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Guidance history, every release

Royal Caribbean Cruises (RCL) · 8 releases, Oct 29, 2024 to Jul 28, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 29, 2024 FY24 Q3	Jan 28, 2025 FY24 Q4	Apr 29, 2025 FY25 Q1	Jul 29, 2025 FY25 Q2	Oct 28, 2025 FY25 Q3	Jan 29, 2026 FY25 Q4	Apr 30, 2026 FY26 Q1	Jul 28, 2026 FY26 Q2
For FY2029
Average hedge cost per metric ton	—	—	—	—	—	—	New“$451”	—
Capacity change vs. 2025	—	—	—	—	—	—	New“7%”	Reiterated“7%”
Capacity changes	—	—	—	—	—	New“7%”	—	—
Fuel consumption hedged via swaps	—	—	—	—	—	—	New“15%”	—
Fuel Forecasted Consumption Hedged via swaps	—	—	—	—	—	—	—	New“14%”
For FY2028
Annual average cost per metric ton of hedge portfolio	—	—	New“$426”	Reiterated“$426”	Lowered“$416”	Reiterated“$416”	—	—
Average hedge cost per metric ton	—	—	—	—	—	—	New“$424”	—
Capacity change	—	New“6%”	Reiterated“6%”	—	—	—	—	—
Capacity change vs. 2025	—	—	—	—	—	—	New“6%”	Reiterated“6%”
Capacity changes	—	—	—	New“6%”	Reiterated“6%”	Reiterated“6%”	—	—
Forecasted consumption hedged via swaps	—	—	New“15%”	—	Raised“26%”	Reiterated“26%”	—	—
Fuel consumption hedged via swaps	—	—	—	—	—	—	New“30%”	—
Fuel Forecasted Consumption Hedged via swaps	—	—	—	—	—	—	—	New“29%”
Land-based destination portfolio count	—	—	—	—	New“two to eight”	—	—	—
Percent hedged via swaps (forecasted consumption)	—	—	—	New“16%”	—	—	—	—
Private Destinations Portfolio	—	—	—	—	—	—	—	New“from three to eight”
Private destinations portfolio expansion	—	—	—	—	—	—	New“from three to eight”	—
For FY2027
Annual average cost per metric ton of hedge portfolio	New“$426”	Lowered“$422”	Lowered“$393”	Reiterated“$393”	Reiterated“$393”	Reiterated“$393”	—	—
Average hedge cost per metric ton	—	—	—	—	—	—	New“$408”	—
Capacity change	New“5%”	Reiterated“5%”	Reiterated“5%”	—	—	—	—	—
Capacity change vs. 2025	—	—	—	—	—	—	New“4%”	Reiterated“4%”
Capacity changes	—	—	—	New“5%”	Lowered“4%”	Reiterated“4%”	Changed“4%, 6%, and 7%”	Reiterated“4%, 6%, and 7%”
Forecasted consumption hedged via swaps	New“10%”	Raised“20%”	Raised“45%”	—	Raised“47%”	Reiterated“47%”	—	—
Fuel consumption hedged via swaps	—	—	—	—	—	—	New“49%”	—
Fuel Forecasted Consumption Hedged via swaps	—	—	—	—	—	—	—	New“53%”
Initial order for ships (Celebrity River Cruises)	—	New“10 transformative ships”	—	—	—	—	—	—
Percent hedged via swaps (forecasted consumption)	—	—	—	New“47%”	—	—	—	—
Perfecta Program ROIC target	—	—	—	—	New“17% or higher”	—	—	—
Perfecta Program ROIC target (Definitions)	—	—	—	—	—	—	—	New“17% or higher”
Perfecta ROIC target	—	—	—	—	—	New“high teens”	—	—
River Cruising Launch	—	—	—	—	—	—	—	New“enter river cruising in 2027”
ROIC (Perfecta Program)	—	—	New“17% or higher”	—	—	—	—	—
ROIC target (Perfecta Program)	—	—	—	New“17% or higher”	—	—	—	—
For FY2026
Revenue and Adjusted EPS growth	—	—	—	—	—	New“double-digit”	—	—
Revenue growth	—	—	—	—	—	—	New“roughly 10%”	Lowered“9%”
Total revenue growth	—	—	—	—	—	—	—	New“8%”
Adjusted EPS	—	—	—	—	—	—	—	New“$17.73 to $17.87”
Adjusted EPS	—	—	—	—	—	—	—	New“$6.26 to $6.36”
Adjusted EPS	—	—	—	—	—	—	—	New“$6.26 to $6.36”
Adjusted EPS	—	—	—	—	—	New“$17.70 to $18.10”	Lowered“$17.10 to $17.50”	—
Adjusted EPS	—	—	—	—	—	—	New“$3.83 to $3.93”	—
Adjusted EPS	—	—	—	—	—	New“$3.18 to $3.28”	—	—
