Jun 2026 (Q2 FY26) — Jul 28, 2026
Royal Caribbean Group Q2 FY26 — Exceeded Expectations with Strong Demand and Raised Full-Year EPS Guidance
Read the full callRoyal Caribbean Group (RCL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Royal Caribbean Group earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,832 | +6.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 27.1 | −2.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,128 | −6.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 adjusted EPS | $3.83 to $3.93 | Mar 2026 | Adjusted earnings per share were $4.21, $0.33 higher than the midpoint of our guidance | Achieved |
| Full-year adjusted EPS | $17 handle (at least $17.00) | Sep 2025 | Full year adjusted earnings per share is expected to grow 14% and be in the range of $17.73 to $17.87. | Revised Up |
| Full-year net cruise costs ex-fuel growth | flat to up 1% | Dec 2025 | For the full year, net cruise costs, excluding fuel, are expected to be approximately flat, consistent with our prior guidance | On Track |
1 of ROYAL CARIBBEAN CRUISES LTD's 41 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 38 more targets are in the full ledger.
Claimed
- Q2 adjusted EPS of $4.21, $0.33 higher than guidance.
- Total revenue grew 6% year-over-year in Q2.
- Net yields up 1.2% in Q2, 100 basis points higher than guidance.
- Full-year adjusted EPS guidance raised to $17.73-$17.87, representing 14% growth.
- Book position for 2026 and 2027 is in line with prior years at record pricing.
Qualified
- Prolonged conflict in the Middle East modestly weighed on bookings for some deployment, primarily impacting Q3 and resulting in more modest yield growth for Europe sailings this summer.
- Deployment mix changes and global events created yield headwinds in Q3, with net yields expected to be roughly flat.
- Mahahual destination project timeline affected by ongoing government engagement with community stakeholders.
Price
$281.97 +1.54% · +$4.29
Performance −6.1% 1Y
1Y: $300.31 on 17 Oct 2025 → $281.97. High $348.03 (9 Feb 2026), low $230.3 (23 Sept 2026).
- Previous close
- $277.68
- 52-week range
- $230.3 – $348.03
- One year
- −6.89%
Overview
- Symbol
- RCL
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 adjusted EPS | $3.83 to $3.93 | Mar 2026 | Adjusted earnings per share were $4.21, $0.33 higher than the midpoint of our guidance | Achieved |
| Full-year adjusted EPS | $17 handle (at least $17.00) | Sep 2025 | Full year adjusted earnings per share is expected to grow 14% and be in the range of $17.73 to $17.87. | Revised Up |
| Full-year net cruise costs ex-fuel growth | flat to up 1% | Dec 2025 | For the full year, net cruise costs, excluding fuel, are expected to be approximately flat, consistent with our prior guidance | On Track |
Claimed
- Q2 adjusted EPS of $4.21, $0.33 higher than guidance.
- Total revenue grew 6% year-over-year in Q2.
- Net yields up 1.2% in Q2, 100 basis points higher than guidance.
- Full-year adjusted EPS guidance raised to $17.73-$17.87, representing 14% growth.
- Book position for 2026 and 2027 is in line with prior years at record pricing.
Qualified
- Prolonged conflict in the Middle East modestly weighed on bookings for some deployment, primarily impacting Q3 and resulting in more modest yield growth for Europe sailings this summer.
- Deployment mix changes and global events created yield headwinds in Q3, with net yields expected to be roughly flat.
- Mahahual destination project timeline affected by ongoing government engagement with community stakeholders.
