โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Adj. EPS: $6.57 (Est. $6.38) โ , +14% YoY.
โข Revenue: ~$5.6B (Est. $5.61B) โ, +9% YoY.
โข GAAP EPS: $6.45 (vs. $5.74 YoY).
โข Adj. Net Income: $1.8B (vs. $1.6B YoY).
โข Adj. EBITDA: $2.5B.
โข Net Yields: +0.9% YoY (+0.6% constant currency).
โข Load Factor: 112%.
โข Passenger Volume: 2.7M, +9% YoY.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Q4 2026 Adj. EPS: $3.48โ$3.58, midpoint $3.53 (Est. $3.66) โ.
โข Q4 2026 Revenue Growth: +9% YoY.
โข FY2026 Adj. EPS: $17.85โ$17.95, midpoint $17.90 (Est. $17.83) โ , raised.
โข FY2026 Revenue Growth: +9% YoY.
โข FY2026 Net Yields: +2.7% YoY.
โข FY2026 CapEx: ~$4.6B.
โข 2027 Adj. EPS Target: $20+.
โ
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 Adj. EPS beat consensus by ~3.0%, supported by strong last-minute demand and favorable expense timing.
โข Revenue increased 9% YoY, with capacity up 8% and passenger volumes rising 9%.
โข Q3 nonfuel unit costs declined 1.9% YoY, partly reflecting expenses shifting into Q4.
โข Q4 EPS guidance midpoint is ~3.6% below consensus despite the raised full-year outlook.
โข 2027 bookings increased in the high teens since the last earnings call, with pricing above historical levels.
โข Royal Caribbean agreed to acquire a 50% stake in Sandals and Beaches Resorts, expected to close in early 2027.
โข Management remains on track for its Perfecta target of 20% adjusted EPS CAGR through 2027.
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โDemand for our leading vacation experiences remains strong, and while it is still early, 2027 bookings are pacing ahead of historical levels at higher rates.โ
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