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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Royal Caribbean Cruises
Royal Caribbean Cruises (RCL) investor relations material
Royal Caribbean Cruises Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 revenue rose 8.8% to $5.591B; adjusted EPS was $6.57 and adjusted EBITDA was $2.539B.
Strong demand and bookings supported higher FY2026 adjusted EPS guidance of $17.85–$17.95; the strategy is expanding into all-inclusive resorts and destination experiences.
Financial highlights
Q3 passenger ticket revenue was $3.885B, up 6.8%; onboard and other revenue was $1.706B, up 14%.
Q3 operating income was $1.871B versus $1.702B; net income attributable to shareholders was $1.728B versus $1.575B.
Adjusted net income was $1.760B versus $1.577B; diluted GAAP EPS was $6.45 and adjusted diluted EPS was $6.57, versus $5.74 and $5.75.
Nine-month revenue was $14.876B versus $13.676B; net income attributable to shareholders was $3.798B versus $3.514B.
Outlook and guidance
FY2026 revenue is expected to grow 9%, with capacity growth of 6.6% and constant-currency net yield growth of ~2.1%; constant-currency NCC excluding fuel is expected to be approximately flat.
FY2026 adjusted EPS guidance is $17.85–$17.95; fuel expense is expected at $1.345B, D&A at $1.870B–$1.890B and net interest expense at $995M–$1.005B.
Q4 capacity growth is forecast at 5.0%, constant-currency net yield growth at 4.2%–4.7%, and adjusted EPS at $3.48–$3.58.
2027 capacity growth is expected at ~4.5%; management targets 20% adjusted EPS CAGR from 2024–2027 and a $20-plus EPS level in 2027.
FY2026 capital expenditures are expected at $4.6B, mainly for new ships and land destinations.
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Latest events from Royal Caribbean Cruises
- Q2 beat guidance with $4.21 EPS, $4.8B+ revenue, and a raised full-year EPS outlook.RCL
Q2 2026 - Q1 2026 beat expectations; guidance raised as demand and margins remain strong.RCLQ1 2026
- Record financials, strong governance, and ambitious ESG targets define the 2026 proxy.RCLProxy filing
- Definitive additional proxy materials update shareholders on voting matters and procedures.RCLProxy filing
- Record 2025 earnings and double-digit 2026 growth expected, fueled by strong demand and expansion.RCLQ4 2025
- Q2 results beat guidance, driving a full-year outlook increase and expanded fleet financing.RCLQ2 2025
- Q3 2024 beat expectations, raising full-year EPS guidance and supporting strong 2025 growth.RCLQ3 2024
- Q2 net income and EPS surged, guidance raised, and dividend reinstated on strong demand.RCLQ2 2024
- Q1 2025 saw record EPS, strong yields, and raised full-year guidance on robust demand.RCLQ1 2025
Next Royal Caribbean Cruises earnings date
Q4 202628 Jan, 2027
Royal Caribbean Cruises
Next Royal Caribbean Cruises earnings date
Q4 202628 Jan, 2027
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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.