The full ledger
Open ROYAL CARIBBEAN CRUISES LTD’s full ledger
A free account opens 5 company ledgers a month. All 41 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Royal Caribbean Group Q1 FY26 — Record Wave Season and Strong Demand
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Royal Caribbean Group Q4 FY25 — Record Bookings and Strategic Expansion
Read the full callEvery analysed call
Royal Caribbean Group earnings calls (RCL)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,886 | 3,760 | 3,999 | 4,538 | 5,139 | 4,259 | 4,452 | 4,832 |
| Operating profit | 1,634 | 623 | 945 | 1,329 | 1,702 | 934 | 1,162 | 1,307 |
| Operating margin | 33.4% | 16.6% | 23.6% | 29.3% | 33.1% | 21.9% | 26.1% | 27.1% |
| Other income | -519 | -64 | -210 | -115 | -123 | — | — | — |
| Interest | 603 | 265 | 249 | 228 | 248 | 267 | 278 | 236 |
| Profit before tax | — | — | 751 | 1,232 | — | — | 976 | 1,150 |
| Tax rate | — | — | 2.1% | 1.4% | — | — | 2.7% | 1.2% |
| Net profit | 1,111 | 552 | 730 | 1,210 | 1,575 | 753 | 941 | 1,128 |
| EPS ($ per share) | 4.22 | — | 2.71 | 4.45 | 5.79 | — | 3.49 | 4.21 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 10,263 | 11,523 | 5,563 | 302 | -1,707 | -10 | 2,612 | 5,925 |
| Total liabilities | 16,051 | 17,586 | 23,705 | 27,173 | 30,907 | 30,232 | 29,335 | 31,374 |
| Fixed assets | 23,466 | 25,467 | 25,247 | 25,908 | 27,546 | 30,114 | 31,831 | 35,696 |
| Total assets | 27,698 | 30,320 | 32,465 | 32,258 | 33,776 | 35,131 | 37,070 | 41,619 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,479 | 3,716 | -3,732 | -1,878 | 481 | 4,477 | 5,265 | 6,465 |
| Cash from investing | -4,489 | -3,091 | -2,179 | -2,145 | -2,987 | -3,923 | -3,446 | -5,012 |
| Cash from financing | 1,198 | -670 | 9,350 | 3,041 | 1,741 | -1,993 | -1,922 | -1,018 |
| Net cash flow | 168 | -44 | 3,441 | -982 | -767 | -1,438 | -109 | 437 |
| Capital expenditure | -3,660 | -3,025 | -1,965 | -2,230 | -2,710 | -3,897 | -3,268 | -5,229 |
| Free cash flow | -181 | 692 | -5,697 | -4,108 | -2,229 | 580 | 1,997 | 1,236 |
RCL revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Passenger | 71% | 69% | 69% | 70% | 71% | 69% | 68% | 69% | +4.5% |
| Product and Service Other | 29% | 31% | 31% | 30% | 29% | 31% | 32% | 31% | +11.1% |
| Port Costs | 6% | 7% | 7% | 7% | 7% | 8% | 7% | 7% | +11.3% |
| Other Products and Services | 5% | 4% | 5% | 5% | 5% | 4% | 6% | 5% | +0.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
RCL operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Vacations delivered | 2.5M+During the quarter, we delivered over 2.5 million unforgettable vacations at industry-leading guest satisfaction scores.Source: earnings call transcript | 2.4MIn the second quarter, we delivered 2.4 million incredible vacations at industry-leading guest satisfaction scores.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- North America 63% ↑ 5 pt
- Europe 21% ↓ 8 pt
- Asia Pacific 7% ↑ 4 pt
- Other Region 4%
As RCL cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
190 filings between Nov 3, 2025 and Jul 31, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$631.04M
123 sales by 7 insiders
Compensation
not trading decisions- 27
- Award — granted as compensation
- 38
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Wilhelmsen Arne Alexander | — | $549.61M | Feb 27, 2026 |
| Bayley Michael W | — | $30.19M | Jul 29, 2026 |
| Liberty Jason T | — | $29.71M | Feb 13, 2026 |
| Holtz Naftali | — | $16.74M | Feb 13, 2026 |
| BETHGE LAURA H | — | $2.56M | Feb 17, 2026 |
| Pujol Henry L | — | $1.46M | Feb 13, 2026 |
| Montiel Maritza Gomez | — | $763.1K | Feb 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 31, 2026 | Bunch Tara Director | Award | 683 | $0 |
