Q1 26 EPS
$3.60
Q1 26 Revenue
$4.45B
MISS 0.52%
Est. $4.48B
vs S&P Since Q1 26
+2.6%
BEATING MARKET
RCL +2.9% vs S&P +0.3%
Market Reaction
Did RCL Beat Earnings? Q1 2026 Results
Royal Caribbean Cruises delivered a strong first quarter for fiscal 2026, posting adjusted EPS of $3.60 and extending its streak of beating Wall Street estimates to four consecutive quarters, this time clearing the $3.20 consensus by 12.59%. Revenue … Read more Royal Caribbean Cruises delivered a strong first quarter for fiscal 2026, posting adjusted EPS of $3.60 and extending its streak of beating Wall Street estimates to four consecutive quarters, this time clearing the $3.20 consensus by 12.59%. Revenue climbed 11.3% year over year to $4.45 billion, fractionally below the $4.48 billion consensus but fueled by an 8% capacity expansion and a load factor of 109% as roughly 2.5 million guests sailed during the period. The single clearest driver of the earnings beat was disciplined cost execution: gross cruise costs per available passenger cruise day actually fell 1.0% year over year, while adjusted EBITDA margin expanded to 38.2% from 35.1% a year ago. Geopolitical pressures temporarily softened Mediterranean bookings in March and early April, though management noted demand has since recovered. Looking ahead, Royal Caribbean guided full-year 2026 adjusted EPS to $17.10 to $17.50, reflecting roughly 11% growth, with higher fuel costs partially offset by continued cost discipline and share repurchase activity.
Key Takeaways
- • Record WAVE season with strong booking demand across vacation portfolio
- • Higher pricing across key products driven by strong close-in demand
- • Robust onboard revenue growth from expanding product offerings on ship and at destinations
- • Capacity growth of 8% year over year with 12% increase in guests carried
- • Load factor of 109%
- • Net Yield growth of 3.6% as-reported exceeding guidance
- • Gross cruise costs per APCD declined 1.0% year over year
- • Better performance from joint ventures
- • More effective and targeted guest engagement driving onboard spending
RCL Forward Guidance & Outlook
Full-year 2026 Adjusted EPS is expected to be $17.10 to $17.50, representing approximately 11% year-over-year growth. Revenue is expected to grow roughly 10% year over year. Net Yields are expected to increase 2.3% to 3.3% as-reported and 1.5% to 2.5% in constant currency. NCC excluding fuel per APCD are expected to increase approximately 0.5% as-reported and be approximately flat in constant currency. Fuel costs are expected to be approximately $1.3 billion for the full year, $0.62 per share higher than prior guidance based on current at-the-pump rates. The company is 59% hedged for the remainder of 2026 at below-market rates. For Q2 2026, Adjusted EPS is expected to be $3.83 to $3.93, with Net Yields increasing approximately 0.9% as-reported. Q2 cost growth is impacted by significantly increased drydock days and elevated crew movement costs. Capital expenditures for full-year 2026 are expected to be approximately $5 billion. Capacity growth is expected at 6.7% in 2026, 4% in 2027, 6% in 2028, and 7% in 2029. Updated guidance reflects higher fuel costs and geopolitical impacts on Mediterranean and Middle Eastern itineraries, partially offset by lower non-fuel costs and share repurchase benefits.
RCL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
RCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong first quarter results and record WAVE season demonstrate the exceptional appeal and compelling value proposition of our trusted brands, industry-leading ships, and destinations. Demand for our experiences continues to be strong, and we remain focused on delivering the best vacations responsibly, accelerating revenue growth, and managing costs, all while continuing to invest in our future and drive further differentiation. We expect another year of double-digit revenue and earnings growth, driven by consumers' preference for our leading brands and expanding portfolio - all supported by our strong booked position, leading margin profile, and fortified balance sheet.”
— Jason Liberty, Q1 2026 Earnings Press Release
RCL Earnings Trends
RCL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RCL EPS Trend
Earnings per share: estimate vs actual
RCL Revenue Trend
Quarterly revenue: estimate vs actual
RCL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.60 | — | $4.45B | -0.52% |
| Q4 25 BEAT FY | $2.79 | $2.80 | +0.36% | $4.26B | -0.36% |
| FY Full Year | $15.65 | $15.64 | -0.07% | $17.94B | -0.09% |
| Q3 25 BEAT | $5.68 | $5.75 | +1.24% | $5.14B | -0.57% |
| Q2 25 BEAT | $4.08 | $4.38 | +7.42% | $4.54B | -0.23% |
| Q1 25 BEAT | $2.53 | $2.71 | +7.02% | $4.00B | -0.42% |