Q1 2026 Royal Caribbean Cruises Ltd Earnings Call Transcript

Apr 30, 2026 / 02:00PM GMT

Release Date Price: €233.3 (+7.22%)

Transcript 10-Q8-K

Key Points

Positve

Royal Caribbean Group (RCL) reported first quarter results that exceeded expectations, with revenue growing 11% year-over-year.
The company experienced a record WAVE season, highlighting strong demand for its vacation brands.
Adjusted earnings per share were $0.37 higher than guidance, reflecting strong execution and cost management.
The company returned $1.1 billion of capital through dividends and share buybacks.
Royal Caribbean Group (RCL) is leveraging technology and AI to enhance guest experiences and operational efficiency.

Negative

Geopolitical developments in the Middle East impacted operations, leading to increased fuel costs and temporary itinerary changes.
There was a short-term moderation in demand for high-yielding Mediterranean sailings due to geopolitical tensions.
Fuel prices at current spot levels are expected to increase costs by roughly $0.62 per share for the year.
The company experienced some disruption in demand for select West Coast of Mexico itineraries due to travel concerns.
Lower expected earnings contribution from joint ventures, particularly TUI Cruises, is impacting financial outlook.

Operator

Good morning. At this time, I would like to welcome everyone to the Royal Caribbean Group first quarter 2026 earnings call. (Operator Instructions)

I would now like to turn the conference over to Mr. Blake Vanier, Vice President, Investor Relations. The floor is yours.

Blake Vanier

- Vice President, Investor Relations, Finance & Strategy

Good morning, everyone, and thank you for joining us today for our first quarter 2026 earnings call. Joining me here in Miami are Jason Liberty, our Chairman and Chief Executive Officer; Naftali Holtz, our Chief Financial Officer; and Michael Bayley, President and CEO of the Royal Caribbean brand.

Before we get started, I would like to note that we will be making forward-looking statements during this call. These statements are based on management's current expectations and are subject to risks and uncertainties. A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning as well as our filings with the SEC

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