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Royal Caribbean Cruises Ltd.
RCL - NYSE - $275.24 (as of ) ▼ -2.00%
-
Earnings Tue 4 Aug
Note: this preview was published before the 2026-08-04 earnings report. Results have since been released — verify against the latest filings.

Royal Caribbean Cruises Ltd. (RCL) Q2 FY26 earnings preview — archived, published May 9, 2026

The median of 10 price targets is $350[FMP target], stock is $275, +27.2% vs the analyst consensus median. Q1 FY26 EPS $3.60 vs $3.24 estimate: beat (+11.1%)[FMP earnings]. Stock move on D+1: +0.7%.

↓ summary below
Quick Take - in 40 seconds ·
B
Council 4/6 - Historical V1 score 46

B — FMP rating [FMP ratings]. Form 4: unavailable[FMP Form 4].

Quick Answer

Royal Caribbean Cruises Ltd. (RCL) Q2 consensus: revenue $4.8B[FMP est], EPS $3.99[FMP est]. 1 consecutive quarters of beat[FMP earnings].

$3.99 EPS Estimate Last year $4.38 - -9% YoY
1 Beat Streak Expectations beaten consecutively for the last 1 quarters

Q1 FY26 EPS $3.60 vs $3.24 estimate: beat (+11.1%)[FMP]. Stock move on D+1: +0.7%[FMP D+1].

Watchlist

4 metrics stand out this quarter.

1.5% Expectation / Guide

Net Yield Guidance

net_yield_guidance

Royal Caribbean adjusted its full year net yield expectations to grow 1.5% to 2.5% due to geopolitical events.

"Due to the geopolitical events affecting itineraries in the Mediterranean and the West Coast of Mexico, we've adjusted our full year net yield expectations."

- Jason Liberty, Chairman and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026
$17.10 Expectation / Guide

EPS Guidance

EPS_guidance

Royal Caribbean expects full year adjusted earnings per share to be in the range of $17.10 to $17.50 for 2026.

"Full year adjusted earnings per share is expected to grow double digits and be in the range of $17.10 to $17.50."

- Jason Liberty, Chairman and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026
2019 Investor Focus

Digital Booking Growth

digital_booking_growth

Royal Caribbean's digital penetration of bookings has more than doubled since 2019, with most of that growth coming through our app.

"Digital penetration of bookings has more than doubled over that period with most of that growth coming through our app."

- Jason Liberty, Chairman and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026
60% Investor Focus

Fuel Cost Impact

fuel_cost_impact

Royal Caribbean anticipates that increased fuel costs will reduce 2026 earnings by roughly $0.62 per share.

"While we are approximately 60% hedged for 2026, fuel prices at current spot levels are expected to increase costs by roughly $0.62 per share this year."

- Jason Liberty, Chairman and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026

Stock Expert AI - Methodology

Do our scoring pillars, 6 perspectives, and Munger lens point in the same direction?

Council Score 4 / 6 Bullish

6 investor frameworks. 4 bullish (Ray Dalio, Klarman, Buffett, Munger), 1 bearish (Ken Griffin), 1 neutral (Jim Simons).

How is it calculated? ->
Ray Dalio macro - target upside +27.2%
Ken Griffin flow - 50d MA below
Jim Simons quant - RSI 52
Klarman value - target upside +27.2%
Buffett quality - ROE score 5/5
Munger valuation - target upside +27.2%
Munger's Mindset character & balance sheet lens
Undervalued

Quality business, discounted price.

How is it calculated? ->
Financial HealthModerate
Margin of SafetyStrong
Interest CoverageAdequate
ROIC vs WACCHealthy
Technical Levels - Pre-earnings positioning

What levels is the stock being tested at?

RSI(14)
51.7 RSI 51.7 balanced, 50d below
MACD
-0.10 price below 50d - resistance dominant
50d MA
$275 stock 0.1% below - short-term resistance
200d MA
$298 stock 7.6% below - long-term pressure
Volume (10d)
-27% decrease - low participation
Resistance
$350
Analyst median target - upgrade trigger if broken
Current
$275
Pre-earnings position
Support
$253
Invalidation - close below this is a technical breakdown
Pattern
Range
$253-$350 band - earnings breakout/breakdown trigger

Past Performance

4 quarters shown.

