Royal Caribbean reported adjusted earnings per share of $2.80 for the fourth quarter of 2025, more than doubling year-over-year EPS of $1.63, on revenue of $4.26 billion. Volume traded spiked by 40% on the day of the release, driven in part by the debut of the high-margin Royal Beach Club Paradise Island, which launched in late December 2025 and delivered occupancy rates exceeding 85% in its first six weeks. Senior management highlighted that Beach Club spending per guest was 25% higher than on standard itineraries, contributing an incremental $45 million to Q4 onboard revenue.

For full-year 2025, Royal Caribbean delivered adjusted EPS of $15.64 on total revenues of $17.9 billion, exceeding its own guidance by 2.5%. Net income reached $4.3 billion, and adjusted EBITDA was $7.0 billion. Gross margin yields rose 8.5% as reported, while net yields grew 3.8%. The company ended December with $7.2 billion of liquidity and net leverage of 2.92x, down from 3.2x a year earlier, positioning the balance sheet for opportunistic share repurchases and further joint-venture investments.

Royal Caribbean issued guidance for 2026 adjusted EPS between $17.70 and $18.10, above the consensus of $17.66, implying a compound annual EPS growth rate of 23% over the 2024–2026 period. Revenue and earnings are expected to grow double-digits, supported by a 6.7% increase in capacity. Management noted that two-thirds of 2026 capacity is already booked at record pricing, with the company achieving its highest seven-week booking stretch during Cyber Sales and the start of WAVE season. Net yields for the full year are forecast to rise 2.1% to 4.1%.

The company reaffirmed plans to invest $5 billion in new initiatives through 2026, including two firm orders for its next-generation Discovery Class ships, with options for four more, first delivery in 2029. Celebrity Cruises will expand its river cruise fleet to 20 vessels by 2031, entering the segment in 2027. Across ocean, river and private-destination lines, Royal Caribbean expects to have eight exclusive land-based resorts by 2028, leveraging its Perfecta financial program aimed at 20% earnings CAGR through 2027.