Royal Caribbean Group released its financial results for the third quarter of 2025 today, 28th October.
Per the report, the Group garnered third quarter Earnings per Share (EPS) of $5.74 and an Adjusted EPS of $5.75.
These results were better than the company's guidance primarily due to higher than expected close-in demand and lower costs.
That said, the company is raising its full year 2025 Adjusted EPS guidance to $15.58 to $15.63, representing 32 percent year-over-year growth.
This increase is mainly driven by the better-than-expected third quarter performance which is more than offsetting the minimal impact in the fourth quarter from recent adverse weather, and the unplanned extension of the temporary closure of one of the company's exclusive destinations in Labadee, Haiti.
According to Royal Caribbean Group president and CEO Jason Liberty: "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 which combines 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. Looking ahead, while it's still early in the planning process, our strong booked position gives us confidence for 2026 and beyond. With our proven formula of moderate yield growth, strong cost controls, and disciplined capital allocation, we expect 2026 earnings per share to have a $17 handle, positioning us well to achieve our 2027 Perfecta targets."
Key touchpoints from Q3-2025
- Load factor in the third quarter was 112 percent;
- Gross Margin Yields were up 3.8 percent as-reported, while net yields were up 2.8 percent as-reported and 2.4 percent in Constant Currency;
- Gross Cruise Costs per Available Passenger Cruise Days (APCD) increased 2.7 percent as-reported. Net Cruise Costs (NCC), excluding Fuel, per APCD increased 4.8 percent as-reported and 4.3 percent in Constant Currency; and
- Total revenues were $5.1 billion with net Income at $1.6 billion or $5.74 per share, Adjusted Net Income was $1.6 billion or $5.75 per share, and Adjusted EBITDA was $2.3 billion.
