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Royal Caribbean Cruises

Guidance from Royal Caribbean Cruises’s last 8 earnings releases. Every value links to its sentence in the filing. See something wrong? Tell us.
Current guidance
98 items
Releases tracked
8
Latest release
Jul 28, 2026
Data checked
Jul 28, 2026
On this page:Latest changes·Current guidance·Your sector group·History

What changed in the Jul 28, 2026 release

Each item compared with the same item in the previous release (Apr 30, 2026). Values in quotation marks are the company’s words.

New — first stated in this releaseRaised / Lowered / Narrowed / Widened — changed from the prior releaseRevised — wording changed, direction not determinableChanged — value changed; the comparison couldn’t be parsed to a directionReiterated — restated unchangedNot restated — stated before, absent nowRaised and lowered describe the number, not whether the change is favorable.
ChangeMetricPeriodPreviousNowSource
NewFuel Forecasted Consumption Hedged via swapsfor FY2029—“14%”Filing ↗
LoweredRevenue growthfor FY2026“roughly 10%”“9%”Filing ↗
NewTotal revenue growthfor Q3 FY2026—“8%”Filing ↗
NewAdjusted EPSfor FY2026—“$17.73 to $17.87”Filing ↗
NewAdjusted EPSfor Q3 FY2026—“$6.26 to $6.36”Filing ↗
NewAdjusted EPSfor Q3 FY2026—“$6.26 to $6.36”Filing ↗
RaisedPerfecta Program Adjusted EPS CAGR (first two years)for the long term“21%”“23%”Filing ↗
NewFuel Forecasted Consumption Hedged via swapsfor FY2028—“29%”Filing ↗
NewPrivate Destinations Portfoliofor FY2028—“from three to eight”Filing ↗
NewFuel Forecasted Consumption Hedged via swapsfor FY2027—“53%”Filing ↗
NewPerfecta Program ROIC target (Definitions)for FY2027—“17% or higher”Filing ↗
NewRiver Cruising Launchfor FY2027—“enter river cruising in 2027”Filing ↗
NewAPCDsfor Q3 FY2026—“14.9 million”Filing ↗
LoweredCapacity change vs. 2025for FY2026“6.7%”“6.6%”Filing ↗
NewCapacity change vs. 2025for Q3 FY2026—“8.5%”Filing ↗
LoweredCapacity changesfor FY2026“6.7%”“6.6%”Filing ↗
LoweredCapital expendituresfor FY2026“approximately $5 billion”“approximately $4.7 billion”Filing ↗
NewDepreciation and amortizationfor Q3 FY2026—“$485 to $495 million”Filing ↗
LoweredDepreciation and amortizationfor FY2026“$1,910 to $1,920 million”“$1,905 to $1,915 million”Filing ↗
NewFuel Consumption (metric tons)for Q3 FY2026—“441,000”Filing ↗
RaisedFuel Consumption (metric tons)for FY2026“1,755,000”“1,756,000”Filing ↗
NewFuel expensefor Q3 FY2026—“$362 million”Filing ↗
NewFuel Expense (Q3)for Q3 FY2026—“$362 million”Filing ↗
LoweredFuel Expensesfor FY2026“$1,349 million”“$1,338 million”Filing ↗
NewFuel Forecasted Consumption Hedged via swapsfor FY2026—“58%”Filing ↗
NewFuel Hedged via swaps (Q3)for Q3 FY2026—“58%”Filing ↗
NewHedge Portfolio Annual Average Cost per Metric Tonfor FY2026—“approximately $474”Filing ↗
NewNCC excluding Fuel per APCD (As-Reported)for Q3 FY2026—“1.7% to 1.2%”Filing ↗
NewNCC excluding Fuel per APCD (Constant Currency)for Q3 FY2026—“1.6% to 1.1%”Filing ↗
NewNCC, excluding Fuel, per APCDfor Q3 FY2026—“1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency”Filing ↗
LoweredNCC, excluding Fuel, per APCD (as-reported)for FY2026“approximately 0.5%”“approximately 0.4%”Filing ↗
NewNet Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)for Q3 FY2026—“(1.7)% to (1.2)%”Filing ↗
LoweredNet Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)for FY2026“Approximately 0.5%”“Approximately 0.4%”Filing ↗
