Royal Caribbean Cruises Ltd. · RCL · Next earnings

Royal Caribbean Cruises Ltd. reports Tuesday, Oct 27, 2026

RCL reports before market open with consensus EPS at $6.35 and revenue at $5.59B. Last quarter: Royal Caribbean Beats EPS Estimates as Caribbean Demand Powers Record Q1

Reports Before market open37 days awayDate estimated Consumer Cyclical

What the street expects

Consensus for the coming report
Consensus EPS $6.35 Calendar consensus
Consensus revenue $5.59B Calendar consensus
Report date Oct 27, 2026 Tuesday, date estimated
Session Before market open 37 days away

Where RCL left off: FY2026 Q1

Full report

Royal Caribbean Beats EPS Estimates as Caribbean Demand Powers Record Q1

EPS surprise +11.1% Reported $3.60 vs $3.24
Revenue surprise -0.3% Reported $4.45B vs $4.46B
Stock move +3.8% Event window
Subsequent drift +7.9% Up to 20 sessions

Management maintained full-year guidance for double-digit revenue and earnings growth, unchanged from the prior quarter's maintained guidance sentiment. The prior quarter (FY2025 Q4) had flagged yield guidance of 1.5-3.5% with roughly two-thirds of 2026 capacity already booked and yields modestly above guidance. This quarter's record WAVE season and continued Caribbean pricing strength are consistent with that trajectory. No upward or downward revision was indicated. New ship deliveries (Icon VI, Icon VII, Legend of the Seas) and destination openings (Royal Beach Club Santorini, Cozumel in early 2028, Perfect Day Mexico soft opening Q4 2027) are expected to underpin future yield growth.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Geopolitical tensions affecting Mediterranean and West Coast Mexico itineraries.
  • Fuel price volatility despite ~60% hedging coverage, with a $0.62/share headwind at current prices.
  • Higher air-fare costs pressuring European demand.
  • Capacity growth leading to dry-dock and crew-travel cost headwinds.
  • Environmental permitting and regulatory risks for Perfect Day Mexico and EU ETS compliance expanding to 100% of European itineraries in 2026.

Questions analysts left open

  • Q4 yield guidance and the impact of European geopolitical factors on Mediterranean itineraries.
  • Magnitude and duration of fuel cost headwinds despite hedging.
  • Capacity growth versus cost inflation, especially dry-dock cycle timing.
  • Timeline and assumptions for Perfect Day Mexico rollout (soft opening Q4 2027, full launch 2028).
  • Potential competitive pressure from TUI Cruises and other cruise lines.

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Recent RCL quarters

All RCL earnings
+3.8%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.