Royal Caribbean Q3 2026: revenue $5.59B, adjusted EPS $6.57, guidance up
Royal Caribbean beat its own guidance and the consensus adjusted EPS number, then lifted full-year 2026 adjusted EPS to $17.85–$17.95. Revenue rose 8.8% to $5.59 billion while gross margin slipped slightly to 51.5%. Read the quarter as demand-led: ticket and onboard revenue both grew, costs were deferred into the fourth quarter by timing, and fuel is now the offset. The verdict is Bullish, with debt as the caveat.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $6.45 and adjusted EPS of $6.57 both beat the $6.4464 consensus, though the GAAP figure was only barely ahead while the adjusted number cleared by about $0.12. Adjusted net income of $1.76 billion and adjusted EBITDA of $2.54 billion (a 45.4% margin) did the work. The gap between GAAP and adjusted was mostly $21 million of debt-extinguishment cost.
Revenue of $5.59 billion was up 8.8% from $5.14 billion a year earlier, with $5.30 billion from cruise itineraries and $0.29 billion from other products and services. Gross margin of 51.5% was a touch below last year's 51.8%, so the growth came from capacity and volume rather than richer pricing. Load factor of 112.4% and 2.68 million guests carried show ships running full.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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