Q2 25 EPS
$4.38
BEAT +7.42%
Est. $4.08
Q2 25 Revenue
$4.54B
MISS 0.23%
Est. $4.55B
vs S&P Since Q2 25
-32.1%
TRAILING MARKET
RCL -18.7% vs S&P +13.4%
Market Reaction
Did RCL Beat Earnings? Q2 2025 Results
Royal Caribbean Cruises delivered a standout second quarter, posting adjusted EPS of $4.38 against a consensus estimate of $4.07, a beat of 7.42%, as the cruise giant capitalized on stronger-than-expected close-in demand across all key products along… Read more Royal Caribbean Cruises delivered a standout second quarter, posting adjusted EPS of $4.38 against a consensus estimate of $4.07, a beat of 7.42%, as the cruise giant capitalized on stronger-than-expected close-in demand across all key products alongside favorable cost timing and better-than-anticipated contributions from TUI Cruises. Revenue of $4.54 billion came in essentially in line with the $4.55 billion estimate, rising 10.4% year over year, with net income climbing to $1.21 billion compared to $854 million in the year-ago period. Load factor hit 110.3%, up roughly two percentage points year over year, as the company served 2.3 million guests. Despite the earnings strength, shares fell after the results, with some investors citing evolving traveler preferences and the slim revenue miss. Looking ahead, management raised full-year 2025 adjusted EPS guidance to $15.41 to $15.55, representing approximately 31% year-over-year growth, keeping the company firmly on track toward its Perfecta Program targets of 20% adjusted EPS CAGR and 17%-plus ROIC by end of 2027.
Key Takeaways
- • Strong close-in demand across all key products driving Net Yield outperformance
- • Net Yield growth split evenly between new and like-for-like hardware, driven by both ticket pricing and onboard spend
- • Load factor of 110.3%, up ~2 percentage points YoY driven by new ships with higher load factors
- • Better-than-expected income from TUI Cruises joint venture
- • Lower net interest expense
- • Cost timing shift of ~180 bps from Q2 into second half of year
- • Digital commercial channels performing exceptionally well for bookings and pre-cruise purchases
- • Guest onboard and pre-cruise spending exceeding prior years with greater participation at higher prices
RCL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
RCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Demand for our portfolio of brands and our industry-leading experiences continues to accelerate. Grounded in our mission to deliver the best vacations responsibly, we remain keenly focused on delivering exceptional value for our guests and shareholders - not just by executing today, but by staying ahead of where demand is going.”
— Jason Liberty, Q2 2025 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% |