Royal Caribbean Group (RCL) Q2 2025 Financial Results Summary

# Royal Caribbean Group (RCL) Q2 2025 Financial Results Summary

**Release Date:** July 29, 2025

Royal Caribbean Group (NYSE: RCL) has released its financial results for the second quarter of 2025. The company has reported stronger-than-expected performance, prompting an increase in the full year guidance for Adjusted EPS. Below is a summary of the key financial metrics and operational highlights for Q2 2025.

### Financial Performance Overview
– **Earnings Per Share (EPS):**
– **Diluted EPS:** $4.41, up **41.9%** from $3.11 in Q2 2024.
– **Adjusted EPS:** $4.38, up **36.5%** from $3.21 in Q2 2024.

– **Net Income:**
– Totaled $1.2 billion, compared to $0.9 billion in Q2 2024, reflecting an increase of **33.3%**.

– **Total Revenue:**
– Reported at $4.5 billion, compared to $4.1 billion in the same quarter last year, marking an increase of **9.0%**.

– **Adjusted EBITDA:**
– Reached $1.9 billion, with a margin of **40.8%**, up from **37.8%** in Q2 2024.

### Operational Highlights
– **Capacity:**
– Increased by **5.8%** year-over-year, allowing the delivery of memorable vacations to **2.3 million guests**, a **10%** increase from the previous year.

– **Load Factor:**
– Reported at **110%**, up **2 percentage points** compared to Q2 2024.

– **Gross Margin Yields:**
– Increased by **11.0%** as-reported.
– Net Yields were up **5.3%** as-reported and **5.2%** in Constant Currency, exceeding previous guidance.

– **Gross Cruise Costs per Available Passenger Cruise Days (APCD):**
– Increased **0.8%** as-reported.
– Net Cruise Costs (NCC), excluding Fuel, were up **2.5%** as-reported and **2.1%** in Constant Currency.

### Full Year 2025 Outlook
– **Adjusted EPS Guidance:**
– Increased to a range of **$15.41 to $15.55**, indicating potential growth of approximately **31%** year-over-year.

– **Net Yields:**
– Expected to grow between **3.5% to 4.0%** as-reported and in Constant Currency.

– **NCC, excluding Fuel, per APCD:**
– Anticipated to increase by approximately **0.5%** as-reported and **0.3%** in Constant Currency.

### Other Key Metrics
– **Liquidity Position:**
– Total liquidity was reported at **$7.1 billion**, including cash and cash equivalents and undrawn revolving credit facility capacity.

– **Cost Structure:**
– Cost growth was better than guidance expectations due to timing shifts in operating expenses and favorable performance from TUI Cruises.

– **Dividends and Share Repurchase:**
– A cash dividend of **$348 million** was paid, and **$241 million** was used for common stock repurchases during the quarter.

### Guidance for Q3 2025
– **Capacity:**
– Expected to increase by **2.9%** compared to Q3 2024.

– **Net Yields:**
– Projected growth of **2.3% to 2.8%** as-reported.

– **Adjusted EPS Guidance:**
– Expected between **$5.55 to $5.65** for Q3 2025.

### Summary
Royal Caribbean Group’s Q2 2025 results showcase significant financial growth driven by strong demand, efficient cost management, and an effective capacity strategy. The increase in both revenue and profitability metrics signals a robust recovery trajectory, along with optimism for the remainder of the year based on elevated guidance. The company’s commitment to delivering exceptional guest experiences continues to translate into solid financial performance and robust shareholder returns.

### ROYAL CARIBBEAN CRUISES LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited; in millions, except per share data)

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### ROYAL CARIBBEAN CRUISES LTD. CONSOLIDATED BALANCE SHEETS
(in millions, except share data)