| Jul 29, 2026 | Bayley Michael W Pres&CEO, Royal Caribbean Intl | Sale | 12,811 | $4.05M |
| Jun 1, 2026 | BETHGE LAURA H President, Celebrity Cruises | Tax withheld | 267 | $75.9K |
| May 28, 2026 | Wiernicki Christopher J Director | Award | 571 | $0 |
| May 28, 2026 | Thompson Donald Director | Tax withheld | 78 | $21.6K |
| May 28, 2026 | McPherson Amy Director | Award | 831 | $0 |
| May 28, 2026 | Ofer Eyal Director | Award | 831 | $0 |
| May 28, 2026 | Fain Richard D Director | Award | 831 | $0 |
| May 28, 2026 | Howe Stephen R. Jr. Director | Award | 831 | $0 |
| May 28, 2026 | Thompson Donald Director | Award | 831 | $0 |
| May 28, 2026 | Sorensen Vagn O Director | Award | 831 | $0 |
| May 28, 2026 | Howe Stephen R. Jr. Director | Tax withheld | 78 | $21.6K |
| May 28, 2026 | Brock John Director | Award | 831 | $0 |
| May 28, 2026 | Montiel Maritza Gomez Director | Tax withheld | 78 | $21.6K |
| May 28, 2026 | MOORE ANN S Director | Tax withheld | 78 | $21.6K |
| May 28, 2026 | Wilhelmsen Arne Alexander Director | Award | 831 | $0 |
| May 28, 2026 | LEAVITT MICHAEL O Director | Award | 831 | $0 |
| May 28, 2026 | LEAVITT MICHAEL O Director | Tax withheld | 78 | $21.6K |
| May 28, 2026 | McPherson Amy Director | Tax withheld | 408 | $112.9K |
| May 28, 2026 | Montiel Maritza Gomez Director | Award | 831 | $0 |
| May 28, 2026 | Yeung Rebecca Director | Tax withheld | 78 | $21.6K |
| May 28, 2026 | Brock John Director | Tax withheld | 78 | $21.6K |
| Mar 1, 2026 | Wiernicki Christopher J Director | Award | 444 | $0 |
| Feb 27, 2026 | Wilhelmsen Arne Alexander Director | Sale | 21,280 | $6.62M |
| Feb 27, 2026 | Wilhelmsen Arne Alexander Director | Sale | 25,910 | $8.12M |
| Feb 27, 2026 | Wilhelmsen Arne Alexander Director | Sale | 31,560 | $9.86M |
| Feb 27, 2026 | Wilhelmsen Arne Alexander Director | Sale | 152,515 | $47.40M |
| Feb 27, 2026 | Wilhelmsen Arne Alexander Director | Sale | 14,211 | $4.47M |
| Feb 26, 2026 | Wilhelmsen Arne Alexander Director | Sale | 7,271 | $2.29M |
| Feb 26, 2026 | Wilhelmsen Arne Alexander Director | Sale | 13,779 | $4.41M |
| Feb 26, 2026 | Wilhelmsen Arne Alexander Director | Sale | 50,784 | $16.23M |
| Feb 26, 2026 | Wilhelmsen Arne Alexander Director | Sale | 156,628 | $49.91M |
| Feb 26, 2026 | Wilhelmsen Arne Alexander Director | Sale | 106,947 | $33.98M |
| Feb 26, 2026 | Wilhelmsen Arne Alexander Director | Sale | 20,617 | $6.53M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 104 | $33.3K |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 4,637 | $1.48M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 33,418 | $10.63M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 42,351 | $13.44M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 24,360 | $7.70M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 13,271 | $4.17M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 9,724 | $3.06M |
| Feb 25, 2026 | Wilhelmsen Arne Alexander Director | Sale | 42,240 | $13.22M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 16,020 | $5.04M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 26,450 | $8.35M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 121,143 | $38.35M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 9,836 | $3.05M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 11,540 | $3.59M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 22,007 | $6.88M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 34,972 | $10.96M |
| Feb 24, 2026 | Wilhelmsen Arne Alexander Director | Sale | 93,423 | $29.64M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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