US cruise operator the Royal Caribbean Group has posted its financial results for the full year and the fourth quarter of 2025.
For the full year of 2025, Royal Caribbean posted total revenues of US$17.9 billion, net income of US$4.3 billion or US$15.61 per share, adjusted net income of US$4.3 billion or US$15.64 per share, and adjusted gross operating profit of US$7 billion.
The group's net income for Q4 2025 was US$0.8 billion or US$2.76 per share compared to US$0.6 billion or US$2.02 per share for the same period in the prior year. Adjusted net income was US$0.8 billion or US$2.80 per share for Q4 2025 compared to adjusted net income of US$0.4 billion or US$1.63 per share for the same period in the prior year.
The company also reported total revenues of US$4.3 billion and adjusted gross operating profit of US$1.5 billion for Q4 2025.
Since the last earnings call, Royal Caribbean experienced what it said is the highest seven booking weeks in its history. The company has approximately two-thirds of 2026 capacity booked, which is within historical ranges and at record rates, and the company continues to see elevated close-in bookings.
Guest spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices. Nearly 50 per cent of onboard revenue in 2025 was booked pre-cruise, with 90 per cent of pre-cruise purchases being made through digital channels.
Looking to 2026, the share of booked guests who have purchased onboard revenue pre-cruise is up year-over-year.
Royal Caribbean expects that in Q1 2026, net yields will increase 2.4 per cent to 2.9 per cent as-reported and 1.0 per cent to 1.5 per cent in constant currency as compared to 2025. This includes an impact of 30 bps from itinerary modifications in China.
Net yields are expected to increase 2.1 per cent to 4.1 per cent as-reported and 1.5 per cent to 3.5 per cent in constant currency for the full year of 2026, according to the company's outlook. This includes 30 bps of headwind from itinerary modifications in China.
The company also expects double-digit revenue and adjusted EPS growth in 2026, driven by 6.7 per cent higher capacity, as well as anticipated yield growth.