Adjusted EPS year-over-year growth	—	—	—	—	—	—	New“11%”	—
Adjusted EPS year-over-year growth (ex geopolitical impacts)	—	—	—	—	—	—	New“approximately 11%”	—
Earnings per share	—	—	—	—	New“a $17 handle”	—	—	—
Annual average cost per metric ton of hedge portfolio	New“$469”	Reiterated“$469”	Raised“$476”	Lowered“$474”	Reiterated“$474”	Reiterated“$474”	—	—
APCDs	—	—	—	—	—	—	—	New“14.9 million”
APCDs	—	—	—	—	—	New“56.9 million”	Reiterated“56.9 million”	Reiterated“56.9 million”
APCDs	—	—	—	—	—	—	New“13.6 million”	—
APCDs	—	—	—	—	—	New“13.7 million”	—	—
Average hedge cost per metric ton	—	—	—	—	—	—	New“$475”	—
Capacity change	New“7%”	Reiterated“7%”	Lowered“6%”	—	—	—	—	—
Capacity change vs. 2025	—	—	—	—	—	New“6.7%”	Reiterated“6.7%”	Lowered“6.6%”
Capacity change vs. 2025	—	—	—	—	—	—	—	New“8.5%”
Capacity change vs. 2025	—	—	—	—	—	—	New“4.9%”	—
Capacity change vs. 2025	—	—	—	—	—	New“8.5%”	—	—
Capacity changes	—	New“7%, 5%, and 6%, respectively”	Changed“6%, 5%, and 6%, respectively”	Changed“6%”	Reiterated“6%”	Raised“6.7%”	Reiterated“6.7%”	Lowered“6.6%”
Capital expenditures	—	—	—	—	—	New“approximately $5 billion”	Reiterated“approximately $5 billion”	Lowered“approximately $4.7 billion”
Depreciation and amortization	—	—	—	—	—	—	—	New“$485 to $495 million”
Depreciation and amortization	—	—	—	—	—	New“$1,890 to $1,900 million”	Raised“$1,910 to $1,920 million”	Lowered“$1,905 to $1,915 million”
Depreciation and amortization	—	—	—	—	—	—	New“$465 to $475 million”	—
Depreciation and amortization	—	—	—	—	—	New“$455 to $465 million”	—	—
Forecasted consumption hedged via swaps	New“44%”	Reiterated“44%”	Raised“55%”	—	Raised“60%”	Reiterated“60%”	—	—
Fuel Consumption (metric tons)	—	—	—	—	—	—	—	New“441,000”
Fuel Consumption (metric tons)	—	—	—	—	—	New“1,762,000”	Lowered“1,755,000”	Raised“1,756,000”
Fuel Consumption (metric tons)	—	—	—	—	—	—	New“423,000”	—
Fuel Consumption (metric tons)	—	—	—	—	—	New“436,000”	—	—
Fuel consumption hedged via swaps	—	—	—	—	—	—	New“59%”	—
Fuel costs	—	—	—	—	—	—	New“approximately $1.3 billion”	—
Fuel costs, net of hedging	—	—	—	—	—	—	New“approximately $1.3 billion”	—
Fuel expense	—	—	—	—	—	—	—	New“$362 million”
Fuel expense	—	—	—	—	—	—	New“$346 million”	—
Fuel expense	—	—	—	—	—	—	New“approximately $1.3 billion”	—
Fuel expense	—	—	—	—	—	New“$275 million”	—	—
Fuel Expense (Q3)	—	—	—	—	—	—	—	New“$362 million”
Fuel Expenses	—	—	—	—	—	New“$1,173 million”	Raised“$1,349 million”	Lowered“$1,338 million”
Fuel Expenses	—	—	—	—	—	—	New“$346 million”	—
Fuel Expenses	—	—	—	—	—	New“$275 million”	—	—
Fuel Forecasted Consumption Hedged via swaps	—	—	—	—	—	—	—	New“58%”
Fuel hedge percentage for remainder of year	—	—	—	—	—	—	New“59% hedged”	—
Fuel hedged via swaps	—	—	—	—	—	—	New“60%”	—
Fuel Hedged via swaps (Q3)	—	—	—	—	—	—	—	New“58%”
Hedge Portfolio Annual Average Cost per Metric Ton	—	—	—	—	—	—	—	New“approximately $474”
Hedged (fwd. consumption)	—	—	—	—	—	—	New“59%”	—
Legend of the Seas delivery	—	—	—	—	—	—	New“second quarter of 2026”	—
NCC excluding Fuel per APCD (As-Reported)	—	—	—	—	—	—	—	New“1.7% to 1.2%”
NCC excluding Fuel per APCD (Constant Currency)	—	—	—	—	—	—	—	New“1.6% to 1.1%”
NCC, excluding Fuel, per APCD	—	—	—	—	—	—	—	New“1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency”
NCC, excluding Fuel, per APCD	—	—	—	—	—	—	New“4.9% to 5.4% as-reported and 4.6% to 5.1% in Constant Currency”	—
NCC, excluding Fuel, per APCD	—	—	—	—	—	New“0.4% to 1.4% as-reported and flat to up 1.0% in Constant Currency”	—	—
NCC, excluding Fuel, per APCD	—	—	—	—	—	New“1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency”	—	—
NCC, excluding Fuel, per APCD (as-reported)	—	—	—	—	—	New“0.4% to 1.4%”	Narrowed“approximately 0.5%”	Lowered“approximately 0.4%”
NCC, excluding Fuel, per APCD (as-reported)	—	—	—	—	—	—	New“4.9% to 5.4%”	—
NCC, excluding Fuel, per APCD (as-reported)	—	—	—	—	—	New“1.7% to 2.2%”	—	—
NCC, excluding Fuel, per APCD (Constant Currency)	—	—	—	—	—	—	New“4.6% to 5.1%”	—
NCC, excluding Fuel, per APCD (Constant Currency)	—	—	—	—	—	New“flat to up 1.0%”	—	—
NCC, excluding Fuel, per APCD (Constant-Currency)	—	—	—	—	—	New“0.9% to 1.4%”	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)	—	—	—	—	—	—	—	New“(1.7)% to (1.2)%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)	—	—	—	—	—	New“0.4% to 1.4%”	Narrowed“Approximately 0.5%”	Lowered“Approximately 0.4%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)	—	—	—	—	—	—	New“4.9% to 5.4%”	—
Net Cruise Costs per APCD ex. Fuel vs. 2025 (As-Reported)	—	—	—	—	—	New“1.7% to 2.2%”	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)	—	—	—	—	—	—	—	New“(1.6)% to (1.1)%”
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)	—	—	—	—	—	—	New“4.6% to 5.1%”	—
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)	—	—	—	—	—	New“0.9% to 1.4%”	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2025 (Constant Currency)	—	—	—	—	—	New“0.0% to 1.0%”	—	—
Net Cruise Costs per APCD vs. 2025 (As-Reported)	—	—	—	—	—	—	—	New“0.3% to 0.8%”
Net Cruise Costs per APCD vs. 2025 (As-Reported)	—	—	—	—	—	New“(0.3%) to 0.7%”	Raised“Approximately 1.9%”	Lowered“Approximately 1.7%”
Net Cruise Costs per APCD vs. 2025 (As-Reported)	—	—	—	—	—	—	New“6.8% to 7.3%”	—
Net Cruise Costs per APCD vs. 2025 (As-Reported)	—	—	—	—	—	New“0.2% to 0.7%”	—	—
Net Cruise Costs per APCD vs. 2025 (Constant Currency)	—	—	—	—	—	—	—	New“0.4% to 0.9%”
Net Cruise Costs per APCD vs. 2025 (Constant Currency)	—	—	—	—	—	New“(0.6%) to 0.4%”	Raised“Approximately 1.5%”	Lowered“Approximately 1.4%”
Net Cruise Costs per APCD vs. 2025 (Constant Currency)	—	—	—	—	—	—	New“6.5% to 7.0%”	—
Net Cruise Costs per APCD vs. 2025 (Constant Currency)	—	—	—	—	—	New“(0.5%) to 0.0%”	—	—
Net Interest, excluding loss on extinguishment of debt	—	—	—	—	—	—	—	New“$255 to $265 million”
Net Interest, excluding loss on extinguishment of debt	—	—	—	—	—	New“$990 to $1,000 million”	Lowered“$985 to $995 million”	Lowered“$980 to $990 million”
Net Interest, excluding loss on extinguishment of debt	—	—	—	—	—	—	New“$230 to $240 million”	—
Net Interest, excluding loss on extinguishment of debt	—	—	—	—	—	New“$245 to $255 million”	—	—
Net Yields	—	—	—	—	—	New“2.1% to 4.1% as-reported and 1.5% to 3.5% in Constant Currency”	Changed“2.3% to 3.3% as-reported and 1.5% to 2.5% in Constant Currency”	Changed“2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency”
Net Yields	—	—	—	—	—	—	New“approximately 0.9% as-reported and approximately 0.2% in Constant Currency”	—
Net Yields	—	—	—	—	—	New“2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency”	—	—
