Royal Caribbean Cruises Ltd. (RCL) Earnings Call Transcripts

Royal Caribbean Cruises Ltd.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Royal Caribbean Cruises Ltd. (RCL) reported a revenue increase of 6% year-over-year, reaching $3.5 billion, and adjusted earnings per share (EPS) of $4.21, exceeding guidance by $0.33. Management raised full-year EPS guidance to a range of $17.73 to $17.87, reflecting strong demand and improved operational efficiencies, despite geopolitical headwinds impacting bookings in Europe. The company also returned over $600 million to shareholders through dividends and share repurchases, signaling confidence in cash flow generation and financial health.

Reported metrics

Guidance from management

Management reaffirmed net yield growth guidance of 1.75% to 2.25% for the year and expects adjusted EPS to grow 14%. They anticipate strong cash flow growth and continued margin expansion.

What management said

Yes. So Robin, it's Naftali. We feel very good about how it's pacing. It is early, like Jason said, it is July. But we booked very well and at higher prices. So we feel pretty good about next year.

Yes. Well, we are -- I mean, we're very fortunate that we sit on a mountain range of high-quality data, and we have millions and millions of interactions with our guests. So we're getting better and better identifying what our guests are looking to do and then personalizing that. And so some of that as it relates to inside the app, you'll start to see in early next year. And these tools get smarter and smarter. Again...

What analysts pressed on

Analysts expressed concerns regarding the impact of geopolitical events on European bookings and pricing power in the Caribbean due to increased competitor promotions. There were also questions about the sustainability of onboard spending trends and potential impacts on load factors going forward.

Main topics on the call

• Revenue Growth and Earnings Beat — Royal Caribbean reported a 6% year-over-year revenue growth, totaling $3.5 billion, and an adjusted EPS of $4.21, which was $0.33 higher than guidance. Management noted, "Our flywheel is accelerating" as demand for vacat...
• Increased Full-Year Guidance — Management raised the full-year adjusted EPS guidance to a range of $17.73 to $17.87, reflecting confidence in sustained demand and operational efficiencies. They emphasized, "We expect another year of strong earnings gr...
• Impact of Geopolitical Events — The ongoing conflict in the Middle East has modestly affected bookings, particularly for European sailings, leading to a reaffirmation of yield guidance at 1.75% to 2.25%. Management stated, "The conflict has persisted l...
• Strong Onboard Spending Trends — Onboard spending continues to exceed prior years, driven by enhanced technology and personalized guest experiences. Management noted, "We are seeing elevated spend while they're on the ship," indicating strong consumer h...

Read the full Royal Caribbean Cruises Ltd. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 Royal Caribbean Cruises Ltd. earnings call transcripts on record, spanning February 4, 2020 to July 28, 2026. Based on this history, Royal Caribbean Cruises Ltd. reports quarterly. The most recent call on file is dated July 28, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

RCL

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

27

First call

February 4, 2020

Most recent

July 28, 2026

Reporting cadence

quarterly