NewNet Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)for Q3 FY2026—“(1.6)% to (1.1)%”Filing ↗
NewNet Cruise Costs per APCD vs. 2025 (As-Reported)for Q3 FY2026—“0.3% to 0.8%”Filing ↗
LoweredNet Cruise Costs per APCD vs. 2025 (As-Reported)for FY2026“Approximately 1.9%”“Approximately 1.7%”Filing ↗
NewNet Cruise Costs per APCD vs. 2025 (Constant Currency)for Q3 FY2026—“0.4% to 0.9%”Filing ↗
LoweredNet Cruise Costs per APCD vs. 2025 (Constant Currency)for FY2026“Approximately 1.5%”“Approximately 1.4%”Filing ↗
NewNet Interest, excluding loss on extinguishment of debtfor Q3 FY2026—“$255 to $265 million”Filing ↗
LoweredNet Interest, excluding loss on extinguishment of debtfor FY2026“$985 to $995 million”“$980 to $990 million”Filing ↗
ChangedNet Yieldsfor FY2026“2.3% to 3.3% as-reported and 1.5% to 2.5% in Constant Currency”“2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency”Filing ↗
NewNet Yields (As-Reported & Constant Currency)for Q3 FY2026—“approximately flat”Filing ↗
NarrowedNet Yields vs. 2025 (As-Reported)for FY2026“2.3% to 3.3%”“2.35% to 2.85%”Filing ↗
NarrowedNet Yields vs. 2025 (Constant Currency)for FY2026“1.5% to 2.5%”“1.75% to 2.25%”Filing ↗
LoweredNon-new ship related capital expendituresfor FY2026“$1.8 billion”“$1.6 billion”Filing ↗
NewPercent Hedged (fwd. consumption)for Q3 FY2026—“58.0%”Filing ↗
ReiteratedCapacity change vs. 2025for FY2029“7%”“7%”Filing ↗
ReiteratedPerfecta Program Adjusted EPS CAGR targetfor the long term“20%”“20%”Filing ↗
ReiteratedCapacity change vs. 2025for FY2028“6%”“6%”Filing ↗
ReiteratedCapacity change vs. 2025for FY2027“4%”“4%”Filing ↗
ReiteratedCapacity changesfor FY2027“4%, 6%, and 7%”“4%, 6%, and 7%”Filing ↗
ReiteratedAPCDsfor FY2026“56.9 million”“56.9 million”Filing ↗
Show 21 items not restated in this release
ChangeMetricPeriodPreviousNowSource
Not restatedCapacity changesfor FY2029“7%”—Filing ↗
Not restatedRevenue and Adjusted EPS growthfor FY2026“double-digit”—Filing ↗
Not restatedAdjusted EPSfor FY2026“$17.10 to $17.50”—Filing ↗
Not restatedAnnual average cost per metric ton of hedge portfoliofor FY2028“$416”—Filing ↗
Not restatedCapacity changefor FY2028“6%”—Filing ↗
Not restatedCapacity changesfor FY2028“6%”—Filing ↗
Not restatedLand-based destination portfolio countfor FY2028“two to eight”—Filing ↗
Not restatedPrivate destinations portfolio expansionfor FY2028“from three to eight”—Filing ↗
Not restatedAnnual average cost per metric ton of hedge portfoliofor FY2027“$393”—Filing ↗
Not restatedAverage hedge cost per metric tonfor FY2027“$408”—Filing ↗
Not restatedCapacity changefor FY2027“5%”—Filing ↗
Not restatedFuel consumption hedged via swapsfor FY2027“49%”—Filing ↗
Not restatedPerfecta ROIC targetfor FY2027“high teens”—Filing ↗
Not restatedAverage hedge cost per metric tonfor FY2026“$475”—Filing ↗
Not restatedCapacity changefor FY2026“6%”—Filing ↗
Not restatedFuel consumption hedged via swapsfor FY2026“59%”—Filing ↗
Not restatedFuel hedge percentage for remainder of yearfor FY2026“59% hedged”—Filing ↗
Not restatedHedged (fwd. consumption)for FY2026“59%”—Filing ↗
Not restatedNCC, excluding Fuel, per APCD (Constant Currency)for FY2026“flat to up 1.0%”—Filing ↗
Not restatedNet Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)for FY2026“0.0% to 1.0%”—Filing ↗
Not restatedPercent Hedged (fwd. consumption)for FY2026“59.0%”—Filing ↗

Current guidance

Guidance for periods that have not yet ended, at its most recent value, grouped by horizon.