Net Yields (As-Reported & Constant Currency)	—	—	—	—	—	—	—	New“approximately flat”
Net Yields vs. 2025 (As-Reported)	—	—	—	—	—	New“2.1% to 4.1%”	Narrowed“2.3% to 3.3%”	Narrowed“2.35% to 2.85%”
Net Yields vs. 2025 (As-Reported)	—	—	—	—	—	—	New“Approximately 0.9%”	—
Net Yields vs. 2025 (As-Reported)	—	—	—	—	—	New“2.4% to 2.9%”	—	—
Net Yields vs. 2025 (Constant Currency)	—	—	—	—	—	New“1.5% to 3.5%”	Narrowed“1.5% to 2.5%”	Narrowed“1.75% to 2.25%”
Net Yields vs. 2025 (Constant Currency)	—	—	—	—	—	—	New“Approximately 0.2%”	—
Net Yields vs. 2025 (Constant Currency)	—	—	—	—	—	New“1.0% to 1.5%”	—	—
Non-new ship related capital expenditures	—	—	—	—	—	New“$1.8 billion”	Reiterated“$1.8 billion”	Lowered“$1.6 billion”
Percent Hedged (fwd. consumption)	—	—	—	—	—	—	—	New“58.0%”
Percent Hedged (fwd. consumption)	—	—	—	—	—	—	New“60.0%”	—
Percent Hedged (fwd. consumption)	—	—	—	—	—	New“60.0%”	Lowered“59.0%”	—
Percent Hedged (fwd. consumption)	—	—	—	—	—	New“66.0%”	—	—
Percent hedged via swaps	—	—	—	—	—	New“66%”	—	—
Percent hedged via swaps (forecasted consumption)	—	—	—	New“60%”	—	—	—	—
For FY2025
Adjusted earnings growth	—	New“23%”	—	—	—	—	—	—
Adjusted EPS	—	—	New“$14.55 to $15.55”	Narrowed“$15.41 to $15.55”	Raised“$15.58 to $15.63, representing 32% year-over-year growth”	—	—	—
Adjusted EPS	—	—	—	—	New“$2.74 to $2.79”	—	—	—
Adjusted EPS	—	—	—	New“$5.55 to $5.65”	—	—	—	—
Adjusted EPS	—	New“$14.35 to $14.65”	—	—	—	—	—	—
Adjusted EPS	—	New“$2.43 to $2.53”	—	—	—	—	—	—
Adjusted EPS (Second Quarter 2025)	—	—	New“$4.00 to $4.10”	—	—	—	—	—
Adjusted EPS year-over-year growth	—	—	—	—	New“32% year-over-year growth”	—	—	—
Earnings per share expectation	New“start with a $14 handle”	—	—	—	—	—	—	—
1% Change in Currency	—	—	—	—	New“$5 million”	—	—	—
1% Change in Currency	—	—	—	New“$7 million”	—	—	—	—
1% Change in Currency	—	New“$21 million”	Lowered“$16 million”	Lowered“$12 million”	—	—	—	—
1% Change in Currency	—	—	New“$5 million”	—	—	—	—	—
1% Change in Currency	—	New“$5 million”	—	—	—	—	—	—
1% Change in NCC excluding Fuel	—	—	—	—	New“$19 million”	—	—	—
1% Change in NCC excluding Fuel	—	New“$68 million”	Reiterated“$68 million”	Reiterated“$68 million”	Reiterated“$68 million”	—	—	—
1% Change in NCC excluding Fuel	—	—	—	New“$16 million”	—	—	—	—
1% Change in NCC excluding Fuel	—	—	New“$16 million”	—	—	—	—	—
1% Change in NCC excluding Fuel	—	New“$16 million”	—	—	—	—	—	—
1% Change in Net Yields	—	—	—	—	New“$34 million”	—	—	—
1% Change in Net Yields	—	New“$140 million”	Raised“$141 million”	Reiterated“$141 million”	Reiterated“$141 million”	—	—	—
1% Change in Net Yields	—	—	—	New“$40 million”	—	—	—	—
1% Change in Net Yields	—	—	New“$35 million”	—	—	—	—	—
1% Change in Net Yields	—	New“$31 million”	—	—	—	—	—	—
10% Change in Fuel prices	—	—	—	—	New“$13 million”	—	—	—
10% Change in Fuel prices	—	—	—	New“$15 million”	—	—	—	—
10% Change in Fuel prices	—	New“$59 million”	Lowered“$42 million”	Lowered“$27 million”	—	—	—	—
10% Change in Fuel prices	—	—	New“$14 million”	—	—	—	—	—
10% Change in Fuel prices	—	New“$14 million”	—	—	—	—	—	—
100 basis pt. Change in SOFR	—	—	—	—	New“$1 million”	—	—	—
100 basis pt. Change in SOFR	—	—	—	New“$2 million”	—	—	—	—
100 basis pt. Change in SOFR	—	New“$15 million”	Lowered“$11 million”	Lowered“$7 million”	—	—	—	—
100 basis pt. Change in SOFR	—	—	New“$1 million”	—	—	—	—	—
