Royal Caribbean Group Q3 2026 Earnings Recap

Royal Caribbean shares rose 5.5% after earnings, as third-quarter results beat management’s expectations and the company raised its full-year guidance. Better-than-expected closing demand and onboard revenue supported the upside, though yield growth was modest against 8% capacity growth.

Key Takeaways

• Third-quarter revenue grew 9% year over year; adjusted EPS was $0.26 above company guidance.
• Capacity increased 8%, while net yields rose 0.6%—about 60 basis points above the company’s expectation.
• Booking volumes since the prior call were up in the mid-teens year over year; bookings for 2027 sailings were up in the high teens, with 2026 and 2027 book positions ahead of prior year at record rates.
• Fourth-quarter capacity is expected to increase 5%, with yield growth forecast at 4.2%–4.7%.
• The proposed Sandals and Beaches deal involves an approximately $3 billion investment for a 50% stake at 10 times forward EBITDA; management expects it to be immediately accretive to earnings.