Royal Caribbean Group had a strong summer, and it now expects a better year than it did three months ago. The parent of Royal Caribbean, Celebrity Cruises and Silversea released its third quarter results on Oct. 27. Profit beat the company's own forecast, and it raised its full-year earnings outlook.
Here is what the numbers mean for people who actually sail.
The headline numbers
The company reported third quarter earnings of $6.45 per share. On an adjusted basis, which strips out some one-time items, earnings were $6.57 per share. A year ago, the same quarter came in at $5.74 per share.
Total revenue reached $5.6 billion, up 9% from last year. Net income was $1.7 billion.
The group now expects full-year adjusted earnings of $17.85 to $17.95 per share. It said the beat came from strong late bookings and from some costs that shifted into the fourth quarter.
Ships were very full
The group carried 2.7 million guests in the quarter. That is 9% more than a year earlier. Capacity grew 8% over the same period.
Load factor hit 112%. That figure counts two guests per cabin as 100%. Anything above that means many cabins had a third or fourth guest, which is common on family sailings in summer.
The company said demand that came in close to sailing was better than expected in Europe and the Caribbean.
2027 is booking early, and at higher prices
If you are planning a 2027 cruise, this part matters most. Chairman and CEO Jason Liberty said 2027 bookings are "pacing ahead of historical levels at higher rates."
The release says booking volumes have grown in the mid-teens since the last earnings call. Bookings for 2027 sailings are up in the high teens.
The group also said guests are spending more before they board and onboard. Pre-cruise and onboard revenue rates in the third quarter were ahead of last year. Bookings for add-ons for fourth quarter sailings are also running ahead.
In plain terms, the company has little reason to cut prices on popular 2027 sailings. Booking early is still the safest way to get the cabin you want.
Fuel is the swing factor
Fuel is a big cost for any cruise line. The group said it paid $778 per metric ton for fuel in the quarter, after hedging. It used 446,000 metric tons.
For the fourth quarter, it has built $379 million of fuel cost into its guidance. That fourth quarter fuel is 58% hedged through swaps. That means the price is locked in through financial contracts.
Fuel costs have hit smaller operators much harder this year. On the same day as these results, residential ship operator Villa Vie Residences said fuel costs forced it to suspend operations.
The Sandals and Beaches deal
In September, the group agreed to buy a 50% stake in Sandals and Beaches Resorts. The portfolio has 18 all-inclusive resorts in the Caribbean, with three more under development.
The company says about 30% of its guests also take all-inclusive vacations. It says a similar share of Sandals and Beaches guests also cruise. The deal is expected to close in early 2027, subject to approvals.
Liberty framed the deal as part of a plan to "turn the vacation of a lifetime into a lifetime of vacations." The release does not say whether the two will share loyalty perks.
More ships and more capacity
The group expects capacity to grow 6.6% in 2026. It forecasts growth of about 4.5% in 2027, 6.0% in 2028 and 6.5% in 2029.
It plans to spend about $4.6 billion on capital projects in 2026. Most of that goes to new ships and to private destinations such as its Perfect Day and Royal Beach Club sites. The group will also enter river cruising in 2027 with Celebrity River Cruises.
What it means for cruisers
Strong demand and full ships usually mean firm prices. If you want a specific ship, cabin or holiday week in 2027, the numbers point to booking sooner rather than later.
You can compare the fleet on our Royal Caribbean International page, or see Celebrity Cruises and Silversea Cruises.
Source: Royal Caribbean Group third quarter 2026 results release, Oct. 27, 2026.