Revenue growth was driven by capacity additions and onboard spending
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.
Cost growth outpaced revenue growth, pressuring operating profitability
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.
Quarterly earnings declined despite revenue growth
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.