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
Capacity changes
“6%”
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
Non-new ship related capital expenditures are expected to be $1.8 billion, a significant portion of which includes the company's previously announced private destinations under development including Perfect Day Mexico. Capacity changes for 2026 are expected to be 6.7% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future. Page 1 Conference call scheduled The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's investor relations website at www.rclinvestor.com . Definitions Selected Operational and Financial Metrics Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis. Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful whe n assessing our profitability on a comparative basis. For the periods presented , these items included (i) other income; (ii) restructuring charges and other initiative expenses; (iii) equity investment impairment, recovery of losses, and ot
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.