Q3 25 EPS
$5.75
BEAT +1.24%
Est. $5.68
Q3 25 Revenue
$5.14B
MISS 0.57%
Est. $5.17B
vs S&P Since Q3 25
-14.2%
TRAILING MARKET
RCL -9.3% vs S&P +4.9%
Market Reaction
Did RCL Beat Earnings? Q3 2025 Results
Royal Caribbean Cruises delivered a confident third quarter, posting adjusted earnings per share of $5.75 against a consensus estimate of $5.68, a beat of 1.24%, even as revenue of $5.14 billion came in fractionally below the $5.17 billion analysts h… Read more Royal Caribbean Cruises delivered a confident third quarter, posting adjusted earnings per share of $5.75 against a consensus estimate of $5.68, a beat of 1.24%, even as revenue of $5.14 billion came in fractionally below the $5.17 billion analysts had expected, rising 5.2% year over year. The headline driver was a surge in close-in demand paired with disciplined cost control, with net cost per available cruise day coming in nearly 200 basis points below guidance and helping push Adjusted EBITDA to $2.29 billion at a 44.6% margin. Load factor climbed to 112.1%, up from 111.0% a year ago, underscoring the continued strength of consumer appetite for cruise travel even as rival Norwegian Cruise Line grappled with its own revenue shortfalls in the period. Looking ahead, Royal Caribbean raised its full-year 2025 adjusted EPS guidance to a range of $15.58 to $15.63, reflecting roughly 32% year-over-year growth, and CEO Jason Liberty signaled that 2026 EPS is expected to carry a "$17 handle," keeping the company firmly on track toward its 2027 Trifecta targets.
Key Takeaways
- • Higher-than-expected close-in demand
- • Lower costs coming in nearly 200 bps below guidance
- • Net Yields up 2.8% as-reported driven by ticket pricing and onboard spend
- • Load factor of 112.1%, up 1 percentage point year-over-year
- • New ships carrying higher load factors and like-for-like improvements
- • Approximately 50% of onboard revenue booked pre-cruise with nearly 90% through digital channels
- • Guest spending onboard and pre-cruise purchases exceeding prior years driven by greater participation at higher prices
RCL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
RCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“We continue to see strong momentum across our business, powered by accelerated demand, growing loyalty, and guest satisfaction that is at all-time highs. Our commercial flywheel - combining innovative ships, distinctive destinations, and world-class brands - continues to drive sustained growth and guests' trust in our ability to deliver the best vacation experiences responsibly.”
— Jason Liberty, Q3 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% |