Royal Caribbean Forecasts 8% Q3 Revenue Growth as Results Call Nears

Royal Caribbean Group projected 8% revenue growth and adjusted earnings of $6.26 to $6.36 per share for the third quarter, setting expectations ahead of its results call Tuesday.

The company expects third-quarter revenue to rise from the same period a year earlier. Its net yield outlook is roughly flat compared with Q3 2025, both as reported and in constant currency. Royal Caribbean also described pricing as being at record levels.

The forecast includes 14.9 million available passenger cruise days, an 8.5% increase from Q3 2025. Net cruise costs per available passenger cruise day, excluding fuel, are expected to fall 1.2% to 1.7% on a reported basis. On a constant-currency basis, the projected decline is 1.1% to 1.6%.

Royal Caribbean’s fuel outlook includes $362 million in expense, based on expected consumption of 441,000 metric tons. The company has hedged 58% of that consumption through swaps.

In the second quarter, revenue increased 6% year over year to $4.8 billion, while adjusted earnings were $4.21 per share. Royal Caribbean carried 2.4 million guests and posted a 110% load factor.

“Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us,” Naftali Holtz, Royal Caribbean Group’s chief financial officer, said. The company’s full-year 2026 adjusted earnings guidance was $17.73 to $17.87 per share.

Royal Caribbean scheduled its third-quarter results call for 10 a.m. ET Tuesday, Oct. 27 (14:00 UTC).