A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
RCL’s 2026-Q2 revenue rose 6.5% year over year to $4.832B on added ship capacity and stronger onboard spending, but higher fuel, crew, and new-ship costs reduced net income attributable to RCL by 6.8% to $1.128B. Source: 10-Q Item 2 MD&A, pp.24-25 and p.30.
RCL grew 2026-Q2 revenue to $4.832B through new capacity and stronger onboard spending, but elevated fuel and new-ship operating costs drove diluted EPS down to $4.20. Source: 10-Q Item 2 MD&A, pp.25 and 30.
Last 4 quarters: 3 beats, 1 miss
Reported EPS of $4.21 versus the $4.02 analyst consensus — a +4.6% beat for Jun 2026.
2026-Q2 total revenue increased $294M, or 6.5%, year over year to $4.832B. Passenger ticket revenue increased 4.5% to $3.344B, primarily reflecting 4.9% capacity growth from Star of the Seas and Celebrity Xcel, while onboard and other revenue increased 11.1% to $1.488B, including $83M from higher per-passenger onboard spending.
Source: 10-Q Item 2 MD&A, p.30
Cruise operating expenses increased $264M, or 11.6%, to $2.547B in 2026-Q2, exceeding the 6.5% revenue growth rate. Management attributed the increase primarily to $111M from capacity growth, $76M in higher crew payroll and related costs associated with new ships, and $76M in higher fuel costs per metric ton.
Source: 10-Q Item 2 MD&A, p.30
Net income attributable to Royal Caribbean Cruises Ltd. decreased to $1.128B in 2026-Q2 from $1.210B in the prior-year period, while diluted EPS declined to $4.20 from $4.41. Operating income fell to $1.307B from $1.329B, and adjusted EBITDA declined to $1.830B from $1.851B.
Source: 10-Q Item 2 MD&A, pp.25 and 28
In February 2026, RCL issued $1.25B of senior notes due 2033 and $1.25B of senior notes due 2038, generating approximately $2.5B of net proceeds. The company took delivery of Legend of the Seas in June 2026; its Global and Partner Brands also had 43,230 total berths on order as of June 30, 2026.
Source: 10-Q Item 2 MD&A, pp.24 and 34
Cash provided by operating activities was $3.7B for the six months ended June 30, 2026, versus $3.4B in the prior-year period. Net cash used in investing activities rose to $3.2B from $1.1B, primarily due to increased capital expenditures, while anticipated full-year 2026 capital expenditures were approximately $4.7B.
Source: 10-Q Item 2 MD&A, pp.33-34
This is an inferred risk based on the filing’s financial commitments rather than a provided Item 1A risk-factor disclosure. As of June 30, 2026, RCL reported $22.572B of material cash requirements, including $12.822B of ship purchase obligations and $6.583B of interest on debt; execution depends on continued access to operating cash flow and financing.
Source: 10-Q Item 2 MD&A, p.35
This is an inferred risk based on the filing’s liquidity disclosures. RCL had $6.9B of liquidity, including $0.9B of cash and cash equivalents and $6.0B of undrawn revolving-credit capacity, but stated that it has historically relied on operations, credit facilities, additional debt, refinancing, and equity issuance to fund obligations.
Source: 10-Q Item 2 MD&A, p.36
This is an inferred risk based on the quarterly cost discussion. Fuel expense increased $76M year over year in 2026-Q2 because of higher rates per metric ton, contributing to total cruise operating expense growth of 11.6%, faster than total revenue growth of 6.5%.
Source: 10-Q Item 2 MD&A, p.30
This is an inferred risk based on management’s seasonality disclosure. RCL states that cruise demand has historically been strongest during Northern Hemisphere summer months and holidays, meaning periods outside those peaks may face weaker demand or require deployment changes to mitigate weather-related effects.
Source: 10-Q Item 2 MD&A, p.20
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Royal Caribbean Cruises (RCL) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the RCL earnings preview — expected date, analyst estimates and what to watch →
RCL revenue increased 6.5% year over year to $4.832B in 2026-Q2. Management attributed the growth to 4.9% capacity growth from Star of the Seas and Celebrity Xcel, plus higher onboard spending per passenger. Source: 10-Q Item 2 MD&A, p.30.
Net income attributable to RCL fell 6.8% year over year to $1.128B and diluted EPS declined to $4.20. Cruise operating expenses rose 11.6%, faster than revenue, driven by capacity-related costs, $76M of higher crew payroll costs, and $76M of higher fuel expense. Source: 10-Q Item 2 MD&A, pp.25 and 30.
Reported EPS of $4.21 versus the $4.02 analyst consensus — a +4.6% beat for Q2 2026.
As of June 30, 2026, RCL reported $6.9B of liquidity, consisting of $0.9B of cash and cash equivalents and $6.0B of undrawn revolving-credit capacity. Management stated that it believes available financial resources are sufficient to fund obligations for at least the next 12 months, subject to its assumptions and estimates. Source: 10-Q Item 2 MD&A, p.36.
RCL reported $12.822B of ship purchase obligations and $6.583B of interest-on-debt obligations as of June 30, 2026. Its ships on order, excluding Partner Brand orders from the cost calculation, had an aggregate expected cost of approximately $16.5B, of which $1.3B had been deposited. Source: 10-Q Item 2 MD&A, pp.34-35.
Royal Caribbean Cruises (RCL) is next expected to report earnings on Oct 26, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
RCL delivered a strong Q1 FY2026 with revenue rising 11.3% YoY to $4.45B and net income surging 28.9% to $941M, driven by improved operating leverage and margin expansion.
Royal Caribbean (RCL) delivered a record FY2025, with revenue rising 8.8% to $17.9B, net income surging 48.3% to $4.3B, and operating cash flow hitting $6.5B, reflecting strong demand for cruise vacations and disciplined cost management.
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