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14:00
Jul 28 ◎

RCL FY2026 Q2 Watch

Royal Caribbean Cruises Ltd. (RCL) FY2026 Q2 Earnings Call

RCL CCL NCLH ▾

Jason Liberty

Management maintains a long-term bullish outlook, reaffirming 2026 guidance while highlighting strong demand, record pricing, and an accelerating flywheel despite near-term geopolitical headwinds in Europe and prolonged booking timelines.

"Demand for our vacation experiences continue to strengthen, driven by a healthy, experience-seeking consumer and exceptional execution from the team"

RCL WATCH

Jason Liberty

The company is actively shifting deployment and consumer preference toward shorter, higher-frequency Caribbean cruises, which are driving higher onboard spend and repeat visits, despite the overall industry narrative around longer sailings and capacity glut. — This shift could intensify competition in the short-Caribbean market, forcing rivals to match or create differentiated products to protect yields.

"And today for close in demand, we're able to increase our pricing. So we're happy to harvest that."

CCL WATCH

Jason Liberty

Despite geopolitical headwinds impacting Mediterranean sailings in Q3, management notes that consumers are booking closer in, and this close-in demand is being captured at increasing prices, contrary to historical discounting patterns. — This suggests that cruise pricing power for last-minute bookings remains strong, which could benefit peers and signal resilience in consumer demand.

"And today for close in demand, we're able to increase our pricing. So we're happy to harvest that."

NCLH WATCH

HIGH

14:00
Apr 30 ◎

RCL FY2026 Q1 Watch

Royal Caribbean Cruises Ltd. (RCL) FY2026 Q1 Earnings Call

UAL RCL USO DAL ▾

Jason Liberty

Airfare to Europe spiked by over 40% initially due to conflict, then moderated to +15%, impacting demand from North American cruisers. — High airfares temporarily dampen North American demand for European cruises; airlines' pricing power influences cruise destination demand.

"driven by really, you know, two things. One of it was people's concern about vacation disruption. But more importantly is cost of air went up by more than 40%"

UAL WATCH DAL WATCH

Jason Liberty

Despite geopolitical headwinds and higher fuel costs, management maintains a long-term positive outlook with double-digit earnings growth and strong pricing power, albeit with near-term yield moderation.

"We expect to drive another year of double-digit revenue and earnings growth supported by a strong book position"

RCL WATCH

Jason Liberty

Fuel cost headwind of $0.74 per share for 2026 due to Middle East conflict, with the company 60% hedged but spot prices rising. — Significant fuel cost inflation impacts operating margins and hedges at current levels are insufficient to offset it.

"Fuel prices at current spot levels are expected to increase costs by roughly 62 cents per share this year."

USO WATCH

HIGH

15:00
Jan 29 ◎

RCL FY2025 Q4 Watch

Royal Caribbean Cruises Ltd. (RCL) FY2025 Q4 Earnings Call

CCL RCL ▾

Michael Bailey

RCL's new Discovery-class ships are smaller than Icon-class s—a departure from the 'bigger is better' trend. Michael Bailey explicitly states assumptions in social media about size/capacity are 'inaccurate', suggesting the class is a deliberate product architecture shift. — If RCL moves to smaller ships on select routes, it can access ports/destinations inaccessible to mega-ships — expanding addressable itineraries and potentially stressing competitors who bet solely on mega-ship scale.

"Many of the assumptions that are currently out there in social media, et cetera, in terms of size, capacity, et cetera, are probably, it's fair to say, inaccurate."

CCL WATCH

Jason Liberty

Management sounds confident about 2026, citing accelerating demand, record bookings, and pricing power despite capacity growth. The outlook is positive and points to continued margin expansion.

"our momentum continues into 2026. The wave is off to a record start. we experienced the best seven booking weeks in the company's history"

RCL WATCH

HIGH

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