Royal Caribbean Group Reports Stellar Third Quarter, Raises Full-Year Guidance and Expands Exclusive Destinations
Miami, FL – October 28, 2025 – Royal Caribbean Group (NYSE: RCL) today announced a robust performance for the third quarter of 2025, exceeding its own guidance with strong demand and lower costs driving significant financial gains. The company also raised its full-year 2025 Adjusted Earnings Per Share (EPS) guidance and revealed plans for a new exclusive destination, signaling continued growth and strategic expansion within the global vacation industry.
Record Third Quarter Performance
For the third quarter of 2025, Royal Caribbean Group reported a net income of $1.6 billion, translating to $5.74 per share, with Adjusted EPS reaching $5.75. These results surpassed company expectations, primarily fueled by higher-than-anticipated close-in demand for its cruises and effective cost management. Total revenues for the quarter stood at $5.1 billion, supported by a load factor of 112%. Gross yields saw a notable increase of 3.8%, while net yields rose by 2.8% as-reported.
“We continue to see strong momentum across our business, powered by accelerated demand, growing loyalty, and guest satisfaction that is at all-time highs,” said Jason Liberty, President and CEO of Royal Caribbean Group. “Our commercial flywheel – combining innovative ships, distinctive destinations, and world-class brands – continues to drive sustained growth and guests’ trust in our ability to deliver the best vacation experiences responsibly.”
Increased Full-Year 2025 Outlook
Building on its strong quarterly performance, Royal Caribbean Group has uplifted its full-year 2025 Adjusted EPS guidance to a range of $15.58 to $15.63. This upward revision represents a significant 32% year-over-year growth and reflects the company’s confidence in sustained demand and operational efficiency. The improved outlook is attributed to the better-than-expected third-quarter results, which more than offset minor impacts from recent adverse weather and the temporary closure of its Labadee destination. Net yields for the full year are now projected to increase between 3.5% and 4.0%.
Expanding Exclusive Destination Portfolio
A key highlight of the announcement was the unveiling of a new exclusive destination: the Royal Beach Club Santorini, slated to open in 2026. This development is part of Royal Caribbean’s ambitious strategy to broaden its portfolio of land-based vacation experiences, aiming to grow from two current exclusive destinations to eight by 2028. This expansion signifies a strategic pivot to position Royal Caribbean Group not just as a cruise line, but as a comprehensive vacation provider.
This news follows previous announcements of other expansion projects, including Perfect Day Mexico, expected to open in autumn 2027, which will feature the Loco Waterpark and the world’s longest lazy river. Other planned additions include Royal Beach Club Paradise Island in Nassau (December 2025), Royal Beach Club Cozumel (2026), and a new destination in Lelepa in the South Pacific (2027). These initiatives are designed to extend the brand’s reach beyond the ship and significantly enhance the overall guest experience, reinforcing the strength of their vacation platform.
Financial Strength and Future Vision
Naftali Holtz, CFO of Royal Caribbean Group, highlighted the company’s strong balance sheet, providing flexibility for continued investment, innovation, and capital returns to shareholders. The company has seen positive actions from credit rating agencies, with S&P Global Ratings revising its outlook to Positive and Fitch Ratings upgrading its credit rating. As of September 30, 2025, the company maintained a liquidity position of $6.8 billion.
Looking ahead, the business continues to build momentum, with bookings for 2026 exceeding those seen for the same period in 2025, positioning the company favorably for future growth. Royal Caribbean Group’s strategic focus on expanding its unique destinations, combined with its fleet of innovative ships, underscores its commitment to delivering exceptional vacation experiences and driving sustained growth in the competitive Caribbean market and beyond.