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Royal Caribbean Group’s 2027 Bookings Hit Record Pricing — Can Its Demand Momentum Continue?

The Royal Caribbean Group reported second-quarter 2026 results that surpassed expectations, driven by a 6% increase in revenue year-over-year and adjusted earnings per share (EPS) of $4.21, which was $0.33 higher than guidance. Capacity grew 5%, with 2.4 million vacations delivered, while net yields rose 1.2%, 100 basis points above projections. The company highlighted strong close-in booking demand and elevated onboard spending, particularly for Caribbean sailings. Adjusted EBITDA was $1.8 billion with a margin of 38%, and operating cash flow reached $1.9 billion. The balance sheet remained robust, with liquidity at $6.9 billion and leverage below 3x. The firm returned over $600 million to shareholders through dividends and share repurchases during the quarter. Despite strong results, an ongoing geopolitical conflict in the Middle East has moderately affected booking trends, especially for European itineraries concentrated in the third quarter.