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Royal Caribbean Cruises — Oct 28, 2025 release

Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000884887-25-000146
Open on SEC.gov ↗
Showing in the filing
Net Yields (Constant Currency)
“2.2% to 2.7%”
Period
Q4 FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 64
Adjusted EPS for FY2025
“$15.58 to $15.63, representing 32% year-over-year growth”
Adjusted EPS year-over-year growth for FY2025
“32% year-over-year growth”
Earnings per share for FY2026
“a $17 handle”
NCC, excluding Fuel, per APCD for FY2025
“expected to increase approximately 0.1% as-reported and decline approximately (0.1%) in Constant Currency”
NCC, excluding Fuel, per APCD (Constant Curr… for FY2025
“approximately (0.1%)”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for FY2025
“Approximately (0.1%)”
Capacity increase for Q4 FY2025
“10.3%”
Net Yields for Q4 FY2025
“expected to increase 2.6% to 3.1% as-reported and 2.2% to 2.7% in Constant Currency”
Net Yields (as-reported) for Q4 FY2025
“2.6% to 3.1%”
Net Yields vs. 2024 (As-Reported) for Q4 FY2025
“2.6% to 3.1%”
Net Yields (Constant Currency) for Q4 FY2025
“2.2% to 2.7%”
Net Yields vs. 2024 (Constant Currency) for Q4 FY2025
“2.2% to 2.7%”
NCC, excluding Fuel, per APCD for Q4 FY2025
“expected to decrease (6.2%) to (5.7%) as-reported and (6.6%) to (6.1%) in Constant Currency”
Land-based destination portfolio count for FY2028
“two to eight”
Fuel expense included in for Q4 FY2025
“$286 million”
Forecasted fuel consumption for Q4 FY2025
“438,000 metric tons”
Forecasted consumption hedged via swaps for FY2025
“68%”
Forecasted fuel consumption hedged via swaps for Q4 FY2025
“68%”
Percent Hedged (fwd. consumption) for Q4 FY2025
“68%”
Forecasted consumption hedged via swaps for FY2026
“60%”
Forecasted consumption hedged via swaps for FY2027
“47%”
Forecasted consumption hedged via swaps for FY2028
“26%”
Annual average cost per metric ton of hedge … for FY2025
“$480”
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
“$416”
Fuel Consumption (metric tons) for Q4 FY2025
“438,000”
Fuel Consumption (metric tons) for FY2025
“1,712,000”
Fuel Expenses for Q4 FY2025
“$286 million”
Fuel Expenses for FY2025
“$1,140 million”
NCC, excluding Fuel, per APCD (Constant Curr… for Q4 FY2025
“(6.6%) to (6.1%)”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for Q4 FY2025
“(6.6%) to (6.1%)”
Net Cruise Costs per APCD vs. 2024 (Constant… for Q4 FY2025
“(6.9%) to (6.4%)”
NCC, excluding Fuel, per APCD (as-reported) for Q4 FY2025
“(6.2%) to (5.7%)”
Net Cruise Costs per APCD ex. Fuel vs. 2024 … for Q4 FY2025
“(6.2%) to (5.7%)”
Net Yields (as-reported and Constant Currency) for FY2025
“3.5% to 4.0%”
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 (1.0%)”
Net Cruise Costs per APCD vs. 2024 (Constant… for FY2025
“Approximately (1.2%)”
APCDs for Q4 FY2025
“14.0 million”
APCDs for FY2025
“53.3 million”
Capacity change vs. 2024 for Q4 FY2025
“10.3%”
Depreciation and amortization for Q4 FY2025
“$445 to $455 million”
Depreciation and amortization for FY2025
“$1,705 to $1,715 million”
Net Interest, excluding loss on extinguishme… for Q4 FY2025
“$245 to $255 million”
Net Interest, excluding loss on extinguishme… for FY2025
“$945 to $955 million”
Adjusted EPS for Q4 FY2025
“$2.74 to $2.79”
1% Change in Net Yields for Q4 FY2025
“$34 million”
1% Change in Net Yields for FY2025
“$141 million”
1% Change in NCC excluding Fuel for Q4 FY2025
“$19 million”
1% Change in NCC excluding Fuel for FY2025
“$68 million”
1% Change in Currency for Q4 FY2025
“$5 million”
10% Change in Fuel prices for Q4 FY2025
“$13 million”
100 basis pt. Change in SOFR for Q4 FY2025
“$1 million”
Quarterly dividend increase
“33%”
Quarterly dividend per common share
“$1.00 per common share”
Capital expenditures for FY2025
“approximately $5 billion”
Non-new ship related capital expenditures for FY2025
“approximately $1.5 billion”
Capacity changes vs. 2024 for FY2025
“5.5%”
Capacity changes for FY2028
“6%”
Capacity changes for FY2026
“6%”
Capacity changes for FY2027
“4%”
Perfecta Program Adjusted EPS CAGR target for the long term
“20% compound annual growth rate in Adjusted EPS compared to 2024”
Perfecta Program ROIC target for FY2027
“17% or higher”
Exhibit 99.1 · the passage around this item
… earlier in the release
"From the launch of Star of the Seas and the overwhelming response to Celebrity River - with all initially available deployment selling out almost immediately - to the upcoming debuts of Celebrity Xcel and Royal Beach Club Paradise Island, these game-changing investments exemplify how we continue to raise the bar for our guests and expand the reach of our growing vacation ecosystem." Fourth Quarter 2025 Capacity in the fourth quarter is expected to increase 10.3% compared to fourth quarter 2024, driven by the introduction of Star of the Seas during the third quarter, Celebrity Xcel in mid-November, and fewer drydock days. Net Yields are expected to increase 2.6% to 3.1% as-reported and 2.2% to 2.7% in Constant Currency. The expected growth in yield is driven by both ticket and onboard spend, as well as new and like for like hardware. Yield growth in the fourth quarter is on top of 7.3% growth in the fourth quarter of 2024. Fourth quarter Net Yield growth is marginally impacted by weather events and the unplanned extension of the temporary closure of Labadee, Haiti. NCC, excluding Fuel, per APCD, is expected to decrease (6.2%) to (5.7%) as-reported and (6.6%) to (6.1%) in Constant Currency as compared to the same period in the prior year. Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects fourth quarter Adjusted EPS to be in the range of $2.74 to $2.79. New Exclusive Destination - Royal Beach Club Santorini Royal Caribbean Group continues to strategically invest in expanding its unrivaled portfolio of destinations and experiences – deepening its competitive moat, strengthening its vacation ecosystem and creating new ways to deliver extraordinary vacations that resonate with guests. Today the company announced plans to bring the ultimate day to Santorini. Set to open in summer 2026, Royal Beach Club Santor
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.