Royal Caribbean Cruises Ltd. (RCL) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

introduce Blake Banyer, Vice President of Investor Relations. Mr. Banyer, the floor is yours. Good morning, everyone, and thank you for joining us today for our third quarter 2025 earnings call. Joining me here in Miami are Jason Liberty, our President and Chief Executive Officer, Naftali Holtz, our Chief Financial Officer, and Michael Bailey, President and CEO of the Royal Caribbean Brands. Before we get started, I would like to note that we will be making forward-looking statements during this call. These statements are based on management's current expectations and are subject to risks and uncertainties. A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning as well as our filings with the SEC for a description of these factors. We do not undertake to update any forward-looking statements as circumstances change. Also, we will be discussing certain non-GAAP financial measures which are adjusted as defined, and a reconciliation of all non-GAAP items can be found on our investor website and in our earnings release. Unless we state otherwise, all metrics are on a constant currency adjusted basis. Jason will begin the call by providing a strategic overview and update on the business, and Naftali will follow with a recap of our third quarter, the current booking environment, and our outlook for the remainder of 2025. We will then open the call for your questions. With that, I'm pleased to turn the call over to Jason. Thank you, Blake, and good morning, everyone. I am pleased to discuss our third quarter results, updated outlook, and the many exciting initiatives fueling our momentum at the Royal Caribbean Group. This has been another great quarter for us. We continue to...