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Royal Caribbean Cruises

Royal Caribbean Cruises (RCL) Q2 2026 Earnings

Reported Jul 28, 2026 at 6:32 AM ET · SEC Source

Q2 26 EPS

$4.21

BEAT +5.74%

Est. $3.98

Q2 26 Revenue

$4.83B

BEAT +0.07%

Est. $4.83B

vs S&P Since Q2 26

-3.7%

TRAILING MARKET

RCL +1.0% vs S&P +4.7%

Market Reaction

Did RCL Beat Earnings? Q2 2026 Results

Royal Caribbean Cruises delivered a clean beat to open its second quarter of 2026, posting adjusted EPS of $4.21 against a Wall Street consensus of $3.98, a 5.74% positive surprise that extends the cruise giant's streak of consensus EPS beats to five… Read more Royal Caribbean Cruises delivered a clean beat to open its second quarter of 2026, posting adjusted EPS of $4.21 against a Wall Street consensus of $3.98, a 5.74% positive surprise that extends the cruise giant's streak of consensus EPS beats to five consecutive quarters. Revenue of $4.83 billion grew 6.5% year over year, essentially landing on the dot with analyst expectations, as stronger-than-anticipated close-in demand pushed Net Yields 1.9% higher on an as-reported basis, providing the clearest single explanation for why results cleared the bar. Capacity expansion, including the delivery of Legend of the Seas, drove a 5% increase in available passenger cruise days and helped the company serve 2.4 million guests, a 6% rise, while load factor held firm at 110%. Management acknowledged a modest booking impact on select itineraries tied to geopolitical uncertainty, though overall volumes remain above year-ago levels at record pricing. Looking ahead, Royal Caribbean raised its full-year 2026 adjusted EPS guidance to $17.73 to $17.87, reflecting approximately 14% year-over-year growth, with Q3 guidance set at $6.26 to $6.36.

Key Takeaways

  • • Strong close-in demand exceeding expectations
  • • Lower costs and favorable timing of expenses
  • • Favorable performance from joint ventures
  • • 5% year-over-year capacity growth
  • • 110% load factor demonstrating strong occupancy
  • • Net Yield growth of 1.9% as-reported exceeding guidance
  • • 6% increase in guests served to 2.4 million

RCL Forward Guidance & Outlook

Royal Caribbean raised its full-year 2026 Adjusted EPS guidance to $17.73–$17.87, representing approximately 14% year-over-year growth. Full-year revenue is expected to grow 9% year over year with Net Yields increasing 2.35%–2.85% as-reported and 1.75%–2.25% in constant currency. NCC excluding fuel per APCD is expected to increase approximately 0.4% as-reported and be approximately flat in constant currency. For Q3 2026, Adjusted EPS is guided at $6.26–$6.36 with total revenue growth of 8% and approximately flat Net Yields. Capacity changes are expected to be 6.6% for 2026, 4% for 2027, 6% for 2028, and 7% for 2029. Full-year 2026 capital expenditures are expected to be approximately $4.7 billion. The company acknowledged a modest booking impact for select itineraries due to prolonged geopolitical activity but noted that 2027 booking trends are encouraging and pacing ahead of historical levels.

24/7 Wall St

RCL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

RCL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business. We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers' preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet.”

— Jason Liberty, Q2 2026 Earnings Press Release

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