HighGravityDataRoyal Caribbean Cruises — Jul 29, 2025 release
Fiscal 2025 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000884887-25-000140
Showing in the filing
1% Change in NCC excluding Fuel
“$68 million”
Period
FY2025
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 58
Adjusted EPS for FY2025
“$15.41 to $15.55”
NCC, excluding Fuel, per APCD for FY2025
“expected to increase approximately 0.5% as-reported and 0.3% in Constant Currency”
Capacity for Q3 FY2025
“increase 2.9% compared to third quarter 2024”
Net Yields for Q3 FY2025
“expected to increase 2.3% to 2.8% as-reported and 2.0% to 2.5% in Constant Currency”
Net Yields vs. 2024 (As-Reported) for Q3 FY2025
“2.3% to 2.8%”
Net Yields vs. 2024 (Constant Currency) for Q3 FY2025
“2.0% to 2.5%”
NCC, excluding Fuel, per APCD for Q3 FY2025
“expected to increase 6.4% to 6.9% as-reported and 6.0% to 6.5% in Constant Currency”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for Q3 FY2025
“6.0% to 6.5%”
Percent Hedged (fwd. consumption) for Q3 FY2025
“64%”
Percent hedged via swaps for Q3 FY2025
“64%”
Percent Hedged (fwd. consumption) for FY2025
“66%”
Percent hedged via swaps (forecasted consump… for FY2025
“66%”
Percent hedged via swaps (forecasted consump… for FY2026
“60%”
Percent hedged via swaps (forecasted consump… for FY2027
“47%”
Percent hedged via swaps (forecasted consump… for FY2028
“16%”
Annual average cost per metric ton of hedge … for FY2025
“approximately $482”
Annual average cost per metric ton of hedge … for FY2026
“$474”
Annual average cost per metric ton of hedge … for FY2027
“$393”
Annual average cost per metric ton of hedge … for FY2028
“$426”
Fuel Consumption (metric tons) for Q3 FY2025
“433,000”
Fuel Consumption (metric tons) for FY2025
“1,718,000”
Fuel expense for Q3 FY2025
“$298 million”
Fuel Expenses for FY2025
“$1,143 million”
Net Cruise Costs per APCD vs. 2024 (As-Repor… for Q3 FY2025
“5.4% to 5.9%”
Net Cruise Costs per APCD vs. 2024 (Constant… for Q3 FY2025
“5.0% to 5.5%”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for Q3 FY2025
“6.4% to 6.9%”
Net Yields vs. 2024 (Constant Currency) for FY2025
“3.5% to 4.0%”
Net Cruise Costs per APCD vs. 2024 (As-Repor… for FY2025
“Approximately (0.6%)”
Net Cruise Costs per APCD vs. 2024 (Constant… for FY2025
“Approximately (0.8%)”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for FY2025
“Approximately 0.5%”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for FY2025
“Approximately 0.3%”
APCDs for Q3 FY2025
“13.7 million”
APCDs for FY2025
“53.3 million”
Capacity change vs. 2024 for Q3 FY2025
“2.9%”
Capacity change vs. 2024 for FY2025
“5.5%”
Depreciation and amortization for Q3 FY2025
“$425 to $435 million”
Depreciation and amortization for FY2025
“$1,700 to $1,710 million”
Net Interest, excluding loss on extinguishme… for Q3 FY2025
“$235 to $245 million”
Net Interest, excluding loss on extinguishme… for FY2025
“$930 to $940 million”
Adjusted EPS for Q3 FY2025
“$5.55 to $5.65”
1% Change in Net Yields for Q3 FY2025
“$40 million”
1% Change in Net Yields for FY2025
“$141 million”
1% Change in NCC excluding Fuel for Q3 FY2025
“$16 million”
1% Change in NCC excluding Fuel for FY2025
“$68 million”
1% Change in Currency for Q3 FY2025
“$7 million”
1% Change in Currency for FY2025
“$12 million”
10% Change in Fuel prices for Q3 FY2025
“$15 million”
10% Change in Fuel prices for FY2025
“$27 million”
100 basis pt. Change in SOFR for Q3 FY2025
“$2 million”
100 basis pt. Change in SOFR for FY2025
“$7 million”
Capital expenditures for FY2025
“approximately $5 billion”
Non-new ship related capital expenditures for FY2025
“$1.6 billion”
Capacity changes for FY2025
“5.5%”
Capacity changes for FY2027
“5%”
Capacity changes for FY2028
“6%”
Capacity changes for FY2026
“6%”
Adjusted EPS CAGR target (Perfecta Program) for the long term
“20% compound annual growth rate”
ROIC target (Perfecta Program) for FY2027
“17% or higher”
Exhibit 99.1 · the passage around this item
… earlier in the release
2024 2.9% 5.5% Depreciation and amortization $425 to $435 million $1,700 to $1,710 million Net Interest, excluding loss on extinguishment of debt $235 to $245 million $930 to $940 million Adjusted EPS $5.55 to $5.65 $15.41 to $15.55 SENSITIVITY Third Quarter 2025 Full Year 2025 1% Change in Net Yields $40 million $141 million 1% Change in NCC excluding Fuel $16 million $68 million Third Quarter 2025 Remainder of Year 2025 1% Change in Currency $7 million $12 million 10% Change in Fuel prices $15 million $27 million 100 basis pt. Change in SOFR $2 million $7 million Exchange rates used in guidance calculations GBP $1.34 AUD $0.65 CAD $0.73 EUR $1.16 Liquidity and Financing Arrangements As of June 30, 2025, the company’s liquidity position was $7.1 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity. During the first half of this year, the company received investment grade ratings by all three major credit rating agencies, reflecting the strength of its financial position, consistent performance, and disciplined capital allocation strategy. In addition, the company amended and upsized its two unsecured revolving credit facilities during the quarter, bringing the combined revolving credit facilities commitments to $6.4 billion, and extending the maturity of one facility to October 2030. The company noted that as of June 30, 2025, the scheduled debt maturities for the remainder of 2025, 2026, 2027, and 2028 were $0.8 billion, $2.9 billion, $2.6 billion and $3.1 billion, respectively. 1 Capital Expenditures and Capaci
later in the release …
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other guidance in this release
Text is the filed exhibit, verbatim.