Companies /Consumer Cyclical
Royal Caribbean Group
NYSE: RCL Travel Services
$321.42
▼ $11.73 (−3.52%) today
Markets open · 2:22pm ET

Royal Caribbean Cruises (RCL) Q3 2026 Earnings

Reported Oct 27, 2026, 6:32am ET · SEC source
$6.57
Beat +3.05%
EPS · est. $6.38 Adjusted
$5.6B
Miss −0.39%
Revenue · est. $5.6B
7 quarters
Consecutive EPS beats

How Did RCL Stock React to Q3 2026 Earnings?

% change · around the report
0+3%+6%Oct 27Oct 28report 6:32am ETearnings+0.8%+3.4%
0+3%+6%Oct 27Oct 28earnings+0.8%+3.4%
RCL +3.4%S&P 500 +0.8%
0+3%+6%Oct 27Oct 28report 6:32am ETearnings+1.5%+3.4%
0+3%+6%Oct 27Oct 28earnings+1.5%+3.4%
RCL +3.4%NASDAQ +1.5%
−5%0+5%+10%Oct 26Nov 4report 6:32am ETearnings−0.5%+8.1%
−5%0+5%+10%Oct 26Nov 4earnings−0.5%+8.1%
RCL +8.1%S&P 500 −0.5%
−5%0+5%+10%Oct 26Nov 4report 6:32am ETearnings−3.1%+8.1%
−5%0+5%+10%Oct 26Nov 4earnings−3.1%+8.1%
RCL +8.1%NASDAQ −3.1%
+5.46%
Day of report
+0.80%
Next session
+5.83%
One week

Did RCL Beat Earnings? Q3 2026 Results

Yes. Royal Caribbean Cruises reported Q3 2026 earnings of $6.57 a share on Oct 27, 2026, beating the $6.38 consensus estimate by 3.1%. Revenue was $5.6B against a $5.6B estimate.

Royal Caribbean Cruises delivered a stronger-than-expected third quarter for fiscal 2026, extending its run of consensus EPS beats to six consecutive quarters as close-in demand across Europe and the Caribbean provided a meaningful lift to results. Adjusted EPS of $6.57 cleared the $6.38 analyst consensus by 3.05%, improving from $5.75 in the year-ago period, while revenue of $5.59 billion grew 8.8% year over year, coming in just fractionally below the $5.61 billion estimate. The company carried 2.7 million guests at a 112.4% load factor, and Adjusted EBITDA reached $2.54 billion, with margins expanding to 45.4% from 44.6% a year ago. Net Yields rose 0.9% as-reported, with management crediting stronger-than-anticipated close-in bookings for the outperformance. Looking ahead, Royal Caribbean raised its full-year 2026 Adjusted EPS guidance to $17.85 to $17.95, even as higher fuel costs and currency headwinds temper some of the upside, keeping the company on track toward its Perfecta target of a $20-handle in 2027 Adjusted EPS.

Key Takeaways
  • Strong close-in demand in Europe and the Caribbean drove better-than-expected Net Yield growth
  • Lower costs due to timing of expenses shifting into Q4
  • Capacity increase of 8% YoY
  • Load factor of 112.4%
  • Pre-cruise and onboard revenue rates ahead of prior year
  • Booking volumes increased mid-teens across all major channels since last earnings call
  • 2027 bookings up in the high teens, pacing ahead of historical levels at higher rates

“Our third quarter results reflect continued strong consumer demand for our vacation experiences and the accelerated momentum across our industry leading brands. Our strategy to turn the vacation of a lifetime into a lifetime of vacations is propelling our business by leveraging our leading brands, differentiated experiences, loyalty platform and technology capabilities to deepen guest relationships, increase vacation frequency and capture a greater share of the growing global vacation market. Taking further advantage of our leading vacation platform, the recently announced partnership with Sandals and Beaches Resorts is intended to drive significant shareholder value as we expand our vacation ecosystem, giving guests more ways to vacation with us across more occasions.”

Royal Caribbean Cruises CEO, on the earnings call

What Is Royal Caribbean Cruises's Outlook?

Royal Caribbean raised its full-year 2026 Adjusted EPS guidance to $17.85–$17.95, reflecting the stronger Q3 partially offset by higher fuel costs and unfavorable currency. Full-year revenue is expected to grow 9% YoY, with Net Yields up approximately 2.7% as-reported and 2.1% in constant currency. NCC excluding Fuel per APCD is expected to increase approximately 0.4% as-reported and be approximately flat in constant currency. Q4 2026 Adjusted EPS is guided at $3.48–$3.58, with Net Yields up 4.4%–4.9% as-reported. Capacity growth is expected at 6.6% for 2026, approximately 4.5% for 2027, 6.0% for 2028, and 6.5% for 2029. Full-year 2026 capex is expected at approximately $4.6 billion. The Sandals and Beaches partnership is expected to close in early 2027 and be immediately accretive. For 2027, the company remains on track to achieve its Perfecta goals of 20% Adjusted EPS CAGR from 2024–2027 (a '$20-handle'), and is already above its ROIC target. Booking volumes since the last earnings call increased mid-teens across all major channels, with 2027 sailings up in the high teens, pacing ahead of historical levels at higher rates.

RCL YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$2.0B$4.0B$6.0B$5.1B$5.6BRevenue$1.7B$1.9BOperating Income$1.6B$1.7BNet Income
$0$2.0B$4.0B$6.0BRevenueOperating IncomeNet Income
RCL income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $5.6B $5.1B +8.8%
Operating Income $1.9B $1.7B +9.9%
Net Income $1.7B $1.6B +9.4%

RCL Revenue by Segment

Passenger Ticket Revenues$3.9B+6.8%
Onboard and Other Revenues$1.7B+13.6%

When Does Royal Caribbean Cruises Report Next?

Expected report date
After the close
Release timing

Figures from SEC filings and company reports. Not investment advice.