RCL Q2 2026 Earnings

Call Details

• Call Title: Royal Caribbean Cruises Q2 2026 Earnings Call
• Date: July 28, 2026 at 2:00 PM UTC
• Management Team:
  • Blake Vanier (Vice President of Investor Relations)
  • Jason Liberty (Chairman and Chief Executive Officer)
  • Naftali Holtz (Executive Vice President and Chief Financial Officer)
  • Michael Bayley (President and CEO of the Royal Caribbean Brand)

Call Summary

Financial Performance

• Revenue in the second quarter grew 6% year over year.
• Adjusted earnings per share were $4.21, which was $0.33 higher than the midpoint of guidance.
• Adjusted EBITDA for the quarter was $1.8B and EBITDA margin was 38%.
• Operating cash flow for the quarter was $1.9B.
• The company delivered 2.4M vacations in the quarter and capacity was up 5% year over year.
• Net yields were up 1.2% for the quarter and were 100 basis points above April guidance.
• Results benefited from favorable timing, stronger joint venture performance, and balance sheet management.
• Management stated earnings were roughly 8% above guidance for the quarter.

Guidance

• Full year net yield guidance was reaffirmed at 1.75% to 2.25%.
• Full year capacity growth is expected to be 6.6% and total revenue is expected to grow 9%.
• Full year adjusted EPS is expected to be $17.73 to $17.87, representing roughly 14% growth year over year.
• Q3 capacity is expected to be up 8.5% year over year with net yields roughly flat for the quarter.
• Q3 adjusted EPS guidance is $6.26 to $6.36, which management calls double-digit year-over-year growth for the quarter.
• Net cruise costs excluding fuel are expected to be approximately flat for the full year and to decrease 1.1% to 1.6% in Q3.
• Fuel expense for the year is expected to be $1.3B and remaining 2026 consumption is 58% hedged at prices management described as significantly below market.
• Management attributed the lower-than-anticipated back-half yield upside to prolonged geopolitical activity affecting Mediterranean demand.