BEAT
Q2 FY25
$4.38 vs $4.09 est · Next-day price move: -1.0%
BEAT
Q3 FY25
$5.75 vs $5.69 est · Next-day price move: -4.4%
IN LINE
Q4 FY25
$2.80 vs $2.80 est · Next-day price move: -6.2%
BEAT
Q1 FY26
$3.60 vs $3.24 est · Next-day price move: +0.7%

Q1 FY26 (April 30, 2026) EPS $3.60 vs $3.24 estimate: beat (+11.1%)[FMP]. Stock move on D+1: +0.7%[FMP D+1].

Three scenarios: what could happen?

EPS < $3.87 (no guidance)

Q1 FY26 EPS $3.60 vs $3.24 estimate: beat (+11.1%)[FMP]. Stock move on D+1: +0.7%[FMP].

Backlog concentration

No RPO/backlog concentration disclosed in Q1 earnings call.

CapEx shock

Q1 CapEx $500.0M[FMP cashflow]. Q1 op margin 26.1%[FMP op margin] - this level in Q1 is sensitive to CapEx revision risk.

Framework - Position discipline

After the data arrives: 3 scenarios, 3 windows

Not advice - a structural framework for earnings night. Decision discipline is yours.

Scenario A - Beat
Q2 EPS > $3.99 + CapEx discipline
Threshold: EPS > $3.99[FMP est].
Target: Break above median target $350[FMP target]; high target $425[FMP] upper bound.
Scenario B - In-Line
EPS approx $3.99 + CapEx < $500.0M
Threshold: EPS approx $3.99[FMP est], Q1 CapEx < $500.0M[FMP].
Target: Consolidation in the band between current $275[FMP] and median $350[FMP].
Scenario C - Miss
EPS < $3.87 or CapEx >= $500.0M
Threshold: EPS < $3.87[FMP estx0.97].
Current price $275 — below SMA200 $298 [FMP].

Market Outlook

What do analysts say? 10 price targets · 26 ratings

Wall Street Consensus
$350
12-month median target price (+27.2% gap to the analyst consensus median)
19
BUY
7
HOLD
0
SELL
Risk Management
$253
Invalidation level - critical support threshold
$275 - 50-day MA (below, -0.1%)
$298 - 200-day MA (below, -7.6%)
IV Crush risk (sudden drop in inflated option premiums before earnings): Option premiums are inflated before earnings.
Verdict - RCL Q2 FY26
B

You read it in 5 minutes. When the numbers come out on Tuesday evening - you know what you're looking at.

Data arrives at night. The framework is ready now.

Data arrives on Tuesday evening. The framework is ready on this page: Q2 EPS threshold $3.99[FMP], CapEx threshold "below $500.0M". Two anchors, three scenarios.

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Educational tool, not investment advice. Past performance does not guarantee future results.

Calendar

Catalyst Calendar - 90-day forward look

Aug 4, 2026EARNINGSQ2 FY26 results (after market close) + earnings call
Aug 5, 2026PRICEFirst trading day after earnings - 200dMA test + IV crush
Aug 9, 2026 – Aug 14, 2026FILING10-Q due within 40–45 days of quarter end (by Aug 9, 2026 – Aug 14, 2026); the exact deadline depends on filer status
~Nov 4, 2026EARNINGSQ3 FY26 (next quarter, date not yet scheduled in FMP)

DATA GAP: Events not in the FMP /stable/calendar feed - Investor day, analyst day, product launches, regulatory dates. These require company IR page scraping or manual calendar entry.

Frequently Asked Questions

What does the RCL Q2 FY26 earnings preview cover?

This Royal Caribbean Cruises Ltd. (RCL) Q2 FY26 earnings preview covers the analyst consensus, key catalysts, and what to watch on the earnings call.

What should investors watch for in RCL Q2 FY26 earnings?

Royal Caribbean Cruises Ltd. (RCL): Consensus EPS, revenue guidance, segment growth rates, and the tone of management commentary — the full breakdown with sources is on this page.

Where do the numbers on this page come from?

Royal Caribbean Cruises Ltd. (RCL): Figures are sourced from Financial Modeling Prep (FMP) fundamentals and consensus data plus official earnings-call transcripts; derived metrics are labeled with their source next to each figure.

Is this a buy or sell recommendation?

Royal Caribbean Cruises Ltd. (RCL): No. This page is educational research, not investment advice. It summarizes analyst consensus and company data; consult a licensed financial advisor before making any investment decision.

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