Royal Caribbean (RCL)
NYSE:RCL
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
3.94Last Year’s EPS
4.38Same Quarter Last Year
Strong Buy
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: strong Q1 results (11% revenue growth, adjusted EPS beat, higher EBITDA margins and cash generation), record demand and digital engagement, active capital returns and continued strategic investments (new ships, destinations, loyalty, and tech/AI). Near-term headwinds include higher fuel costs (~$0.62/shr fuel impact, ~$0.74 total with JV impact), moderation in Mediterranean and West Coast Mexico bookings affecting Q2/Q3 yields, and some incremental dry-dock and crew travel cost pressure. Management expects these issues to be largely near-term and reiterated double-digit revenue and EPS growth for 2026, supported by a strong balance sheet and robust booking trends, so positive operational momentum outweighs the highlighted challenges.Company Guidance
Revenue and Earnings Beat
Revenue grew 11% year-over-year in Q1 and adjusted EPS was $3.60, $0.37 above the midpoint of guidance and up 33% versus prior year; Q1 adjusted EPS outperformance driven by better-than-expected revenue, lower costs and stronger JV performance.
Strong EBITDA, Cash Generation and Liquidity
Adjusted EBITDA was approximately $1.7 billion with a 38% margin (up >300 basis points YoY); operating cash was $1.8 billion (up 13%); liquidity ended the quarter at $6.9 billion and leverage remained below 3x.
Record WAVE Season and Demand Metrics
Delivered over 2.5 million vacations (12% more vacations YoY), record WAVE season, booked load factors within historical ranges at record APDs and record prices; onboard spending remains well above prior years.
Positive Booking and Digital Engagement Trends
Digital penetration of bookings has more than doubled since 2019; monthly active app users are 5x 2019 levels and app adoption is >90%; over 70% penetration in pre-cruise booking engines with >5 items purchased per booking and more than half of onboard revenue booked before embarkation.
Full-Year Outlook: Double-Digit Revenue and EPS Growth
Company expects roughly double-digit revenue growth for 2026 and net yield growth of 1.5%–2.5%; full-year adjusted EPS guidance of $17.10 to $17.50, targeting another year of double-digit EPS growth and continued cash flow generation.
Capital Allocation and Balance Sheet Actions
Returned $1.1 billion of capital through dividends and share buybacks in the period; repurchased 2.9 million shares for $836 million with $1.0 billion remaining authorization; completed $2.5 billion investment-grade bond offering (oversubscribed) and used proceeds to refinance near-term maturities.
Operational and Strategic Progress
Progress on strategic initiatives: Icon VI & VII orders placed; Legend of the Seas (third Icon) delivering and in strong book position; Royal Beach Club Santorini opened and demand strong; Perfect Day Mexico on track for soft opening late 2027 and ramp in 2028; loyalty enhancements and Royal ONE co-branded card launched (cardholder accounts more than doubled since 2019).
Cost Discipline and Margin Improvement
Net cruise costs excluding fuel performed better than expected in Q1 and full-year net cruise costs excluding fuel are expected to be approximately flat (~50 bps better than prior guidance), reflecting ongoing efficiency initiatives and technology deployment.
RCL Earnings History
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 |
|---|---|---|---|
Apr 30, 2026 | $254.01 | $263.76 | +3.84% |
Jan 29, 2026 | $290.05 | $344.15 | +18.65% |
Oct 28, 2025 | $317.48 | $290.41 | -8.53% |
Jul 29, 2025 | $347.88 | $330.45 | -5.01% |
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.
FAQ
When does Royal Caribbean (RCL) report earnings?
Royal Caribbean (RCL) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Royal Caribbean (RCL) earnings time?
Royal Caribbean (RCL) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is RCL EPS forecast?
RCL EPS forecast for the fiscal quarter 2026 (Q2) is 3.94.
