Q4 25 EPS
$2.80
BEAT +0.36%
Est. $2.79
Q4 25 Revenue
$4.26B
MISS 0.36%
Est. $4.27B
vs S&P Since Q4 25
-24.6%
TRAILING MARKET
RCL -20.8% vs S&P +3.8%
Full Year 2025 Results
FY 25 EPS
$15.64
MISS 0.07%
Est. $15.65
FY 25 Revenue
$17.94B
MISS 0.09%
Est. $17.95B
Market Reaction
Did RCL Beat Earnings? Q4 2025 Results
Royal Caribbean Cruises closed out Q4 2025 with a performance that largely met expectations while underscoring the cruise industry's durable demand story, posting adjusted EPS of $2.80 against a consensus of $2.79 for a narrow beat, even as revenue o… Read more Royal Caribbean Cruises closed out Q4 2025 with a performance that largely met expectations while underscoring the cruise industry's durable demand story, posting adjusted EPS of $2.80 against a consensus of $2.79 for a narrow beat, even as revenue of $4.26 billion came in just 0.36% shy of analyst forecasts. The top line still represented a healthy 13.2% year-over-year gain, lifted primarily by a 9.2% improvement in Gross Margin Yields and disciplined cost management, with Net Cruise Costs excluding fuel per APCD falling 5.8% in Q4. Full-year adjusted EPS of $15.64, up from $11.80 in 2024, already pushed the company past its Perfecta Program ROIC target of high-teens by 2027, a milestone that puts Royal Caribbean ahead of its major cruise rivals on financial returns. The company also declared a $1.50 quarterly dividend, reflecting confidence in its trajectory. Looking ahead, management guided for 2026 adjusted EPS of $17.70 to $18.10, backed by record WAVE season booking momentum, with approximately two-thirds of 2026 capacity already secured at record rates.
Key Takeaways
- • Net Yields increased 3.1% as-reported in Q4 and 3.8% for the full year
- • Load factor of 108% in Q4 and 109.7% for the full year
- • Net Cruise Costs excluding Fuel per APCD declined 5.8% in Q4
- • Onboard and pre-cruise guest spending continued to exceed prior years driven by greater participation at higher prices
- • Nearly 50% of onboard revenue in 2025 was booked pre-cruise, with 90% of pre-cruise purchases through digital channels
- • Equity investment income of $100 million in Q4 and $414 million for the full year, contributing to better-than-expected results
RCL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
RCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was an outstanding year, and the momentum is further accelerating into 2026. WAVE is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences. We expect another strong year of financial performance with both revenue and earnings growing double digits, and we remain on track to achieve our Perfecta goals by 2027.”
— Jason Liberty, Q4 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% |