Current fiscal year
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Revenue and Adjusted EPS growth“double-digit”for FY2026Company-definedJan 29, 20261Filing ↗
Revenue growth“9%”for FY2026GAAP-tiedApr 30, 20262Filing ↗
Total revenue growth“8%”for Q3 FY2026GAAP-tiedJul 28, 20261Filing ↗
Adjusted EPS“$17.73 to $17.87”for FY2026Company-definedJul 28, 20261Filing ↗
Adjusted EPS“$6.26 to $6.36”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Adjusted EPS“$6.26 to $6.36”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Adjusted EPS“$17.10 to $17.50”for FY2026Company-definedJan 29, 20262Filing ↗
Adjusted EPS year-over-year growth“11%”for FY2026Company-definedApr 30, 20261Filing ↗
Earnings per share“a $17 handle”for FY2026GAAP-tiedOct 28, 20251Filing ↗
Annual average cost per metric ton of hedge portfolio“$474”for FY2026Company-definedOct 29, 20246Filing ↗
APCDs“14.9 million”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
APCDs“56.9 million”for FY2026Company-definedJan 29, 20263Filing ↗
Average hedge cost per metric ton“$475”for FY2026Company-definedApr 30, 20261Filing ↗
Capacity change“6%”for FY2026Company-definedOct 29, 20243Filing ↗
Capacity change vs. 2025“6.6%”for FY2026Company-definedJan 29, 20263Filing ↗
Capacity change vs. 2025“8.5%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Capacity changes“6.6%”for FY2026Company-definedJan 28, 20257Filing ↗
Capital expenditures“approximately $4.7 billion”for FY2026Company-definedJan 29, 20263Filing ↗
Depreciation and amortization“$485 to $495 million”for Q3 FY2026GAAP-tiedJul 28, 20261Filing ↗
Depreciation and amortization“$1,905 to $1,915 million”for FY2026GAAP-tiedJan 29, 20263Filing ↗
Forecasted consumption hedged via swaps“60%”for FY2026Company-definedOct 29, 20245Filing ↗
Fuel Consumption (metric tons)“441,000”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Fuel Consumption (metric tons)“1,756,000”for FY2026Company-definedJan 29, 20263Filing ↗
Fuel consumption hedged via swaps“59%”for FY2026Company-definedApr 30, 20261Filing ↗
Fuel costs“approximately $1.3 billion”for FY2026GAAP-tiedApr 30, 20261Filing ↗
Fuel costs, net of hedging“approximately $1.3 billion”for FY2026GAAP-tiedApr 30, 20261Filing ↗
Fuel expense“$362 million”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Fuel expense“approximately $1.3 billion”for FY2026Company-definedApr 30, 20261Filing ↗
Fuel Expense (Q3)“$362 million”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Fuel Expenses“$1,338 million”for FY2026Company-definedJan 29, 20263Filing ↗
Fuel Forecasted Consumption Hedged via swaps“58%”for FY2026Company-definedJul 28, 20261Filing ↗
Fuel hedge percentage for remainder of year“59% hedged”for FY2026Company-definedApr 30, 20261Filing ↗
Fuel Hedged via swaps (Q3)“58%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Hedge Portfolio Annual Average Cost per Metric Ton“approximately $474”for FY2026Company-definedJul 28, 20261Filing ↗
Hedged (fwd. consumption)“59%”for FY2026Company-definedApr 30, 20261Filing ↗
NCC excluding Fuel per APCD (As-Reported)“1.7% to 1.2%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
NCC excluding Fuel per APCD (Constant Currency)“1.6% to 1.1%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
NCC, excluding Fuel, per APCD“1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
NCC, excluding Fuel, per APCD“0.4% to 1.4% as-reported and flat to up 1.0% in Constant Currency”for FY2026Company-definedJan 29, 20261Filing ↗
NCC, excluding Fuel, per APCD (as-reported)“approximately 0.4%”for FY2026Company-definedJan 29, 20263Filing ↗
NCC, excluding Fuel, per APCD (Constant Currency)“flat to up 1.0%”for FY2026Company-definedJan 29, 20261Filing ↗
Net Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)“(1.7)% to (1.2)%”for Q3 FY2026GAAP-tiedJul 28, 20261Filing ↗
Net Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)“Approximately 0.4%”for FY2026GAAP-tiedJan 29, 20263Filing ↗
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)“(1.6)% to (1.1)%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)“0.0% to 1.0%”for FY2026Company-definedJan 29, 20261Filing ↗
Net Cruise Costs per APCD vs. 2025 (As-Reported)“0.3% to 0.8%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Net Cruise Costs per APCD vs. 2025 (As-Reported)“Approximately 1.7%”for FY2026Company-definedJan 29, 20263Filing ↗
Net Cruise Costs per APCD vs. 2025 (Constant Currency)“0.4% to 0.9%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Net Cruise Costs per APCD vs. 2025 (Constant Currency)“Approximately 1.4%”for FY2026Company-definedJan 29, 20263Filing ↗
Net Interest, excluding loss on extinguishment of debt“$255 to $265 million”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Net Interest, excluding loss on extinguishment of debt“$980 to $990 million”for FY2026Company-definedJan 29, 20263Filing ↗
