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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
Perfecta Program Adjusted EPS CAGR target
“20% compound annual growth rate in Adjusted EPS compared to 2024”
Period
The long term
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
Passenger Cruise Days ("PCD") represent the number of passengers carried for the period multiplied by the number of days of their respective cruises. Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027. Return on Invested Capital ("ROIC") represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business. For additional information see “Adjusted Measures of Financial Performance” below. About Royal Caribbean Group Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 68 ships across its five brands traveling to all seven continents. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean, Celebrity Cruises, and Silversea; and an expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns a 50% joint venture interest in TUI Cruises, which operates the German Brands Mein Schiff and Hapag-Lloyd Cruises. With a rich history of innovating, Royal Caribbean Group continually delivers exciting new products and guest experiences that help s
later in the release …
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other guidance in this release
Text is the filed exhibit, verbatim.