Miami, Florida – 28 JULY 2026 – Royal Caribbean Group reported second-quarter 2026 results above its guidance and raised its full-year earnings forecast, while acknowledging a modest near-term booking impact on selected itineraries from prolonged geopolitical activity, according to the company’s official results announcement.
During the accompanying earnings call, management said the prolonged conflict in the Middle East had modestly affected Mediterranean sailings, which are weighted towards the third quarter. European yields remained positive but were expected to be more moderate than previously anticipated.
Second-Quarter Revenue Reaches $4.8 Billion
Royal Caribbean Group reported earnings per share of $4.20 and adjusted earnings per share of $4.21 for the quarter. The performance exceeded the company’s guidance, supported by strong close-in demand, lower costs and favourable results from joint ventures.
Total revenue increased by 6% year on year to $4.8 billion. Net income was $1.1 billion, compared with $1.2 billion in the corresponding quarter of 2025, while adjusted EBITDA reached $1.8 billion.
The Group carried 2.4 million guests during the period, representing a 6% year-on-year increase. Capacity rose by 5%, and the quarterly load factor reached 110%.
Net yields increased by 1.9% as reported and 1.2% in constant currency. The company said net yield growth surpassed its guidance, primarily because close-in demand was stronger than expected.
Gross cruise costs per available passenger cruise day increased by 4.5%. Net cruise costs excluding fuel rose by 4.4% as reported and 3.9% in constant currency, with favourable expense timing contributing to better-than-expected cost performance.
Selected Itineraries See Modest Booking Impact
Royal Caribbean Group reported a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. Management said on the earnings call that the Middle East conflict had modestly affected Mediterranean sailings, which are weighted toward the third quarter. The company said it remains booked at record prices, with booking volumes above last year’s levels and robust load factors.
“Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year.”
Full-Year Earnings Guidance Increased
Royal Caribbean Group now expects full-year adjusted earnings per share of between $17.73 and $17.87, representing projected year-on-year growth of 14%.
Revenue is forecast to increase by 9% for the year. Net yields are expected to grow by between 2.35% and 2.85% as reported, or between 1.75% and 2.25% in constant currency.
Third-quarter net yields are forecast to remain approximately flat year on year, both as reported and in constant currency. Total revenue for the quarter is expected to rise by 8%, with adjusted earnings per share projected at between $6.26 and $6.36.
“The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers’ preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet.”
Capacity and Liquidity Position Updated
Royal Caribbean Group expects capacity to increase by 6.6% in 2026 compared with the previous year. Capital expenditure for the year is projected at approximately $4.7 billion, largely relating to new ships and land-based destination projects.
The company took delivery of Legend of the Seas during the second quarter. As of 30 June, its liquidity position stood at $6.9 billion, comprising cash, cash equivalents and available revolving credit facilities.
Source: Official Press Releases from Royal Caribbean Press Centre, 28 July 2026, Miami.
