Royal Caribbean Group experienced some of the strongest booking weeks in its history during the fourth quarter of 2025, according to CEO Jason Liberty, speaking on the company’s Q4 earnings call on Jan 29.
Liberty called 2025 "an outstanding year" and said "momentum is further accelerating into 2026," as evidenced by the fact that the company is already two-thirds booked for the year. Advisors are delivering more bookings and at higher rates than last year, Liberty said; he also noted that direct bookings are performing "particularly well."
The company reported $4.3 billion in revenue during the fourth quarter and an adjusted Ebitda of $1.5 billion.
For the full year, the company reeled in $17.9 billion in total revenue. Its adjusted earnings per share of $15.64 exceeded guidance, and the company expects the rate to grow to between $17.70 and $18.10 this year.
Behind the numbers
The record-breaking seven-week period of bookings was buoyed by cyber sales and the start of Wave season.
Jason Liberty
The newest ships in the Royal Caribbean International and Celebrity Cruises fleets -- the Star of the Seas and the Celebrity Xcel -- are both exceeding the company's expectations, and the Legend of the Seas, debuting in Europe this year, is also seeing "very strong booking trends," Liberty said.
While analysts have reported pricing challenges for Caribbean cruises due to high supply and economic stressors for lower-earning segments of travelers, Liberty said Royal Caribbean Group does not fit that trend.
"Whether it's on the Royal Caribbean brand or Celebrity or Silversea, we're seeing high demand wanting to go to the Caribbean," he said. "We're not only seeing good volume, but our pricing is higher in the Caribbean than it was last year."
The company is opening more private destinations, and 70% of its guests will visit one on a Caribbean itinerary this year, said CFO Naftali Holtz. That rate will increase to 90% in 2028 once Perfect Day Mexico and Royal Beach Club Cozumel open, he said.
Capacity is anticipated to increase by 6.7% this year, but there will be more companywide drydocks than last year, particularly in the second quarter, which will also include more luxury ships.