Royal Caribbean Group is entering the new fiscal year with unprecedented momentum, reporting the strongest booking period in its corporate history. Following a robust fourth-quarter performance, the cruise giant revealed that consumer demand for 2026 travel has reached record levels, with nearly two-thirds of the year’s capacity already booked at historically high price points.

Record-Breaking Booking Momentum

The company recently experienced a seven-week booking stretch that surpassed all previous internal records. This surge in activity, often referred to in the industry as “Wave Season,” indicates a significant shift in consumer behavior as travelers prioritize experiential spending despite fluctuations in the broader economy.

According to leadership, the company is seeing a sustained trend of high occupancy and strong pricing power. CEO Jason Liberty noted that the current momentum is carrying directly into 2026, with the most recent weeks delivering the best booking volume the company has ever seen. This early demand has placed the cruise operator in a highly favorable position, allowing for better yield management and price stability.

Fourth Quarter Financial Highlights

For the final quarter of the fiscal year, Royal Caribbean reported total revenue of $4.259 billion. Earnings per share (EPS) reached $2.80, meeting market expectations and reflecting the company’s ability to convert high demand into bottom-line profitability. Investors responded enthusiastically to the results, driving the company’s stock price up by more than 15% in mid-morning trading following the announcement.

Financial leadership emphasized that the results are a testament to the brand’s strength and the increasing value consumers place on vacation experiences. Chief Financial Officer Naftali Holtz highlighted that the growth is consistent across the company’s entire portfolio of brands.

The “Perfecta” Strategy and 2026 Outlook

The company’s long-term financial framework, known as “Perfecta,” remains the primary driver for its aggressive growth targets. This plan aims for a 20% annual increase in earnings through 2027. For the full fiscal year of 2026, Royal Caribbean expects adjusted EPS to land between $17.70 and $18.10, which would represent a 23% compounded annual growth rate over the first two years of the strategic plan.

Looking ahead to the first quarter of 2026, the company anticipates:

• Net yields to increase between 2.4% and 2.9%.
• Adjusted EPS in the range of $3.18 to $3.28.
• Full-year net yield growth projected between 2.1% and 4.1%.

Resilient Consumer Spending in Travel

The record-breaking figures underscore a broader trend in the travel sector, where luxury and leisure cruises are seeing a faster recovery and more sustained growth than other segments of the discretionary market. With a technology-driven strategy and a focus on expanding its private destinations, Royal Caribbean appears well-positioned to maintain its trajectory as it heads into a record-setting 2026.