Royal Caribbean Reports 10.4% Revenue Growth to $4.54 Billion in Latest Quarter

Royal Caribbean Cruises Ltd. reported significant financial growth in its latest quarterly results, with total revenues reaching $4.54 billion for the quarter ended June 30, 2025, a 10.4% increase from $4.11 billion in the same period last year. Passenger ticket revenues rose to $3.20 billion, up from $2.89 billion, while onboard and other revenues also saw an increase, climbing to $1.34 billion from $1.22 billion. The company’s net income attributable to Royal Caribbean Cruises Ltd. was $1.21 billion, compared to $854 million in the prior year, resulting in earnings per share of $4.41, up from $3.11.

For the first half of 2025, total revenues increased by 8.9% to $8.54 billion, compared to $7.84 billion in the same period of 2024. Passenger ticket revenues for the six months rose to $5.94 billion, a 9.4% increase from $5.43 billion, driven by a combination of higher ticket prices and increased capacity. Onboard and other revenues also grew, reaching $2.60 billion, up from $2.41 billion. The net income for the first half was $1.94 billion, compared to $1.22 billion in 2024.

Operationally, Royal Caribbean reported carrying 2.25 million passengers in the second quarter, an increase from 2.04 million in the same quarter of 2024. The company achieved an occupancy rate of 110.3%, up from 108.2% in the previous year. The increase in capacity was attributed to the addition of new ships, including Utopia of the Seas and Silver Ray. The company also noted a significant rise in customer deposits, which increased to $6.38 billion from $5.50 billion, reflecting strong demand for future cruises.

Strategically, Royal Caribbean made notable moves in its financing and operational structure. In March 2025, the company completed a privately negotiated exchange of approximately $213 million in convertible notes for shares and cash. Additionally, in May 2025, it amended its revolving credit facilities, increasing its capacity to $6.4 billion and extending the maturity of one facility to October 2030. The company also announced the acquisition of the Port of Costa Maya in Mexico for approximately $292 million, enhancing its operational footprint in the region.

Looking ahead, Royal Caribbean anticipates continued growth, supported by its ongoing investments in new ships and destinations. The company expects to maintain strong operational performance, with projected capital expenditures of approximately $5 billion for 2025, primarily related to its ship orders and land-based initiatives. The company remains optimistic about its ability to meet its financial obligations and achieve its long-term growth targets, including a compound annual growth rate in adjusted earnings per share of 20% by the end of 2027.