Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q2 2026 Earnings Presentation
21 slides from Royal Caribbean Cruises's earnings presentation, Jul 28, 2026
Slide 1: Royal Caribbean Group Reports Second Quarter Results Above Expectations and Raises Full Year Guidance
FOR IMMEDIATE RELEASE ROYAL CARIBBEAN GROUP REPORTS SECOND QUARTER RESULTS ABOVE EXPECTATIONS AND RAISES FULL YEAR GUIDANCE MIAMI – July 28, 2026 – Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share ("EPS") of $4.20 and Adjusted EPS of $4.21. These results were better
Slide 2: Second Quarter 2026 Results and Full Year 2026 Outlook
and technology platforms - strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market.” Second Quarter 2026: • Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the s
Slide 3: Second Quarter 2026 Results and Bookings Update
share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion. Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total
Slide 4: Third Quarter 2026
time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year.” Third Quarter 2026 Net Yields are expected to be approximately flat as-reported and in Constant Cu
Slide 5: Fuel Statistics and Guidance
expense in its third quarter guidance at a forecasted consumption of 441,000 metric tons, which is 58% hedged via swaps. Forecasted consumption is 58%, 53%, 29%, and 14% hedged via swaps for 2026, 2027, 2028, and 2029 respectively. The annual average cost per metric ton of the hedge portfolio is app
Slide 6: Liquidity
SENSITIVITY Third Quarter 2026 Full Year 2026 1% Change in Net Yields $45 million $156 million 1% Change in NCC excluding Fuel $18 million $73 million Third Quarter 2026 Remainder of Year 2026 1% Change in Currency $8 million $14 million 10% Change in Fuel prices $13 million $26 million 100 basis pt
Slide 7: Capital Expenditures and Capacity Guidance
Capital Expenditures and Capacity Guidance Capital expenditures for the full year 2026 are expected to be approximately $4.7 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book and land-based destination initiatives. The company took de
Slide 8: Conference Call Scheduled
Conference call scheduled The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's investor relations website at www.rclinvestor.com. Definitions Selected Operational and Financial Metrics Adjusted Earnings
Slide 9: Available Passenger Cruise Days
Available Passenger Cruise Days (“APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis t
Slide 10: Net Cruise Costs Excluding Fuel
and Net Cruise Costs excluding Fuel excludes restructuring charges and other initiative expenses. Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures o
Slide 11: Royal Caribbean Group
Named to the Fortune World’s Most Admired Companies 2026 list and to Forbes’ 2026 Best American Companies lists, Royal Caribbean Group is guided by its mission to deliver the best vacations responsibly. For more information, visit www.royalcaribbeangroup.com. Cautionary Statement Concerning Forward-
Slide 12: Cautionary Statement Concerning Forward-Looking Statements
our crew or our provisions and supplies from certain places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions. More information about factors that could affect our operating results is included under the c
Slide 13: Consolidated Statements of Comprehensive Income (Loss)
ROYAL CARIBBEAN CRUISES LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited, in millions, except per share data) Quarter Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Passenger ticket revenues $ 3,344 $ 3,199 $ 6,365 $ 5,942 Onboard and other revenues 1,488 1,339 2,
Slide 14: Page 14
__________________________________________________ Certain amounts may not add or calculate due to use of rounded numbers. Page 14
Slide 15: Statistics
ROYAL CARIBBEAN CRUISES LTD. STATISTICS (unaudited) Quarter Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Passengers Carried 2,399,066 2,254,057 4,908,738 4,495,730 Passenger Cruise Days 14,962,211 14,277,894 29,835,410 28,046,226 APCD 13,572,396 12,942,385 27,275,099 25,600,377 Occup
Slide 16: Consolidated Balance Sheets
ROYAL CARIBBEAN CRUISES LTD. CONSOLIDATED BALANCE SHEETS (in millions, except share data) As of June 30, December 31, 2026 2025 (unaudited) Assets Current assets Cash and cash equivalents $ 875 $ 825 Trade and other receivables, net 441 317 Inventories 267 264 Prepaid expenses and other assets 803 6
Slide 17: Consolidated Statements of Cash Flow
ROYAL CARIBBEAN CRUISES LTD. CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited; in millions) Six Months Ended June 30, 2026 2025 Operating Activities Net Income $ 2,086 $ 1,950 Adjustments: Depreciation and amortization 925 829 Net deferred income tax (benefit) expense (2) 4 Loss (Gain) on derivative
Slide 18: Non-GAAP Reconciling Information
ROYAL CARIBBEAN CRUISES LTD. NON-GAAP RECONCILING INFORMATION (unaudited) Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD are calculated as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin per PCD. Certain amounts may not add or calculate due to the use of
Slide 19: Non-GAAP Reconciling Information
ROYAL CARIBBEAN CRUISES LTD. NON-GAAP RECONCILING INFORMATION (unaudited) Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers): Quar
Slide 20: Non-GAAP Reconciling Information
ROYAL CARIBBEAN CRUISES LTD. NON-GAAP RECONCILING INFORMATION (unaudited) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers): Quarter Ended June 30, Six
Slide 21: Non-GAAP Reconciling Information
ROYAL CARIBBEAN CRUISES LTD. NON-GAAP RECONCILING INFORMATION (unaudited) Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. Certain amounts may not add or calculate due to the use of rounde
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