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
NCC, excluding Fuel, per APCD
“expected to increase 6.4% to 6.9% as-reported and 6.0% to 6.5% in Constant Currency”
Period
Q3 FY2025
Measure
Company-defined measure
Source
Prose
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
As expected, Net Yield growth in the third quarter is almost entirely driven by like for like hardware, and includes a 150 bps headwind due to delivery timing of Star of the Seas . Net Yield growth in the third quarter is on top of 7.9% growth in the third quarter of 2024. NCC, excluding Fuel, per APCD, is expected to increase 6.4% to 6.9% as-reported and 6.0% to 6.5% in Constant Currency as compared to the same period in the prior year. Approximately 230 bps of cost growth is attributable to the timing of delivery of Star of the Seas, and the cost timing shift from the second quarter. Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $5.55 to $5.65. Fuel Expense Bunker pricing, net of hedging, for the second quarter was $663 per metric ton and consumption was 422,000 metric tons. The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on current fuel prices, the company has included $298 million of fuel expense in its third quarter guidance at a forecasted consumption of 433,000 metric tons, which is 64% hedged via swaps. Forecasted consumption is 66%, 60%, 47%, and 16% hedged via swaps for 2025, 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately $482, $474, $393, and $426 for 2025, 2026, 2027, and 2028, respectively. The company provided the following guidance for the third quarter and full yea
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.