100 basis pt. Change in SOFR	—	New“$1 million”	—	—	—	—	—	—
Annual average cost per metric ton of hedge portfolio	New“$487”	Reiterated“$487”	Reiterated“approximately $487”	Lowered“approximately $482”	Lowered“$480”	—	—	—
APCDs	—	—	—	—	New“14.0 million”	—	—	—
APCDs	—	New“53.3 million”	Reiterated“53.3 million”	Reiterated“53.3 million”	Reiterated“53.3 million”	—	—	—
APCDs	—	—	—	New“13.7 million”	—	—	—	—
APCDs	—	—	New“12.9 million”	—	—	—	—	—
APCDs	—	New“12.7 million”	—	—	—	—	—	—
Capacity	—	—	—	New“increase 2.9% compared to third quarter 2024”	—	—	—	—
Capacity change	—	—	New“6%”	—	—	—	—	—
Capacity change	New“5%”	—	—	—	—	—	—	—
Capacity change vs. 2024	—	—	—	—	New“10.3%”	—	—	—
Capacity change vs. 2024	—	—	—	New“2.9%”	—	—	—	—
Capacity change vs. 2024	—	New“5.4%”	Raised“5.5%”	Reiterated“5.5%”	—	—	—	—
Capacity change vs. 2024	—	—	New“5.8%”	—	—	—	—	—
Capacity change vs. 2024	—	New“3.1%”	—	—	—	—	—	—
Capacity changes	—	New“5.4%”	Raised“5.5%”	Reiterated“5.5%”	—	—	—	—
Capacity changes vs. 2024	—	—	—	—	New“5.5%”	—	—	—
Capacity increase	—	—	—	—	New“10.3%”	—	—	—
Capital expenditures	—	New“approximately $5 billion”	Reiterated“approximately $5 billion”	Reiterated“approximately $5 billion”	Reiterated“approximately $5 billion”	—	—	—
Depreciation and amortization	—	—	—	—	New“$445 to $455 million”	—	—	—
Depreciation and amortization	—	New“$1,715 to $1,725 million”	Lowered“$1,710 to $1,720 million”	Lowered“$1,700 to $1,710 million”	Raised“$1,705 to $1,715 million”	—	—	—
Depreciation and amortization	—	—	—	New“$425 to $435 million”	—	—	—	—
Depreciation and amortization	—	—	New“$415 to $425 million”	—	—	—	—	—
Depreciation and amortization	—	New“$410 to $420 million”	—	—	—	—	—	—
Forecasted consumption hedged via swaps	New“60%”	Reiterated“60%”	Lowered“59%”	—	Raised“68%”	—	—	—
Forecasted fuel consumption	—	—	—	—	New“438,000 metric tons”	—	—	—
Forecasted fuel consumption	—	New“424,000 metric tons”	—	—	—	—	—	—
Forecasted fuel consumption hedged via swaps	—	—	—	—	New“68%”	—	—	—
Fuel Consumption (metric tons)	—	—	—	—	New“438,000”	—	—	—
Fuel Consumption (metric tons)	—	New“1,724,000”	Raised“1,726,000”	Lowered“1,718,000”	Lowered“1,712,000”	—	—	—
Fuel Consumption (metric tons)	—	—	—	New“433,000”	—	—	—	—
Fuel Consumption (metric tons)	—	New“424,000”	—	—	—	—	—	—
Fuel consumption (second quarter)	—	—	New“428,000 metric tons”	—	—	—	—	—
Fuel expense	—	—	—	New“$298 million”	—	—	—	—
Fuel expense (second quarter)	—	—	New“$286 million”	—	—	—	—	—
Fuel expense included in	—	—	—	—	New“$286 million”	—	—	—
Fuel expense included in	—	New“$277 million”	—	—	—	—	—	—
Fuel Expenses	—	—	—	—	New“$286 million”	—	—	—
Fuel Expenses	—	New“$1,172 million”	Lowered“$1,140 million”	Raised“$1,143 million”	Lowered“$1,140 million”	—	—	—
Fuel Expenses	—	New“$277 million”	—	—	—	—	—	—
NCC, excluding Fuel, per APCD	—	New“expected to be flat to up 1.0% in Constant Currency and (0.3%) to 0.7% as-reported”	—	Changed“expected to increase approximately 0.5% as-reported and 0.3% in Constant Currency”	Lowered“expected to increase approximately 0.1% as-reported and decline approximately (0.1%) in Constant Currency”	—	—	—
NCC, excluding Fuel, per APCD	—	—	—	—	New“expected to decrease (6.2%) to (5.7%) as-reported and (6.6%) to (6.1%) in Constant Currency”	—	—	—
