RCL: Q3 adjusted EPS rose 14%; FY 2026 adjusted EPS guidance is $17.85-$17.95

What happened

Royal Caribbean reported third-quarter adjusted earnings per share of $6.57, up 14%, and adjusted EBITDA of $2.54 billion, up 11%. Its full-year 2026 guidance calls for adjusted earnings per share of $17.85 to $17.95 and 6.6% capacity growth.

Confirmed

Global impact / market context

Higher adjusted earnings per share show the cruise operator kept more profit per sale, while adjusted EBITDA, which means earnings before interest, taxes, depreciation and amortization, rose too. The 2026 guidance points to continued growth in capacity, meaning more berths and trips offered.

Analyst inference

The company is also expanding into all-inclusive resorts and destination experiences, which moves it beyond cruises and could add new revenue streams that do not depend only on ship sailings. That expansion may require capital spending on land-based properties before it earns returns.

Analyst inference

What to watch

1. Full-year 2026 guidance targets adjusted earnings per share of $17.85 to $17.95 and 6.6% capacity growth, figures investors can compare with later quarterly results. Confirmed
2. Watch whether the expansion into all-inclusive resorts and destination experiences brings details on planned capital spending, borrowed money and expected opening timelines. Proposed
3. Track whether added capacity and new resort offerings lift revenue without raising costs enough to pressure profit per sale and cash available for debt payments. Analyst inference

Evidence

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