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Royal Caribbean
🇺🇸 NYSE:RCL
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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.

Total Revenue
$3.76B
Previous year: $3.33B
+12.9%
EPS
$1.63
Previous year: $1.25
+30.4%
Occupancy
108%
Previous year: 105.4%
+2.5%
Gross Profit
$1.71B
Previous year: $1.09B
+57.1%
Cash and Equivalents
$399M
Previous year: $497M
-19.7%
Free Cash Flow
$915M
Previous year: -$1.45B
-163.0%
Total Assets
$37.1B
Previous year: $35.1B
+5.5%

Royal Caribbean

Royal Caribbean

Royal Caribbean 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.
  • Fuel Expenses for full year 2025 are expected to be $1,172 million.
  • Net Interest, excluding loss on extinguishment of debt, is expected to be $935 to $945 million for the full year 2025.
  • Capital expenditures for the full year 2025 are expected to be approximately $5 billion.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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