billion, reflecting higher passenger volume and pricing.
Load factor hit 109%, indicating strong occupancy levels.
Revenue by Segment
Forward Guidance
Royal Caribbean raised full-year 2025 Adjusted EPS guidance to between $14.55 and $15.55, citing strong demand, favorable currency impacts, and lower fuel costs.
Positive Outlook
- Full-year Adjusted EPS guidance raised to $14.55–$15.55.
- Expecting Net Yields to grow 2.5% to 4.5%.
- Lower fuel costs supporting margin expansion.
- Strong close-in bookings and WAVE season performance.
- Healthy onboard spending trends and increased pre-cruise purchases.
Challenges Ahead
- Macro uncertainties prompting wider guidance ranges.
- Slight cost pressures from timing shifts in operations.
- New hardware introduction may temporarily affect yield cadence.
- Exposure to fluctuations in currency and fuel prices remains a risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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