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
Forecasted consumption hedged via swaps
“26%”
Period
FY2028
Measure
Company-defined measure
Source
Prose
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
Based on today's fuel prices, the company has included $275 million of fuel expense in its first quarter guidance at a forecasted consumption of 436,000 metric tons, which is 66% hedged via swaps. Forecasted consumption is 60%, 47%, and 26% hedged via swaps for 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $393, and $416 for 2026, 2027, and 2028, respectively. The company provided the following guidance for the first quarter and full year 2026: FUEL STATISTICS First Quarter 2026 Full Year 2026 Fuel Consumption (metric tons) 436,000 1,762,000 Fuel Expenses $275 million $1,173 million Percent Hedged (fwd. consumption) 66.0% 60.0% GUIDANCE As-Reported Constant Currency First Quarter 2026 Net Yields vs. 2025 2.4% to 2.9% 1.0% to 1.5% Net Cruise Costs per APCD vs. 2025 0.2% to 0.7% (0.5%) to 0.0% Net Cruise Costs per APCD ex. Fuel vs. 2025 1.7% to 2.2% 0.9% to 1.4% Full Year 2026 Net Yields vs. 2025 2.1% to 4.1% 1.5% to 3.5% Net Cruise Costs per APCD vs. 2025 (0.3%) to 0.7% (0.6%) to 0.4% Net Cruise Costs per APCD ex. Fuel vs. 2025 0.4% to 1.4% 0.0% to 1.0% GUIDANCE First Quarter 2026 Full Year 2026 APCDs 13.7 million 56.9 million Capacity change vs. 2025 8.5% 6.7% Depreciation and amortization $455 to $465 million $1,890 to $1,900 million Net Interest, excluding loss on extinguishment of debt $245 to $255 million $990 to $1,000 million Adjusted EP
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.