Royal Caribbean Cruises Non-GAAP EPS of $2.80 in-line, revenue of $4.26B misses by $10M

Royal Caribbean Cruises press release (RCL): Q4 Non-GAAP EPS of $2.80 in-line.
Revenue of $4.26B (+13.3% Y/Y) misses by $10M.
Full Year 2026 Outlook:
- Net Yields are expected to increase 2.1% to 4.1% as-reported and 1.5% to 3.5% in Constant Currency. This includes 30 bps of headwind from itinerary modifications in China.
- NCC, excluding Fuel, per APCD are expected to be 0.4% to 1.4% as-reported and flat to up 1.0% in Constant Currency.
- Adjusted EPS is expected to be in the range of $17.70 to $18.10 vs $17.66 consensus, representing a CAGR of 23% over the first two years of Perfecta. Perfecta is the company’s multi-year financial program targeting 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.
- The company expects double-digit revenue and Adjusted EPS growth in 2026, driven by 6.7% higher capacity, as well as anticipated yield growth.