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Sep 30, 2025
Royal Caribbean Q3 2025 Earnings Report
Royal Caribbean reported record earnings and strong demand momentum in Q3 2025, prompting a full-year guidance increase.
Key Takeaways
Royal Caribbean delivered outstanding Q3 2025 results with $1.58B in net income and exceeded expectations on strong close-in demand and cost management.
EPS reached $5.74, beating prior guidance on higher demand and lower costs
Total revenue grew to $5.14B, driven by both ticket and onboard sales
Load factor hit 112%, indicating robust occupancy across the fleet
Company raised full-year EPS guidance and unveiled a new destination in Santorini
Revenue by Segment
Forward Guidance
The company raised its full-year adjusted EPS guidance following a stronger-than-expected Q3, despite minor headwinds from weather and destination closures.
Positive Outlook
- Full-year adjusted EPS guidance raised to $15.58–$15.63
- Q4 adjusted EPS expected to be $2.74–$2.79
- Q4 capacity expected to grow 10.3% YoY
- Continued strong onboard and pre-cruise spending
- Announced new exclusive Royal Beach Club Santorini opening in 2026
Challenges Ahead
- Q4 results to be slightly impacted by Labadee destination closure
- Adverse weather had minor effect on Q4 outlook
- Fuel prices remain volatile despite 68% hedge
- Slight increase in net cruise costs excluding fuel
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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