Net Yields“2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency”for FY2026Company-definedJan 29, 20263Filing ↗
Net Yields (As-Reported & Constant Currency)“approximately flat”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Net Yields vs. 2025 (As-Reported)“2.35% to 2.85%”for FY2026Company-definedJan 29, 20263Filing ↗
Net Yields vs. 2025 (Constant Currency)“1.75% to 2.25%”for FY2026Company-definedJan 29, 20263Filing ↗
Non-new ship related capital expenditures“$1.6 billion”for FY2026Company-definedJan 29, 20263Filing ↗
Percent Hedged (fwd. consumption)“58.0%”for Q3 FY2026Company-definedJul 28, 20261Filing ↗
Percent Hedged (fwd. consumption)“59.0%”for FY2026Company-definedJan 29, 20262Filing ↗
Percent hedged via swaps (forecasted consumption)“60%”for FY2026Company-definedJul 29, 20251Filing ↗
Next year and medium term
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Average hedge cost per metric ton“$451”for FY2029Company-definedApr 30, 20261Filing ↗
Capacity change vs. 2025“7%”for FY2029Company-definedApr 30, 20262Filing ↗
Capacity changes“7%”for FY2029Company-definedJan 29, 20261Filing ↗
Fuel consumption hedged via swaps“15%”for FY2029Company-definedApr 30, 20261Filing ↗
Fuel Forecasted Consumption Hedged via swaps“14%”for FY2029Company-definedJul 28, 20261Filing ↗
Annual average cost per metric ton of hedge portfolio“$416”for FY2028Company-definedApr 29, 20254Filing ↗
Average hedge cost per metric ton“$424”for FY2028Company-definedApr 30, 20261Filing ↗
Capacity change“6%”for FY2028Company-definedJan 28, 20252Filing ↗
Capacity change vs. 2025“6%”for FY2028Company-definedApr 30, 20262Filing ↗
Capacity changes“6%”for FY2028Company-definedJul 29, 20253Filing ↗
Forecasted consumption hedged via swaps“26%”for FY2028Company-definedApr 29, 20253Filing ↗
Fuel consumption hedged via swaps“30%”for FY2028Company-definedApr 30, 20261Filing ↗
Fuel Forecasted Consumption Hedged via swaps“29%”for FY2028Company-definedJul 28, 20261Filing ↗
Land-based destination portfolio count“two to eight”for FY2028Company-definedOct 28, 20251Filing ↗
Percent hedged via swaps (forecasted consumption)“16%”for FY2028Company-definedJul 29, 20251Filing ↗
Private Destinations Portfolio“from three to eight”for FY2028Company-definedJul 28, 20261Filing ↗
Private destinations portfolio expansion“from three to eight”for FY2028Company-definedApr 30, 20261Filing ↗
Annual average cost per metric ton of hedge portfolio“$393”for FY2027Company-definedOct 29, 20246Filing ↗
Average hedge cost per metric ton“$408”for FY2027Company-definedApr 30, 20261Filing ↗
Capacity change“5%”for FY2027Company-definedOct 29, 20243Filing ↗
Capacity change vs. 2025“4%”for FY2027Company-definedApr 30, 20262Filing ↗
Capacity changes“4%, 6%, and 7%”for FY2027Company-definedJul 29, 20255Filing ↗
Forecasted consumption hedged via swaps“47%”for FY2027Company-definedOct 29, 20245Filing ↗
Fuel consumption hedged via swaps“49%”for FY2027Company-definedApr 30, 20261Filing ↗
Fuel Forecasted Consumption Hedged via swaps“53%”for FY2027Company-definedJul 28, 20261Filing ↗
Initial order for ships (Celebrity River Cruises)“10 transformative ships”for FY2027Company-definedJan 28, 20251Filing ↗
Percent hedged via swaps (forecasted consumption)“47%”for FY2027Company-definedJul 29, 20251Filing ↗
Perfecta Program ROIC target“17% or higher”for FY2027Company-definedOct 28, 20251Filing ↗
Perfecta Program ROIC target (Definitions)“17% or higher”for FY2027Company-definedJul 28, 20261Filing ↗
Perfecta ROIC target“high teens”for FY2027Company-definedJan 29, 20261Filing ↗
River Cruising Launch“enter river cruising in 2027”for FY2027Company-definedJul 28, 20261Filing ↗
ROIC (Perfecta Program)“17% or higher”for FY2027Company-definedApr 29, 20251Filing ↗
ROIC target (Perfecta Program)“17% or higher”for FY2027Company-definedJul 29, 20251Filing ↗
Long term
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Adjusted EPS CAGR“23%”for the long termCompany-definedJan 29, 20261Filing ↗
Adjusted EPS CAGR target (Perfecta Program)“20% compound annual growth rate”for the long termCompany-definedJul 29, 20251Filing ↗
Adjusted EPS compound annual growth rate (Perfecta Program, vs. 2024)“20%”for the long termCompany-definedApr 29, 20251Filing ↗
Perfecta Adjusted EPS CAGR target“20% earnings CAGR from 2024 to 2027”for the long termCompany-definedJan 29, 20261Filing ↗
Perfecta Program Adjusted EPS CAGR (first two years)“23%”for the long termCompany-definedApr 30, 20262Filing ↗
Perfecta Program Adjusted EPS CAGR target“20%”for the long termCompany-definedOct 28, 20253Filing ↗
No period stated
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Quarterly dividend increase“33%”—Declared actionOct 28, 20251Filing ↗
Quarterly dividend per common share“$1.00 per common share”—Declared actionOct 28, 20251Filing ↗
Share Repurchase Program Remaining Authorization“$805 million”—Declared actionJan 29, 20262Filing ↗

