Financial Comparison

In Q2 2025, Royal Caribbean reported net income of USD 1.20 billion (USD 4.41 per share), a 42% increase from USD 854 million (USD 3.11 per share) in Q2 2024. Adjusted EPS rose from USD 3.21 to USD 4.38, a 36% year-over-year gain. Revenue grew approximately 11%, from USD 4.10 billion in Q2 2024 to around USD 4.54 billion in Q2 2025. Adjusted EBITDA rose by 19% to reach USD 1.9 billion.

Passenger volume increased by about 10%, with approximately 2.3 million guests sailing in Q2 2025 compared to an estimated 2.1 million the previous year. Load factors improved from 108% to 110%, showing even stronger demand and booking momentum.

Yield and Cost Dynamics

Q2 2024 experienced very strong yield growth as part of the post-pandemic rebound. Net yields rose approximately 13.3%, and gross margin yields increased by 24.2%. However, costs also climbed, with net cruise costs (excluding fuel) rising 5.7% per available passenger cruise day (APCD).

In contrast, Q2 2025 saw more stable growth: net yields rose 5.2% (in constant currency), and gross margin yields were up 11.0%. Meanwhile, net cruise costs (excluding fuel) increased by only 2.1%, showing improved operational efficiency and better cost control.

Strategic Progress

Q2 2024 was notable for Royal Caribbean reinstating its dividend (USD 0.40 per share) and outperforming recovery expectations, with management declaring that all their major financial goals had been met 18 months ahead of schedule. It was a signal that the cruise industry had fully bounced back from pandemic-era lows.

In Q2 2025, the company continued to build on that foundation. Liquidity rose to USD 7.1 billion, credit ratings from all three major agencies remained investment-grade, and the company reaffirmed its commitment to its 2027 “Trifecta” targets. Investments in new ships and guest personalization experiences continued, supported by the company’s strong financial position.

Conclusion

Compared to the explosive rebound in Q2 2024, Royal Caribbean’s Q2 2025 results reflect a maturing but still accelerating business. Profitability continues to rise, demand remains robust, and cost management is improving. The full-year 2025 guidance was raised to USD 15.41–15.55 in adjusted EPS, up from the roughly USD 11.35–11.45 range guided in mid-2024—further solidifying the company’s growth trajectory.

Full report https://www.prnewswire.com/news-releases/royal-caribbean-group-reports-second-quarter-results-and-increases-full-year-guidance-302515956.html

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