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Royal Caribbean Cruises (RCL) investor relations material
Royal Caribbean Cruises Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Q2 2025 Adjusted EPS reached $4.38, up 36% year-over-year and above guidance, driven by strong demand, expense timing, and joint venture outperformance.
Adjusted EBITDA for Q2 was $1.9B, up 19% year-over-year, with operating cash flow of $1.7B.
Load factor reached 110.3%, with over 2.3 million guests carried, a 10% increase year-over-year.
Bookings and onboard spend accelerated, especially among millennials, with digital channels and new ship launches fueling growth.
Strategic investments in new ships, private destinations, and digital innovation are driving long-term growth.
Financial highlights
Q2 2025 total revenue was $4.54B, up from $4.11B in Q2 2024; Net income was $1.21B, up from $854M.
Net yield grew 5.2% year-over-year, 70 basis points above guidance, with gross margin yield at $142.00 per APCD.
Adjusted EBITDA margin reached 40.8%, up from 37.8% last year.
Net cruise costs excluding fuel rose 2.1% in constant currency, below initial guidance.
Onboard revenue increased across all categories, with half of spend booked pre-cruise.
Outlook and guidance
Full-year 2025 adjusted EPS guidance raised to $15.41–$15.55, reflecting ~31% year-over-year growth.
Net yield growth for 2025 expected at 3.5%–4.0% in constant currency; NCCx growth at ~0.3%.
Q3 2025 adjusted EPS guidance is $5.55–$5.65, with net yield growth of 2%–2.8%.
Capacity for Q3 2025 to rise 2.9% year-over-year, with APCDs projected at 13.7M.
2027 targets include 20% EPS CAGR and high-teens ROIC.
Explain drivers for exceeding Q2 Net Yield guidance.
Assess impact of Star of the Seas on Q3 yields.
Detail capital expenditure allocation for 2025.
How does RCL plan to increase customer repetition?
What's driving the onboard spend and ticket trends?
What's the expected Royal Beach Club attach rate?
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Next Royal Caribbean Cruises earnings date
Q3 202528 Oct, 2025
Next Royal Caribbean Cruises earnings date
Q3 202528 Oct, 2025
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Frequently asked questions
Setting Sail
Royal Caribbean Cruises Ltd. is a global cruise company that was established in 1968 and is headquartered in Miami, Florida. Royal Caribbean operates under several brands, including Royal Caribbean International, Celebrity Cruises, and Silversea. The company is known for its large fleet of cruise ships, some of which rank among the largest in the world. Through its brands, the company offers a range of itineraries with destinations and cruises spanning several regions in the world, including the Caribbean, Alaska, and Europe.
The Voyage Begins
Royal Caribbean's journey started in Norway when three Norwegian shipping companies came together to form a cruise line that would later become an industry giant. Royal Caribbean's first ship, the Song of Norway, launched in 1970. This vessel set the precedent for the larger-than-life cruise ships that have become synonymous with the Royal Caribbean brand. Over the years, Royal Caribbean has expanded its fleet and diversified its cruise offerings. As of 2023, the company operates 25 ships that sail to over 260 global destinations.
The cruise industry is fascinating in and of itself, and when looking at some other publicly traded companies operating in the sector we find names such as Carnival, Norwegian Cruise Lines, and even Disney.
An Appealing Crusing Experience
Royal Caribbean's appeal extends to a wide range of passengers. The line is especially popular among families, thanks to their ships' family-friendly amenities like water parks, ice skating rinks, and kids' clubs. The company also offers adult-only areas and sophisticated dining options, making it an appealing choice for couples and groups of friends as well.
In terms of destinations, Royal Caribbean covers virtually every corner of the globe, with options to explore Alaska, the Caribbean, Europe, Asia, and Australia, among others. The company also owns two private islands: CocoCay and Labadee, providing exclusive tropical getaways for its guests.
A Vast Fleet
Each Royal Caribbean cruise ship offers a unique travel experience. The largest and most iconic ships in the fleet, Oasis Class vessels, can accommodate more than 5,000 guests and are known for their seven distinct neighborhoods including Central Park, Boardwalk, and the Royal Promenade. Each neighborhood on the ship has its own character and offers different activities, dining, and shopping options. The Quantum Class ships, on the other hand, are slightly smaller but feature advanced amenities and activities nonetheless.
For those who prefer a more intimate and traditional cruising experience, the smaller vessels of the Vision and Radiance Class offer just that. These ships offer panoramic vistas, glass-canopied Solarium pool areas, and fewer passengers, which in turn leads to a more personal experience than what is possible on the larger vessels.
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