NCC, excluding Fuel, per APCD	—	—	—	New“expected to increase 6.4% to 6.9% as-reported and 6.0% to 6.5% in Constant Currency”	—	—	—	—
NCC, excluding Fuel, per APCD	—	New“expected to increase 1.6% to 2.1% in Constant-Currency (1.3% to 1.8% as-reported) compared to 2024”	—	—	—	—	—	—
NCC, excluding Fuel, per APCD (as-reported)	—	—	—	—	New“(6.2%) to (5.7%)”	—	—	—
NCC, excluding Fuel, per APCD (Constant Currency)	—	—	—	—	New“approximately (0.1%)”	—	—	—
NCC, excluding Fuel, per APCD (Constant Currency)	—	—	—	—	New“(6.6%) to (6.1%)”	—	—	—
NCC, excluding Fuel, per APCD (Full Year 2025 Outlook)	—	—	New“0.1% to 1.1% as-reported and (0.1%) to 0.9% in Constant Currency”	—	—	—	—	—
NCC, excluding Fuel, per APCD (Second Quarter 2025)	—	—	New“4.1% to 4.6% as-reported and 3.7% to 4.2% in Constant Currency”	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (As-Reported)	—	—	—	—	New“(6.2%) to (5.7%)”	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (As-Reported)	—	—	—	New“6.4% to 6.9%”	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (As-Reported)	—	New“(0.3%) to 0.7%”	Raised“0.1% to 1.1%”	Narrowed“Approximately 0.5%”	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (As-Reported)	—	—	New“4.1% to 4.6%”	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (As-Reported)	—	New“1.3% to 1.8%”	—	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (Constant Currency)	—	—	—	—	New“(6.6%) to (6.1%)”	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (Constant Currency)	—	New“0.0% to 1.0%”	Lowered“(0.1%) to 0.9%”	Raised“Approximately 0.3%”	Revised“Approximately (0.1%)”	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (Constant Currency)	—	—	—	New“6.0% to 6.5%”	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (Constant Currency)	—	—	New“3.7% to 4.2%”	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2024 (Constant Currency)	—	New“1.6% to 2.1%”	—	—	—	—	—	—
Net Cruise Costs per APCD vs. 2024 (As-Reported)	—	—	New“(1.0%) to 0.0%”	Revised“Approximately (0.6%)”	Reiterated“Approximately (1.0%)”	—	—	—
Net Cruise Costs per APCD vs. 2024 (As-Reported)	—	—	—	New“5.4% to 5.9%”	—	—	—	—
Net Cruise Costs per APCD vs. 2024 (As-Reported)	—	—	New“2.8% to 3.3%”	—	—	—	—	—
Net Cruise Costs per APCD vs. 2024 (As-Reported)	—	New“(0.9%) to (0.4%)”	—	—	—	—	—	—
Net Cruise Costs per APCD vs. 2024 (Constant Currency)	—	—	—	—	New“(6.9%) to (6.4%)”	—	—	—
Net Cruise Costs per APCD vs. 2024 (Constant Currency)	—	—	New“(1.2%) to (0.2%)”	Revised“Approximately (0.8%)”	Reiterated“Approximately (1.2%)”	—	—	—
Net Cruise Costs per APCD vs. 2024 (Constant Currency)	—	—	—	New“5.0% to 5.5%”	—	—	—	—
Net Cruise Costs per APCD vs. 2024 (Constant Currency)	—	—	New“2.4% to 2.9%”	—	—	—	—	—
Net Cruise Costs per APCD vs. 2024 (Constant Currency)	—	New“(0.6%) to (0.1%)”	—	—	—	—	—	—
Net Interest, excluding loss on extinguishment of debt	—	—	—	—	New“$245 to $255 million”	—	—	—
Net Interest, excluding loss on extinguishment of debt	—	New“$935 to $945 million”	Raised“$940 to $950 million”	Lowered“$930 to $940 million”	Raised“$945 to $955 million”	—	—	—
Net Interest, excluding loss on extinguishment of debt	—	—	—	New“$235 to $245 million”	—	—	—	—
Net Interest, excluding loss on extinguishment of debt	—	—	New“$220 to $230 million”	—	—	—	—	—
