RCL / Q3 2026 (FQ3 2026 - Sep 2026; fiscal year ends Dec-31)

Royal Caribbean Cruises Ltd.

Reported: Oct 27, 2026

Forecast published

Oct 27, 2026 at 10:11 PM PDT

Opus 5.5 High in Shortcut

First published after earnings

Shortcut

6.41

Normalized diluted EPS

+0.5% vs Street

Off by $0.157 per share

Street

6.38

Normalized diluted EPS

October 25 consensus snapshot

Off by $0.190 per share

Real

6.57

Issuer adjusted diluted EPS

Shortcut win

Reported result · Oct 27 ↗ · Royal Caribbean reports adjusted diluted EPS $6.57 and GAAP diluted EPS $6.45 for the quarter ended September 30,2026.

USD per diluted common share, no ADR or split conversion. Comparisons use unrounded estimates.

Model download

Explore the assumptions and calculations behind the forecast.

Open in Shortcut ↗Download XLSX ↓

Shortcut’s reasoning.

Company 3Q26 guide (28-Jul-26): adjusted EPS $6.26-6.36, net yields ~flat, NCC ex-fuel -1.7% to -1.2%, APCD 14.9M, fuel $362M; consensus $6.38 already sits $0.07 above the midpoint.

Built bottom-up: APCD 14.9M x 111.8% occupancy, ticket/PCD -0.8% and onboard/PCD +4.8% give revenue $5,621M (+9.4%) and net yield +0.9% as reported (+0.8% constant currency), a modest beat consistent with RCL beating yield guides by 75-100bp in 1H26.

Peer and macro evidence for the quarter: Carnival beat its June yield guide by 1.2pts on close-in demand, NCLH pre-announced a revenue-led 3Q beat, BofA saw cruise spend reaccelerate in Jul-Aug.

On the record.

Reporting period: Q3 2026 (FQ3 2026 - Sep 2026; fiscal year ends Dec-31)
Reporting basis: Adjusted (issuer non-GAAP = consensus normalized) diluted EPS, USD per diluted common share, quarter ended 2026-09-30 (FQ3 2026). NYSE common stock; no ADR, split or currency conversion. Issuer adjusted EPS equals the consensus normalized actual in all six frozen historical quarters (2.71, 4.38, 5.75, 2.80, 3.60, 4.21).
Consensus snapshot: October 25, 2026
Model / effort: Opus 5.5 · High effort
Workbook: Reviewed workbook

Record history

Forecast generated: Oct 26, 2026 at 12:44 PM PDT
Reviewed revision completed: Oct 26, 2026 at 12:44 PM PDT
Final read-only check completed: Oct 27, 2026 at 5:53 PM PDT
First published: Oct 27, 2026 at 10:11 PM PDT

Result basis

Royal Caribbean reports adjusted diluted EPS $6.57 and GAAP diluted EPS $6.45 for the quarter ended September 30,2026. USD per diluted common share, no ADR conversion, matches the explicit issuer-adjusted convention in the frozen forecast.

Publication timing

The forecast file was generated before the issuer released results. The final read-only check and first public availability followed the release. It is included under the subsequently authorized generated-before-results scoring rule. The original source and publication timestamps are preserved.