How one item moved

Capacity changes, for FY2026 — every statement across the year, each linked to its filing.

Jan 28, 2025
New
“7%, 5%, and 6%, respectively”
Apr 29, 2025
Changed
“6%, 5%, and 6%, respectively”
Jul 29, 2025
Changed
“6%”
Oct 28, 2025
Reiterated
“6%”

How your Online travel & lodging sector group guides

12 companies in Online travel & lodging. What they guide on, and who reported this season.

Most-guided metric families
Adjusted EBITDA
11
Revenue
9
Dividends
8
Buybacks
8
Adjusted EPS
6
Capex
6
GAAP EPS
5
Tax rate
4
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Get this for your own peer set — Peer Guidance Briefing, $3,000.

Full history

Every metric, every release, eight quarters — the complete record as one table.

MetricFY2029FY2028FY2027FY2026FY2025FY2024Long-termNo period
Revenue and Adjusted EPS growth———1 statement————
Revenue growth———2 statements————
Total revenue growth———1 statement————
Adjusted earnings growth————1 statement———
Adjusted EPS———7 statements8 statements2 statements——
The full record for Royal Caribbean Cruises and its Online travel & lodging peers, delivered as a Peer Guidance Briefing — PDF and Excel, every value linked to its filing.

Filings

The 8 earnings releases this page is built from.

FiledFiscal periodAccessionGuidance items
Jul 28, 2026FY2026 Q20000884887-26-00003653Open filing ↗
Apr 30, 2026FY2026 Q10000884887-26-00002462Open filing ↗
Jan 29, 2026FY2025 Q40000884887-26-00000355Open filing ↗
Oct 28, 2025FY2025 Q30000884887-25-00014664Open filing ↗
Jul 29, 2025FY2025 Q20000884887-25-00014058Open filing ↗
Apr 29, 2025FY2025 Q10000884887-25-00009360Open filing ↗
Jan 28, 2025FY2024 Q40000884887-25-00000358Open filing ↗
Oct 29, 2024FY2024 Q30000884887-24-00014556Open filing ↗

Not located in filing

3 values were detected in these releases but could not be matched to an exact sentence in the filing body, so they are not shown as guidance. We surface the count rather than drop it silently.

Show the 3 unmatched spans
SpanWhyFiled
Hedge Portfolio Annual Average Cost per Metric Ton = approximately $405span gate: value not verbatim in filingJul 28, 2026
Hedge Portfolio Annual Average Cost per Metric Ton = approximately $424span gate: value not verbatim in filingJul 28, 2026
Hedge Portfolio Annual Average Cost per Metric Ton = approximately $451span gate: value not verbatim in filingJul 28, 2026
Values in quotation marks are the company’s words; the classification and filing links are HighGravityData’s. HighGravityData does not score or rank companies or give investment advice.
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