The earnings call presented a generally positive outlook with significant achievements in demand and financial performance, leading to increased earnings guidance. However, some challenges remain, such as cost increases and uncertainties from geopolitical factors.

Company Guidance

During the Royal Caribbean Group's second-quarter 2025 earnings call, the company reported robust financial performance, driven by stronger-than-expected close-in demand and favorable adjustments in expense timing. The company achieved a 5.2% increase in net yield, with a capacity growth of 6% and a 110% load factor. Adjusted earnings per share rose to $4.38, 36% higher than the previous year. The company has revised its full-year earnings guidance, now expecting adjusted EPS growth of 31% year-over-year, ranging between $15.41 and $15.55. Looking ahead, Royal Caribbean anticipates continued strong demand, supported by new ship launches and exclusive destination experiences. The company expects net yield growth of 3.5% to 4% for 2025, driven by these initiatives and ongoing enhancements in guest experience.

Exceeding Expectations in Q2 2025

The second quarter results exceeded expectations with stronger-than-expected close-in demand and lower interest costs. Adjusted EPS was $4.38, 36% higher than last year and exceeded guidance by $0.33.

Increased Earnings Guidance

The company has increased its earnings guidance for fiscal year 2025, expecting adjusted EPS growth of 31% year-over-year.

Capacity and Demand Growth

Capacity increased by 6%, delivering over 2 million vacations, a 10% increase year-over-year. Load factor reached 110%, 2 percentage points higher than last year.

Rising Digital Engagement

Nearly 50% of onboard purchases are made through the mobile app, up from 33% at the end of 2023.

Expanding Portfolio and Future Growth

Plans to introduce 7 new ships and expand destination portfolio with several Royal Beach Clubs and Perfect Day locations by 2028.

Strong Liquidity Position

The company ended Q2 with $7.1 billion in liquidity, supporting strategic investments and shareholder returns.

Royal Caribbean (RCL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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RCL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	5.67 / -	5.2	―	―	―
Jul 29, 2025	2025 (Q2)	4.09 / 4.38	3.21	36.45% (+1.17)
Apr 29, 2025	2025 (Q1)	2.55 / 2.71	1.77	53.11% (+0.94)
Jan 28, 2025	2024 (Q4)	1.50 / 1.63	1.25	30.40% (+0.38)
Oct 29, 2024	2024 (Q3)	5.04 / 5.20	3.85	35.06% (+1.35)
Jul 25, 2024	2024 (Q2)	2.76 / 3.21	1.82	76.37% (+1.39)
Apr 25, 2024	2024 (Q1)	1.33 / 1.77	-0.23	869.57% (+2.00)
Feb 01, 2024	2023 (Q4)	1.14 / 1.25	-1.12	211.61% (+2.37)
Oct 26, 2023	2023 (Q3)	3.46 / 3.85	0.26	1380.77% (+3.59)
Jul 27, 2023	2023 (Q2)	1.57 / 1.82	-2.08	187.50% (+3.90)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RCL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$352.00	$334.37	-5.01%
Apr 29, 2025	$215.70	$215.97	+0.13%
Jan 28, 2025	$235.33	$263.58	+12.00%
Oct 29, 2024	$201.77	$208.30	+3.24%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.