Royal Caribbean Group (RCL) Q3 2025 Financial Results Summary
Release Date: October 28, 2025
Royal Caribbean Group reported its third quarter 2025 financial results, showcasing substantial growth and a positive outlook for the remainder of the year.
Key Financial Highlights
- Earnings Per Share (EPS):
- Q3 2025 EPS: $5.74 (up 36% from Q3 2024: $4.21)
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Adjusted EPS: $5.75 (up 10.6% from Q3 2024: $5.20)
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Net Income:
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Q3 2025: $1.6 billion (up 45.7% from Q3 2024: $1.1 billion)
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Total Revenues:
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Q3 2025: $5.1 billion (up 4.4% from Q3 2024: $4.88 billion)
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Adjusted EBITDA:
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Q3 2025: $2.3 billion (prior year’s data not specified)
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Gross Margin Yields:
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Up 3.8% year-over-year.
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Net Yields:
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Up 2.8% as-reported (or 2.4% in constant currency).
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Gross Cruise Costs per Available Passenger Cruise Days (APCD):
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Increased 2.7% as-reported.
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Net Cruise Costs (NCC), excluding Fuel, per APCD:
- Increased 4.8% as-reported (or 4.3% in constant currency).
Operational Metrics
- Load Factor:
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Q3 2025: 112% (up 1% from Q3 2024)
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Passenger Metrics:
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Total guests carried: 2.5 million, a 7% increase from the previous year.
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Capacity:
- Increased 2.9% year-over-year, supporting the higher guest numbers.
Full Year 2025 Guidance
- Adjusted EPS:
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Expected growth of approximately 32% year-over-year, projecting a range of $15.58 to $15.63.
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Net Yields:
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Expected increase of 3.5% to 4.0% for the full year on both an as-reported and constant currency basis.
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NCC, excluding Fuel, per APCD:
- Expected to increase approximately 0.1% as-reported.
New Developments
- Royal Beach Club Santorini:
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Announced as a new exclusive destination set to open in summer 2026 reflective of the company’s strategy to enhance its vacation ecosystem.
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Future Outlook for 2026:
- Positive booked position, suggesting strong growth potential for the coming years.
Shareholder Returns and Financial Position
- Dividends:
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The board authorized a 33% increase in the quarterly dividend to $1.00 per common share.
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Share Repurchases:
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Approximately 1.3 million shares repurchased during Q3 2025, with $345 million remaining for future buybacks.
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Liquidity Position:
- As of September 30, 2025, liquidity stands at $6.8 billion comprising cash, cash equivalents, and revolving credit facilities.
Future Expectations
- Q4 2025 Capacity:
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Expected to increase 10.3% compared to Q4 2024.
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Q4 Net Yields:
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Anticipated to grow between 2.6% to 3.1% as-reported.
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Adjusted EPS for Q4 2025:
- Expected to be in the range of $2.74 to $2.79.
This summary encapsulates Royal Caribbean Group’s robust performance in Q3 2025, marked by significant year-over-year growth across key financial and operational metrics, alongside positive guidance for the future.
Here are the extracted tables from the press release you provided:
| Quarter Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Passenger ticket revenues | $3,637 | $3,471 | $9,579 | $8,900 |
| Onboard and other revenues | $1,502 | $1,415 | $4,097 | $3,824 |
| Total revenues | $5,139 | $4,886 | $13,676 | $12,724 |
| Cruise operating expenses: | ||||
| Commissions, transportation and other | $1,264 | $1,251 | $3,640 | $3,416 |
| Onboard and other | $1,365 | $1,189 | $3,316 | $3,064 |
| Payroll and related | $1,977 | $1,768 | $4,781 | $4,648 |
| Food | $575 | $568 | $1,673 | $1,720 |
| Fuel | $291 | $271 | $788 | $785 |
| Other operating | $334 | $332 | $924 | $883 |
| Total cruise operating expenses | $5,041 | $4,896 | $12,122 | $11,575 |
| Operating Income | $98 | ($10) | $1,554 | $1,151 |
| Other income (expense): | ||||
| Interest income | $392 | $360 | $1,021 | $868 |
| Interest expense, net of interest capitalized | $1,650 | $1,564 | $4,853 | $4,605 |
| Net Income | $(1,084) | $(1,214) | $(3,646) | $(3,187) |
| Less: Net Income attributable to | ||||
| noncontrolling interest | $(20) | $(10) | $(57) | $(30) |
| Net Income attributable to Royal Caribbean | $1,079 | $1,101 | $3,529 | $2,858 |
| Earnings per Share: | ||||
| Basic | $5.74 | $4.21 | $12.83 | $8.91 |
| Diluted | $5.74 | $4.21 | $12.83 | $8.91 |
| As of September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $432 | $388 |
| Trade and other receivables, net | $356 | $371 |
| Inventories | $269 | $265 |
| Prepaid expenses and other assets | $652 | $670 |
| Derivative financial instruments | $178 | $11 |
| Total current assets | $1,887 | $1,705 |
| Property and equipment, net | $34,620 | $31,831 |
| Operating lease right-of-use assets | $628 | $677 |
| Goodwill | $808 | $808 |
| Other assets | $2,166 | $2,049 |
| Total assets | $40,109 | $37,070 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities | ||
| Current portion of long-term debt | $3,074 | $1,603 |
| Current portion of operating lease liabilities | $85 | $74 |
| Accounts payable | $828 | $919 |
| Accrued expenses and other liabilities | $1,847 | $1,635 |
| Total current liabilities | $11,469 | $9,817 |
| Long-term debt | $17,203 | $18,473 |
| Long-term operating lease liabilities | $613 | $670 |
| Other long-term liabilities | $536 | $375 |
| Total liabilities | $29,821 | $29,335 |
| Shareholders’ equity | ||
| Common stock | $3 | $3 |
| Paid-in capital | $7,921 | $7,831 |
| Retained earnings | $5,443 | $2,612 |
| Accumulated other comprehensive loss | $(528) | $(802) |
| Treasury stock | $(2,747) | $(2,081) |
| Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd. | $10,092 | $7,563 |
| Noncontrolling Interests | $196 | $172 |
| Total shareholders’ equity | $10,288 | $7,735 |
| Total liabilities and shareholders’ equity | $40,109 | $37,070 |
These tables have been formatted in Markdown and kept in their original structure as requested.
