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 change vs. 2025
“6.7%”
Period
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
Perfecta is the company's multi-year financial program targeting 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027. • The company expects double-digit revenue and Adjusted EPS growth in 2026, driven by 6.7% higher capacity, as well as anticipated yield growth. Fourth Quarter 2025 Results Net Income for the fourth quarter of 2025 was $0.8 billion or $2.76 per share compared to Net Income of $0.6 billion or $2.02 per share for the same period in the prior year. Adjusted Net Income was $0.8 billion or $2.80 per share for the fourth quarter of 2025 compared to Adjusted Net Income of $0.4 billion or $1.63 per share for the same period in the prior year. The company also reported total revenues of $4.3 billion and Adjusted EBITDA of $1.5 billion. Gross Margin Yields increased 9.2% as-reported, and Net Yields increased 3.1% as-reported (2.5% in Constant Currency), when compared to the fourth quarter of 2024. Load factor for the quarter was 108%. Gross Cruise Costs per APCD decreased 4.5% as-reported, compared to 2024. NCC, excluding Fuel, per APCD decreased 5.8% as-reported and 6.3% in Constant Currency, when compared to 2024. Update on Bookings and Onboard Revenue Since the last earnings call, Cyber Sales and the onset of WAVE season have resulted in the highest seven booking weeks in the company’s history. The company has approximately two-thirds of 2026 capacity booked, which is within h
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.