Royal Caribbean Group (NYSE:RCL) posted solid fourth-quarter results on Thursday as strong demand, higher yields, and cost controls supported year-over-year earnings growth to close out the year.
The cruise operator reported adjusted earnings of $2.80 per share, in line with expectations, on revenue of $4.259 billion, which missed the $4.262 billion consensus estimate. GAAP EPS for the quarter was $2.76, compared with $2.02 a year earlier.
Net income rose to $0.8 billion from $0.6 billion, while adjusted EBITDA totaled $1.5 billion.
Quarterly revenue increased from $3.761 billion in the prior-year period, supported by a load factor of 108%. Gross Margin Yields increased 9.2% as reported, while Net Yields rose 3.1% year over year.
Net Cruise Costs, excluding fuel, per APCD, declined 5.8% year over year, as reported, compared with the fourth quarter of 2024.
Full-Year Results
For the full-year 2025, Royal Caribbean reported GAAP EPS of $15.61 and adjusted EPS of $15.64. Total revenue rose to $17.935 billion from $16.484 billion in 2024, while net income totaled $4.3 billion and adjusted EBITDA reached $7.0 billion. Operating cash flow for the year was $6.465 billion.
Full-year occupancy …