Royal Caribbean Group reports ‘record wave’ with high Q1 results

Royal Caribbean Group has reported a “record wave season” with total revenue for the first quarter of 2026 increasing by 11% year-on-year to US$4.5 billion.

 

The parent company of Royal Caribbean, Celebrity Cruises and Silversea credited the “exceptional appeal and compelling value” of its brands, ships and destinations which led it to carry 2.5 million passengers during the quarter, an increase of 8% compared to the same period in 2025. Adjusted net income for the first quarter was US$1 billion and the company’s booked position was at “record prices with volumes within historical ranges”.

 

The financial results revealed that since the start of the Middle East conflict at the end of February, there has been a “moderation” in bookings for Mediterranean itineraries “partially driven” by increased air travel costs, airline capacity reductions and flight disruption. However, bookings for the Mediterranean “have been rebounding” more recently for the “limited remaining inventory”.

 

The company consumed 432,000 metric tons of fuel in Q1 at a hedged price of US$613 per ton – down from US$655 per ton during the same period last year, despite identical consumption levels.

 

 

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Looking to the full-year outlook, revenue is expected to grow by 10% year on year and fuel costs are expected to total approximately US$1.3 billion, or US$0.62 per share higher than prior guidance, based on current at-the-pump rates and net of hedging. Royal Caribbean Group is 59% hedged for the remainder of 2026 at below market rates and has included US$346 million of fuel expense in its second-quarter guidance.

 

Chairman and Chief Executive Jason Liberty said: “Demand for our experiences continues to be strong, and we remain focused on delivering the best vacations responsibly, accelerating revenue growth and managing costs, all while continuing to invest in our future and drive further differentiation.

 

“We expect another year of double-digit revenue and earnings growth, driven by consumers’ preference for our leading brands and expanding portfolio – all supported by our strong booked position, leading margin profile and fortified balance sheet.”