RCL
FY2026 Q1 · Calendar Q2 2026
Royal Caribbean Cruises Ltd.
Royal Caribbean entered FY2026 with momentum from a record 2025 ($18B revenue, 33% EPS growth) and delivered a Q1 that beat on the bottom line while revenue landed essentially flat versus consensus. The 11% revenue growth and record 2.5 million vacations delivered were driven primarily by strong Caribbean pricing and a record WAVE season, which offset modest moderation in Mediterranean and West Coast Mexico itineraries tied to geopolitical tensions. Management maintained full-year guidance for double-digit revenue and earnings growth, consistent with the prior quarter's maintained stance. The market responded favorably: the stock rose 3.8% on the report versus a 1.0% benchmark move, with a further 7.9% drift over subsequent weeks on 2.1x baseline volume. The combination of an EPS beat, maintained guidance, expanding repeat-guest share (~40%, up from ~one-third), and a growing…
EPS surprise+11.1%
Market move+3.8%
