Royal Caribbean Group Releases Q3-2025 Financial Results

Royal Caribbean Group shared its financial outcomes for the third quarter of 2025 on October 28. According to their report, the company achieved an Earnings per Share (EPS) of $5.74 and an Adjusted EPS of $5.75.

These results surpassed expectations due to heightened short-term demand and cost savings. Consequently, the group is adjusting its full-year 2025 Adjusted EPS forecast to $15.58 to $15.63, indicating a 32% growth from the previous year.

This boost stems from the robust performance in Q3, which compensates for the slight impact from adverse weather events in the fourth quarter and the unexpected prolonged closure of one of its exclusive locations in Labadee, Haiti.

Jason Liberty, the President and CEO of Royal Caribbean Group, commented, “We continue to see strong momentum across our business, powered by accelerated demand, growing loyalty, and guest satisfaction that is at all-time highs. Our commercial flywheel, which merges innovative ships, unique destinations, and top-notch brands, keeps producing sustained growth and trust in our capacity to provide exceptional vacation experiences responsibly. Looking forward, while it’s still early in the planning stages, our solid booking position assures us for 2026 and beyond. Our proven methodology, featuring moderate yield growth, stringent cost management, and disciplined capital allocation, suggests 2026 earnings per share could be around $17, setting us up to meet our 2027 targets.”

Key Insights from Q3-2025

Load factor in Q3 was 112%;
Gross Margin Yields rose by 3.8% as reported, while net yields increased by 2.8%;
Gross Cruise Costs per Available Passenger Cruise Days were up by 2.7%, and Net Cruise Costs, excluding fuel, per APCD were up by 4.8%;
Total revenues reached $5.1 billion, with a net income of $1.6 billion ($5.74 per share), and Adjusted EBITDA was $2.3 billion.