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# Royal Caribbean Lifts 2026 Profit Outlook To $17.85-$17.95 A Share As Late Bookings Beat Its Own Guidance
- URL: https://www.bullished.co/royal-caribbean-lifts-2026-profit-outlook-to-17-85-17-95-a-share-as-late-bookings-beat-its-2a826c5b/
- Published: 2026-10-27T10:41:11.000Z
- Updated: 2026-10-27T10:41:11.000Z
- Description: Third-quarter adjusted earnings reached $6.57 a share, and the cruise operator says 2027 bookings are pacing ahead of historical levels.
- Author: Matteo Parrino
- Tags: Earnings, RCL, Industry: Consumer Discretionary

Royal Caribbean Group raised its full-year 2026 adjusted earnings forecast to [$17.85 to $17.95 a share](https://www.sec.gov/Archives/edgar/data/0000884887/000088488726000042/a2026q3earningsrelease.htm?ref=bullished.co) on Tuesday, after third-quarter adjusted earnings of $6.57 beat the company's own guidance. Management credited strong last-minute demand and costs that slipped into the fourth quarter.

## A quarter that beat guidance

Third-quarter earnings were $6.45 a share, or $6.57 adjusted, against $5.74 and $5.75 a year earlier, the company said in an [8-K](https://www.sec.gov/Archives/edgar/data/0000884887/000088488726000042/rcl-20261027.htm?ref=bullished.co) filed with its results. Revenue rose 9% to $5.6 billion, net income was $1.7 billion and adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, was $2.5 billion.

Capacity grew 8% and the load factor, which tops 100% when cabins hold three or more passengers, was 112%. The company carried 2.7 million guests, up 9%.

Net yields, revenue per available passenger cruise day after the biggest variable costs, rose 0.9% as reported and 0.6% in constant currency, which strips out exchange-rate swings. The company said better-than-expected close-in demand in Europe and the Caribbean drove the gain. Costs excluding fuel per passenger cruise day fell 1.9% as reported, which it attributed to expenses shifting into the fourth quarter.

The full-year raise was partly offset by higher fuel costs and currency rates.

## Guidance for the rest of 2026

Fourth-quarter adjusted earnings are guided to $3.48 to $3.58 a share. Net yields are expected up 4.4% to 4.9% as reported, in line with the company's prior expectation, and costs excluding fuel are expected to fall 1.5% to 1.0%.

For the full year, the company expects revenue up 9%, net yields up about 2.7% as reported and capital spending of about $4.6 billion. Liquidity stood at $7.4 billion at September 30, counting cash and undrawn revolving credit.

In October it signed a $400 million delayed-draw term loan with Export Development Canada and raised its revolving credit facility by $50 million, to $6.65 billion.

## 2027 and the Sandals deal

Royal Caribbean owns the Royal Caribbean, Celebrity Cruises and Silversea brands and half of TUI Cruises. Chairman and CEO Jason Liberty said that although it is early, "2027 bookings are pacing ahead of historical levels at higher rates." Booking volumes since the last earnings call rose in the mid-teens, with 2027 sailings up in the high teens.

Liberty said the company remains on track for its Perfecta goals, a 20% annual adjusted earnings growth rate from 2024 through 2027, and is already above its return-on-capital target.

In September the company agreed to buy a 50% interest in Sandals and Beaches Resorts, which has 18 Caribbean resorts and three under development. The deal is expected to close in early 2027, pending regulatory approvals. The company expects its share of earnings to add to results immediately and will fold the contribution into 2027 guidance upon closing.

The company has scheduled 2027 capacity growth of about 4.5%, and it will update 2027 guidance when the Sandals and Beaches investment closes.

### Sources

- [8-K Filing — ROYAL CARIBBEAN CRUISES LTD (RCL)](https://www.sec.gov/Archives/edgar/data/0000884887/000088488726000042/rcl-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a2026q3earningsrelease.htm — ROYAL CARIBBEAN CRUISES LTD 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000884887/000088488726000042/a2026q3earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Carnival vs. Royal Caribbean: Which Cruise Line Stock Has an Edge Now?](https://finance.yahoo.com/markets/stocks/articles/carnival-vs-royal-caribbean-cruise-135600642.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance