HighGravityDataRoyal Caribbean Cruises — Jan 29, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000884887-26-000003
Showing in the filing
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)
“0.9% to 1.4%”
Period
Q1 FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 55
Net Yields for FY2026
“2.1% to 4.1% as-reported and 1.5% to 3.5% in Constant Currency”
Net Yields vs. 2025 (As-Reported) for FY2026
“2.1% to 4.1%”
Net Yields vs. 2025 (Constant Currency) for FY2026
“1.5% to 3.5%”
NCC, excluding Fuel, per APCD for FY2026
“0.4% to 1.4% as-reported and flat to up 1.0% in Constant Currency”
NCC, excluding Fuel, per APCD (Constant Curr… for FY2026
“flat to up 1.0%”
Adjusted EPS CAGR for the long term
“23%”
Perfecta Adjusted EPS CAGR target for the long term
“20% earnings CAGR from 2024 to 2027”
Perfecta ROIC target for FY2027
“high teens”
Revenue and Adjusted EPS growth for FY2026
“double-digit”
Capacity change vs. 2025 for FY2026
“6.7%”
Capacity changes for FY2026
“6.7%”
Capacity changes for FY2029
“7%”
Net Yields for Q1 FY2026
“2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency”
Net Yields vs. 2025 (As-Reported) for Q1 FY2026
“2.4% to 2.9%”
Net Yields vs. 2025 (Constant Currency) for Q1 FY2026
“1.0% to 1.5%”
NCC, excluding Fuel, per APCD for Q1 FY2026
“1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency”
NCC, excluding Fuel, per APCD (Constant-Curr… for Q1 FY2026
“0.9% to 1.4%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 … for Q1 FY2026
“0.9% to 1.4%”
Percent hedged via swaps for Q1 FY2026
“66%”
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 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 Q1 FY2026
“436,000”
Fuel Consumption (metric tons) for FY2026
“1,762,000”
Fuel expense for Q1 FY2026
“$275 million”
Fuel Expenses for Q1 FY2026
“$275 million”
Fuel Expenses for FY2026
“$1,173 million”
Percent Hedged (fwd. consumption) for Q1 FY2026
“66.0%”
Percent Hedged (fwd. consumption) for FY2026
“60.0%”
Net Cruise Costs per APCD vs. 2025 (As-Repor… for Q1 FY2026
“0.2% to 0.7%”
Net Cruise Costs per APCD vs. 2025 (Constant… for Q1 FY2026
“(0.5%) to 0.0%”
NCC, excluding Fuel, per APCD (as-reported) for Q1 FY2026
“1.7% to 2.2%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 … for Q1 FY2026
“1.7% to 2.2%”
Net Cruise Costs per APCD vs. 2025 (As-Repor… for FY2026
“(0.3%) to 0.7%”
Net Cruise Costs per APCD vs. 2025 (Constant… for FY2026
“(0.6%) to 0.4%”
NCC, excluding Fuel, per APCD (as-reported) for FY2026
“0.4% to 1.4%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 … for FY2026
“0.4% to 1.4%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 … for FY2026
“0.0% to 1.0%”
APCDs for Q1 FY2026
“13.7 million”
APCDs for FY2026
“56.9 million”
Capacity change vs. 2025 for Q1 FY2026
“8.5%”
Depreciation and amortization for Q1 FY2026
“$455 to $465 million”
Depreciation and amortization for FY2026
“$1,890 to $1,900 million”
Net Interest, excluding loss on extinguishme… for Q1 FY2026
“$245 to $255 million”
Net Interest, excluding loss on extinguishme… for FY2026
“$990 to $1,000 million”
Adjusted EPS for Q1 FY2026
“$3.18 to $3.28”
Adjusted EPS for FY2026
“$17.70 to $18.10”
Share Repurchase Program Remaining Authoriza…
“$1.8 billion”
Capital expenditures for FY2026
“approximately $5 billion”
Non-new ship related capital expenditures for FY2026
“$1.8 billion”
Capacity changes for FY2027
“4%”
Capacity changes for FY2028
“6%”
Exhibit 99.1 · the passage around this item
… earlier in the release
First Quarter 2026 Net Yields are expected to increase 2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency as compared to 2025. This includes an impact of 30 bps from itinerary modifications in China. NCC, excluding Fuel, per APCD, is expected to increase 1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency as compared to 2025. Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects first quarter Adjusted EPS to be in the range of $3.18 to $3.28. Expanding Vacation Portfolio Earlier today, Royal Caribbean announced a series of agreements with the Chantiers de l'Atlantique shipyard in Saint Nazaire, France to secure the construction of its highly anticipated Discovery Class ships that will redefine how Royal’s guests experience the world. The agreements include two firm ship orders with options for four additional ships. The first ship in the class is set to debut in 2029, while the second ship is scheduled to be delivered in 2032. In addition, Celebrity Cruises announced a commitment for 10 new ships that will expand its river cruise fleet to 20 vessels by 2031. Celebrity River Cruises is Royal Caribbean Group’s new premium river cruise vacation offering that will launch in 2027 and take guests to historic cities on the world’s most iconic rivers. “Today’s announcements mark an exciting step forward in expanding our vacation portfolio across ocean and river,” said Jason Liberty, Chairman and CEO,
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.