Royal Caribbean shares gained 4.5% following first quarter results, as revenue, net yield, and adjusted EPS all topped company expectations and a robust WAVE season underscored sustained demand momentum. Despite modest yield headwinds linked to geopolitical disruptions and fuel, management reaffirmed a double-digit growth outlook and delivered record capital returns.

• Revenue rose 11% year-over-year, with net yields up 2%; adjusted EPS beat guidance by $0.37.
• A record WAVE booking season drove elevated guest volumes and onboard spending across the brand portfolio.
• Geopolitical events in the Middle East and West Coast of Mexico led to temporary itinerary shifts, some Mediterranean demand softness, and a $0.74 EPS headwind—primarily due to higher fuel costs.
• For full-year 2026, management expects double-digit revenue and EPS growth, with net yield guidance of 1.5–2.5% and adjusted EPS of $17.10–$17.50.
• $1.1 billion was returned to shareholders via dividends and buybacks in the quarter.