Royal Caribbean Group ended 2025 with one of the strongest booking periods in its history, underscoring sustained demand for cruising and growing confidence heading into 2026. Speaking during the company’s fourth-quarter earnings call on January 29, CEO Jason Liberty described 2025 as an “outstanding year,” noting that momentum is not only continuing but accelerating.
According to Liberty, the company is already roughly two-thirds booked for 2026, with both travel advisors and direct channels outperforming last year. Advisors are delivering higher booking volumes at stronger rates, while direct bookings are performing “particularly well,” highlighting healthy demand across distribution channels.
Financial results reinforced the optimism. Royal Caribbean Group posted $4.3 billion in fourth-quarter revenue and adjusted EBITDA of $1.5 billion. For the full year, revenue reached $17.9 billion, with adjusted earnings per share of $15.64, exceeding company guidance. Looking ahead, the group expects EPS to grow further to between $17.70 and $18.10 in 2026.
Recent booking strength was driven by cyber sales promotions and the start of Wave season. New ships across the fleet, including Star of the Seas and Celebrity Xcel, are exceeding expectations, while Legend of the Seas is also seeing strong demand ahead of its European debut.
Despite broader industry concerns around Caribbean pricing, Liberty said demand remains robust across Royal Caribbean, Celebrity and Silversea, with Caribbean pricing running higher than last year. Private destinations continue to play a growing role, with the company expecting up to 90% of Caribbean guests to visit one by 2028.
