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Sep 30
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
Royal Caribbean
Royal Caribbean
Royal Caribbean Revenue by Segment
Revenue by Segment
Passenger Ticket Revenue
CapyFin.comOnboard and Other Revenue
CapyFin.com 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
- Currency fluctuations remain a sensitivity factor