โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $2.9B
โข GAAP EPS: $1.07
โข Adj. EPS: $1.12 (Guide $0.90) โ
โข GAAP Net Income: $491M vs. $419M YoY
โข Adj. Net Income: $514M
โข Adj. EBITDA: $937M (Guide $874M) โ
โข Net Yield: -6.7% YoY (constant currency)
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Q4 Adj. EBITDA: ~$414M
โข Q4 Adj. EPS: -$0.12
โข Q4 Net Yield: ~-6.5% (constant currency)
โข FY26 Adj. EBITDA: ~$2.55B, raised
โข FY26 Adj. EPS: ~$1.70, raised
โข FY26 Net Yield: ~-4.4% (constant currency)
โข FY27 Net Yield Growth: +1% to +2%
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Adj. EBITDA exceeded guidance by $63M; Adj. EPS beat by $0.22
โข Stronger last-minute bookings and onboard spending supported Q3
โข Next-12-month bookings remain below optimal levels
โข H1 2027 bookings below prior-year levels despite higher pricing
โข Additional ~$100M annualized cost savings expected to phase in through 2028
โข Total Debt: $15.1B; Net Leverage: 5.5x
โข Issued $950M in senior notes at 8.75%, lifting pro forma liquidity to $2.1B
โข Opened Great Tides Waterpark at Great Stirrup Cay
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โWe are seeing the early signs of progress and expect Net Yield growth of 1% to 2% in 2027, with a meaningful acceleration in the back half of the year.โ โ CEO John W. Chidsey