Royal Caribbean: Hold Rating Amid Mixed Financial Signals and Future UncertaintiesWe expect Mgt. to provide color on the growth inputs for FY26 and forward, which appear initially below expectations. On 10/28 BMO, RCL reported 3Q25 Adj. EBITDA of $2.29B, above our $2.27B, and the Street's $2.24B. Revenues were $5.14B, below our $5.19B and consensus $5.17B. Occupancy of 112.1% was in line with our expectation of 112.0%, while APCDs of 13.7M were in line with our and the Street's estimate. 3Q Adj. EPS of $5.75 was also above our $5.71, the Street's $5.69, and guidance of $5.55 to $5.65.