Royal Caribbean Exceeds Expectations in Q2, Posts 110% Load Factor

Royal Caribbean Group is in full cruise control, with second quarter results exceeding the company’s guidance thanks to strong close-in demand, lower costs, lower net interest expense and the outperformance of TUI Cruises.

“Demand for our portfolio of brands and our industry-leading experiences continues to accelerate. Grounded in our mission to deliver the best vacations responsibly, we remain keenly focused on delivering exceptional value for our guests and shareholders — not just by executing today, but by staying ahead of where demand is going,” said Royal Caribbean Group President and CEO Jason Liberty.

“We are well on our way to achieving our Perfecta financial targets by the end of 2027. As we look beyond 2027, we see another step change in growth as we deepen our moat with a powerful pipeline of incredible new ships, the ramp-up of our highly differentiated new destinations and river cruising, and continued investments in disruptive technology, personalization and loyalty,” Liberty added.

Second Quarter 2025 Highlights: 

• Load factor was 110%.
• Gross Margin Yields were up 11.0% as-reported. 
• Net Yields were up 5.3% as-reported and 5.2% in Constant Currency.
• Gross Cruise Costs per Available Passenger Cruise Days increased 0.8%. 
• Total revenues were $4.5 billion.
• Net Income was $1.2 billion or $4.41 per share.

Capacity for the second quarter was up 5.8% year over year and the company carried 2.3 million guests — a 10% increase year over year at what the company calls high guest satisfaction scores. 

As of June 30, 2025, the company’s liquidity position was $7.1 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity.