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Dec 31, 2024
Royal Caribbean Q4 2024 Earnings Report
Royal Caribbean's Q4 2024 performance was driven by stronger than expected close-in demand, leading to results exceeding guidance. The company launched Celebrity River Cruises to expand vacation offerings and is seeing a record start to WAVE season, setting the stage for strong 2025 momentum.
Key Takeaways
Royal Caribbean Group reported Net Income of $0.6 billion, or $2.02 per share, and Adjusted Net Income of $0.4 billion, or $1.63 per share, on total revenues of $3.8 billion. The load factor for the quarter was 108%. The company is optimistic about 2025, with Adjusted EPS expected to be in the range of $14.35 to $14.65.
Stronger than expected close-in demand drove fourth quarter results.
WAVE season is off to a record start, propelling 2025 momentum.
Adjusted EPS in 2025 are expected to be $14.35 to $14.65.
Celebrity River Cruises was launched to expand vacation offerings.
Revenue by Segment
Forward Guidance
The company expects Net Yields to increase 2.5% to 4.5% in Constant Currency and 1.8% to 3.8% as-reported for the full year 2025. Adjusted EPS is expected to be in the range of $14.35 to $14.65 for the full year 2025.
Positive Outlook
- WAVE season bookings are off to a record start, with booked load factors in line with prior years and at higher rates.
- Net Yields are expected to increase 2.5% to 4.5% in Constant Currency and 1.8% to 3.8% as-reported for the full year 2025.
- NCC, excluding Fuel, per APCD are expected to be flat to up 1.0% in Constant Currency and (0.3%) to 0.7% as-reported for the full year 2025.
- Adjusted EPS is expected to be in the range of $14.35 to $14.65 for the full year 2025.
- First Quarter 2025 Net Yields are expected to increase 4.75% to 5.25% in Constant-Currency (3.9% to 4.4% as-reported) compared to 2024.
Challenges Ahead
- NCC, excluding Fuel, per APCD, is expected to increase 1.6% to 2.1% in Constant-Currency (1.3% to 1.8% as-reported) compared to 2024 for the first quarter of 2025.
- The guidance range includes a headwind of $0.65 related to foreign exchange and fuel rates, compared to the last earnings call.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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