Net Interest, excluding loss on extinguishment of debt	—	New“$230 to $240 million”	—	—	—	—	—	—
Net Yields	—	—	—	—	New“expected to increase 2.6% to 3.1% as-reported and 2.2% to 2.7% in Constant Currency”	—	—	—
Net Yields	—	—	—	New“expected to increase 2.3% to 2.8% as-reported and 2.0% to 2.5% in Constant Currency”	—	—	—	—
Net Yields	—	New“expected to increase 2.5% to 4.5% in Constant Currency and 1.8% to 3.8% as-reported”	—	—	—	—	—	—
Net Yields	—	New“expected to increase 4.75% to 5.25% in Constant-Currency (3.9% to 4.4% as-reported) compared to 2024”	—	—	—	—	—	—
Net Yields (as-reported and Constant Currency)	—	—	—	—	New“3.5% to 4.0%”	—	—	—
Net Yields (as-reported)	—	—	—	—	New“2.6% to 3.1%”	—	—	—
Net Yields (Constant Currency)	—	—	—	—	New“2.2% to 2.7%”	—	—	—
Net Yields (Full Year 2025 Outlook)	—	—	New“2.5% to 4.5% as-reported (2.6% to 4.6% in Constant Currency)”	—	—	—	—	—
Net Yields (Second Quarter 2025)	—	—	New“4.4% to 4.9% as-reported and 4.3% to 4.8% in Constant Currency”	—	—	—	—	—
Net Yields vs. 2024 (As-Reported)	—	—	—	—	New“2.6% to 3.1%”	—	—	—
Net Yields vs. 2024 (As-Reported)	—	—	—	New“2.3% to 2.8%”	—	—	—	—
Net Yields vs. 2024 (As-Reported)	—	—	New“4.4% to 4.9%”	—	—	—	—	—
Net Yields vs. 2024 (As-Reported)	—	New“1.8% to 3.8%”	Raised“2.5% to 4.5%”	—	—	—	—	—
Net Yields vs. 2024 (As-Reported)	—	New“3.9% to 4.4%”	—	—	—	—	—	—
Net Yields vs. 2024 (Constant Currency)	—	—	—	—	New“2.2% to 2.7%”	—	—	—
Net Yields vs. 2024 (Constant Currency)	—	New“2.5% to 4.5%”	Raised“2.6% to 4.6%”	Narrowed“3.5% to 4.0%”	Reiterated“3.5% to 4.0%”	—	—	—
Net Yields vs. 2024 (Constant Currency)	—	—	—	New“2.0% to 2.5%”	—	—	—	—
Net Yields vs. 2024 (Constant Currency)	—	—	New“4.3% to 4.8%”	—	—	—	—	—
Net Yields vs. 2024 (Constant Currency)	—	New“4.75% to 5.25%”	—	—	—	—	—	—
Non-new ship related capital expenditures	—	New“$1.6 billion”	Reiterated“$1.6 billion”	Reiterated“$1.6 billion”	Lowered“approximately $1.5 billion”	—	—	—
Percent Hedged (fwd. consumption)	—	—	—	—	New“68%”	—	—	—
Percent Hedged (fwd. consumption)	—	—	—	New“64%”	—	—	—	—
Percent Hedged (fwd. consumption)	—	New“60.0%”	—	Raised“66%”	—	—	—	—
Percent Hedged (fwd. consumption)	—	—	New“59%”	—	—	—	—	—
Percent Hedged (fwd. consumption)	—	New“62.0%”	—	—	—	—	—	—
Percent hedged via swaps	—	—	—	New“64%”	—	—	—	—
Percent hedged via swaps (forecasted consumption)	—	—	—	New“66%”	—	—	—	—
Percent hedged via swaps (fuel)	—	New“62%”	—	—	—	—	—	—
Percent hedged via swaps (second quarter)	—	—	New“59%”	—	—	—	—	—
For FY2024
Adjusted EPS	New“$11.57 - $11.62”	—	—	—	—	—	—	—
Adjusted EPS	New“$1.40 - $1.45”	—	—	—	—	—	—	—
Adjusted EPS growth year-over-year	New“71%”	—	—	—	—	—	—	—
1% Change in Currency	New“$4 million”	—	—	—	—	—	—	—
1% Change in NCC excluding Fuel	New“$16 million”	—	—	—	—	—	—	—
1% Change in NCC excluding Fuel	New“$60 million”	—	—	—	—	—	—	—
1% Change in Net Yields	New“$29 million”	—	—	—	—	—	—	—
1% Change in Net Yields	New“$120 million”	—	—	—	—	—	—	—
10% Change in Fuel prices	New“$14 million”	—	—	—	—	—	—	—
100 basis pt. Change in SOFR	New“$1 million”	—	—	—	—	—	—	—
Annual average cost per metric ton of hedge portfolio	New“$518”	—	—	—	—	—	—	—
APCDs	New“12.8 million”	—	—	—	—	—	—	—
APCDs	New“50.6 million”	—	—	—	—	—	—	—
Capacity change	New“8%”	—	—	—	—	—	—	—
Capacity change vs. 2023	New“6.6%”	—	—	—	—	—	—	—
