Q2 2026 Earnings

Reported July 28, 2026

Quarter Comparison

Revenue

Operating Income

Net Margin

Free Cash Flow

Income Statement

Cash Flow Statement

Balance Sheet

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

Available Passenger Cruise Days
13.6M
Selected statistical information is shown in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Passengers Carried | 2,399,066 | | | 2,254,057 | | | 4,908,738 | | | 4,495,730 | | Passenger Cruise Days | 14,962,211 | | | 14,277,894 | | | 29,835,410 | | | 28,046,226 | | APCD | 13,572,396 | | | 12,942,385 | | | 27,275,099 | | | 25,600,377 | | Occupancy | 110.2 | % | | 110.3 | % | | 109.4 | % | | 109.6 | %
Total Berths on Ships on Order
43.2K
Ship Purchase Obligations As of June 30, 2026, our Global Brands and our Partner Brands have the following ships on order: | | | | | | | | | | | | | | | | | | | | | | | Ship | | Shipyard | | Expected Delivery Dates | | Approximate Berths | | Total Berths | | | | | | 43,230 |
Combined Fleet Ships
71
Description of Business We are a global cruise company. We own and operate three global cruise brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC", "TUI Cruises"), which operates the German brands Mein Schiff and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands operated a combined fleet of 71 ships as of June 30, 2026. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations in over 120 countries on all seven continents.
Gross Margin Yield per APCD
$134.11
Gross Margin Yields and Net Yields are calculated as follows (in millions, except APCD and Yields. Certain amounts may not add or calculate due to the use of rounded numbers): | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | $ | 4,832 | | | $ | 4,538 | | | $ | 9,284 | | | $ | 8,537 | | Less: | | | | | | | | Cruise operating expenses | 2,547 | | | 2,283 | | | 4,795 | | | 4,362 | | Depreciation and amortization expenses | 464 | | | 417 | | | 925 | | | 829 | | Gross Margin | 1,820 | | | 1,838 | | | 3,564 | | | 3,345 | | Add: | | | | | | | | Payroll and related | 405 | | | 329 | | | 806 | | | 669 | | Food | 262 | | | 246 | | | 526 | | | 486 | | Fuel | 355 | | | 279 | | | 619 | | | 557 | | Other operating | 615 | | | 561 | | | 1,157 | | | 1,061 | | Depreciation and amortization expenses | 464 | | | 417 | | | 925 | | | 829 | | Adjusted Gross Margin | $ | 3,922 | | | $ | 3,670 | | | $ | 7,597 | | | $ | 6,946 | | | | | | | | | | APCD | 13,572,396 | | | 12,942,385 | | | 27,275,099 | | | 25,600,377 | | Gross Margin Yields | $ | 134.11 | | | $ | 142.00 | | | $ | 130.69 | | | $ | 130.67 | | Net Yields | $ | 288.95 | | | $ | 283.56 | | | $ | 278.54 | | | $ | 271.33 |

Net Yield per APCD

$288.95

Gross Margin Yields and Net Yields are calculated as follows (in millions, except APCD and Yields. Certain amounts may not add or calculate due to the use of rounded numbers): | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | $ | 4,832 | | | $ | 4,538 | | | $ | 9,284 | | | $ | 8,537 | | Less: | | | | | | | | Cruise operating expenses | 2,547 | | | 2,283 | | | 4,795 | | | 4,362 | | Depreciation and amortization expenses | 464 | | | 417 | | | 925 | | | 829 | | Gross Margin | 1,820 | | | 1,838 | | | 3,564 | | | 3,345 | | Add: | | | | | | | | Payroll and related | 405 | | | 329 | | | 806 | | | 669 | | Food | 262 | | | 246 | | | 526 | | | 486 | | Fuel | 355 | | | 279 | | | 619 | | | 557 | | Other operating | 615 | | | 561 | | | 1,157 | | | 1,061 | | Depreciation and amortization expenses | 464 | | | 417 | | | 925 | | | 829 | | Adjusted Gross Margin | $ | 3,922 | | | $ | 3,670 | | | $ | 7,597 | | | $ | 6,946 | | | | | | | | | | APCD | 13,572,396 | | | 12,942,385 | | | 27,275,099 | | | 25,600,377 | | Gross Margin Yields | $ | 134.11 | | | $ | 142.00 | | | $ | 130.69 | | | $ | 130.67 | | Net Yields | $ | 288.95 | | | $ | 283.56 | | | $ | 278.54 | | | $ | 271.33 |

