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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
Fuel Expenses
“$286 million”
Period
Q4 FY2025
Measure
Company-defined measure
Source
Guidance table
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
The annual average cost per metric ton of the hedge portfolio is approximately $480, $474, $393, and $416 for 2025, 2026, 2027, and 2028, respectively. The company provided the following guidance for the fourth quarter and full year 2025: FUEL STATISTICS Fourth Quarter 2025 Full Year 2025 Fuel Consumption (metric tons) 438,000 1,712,000 Fuel Expenses $286 million $1,140 million Percent Hedged (fwd. consumption) 68% 68% GUIDANCE As-Reported Constant Currency Fourth Quarter 2025 Net Yields vs. 2024 2.6% to 3.1% 2.2% to 2.7% Net Cruise Costs per APCD vs. 2024 (6.6%) to (6.1%) (6.9%) to (6.4%) Net Cruise Costs per APCD ex. Fuel vs. 2024 (6.2%) to (5.7%) (6.6%) to (6.1%) Full Year 2025 Net Yields vs. 2024 3.5% to 4.0% 3.5% to 4.0% Net Cruise Costs per APCD vs. 2024 Approximately (1.0%) Approximately (1.2%) Net Cruise Costs per APCD ex. Fuel vs. 2024 Approximately 0.1% Approximately (0.1%) GUIDANCE Fourth Quarter 2025 Full Year 2025 APCDs 14.0 million 53.3 million Capacity change vs. 2024 10.3% 5.5% Depreciation and amortization $445 to $455 million $1,705 to $1,715 million Net Interest, excluding loss on extinguishment of debt $245 to $255 million $945 to $955 million Adjusted EPS $2.74 to $2.79 $15.58 to $15.63 SENSITIVITY Fourth Quarter 2025 Full Year 2025 1% Change in Net Yields $34 million $141 million 1% Change in NCC excluding Fuel $19 million $68 million Fourth Quarter 2025 Remainder of Year 2025 1% Change in Currency $5 million $5 million 10% Change in Fuel prices $13 million $13 million 100 basis pt. Change in SOFR $1 million $1 millio
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.