EarningsQ2 2026 Earnings Report
MX:RCL Q2 2026 EPS Results
Actual EPS$76.46
Consensus EPS$72.35
Beat/MissBeat by +$4.10
One Year Ago EPS$79.54
MX:RCL Q2 2026 Revenue Results
Actual Revenue$87.75B
Expected Revenue$87.48B
Beat/MissBeat by +$270.34M
YoY Revenue Growth+6.48%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:RCL Upcoming Earnings
Royal Caribbean's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:RCL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a predominantly positive operational and financial tone: solid revenue (+6%), yield expansion (Q2 +1.2%), an earnings beat (Q2 EPS $4.21, $0.33 ahead), strong cash flow ($1.9B) and meaningful capital returns alongside robust loyalty and digital momentum (record pricing, app engagement, NPS in the low‑to‑mid 70s). Headwinds are present but described as modest and largely near-term—principally geopolitical disruption affecting Europe bookings and a Q3 mix/timing headwind (~200 bps) to yields, plus continued year-over-year cost increases (3.9% APCD ex-fuel). On balance, the positive metrics, strategic progress (loyalty, tech, product expansion) and financial strength outweigh the limited and specific lowlights.Company Guidance
Revenue and Volume Growth
Total revenue grew 6% year-over-year in Q2 2026 while the company delivered 2.4 million vacations; capacity increased 5% year-over-year in the quarter and is expected to grow 6.6% for the full year.
Earnings Beat and Updated Full-Year EPS
Adjusted EPS for the quarter was $4.21, $0.33 higher than the midpoint of guidance; full-year adjusted EPS guidance raised to $17.73–$17.87, implying ~14% year-over-year growth.
Yield Performance and Guidance
Net yields in the quarter rose 1.2% (100 basis points above prior guidance). Full-year net yield growth is guided to 1.75%–2.25%.
Strong Cash Generation and Profitability
Adjusted EBITDA was $1.8 billion with an EBITDA margin of 38%; operating cash flow was $1.9 billion for the quarter.
Capital Return and Balance Sheet Strength
Returned over $600 million to shareholders this quarter (including $404 million of dividends and 0.8 million shares repurchased); ended the quarter with $6.9 billion liquidity and leverage below 3x; $805 million remaining on buyback authorization.
Cost Discipline and Fuel Positioning
Net cruise costs per APCD excluding fuel were up 3.9% year-over-year but ~90 basis points better than expected due to timing; full-year net cruise costs excluding fuel are expected to be approximately flat. Fuel expense guidance of $1.3 billion with ~58% of remaining 2026 consumption hedged at rates below market.
Commercial Momentum: Pricing, Bookings and Onboard Spend
Book position in line with prior years at record pricing for 2026 and 2027; strong close-in booking volumes; onboard and pre-cruise purchases exceed prior years, with more than half of onboard revenue purchased before embarkation.
Loyalty, Digital and NPS Gains
Royal ONE card (launched April) exceeding expectations; Points Choice and Status Match drove over 0.5 million new loyalty enrollments; more than 90% of guests use the app (monthly active users up 5x since 2019); Net Promoter Scores averaging low to mid-70s (industry-leading / record).
Product and Destination Investment Progress
Successful rollouts and strong reception for Legend of the Seas, Royal Beach Club (Paradise Island and Santorini) and Perfect Day experiences; ongoing fleet amplification and luxury investments (Celebrity River, Solstice revitalization, Silversea enhancements) supporting future demand and cross-brand engagement.
MX:RCL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed