Royal Caribbean stock gains as Q3 beat lifts 2026 outlook

Royal Caribbean Group reported stronger-than-expected third-quarter results on October 27, lifting its full-year 2026 adjusted earnings outlook. The AAP News report, which carried a PRNewswire release, said the improvement reflected strong close-in demand and lower costs linked to the timing of expenses.

Royal Caribbean stock traded at 273.55 euros on Lang & Schwarz at 12:06 CEST on Friday, October 30, 2026.

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Third-quarter demand drives earnings

Revenue reached USD 5.591 billion in the quarter ended September 30, up 9% from a year earlier. Net income attributable to Royal Caribbean Cruises Ltd. rose to USD 1.728 billion from USD 1.575 billion, while diluted adjusted EPS increased to USD 6.57 from USD 5.75.

The company carried 2.676 million passengers, 9% more than in the prior-year quarter, as capacity expanded 8%. Occupancy reached 112.4%, and net yields rose 0.9% on a reported basis and 0.6% in constant currency. Royal Caribbean said stronger close-in demand in Europe and the Caribbean drove the upside.

Adjusted EBITDA increased to USD 2.539 billion from USD 2.293 billion. Management cautioned that part of the cost improvement came from expenses shifting into the fourth quarter, limiting how much of the quarter's margin performance should be extrapolated.

Guidance reflects demand and headwinds

Royal Caribbean now expects full-year adjusted EPS of USD 17.85 to USD 17.95. Revenue is projected to grow 9%, while net yields are expected to rise approximately 2.7% on a reported basis and approximately 2.1% in constant currency. Higher fuel costs and currency exchange rates partly offset the stronger operating performance.

Fourth-quarter adjusted EPS is expected at USD 3.48 to USD 3.58. The company forecasts fourth-quarter revenue growth of 9% and capacity growth of 5%, with net yields expected to increase 4.4% to 4.9% on a reported basis.

Booking volumes since the previous earnings call increased in the mid-teens across major channels. Bookings for 2027 sailings rose in the high teens, and Jason Liberty, chairman and chief executive, said those bookings were pacing ahead of historical levels at higher rates. The company also said booked positions for 2026 and 2027 were ahead of prior years at record rates.

Expansion adds a second growth lever

The group is also expanding beyond cruises through its planned acquisition of a 50% interest in Sandals and Beaches Resorts. The portfolio covers 18 resorts and three properties under development. Royal Caribbean expects the transaction to close in early 2027, subject to customary conditions and regulatory approvals, with the investment expected to contribute to earnings once completed.

Management said roughly 30% of Royal Caribbean guests also take all-inclusive vacations, while a similar share of Sandals and Beaches guests also cruise. That overlap creates a potential cross-selling opportunity, although the timing and size of any contribution depend on the closing.

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