Capacity change vs. 2023	New“7.8%”	—	—	—	—	—	—	—
Capacity changes	New“8%, 5%, 7%, and 5%, respectively”	—	—	—	—	—	—	—
Capital expenditures	New“approximately $3.4 billion”	—	—	—	—	—	—	—
Depreciation and amortization	New“$410 to $420 million”	—	—	—	—	—	—	—
Depreciation and amortization	New“$1,590 to $1,600 million”	—	—	—	—	—	—	—
Forecasted consumption hedged via swaps	New“61%”	—	—	—	—	—	—	—
Forecasted fuel consumption	New“433,000 metric tons”	—	—	—	—	—	—	—
Fuel Consumption (metric tons)	New“433,000”	—	—	—	—	—	—	—
Fuel Consumption (metric tons)	New“1,704,000”	—	—	—	—	—	—	—
Fuel expense included in	New“$285 million”	—	—	—	—	—	—	—
Fuel Expenses	New“$285 million”	—	—	—	—	—	—	—
Fuel Expenses	New“$1,161 million”	—	—	—	—	—	—	—
NCC, excluding Fuel, per APCD	New“expected to increase approximately 6.2% to 6.7% in Constant Currency and as-reported”	—	—	—	—	—	—	—
NCC, excluding Fuel, per APCD	New“expected to increase 11.6% to 12.1% in Constant Currency and 11.7% to 12.2% as-reported”	—	—	—	—	—	—	—
NCC, excluding Fuel, per APCD (as-reported)	New“11.7% to 12.2%”	—	—	—	—	—	—	—
NCC, excluding Fuel, per APCD (Constant Currency)	New“11.6% to 12.1%”	—	—	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2023 (As-Reported)	New“11.7% to 12.2%”	—	—	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2023 (Constant Currency)	New“11.6% to 12.1%”	—	—	—	—	—	—	—
Net Cruise Costs per APCD ex. Fuel vs. 2023 (Constant Currency)	New“6.2% to 6.7%”	—	—	—	—	—	—	—
Net Cruise Costs per APCD vs. 2023 (As-Reported)	New“7.8% to 8.3%”	—	—	—	—	—	—	—
Net Cruise Costs per APCD vs. 2023 (Constant Currency)	New“7.7% to 8.2%”	—	—	—	—	—	—	—
Net Cruise Costs per APCD vs. 2023 (Constant Currency)	New“4.0% to 4.5%”	—	—	—	—	—	—	—
Net Yields	New“expected to increase 10.8% to 11.3% in Constant Currency (10.9% to 11.4% as-reported)”	—	—	—	—	—	—	—
Net Yields	New“expected to increase 5.1% to 5.6% in Constant Currency and 5.3% to 5.8% as-reported”	—	—	—	—	—	—	—
Net Yields vs. 2023 (As-Reported)	New“5.3% to 5.8%”	—	—	—	—	—	—	—
Net Yields vs. 2023 (As-Reported)	New“10.9% to 11.4%”	—	—	—	—	—	—	—
Net Yields vs. 2023 (Constant Currency)	New“5.1% to 5.6%”	—	—	—	—	—	—	—
Net Yields vs. 2023 (Constant Currency)	New“10.8% to 11.3%”	—	—	—	—	—	—	—
Non-new ship related capital expenditures	New“$0.7 billion”	—	—	—	—	—	—	—
Percent Hedged (fwd. consumption)	New“61%”	—	—	—	—	—	—	—
Percent hedged via swaps	New“61%”	—	—	—	—	—	—	—
No period stated
Adjusted EPS CAGR	—	—	—	—	—	New“23%”	—	—
Adjusted EPS CAGR target (Perfecta Program)	—	—	—	New“20% compound annual growth rate”	—	—	—	—
Adjusted EPS compound annual growth rate (Perfecta Program, vs. 2024)	—	—	New“20%”	—	—	—	—	—
Perfecta Adjusted EPS CAGR target	—	—	—	—	—	New“20% earnings CAGR from 2024 to 2027”	—	—
Perfecta Program Adjusted EPS CAGR (first two years)	—	—	—	—	—	—	New“21%”	Raised“23%”
Perfecta Program Adjusted EPS CAGR target	—	—	—	—	New“20% compound annual growth rate in Adjusted EPS compared to 2024”	—	Changed“20%”	Reiterated“20%”
Quarterly dividend increase	—	—	—	—	New“33%”	—	—	—
Quarterly dividend per common share	—	—	—	—	New“$1.00 per common share”	—	—	—
Share Repurchase Program Remaining Authorization	—	—	—	—	—	New“$1.8 billion”	—	Lowered“$805 million”

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.