)
Edge31 Oct 2025
Rolls-Royce: Full Thrust Ahead
From century-old crafted perfection to pandemic shock and reset, Rolls-Royce's story is shaped by heritage, turbulence, and a disciplined climb back.
Royal Caribbean Cruises (RCL) investor relations material
Royal Caribbean Cruises Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved record Q3 performance with 112% occupancy, high guest satisfaction, robust demand, and record pre-cruise onboard revenue booked through digital channels.
Adjusted EPS for Q3 was $5.75, up 11% year-over-year, exceeding guidance due to strong close-in demand and lower costs.
Strategic investments in innovative ships, exclusive destinations, and technology are driving growth and guest loyalty, with new launches and expansion of exclusive land-based destinations from two to eight by 2028, including Royal Beach Club Santorini.
Enhanced loyalty program with Points Choice, allowing flexible point application across brands starting in 2026.
High booking momentum for 2025 and 2026, with record rates and robust onboard spending.
Financial highlights
Q3 total revenue was $5.139 billion, up from $4.886 billion in 2024, with net income of $1.6 billion and adjusted EBITDA of $2.3 billion, yielding a 44.6% margin.
Net yields for Q3 grew 2.4% year-over-year in constant currency, exceeding guidance midpoint by 15 basis points.
Adjusted earnings per share (EPS) for Q3 was $5.75, and full-year adjusted EPS is expected between $15.58 and $15.63, representing 32% year-over-year growth.
Operating cash flow for Q3 was $1.5 billion; liquidity at quarter-end was $6.8 billion.
On track to deliver nearly $6 billion in operating cash flow for the year.
Outlook and guidance
Q4 capacity up 10% year-over-year; net yield growth expected at 2.2% to 2.7%.
Full-year net yield growth forecasted at 3.5% to 4%, 25 basis points above initial expectations.
2026 capacity expected to rise 6%, with moderate yield growth and anemic cost growth anticipated.
2026 adjusted EPS expected to have a $17 handle, with more details to come.
Adjusted EBITDA for 2025 projected to grow 18% to just above $7 billion.
Impact of 8 land destinations by 2028?
What underpins confidence in 2026 $17 EPS?
Credit rating upgrades: what do they signify?
Capital allocation for Celebrity River expansion?
Factors tempering 2026 EPS despite strong ops?
Caribbean supply impact on 2026 yield strategy?
Reconcile 2026 EPS outlook with demand
New beach clubs: impact on revenue mix?
Celebrity River: capital allocation for growth?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Royal Caribbean Cruises earnings date
Q4 202527 Jan, 2026
Next Royal Caribbean Cruises earnings date
Q4 202527 Jan, 2026
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Setting Sail
Royal Caribbean Cruises Ltd. is a global cruise company that was established in 1968 and is headquartered in Miami, Florida. Royal Caribbean operates under several brands, including Royal Caribbean International, Celebrity Cruises, and Silversea. The company is known for its large fleet of cruise ships, some of which rank among the largest in the world. Through its brands, the company offers a range of itineraries with destinations and cruises spanning several regions in the world, including the Caribbean, Alaska, and Europe.
The Voyage Begins
Royal Caribbean's journey started in Norway when three Norwegian shipping companies came together to form a cruise line that would later become an industry giant. Royal Caribbean's first ship, the Song of Norway, launched in 1970. This vessel set the precedent for the larger-than-life cruise ships that have become synonymous with the Royal Caribbean brand. Over the years, Royal Caribbean has expanded its fleet and diversified its cruise offerings. As of 2023, the company operates 25 ships that sail to over 260 global destinations.
The cruise industry is fascinating in and of itself, and when looking at some other publicly traded companies operating in the sector we find names such as Carnival, Norwegian Cruise Lines, and even Disney.
An Appealing Crusing Experience
Royal Caribbean's appeal extends to a wide range of passengers. The line is especially popular among families, thanks to their ships' family-friendly amenities like water parks, ice skating rinks, and kids' clubs. The company also offers adult-only areas and sophisticated dining options, making it an appealing choice for couples and groups of friends as well.
In terms of destinations, Royal Caribbean covers virtually every corner of the globe, with options to explore Alaska, the Caribbean, Europe, Asia, and Australia, among others. The company also owns two private islands: CocoCay and Labadee, providing exclusive tropical getaways for its guests.
A Vast Fleet
Each Royal Caribbean cruise ship offers a unique travel experience. The largest and most iconic ships in the fleet, Oasis Class vessels, can accommodate more than 5,000 guests and are known for their seven distinct neighborhoods including Central Park, Boardwalk, and the Royal Promenade. Each neighborhood on the ship has its own character and offers different activities, dining, and shopping options. The Quantum Class ships, on the other hand, are slightly smaller but feature advanced amenities and activities nonetheless.
For those who prefer a more intimate and traditional cruising experience, the smaller vessels of the Vision and Radiance Class offer just that. These ships offer panoramic vistas, glass-canopied Solarium pool areas, and fewer passengers, which in turn leads to a more personal experience than what is possible on the larger vessels.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage