Royal Caribbean Cruises Ltd. - Form 8-K

Royal Caribbean Group reported first quarter 2026 results exceeding expectations, with EPS of $3.48 and Adjusted EPS of $3.60. This outperformance was driven by stronger revenue, lower costs, and improved joint venture performance. The company returned $1.1 billion to shareholders via share repurchases and dividends. Despite a strong WAVE season, bookings for certain itineraries moderated due to geopolitical events but have since recovered. The company updated its full-year 2026 guidance, now expecting Adjusted EPS between $17.10 and $17.50, reflecting higher fuel costs and impacts on Middle Eastern itineraries, partially offset by lower non-fuel costs and share repurchases. First quarter total revenue increased 11% year-over-year to $4.5 billion, with a load factor of 109%. Net Yields increased by 3.6% as-reported. The company is expanding its vacation portfolio with new ships and destinations, including the launch of Royal Beach Club Santorini and upcoming deliveries of new vessels. Liquidity remains strong at $6.9 billion as of March 31, 2026, supported by recent debt offerings that extended the company's maturity profile. Full-year 2026 capital expenditures are expected to be approximately $5 billion, primarily for new ship orders and destination initiatives. The company anticipates 6.7% capacity growth in 2026 compared to 2025.