Royal Caribbean CEO Sees Robust Demand Despite Risks

Royal Caribbean CEO Jason Liberty discusses the company's strong demand trends, healthy consumer spending, and ability to navigate geopolitical and fuel cost headwinds. He highlights record wave season bookings, a robust loyalty program, and the value discount vs land-based vacations as key strengths. The overall tone is confident about the business outlook. - CEO reports record wave season bookings and robust demand across core products. - Consumer health remains strong with good jobs and balance sheets driving spending. - Mediterranean cruise demand slightly moderated by geopolitical and air cost factors. - Onboard spending trends are healthy, particularly in bars, restaurants, and spa. - Company uses fuel hedges (60% for 2026, ~50% for 2027) to partially offset higher costs. - Fleet mobility allows quick repositioning away from geopolitical trouble spots. - Loyalty program and AI investments drive higher spending from repeat guests. - Overall, the CEO expresses confidence in the company's ability to deliver results.