Gross Cruise Cost per APCD

$225.48

Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers): | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Total cruise operating expenses | $ | 2,547 | | | $ | 2,283 | | | $ | 4,795 | | | $ | 4,362 | | Marketing, selling and administrative expenses | 513 | | | 508 | | | 1,095 | | | 1,071 | | Gross Cruise Costs | 3,060 | | | 2,791 | | | 5,890 | | | 5,433 | | Less: | | | | | | | | Commissions, transportation and other | 622 | | | 606 | | | 1,186 | | | 1,128 | | Onboard and other | 288 | | | 262 | | | 501 | | | 463 | | Net Cruise Costs including other costs | 2,150 | | | 1,923 | | | 4,203 | | | 3,842 | | Less: | | | | | | | | Restructuring charges and other initiatives expenses (1) | — | | | 3 | | | 3 | | | 6 | | Net Cruise Costs | 2,150 | | | 1,920 | | | 4,200 | | | 3,837 | | Less: | | | | | | | | Fuel | 355 | | | 279 | | | 619 | | | 557 | | Net Cruise Costs excluding Fuel | $ | 1,796 | | | $ | 1,641 | | | $ | 3,581 | | | $ | 3,280 | | | | | | | | | | APCD | 13,572,396 | | | 12,942,385 | | | 27,275,099 | | | 25,600,377 | | Gross Cruise Costs per APCD | $ | 225.48 | | | $ | 215.68 | | | $ | 215.95 | | | $ | 212.22 | | Net Cruise Costs per APCD | $ | 158.42 | | | $ | 148.34 | | | $ | 154.00 | | | $ | 149.88 | | Net Cruise Costs excluding Fuel per APCD | $ | 132.30 | | | $ | 126.76 | | | $ | 131.30 | | | $ | 128.14 |

Net Cruise Cost Excluding Fuel per APCD

$132.3

Net Cruise Cost per APCD

$158.42

Adjusted EBITDA per APCD

$134.84

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers): | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Net Income attributable to Royal Caribbean Cruises Ltd. | $ | 1,128 | | | $ | 1,210 | | | $ | 2,070 | | | $ | 1,940 | | Interest income | (5) | | | (12) | | | (10) | | | (15) | | Interest expense, net of interest capitalized | 236 | | | 228 | | | 514 | | | 477 | | Depreciation and amortization expenses | 464 | | | 417 | | | 925 | | | 829 | | Provision for income taxes | 14 | | | 17 | | | 39 | | | 33 | | EBITDA | 1,837 | | | 1,860 | | | 3,538 | | | 3,264 | | | | | | | | | | Other income | (7) | | | (11) | | | (9) | | | (15) | | Restructuring charges and other initiative expenses (1) | — | | | 3 | | | 3 | | | 6 | | Equity investment impairment, (recovery) of losses and other | — | | | (1) | | | — | | | (1) | | Adjusted EBITDA | $ | 1,830 | | | $ | 1,851 | | | $ | 3,532 | | | $ | 3,252 | | | | | | | | | | Total revenues | $ | 4,832 | | | $ | 4,538 | | | $ | 9,284 | | | $ | 8,537 | | | | | | | | | | APCD | 13,572,396 | | | 12,942,385 | | | 27,275,099 | | | 25,600,377 | | Net Income attributable to Royal Caribbean Cruises Ltd. per APCD | $ | 83.13 | | | $ | 93.47 | | | $ | 75.89 | | | $ | 75.76 | | Adjusted EBITDA per APCD | $ | 134.84 | | | $ | 143.00 | | | $ | 129.50 | | | $ | 127.04 |