Royal Caribbean Group reports 'record start to wave' and positive 2026 outlook

Royal Caribbean Group has issued a positive outlook for the year ahead with a “record start to peaks propelling momentum for 2026”, with about two-thirds of capacity now booked.

The parent company of Royal Caribbean, Celebrity Cruises and Silversea revealed that since its 2025 Q3 earnings were issued at the end of October, the company has recorded the highest seven booking weeks in its history. 

For the full-year 2025, total revenue was reported to be $17.9 billion while adjusted Ebitda (a measure of profit) hit $7 billion, increasing from $16.5 billion and $6 billion in 2024.

In the fourth quarter, total revenue was $4.3 billion and adjusted Ebitda reached $1.5 billion, up from $3.8 billion and $1.1 billion for the same quarter in 2024.

The results noted the cruise group continued to see a trend in late demand, in addition to onboard and pre-cruise purchases exceeding previous years.

This better-than-expected performance led Royal Caribbean Group to once again up its guidance for earnings per share (EPS).

The business shared a strong outlook for 2026 with projected double-digit revenue driven by 6.7% higher capacity.

It also announced an agreement with French shipyard Chantiers de l’Atlantique for two confirmed orders in a new Discovery Class, and options for a further four ships.

In addition, Celebrity River Cruises confirmed it will double its fleet to 20 ships and put its 2028 itineraries on sale.

Royal Caribbean Group and chairman Jason Liberty said: "2025 was an outstanding year, and the momentum is further accelerating into 2026.

“Wave is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences.

“We expect another strong year of financial performance with both revenue and earnings growing double digits, and we remain on track to achieve our Perfecta goals by 2027.”

Liberty added: "We are shaping the future by further investing in game-changing vacation experiences.

“The new Discovery Class for Royal Caribbean, the expansion of Celebrity River Cruises, and five new exclusive destinations launching by 2028 strengthen our long-term growth trajectory.

“We are also creating long-term value by connecting our innovative ships, differentiated exclusive destinations, cross-brand loyalty program, and disruptive technologies into a single vacation ecosystem.

“We are attracting new guests and driving repeat engagement, turning the vacation of a lifetime into a lifetime of vacations.”