Royal Caribbean Group

Royal Caribbean Group is one of the largest cruise companies in the world. It owns three cruise brands, Royal Caribbean, Celebrity Cruises and Silversea, and it has a 50% share in TUI Cruises, which operates the Mein Schiff and Hapag-Lloyd brands. Together these brands operate 71 ships that sail to more than 1,000 destinations. The group also owns private destinations in its Perfect Day and Royal Beach Club collections, and it will start river cruises in 2027 with Celebrity River Cruises.

Total revenue was $17.9 billion in 2025. In Q3 2026, revenue was $5.59 billion and the ships carried 2.7 million guests. The head office is in Miami, Florida, and Jason Liberty is its chairman and chief executive officer.

Royal Caribbean trades at a premium because investors pay for strong demand, high margins and fast earnings growth. Adjusted EPS rose to $15.64 in 2025, and the company expects $17.85 to $17.95 for 2026. Its Perfecta program targets 20% yearly growth in adjusted EPS from 2024 to 2027 and a return on invested capital of 17% or more, and the company says that it remains on track for adjusted EPS of $20 or more in 2027. Investors also pay for new ships, private destinations and a loyalty program that bring guests back.

For the premium to be earned, three things must be true. Net yields must keep rising in 2027 while capacity grows about 4.5%, and the company said that 2027 bookings are ahead of past levels at higher prices. Costs, mainly fuel, must stay under control: fuel cost $347 million in Q3 2026, up from $297 million a year earlier. The balance sheet must carry ship orders of about $19.4 billion and the purchase of 50% of Sandals and Beaches Resorts for about $3 billion without a large rise in debt.

The premium can shrink if consumers spend less on travel, if geopolitical events change itineraries again, or if fuel prices rise more. The Q4 2026 report, expected in late January 2027 with the first 2027 guidance, is the next test.

1. Oct 27, 2026Passed

   Q3 2026 results and 2026 guidanceAdjusted EPS above a year earlier and kept or higher 2026 guidance pass; lower guidance fails.Outcome: Adjusted EPS rose to $6.57 from $5.75, and the company raised its 2026 adjusted EPS guidance to $17.85 to $17.95.
2. Jan 28, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 adjusted EPS within or above $17.85 to $17.95 and 2027 guidance of $20 or more pass; guidance below $20 or falling yields fail.
3. Mar 2027 · est.Pending

   Close of the Sandals and Beaches purchaseA close in early 2027 with permanent financing and no large rise in leverage passes; a delay or a much higher cost fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Royal Caribbean reported Q3 2026 results. Revenue rose 9% to $5.59 billion, and net yields rose 0.9%. Net income was $1.73 billion, or $6.45 per share, and adjusted EPS was $6.57, up from $5.75. The company raised its 2026 adjusted EPS guidance to $17.85 to $17.95 from $17.73 to $17.87. It said that booking volumes rose in the mid-teens since its last call, with bookings for 2027 sailings up in the high teens. In October 2026, it added a $400 million delayed-draw term loan from Export Development Canada.
• September 23, 2026Royal Caribbean agreed to buy a 50% equity interest in Sandals and Beaches Resorts for about $3 billion. The resorts include 18 all-inclusive resorts in the Caribbean and three resorts under development. The company will use the equity method for the investment and expects the deal to close in early 2027. It arranged a $3 billion 364-day term loan that it can use only for this purchase.
• August 20, 2026Royal Caribbean issued $1.25 billion of 5.550% senior notes due 2034. It used the money to repay part of its floating-rate term loans and other debt.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · rcl-20260930
• 8-KEarnings releaseFiled October 27, 2026 · rcl-20261027
• 8-KOther company newsFiled September 23, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled August 20, 2026 · Read it on sec.gov
• 8-KNew material agreementFiled August 7, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · rcl-20260630
• 8-KEarnings releaseFiled July 28, 2026 · rcl-20260728
• 8-KChange of directors or officers and Investor disclosureFiled July 20, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 28, 2026 · rcl-20260528
• 8-KInvestor disclosureFiled May 20, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 884887)

• Cruise demand depends on how much consumers spend on travel. A recession, a health crisis or a security event can cut bookings and prices quickly.
• Geopolitical events changed some itineraries in 2026. Bookings for Mediterranean and West Coast of Mexico itineraries slowed in March and early April 2026, and TUI Cruises had lower results from Middle East itineraries.
• Fuel cost $966 million in the first nine months of 2026. Swaps hedge 58% of the expected fuel use for 2026 and 53% for 2027, so higher fuel prices still reduce profit.
• Debt was $22.36 billion at September 30, 2026, ships on order cost about $19.4 billion, and the Sandals purchase adds about $3 billion. Higher interest rates or weaker cash flow can slow buybacks and dividend growth.
• The Sandals and Beaches partnership takes the group into all-inclusive resorts, a new type of business for it. If the resorts grow more slowly than planned, the return on about $3 billion can be low.

Royal Caribbean funds its ships mainly with unsecured notes and term loans, and committed financing with sovereign guarantees covers about 80% of the cost of the ships on order. Total debt was $22.36 billion at September 30, 2026: $2.24 billion is due within one year and $20.12 billion is long-term. Read more

Dividend yield

1.6% (last 12 months, at today’s price of $336.98)

Paid per share

$5.50 in the last 12 months (4 payments)

Current annual rate

$6.00 ($1.50 × 4 a year)

Payout ratio

22% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 17, 2026, $1.50 per share

Dividends per share by year

Over the last 10 years, the dividend grew by about 13.1% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.