Royal Caribbean Group
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+ FollowMarket Cap$82.16B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Strong Q3 performance → full-year guidance raised
- Revenue +9% YoY; adjusted EPS $0.26 higher than guidance (beat).
- Delivered 2.7M vacations with guest satisfaction at “industry-leading” levels (NPS cited in the mid-70s).
- Capacity +8% YoY; net yields +0.6% (about 60 bps above guidance), driven by stronger close-in demand and strong onboard revenue (notably Europe & Caribbean).
- Costs favorably timed, and operating cash flow was $1.6B; adjusted EBITDA $2.5B, margin 45%.
2026 outlook improved (forecasts)
- Full-year 2026 net yields: expected ~+2.1% constant currency (up due to Q3 outperformance and Q4 yields tracking prior expectations).
- Capacity 2026: expected +6.6% (still “moderate capacity growth”).
- Total revenue 2026: expected +9%.
- Full-year adjusted EPS: raised to $17.85–$17.95 (~+14% YoY).
- Fuel outlook: full-year fuel expense ~$1.35B; Q4 fuel ~$379M (with 58% hedged for Q4).
- Big expectation: company is still emphasizing resilience despite fuel + FX + geopolitics headwinds; call reiterated earnings is “in line with January expectations” even after those pressures.
Q4 guidance: continued yield strength but still cost/fuel sensitive
- Q4 capacity: +5% YoY.
- Q4 net yields: +4.2% to +4.7% constant currency (benefits from mix, timing of dry docks, and easier year-over-year comparison).
- Q4 costs (ex-fuel): expected to decrease ~0.9% to 1.4% constant currency.
- Q4 adjusted EPS: $3.48–$3.58.
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Share Statistics
| Market cap | $82.16 Billion |
|---|---|
| Enterprise Value | $111.54 Billion |
| Annual dividend | $5.00 |
| Dividend yield | 1.79% |
| Earnings per Share | $15.73 |
| Beta | 1.82 |
| Outstanding Shares | 267,000,000 |
Return
| Return on Equity | 44.46% |
|---|---|
| Return on Assets | 10.19% |
| Return on Invested Capital | 16.41% |
Valuation & Multiples
| P/E Ratio | 18.13 |
|---|---|
| PEG | 192.17 |
| Price to Sales | 4.69 |
| Price to Book Ratio | 8.55 |
| Enterprise Value to Revenue | 5.83 |
| Enterprise Value to EBIT | 20.61 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.27 |
| Debt to Equity | 2.96 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$6.38
Consensus analyst estimateRevenue Estimate
$5.61 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$3.59
Consensus analyst estimateRevenue Estimate
$4.67 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.46, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4645▼ 56.83% |
|---|---|
| Total Calls | 28,200▼ 99.48% |
| Total Puts | 13,100▼ 99.77% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.81%▼ 86.65% |
|---|---|
| Total Invested | $1.29B▼ 98.29% |
| Investors Holding | 425▼ 880.00% |
About Royal Caribbean Group
108,000 employees
CEO: Richard Fain
Engaging in worldwide cruise operations, Royal Caribbean Cruises Ltd. encompasses well-known brands such as Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises. These distinct cruise lines collectively offer ...