United States Steps Up With Caribbean And More As Royal Caribbean Boosts Travel Growth And 2026 Earnings

Royal Caribbean Group has strengthened its position in the international cruise tourism market after reporting higher third-quarter earnings for 2026 and raising its full-year profit forecast. The United States-based cruise operator recorded net income of US$1.76 billion between July and September, supported by sustained demand for holidays across Europe, the Caribbean and North America. Strong booking trends and increased passenger capacity also reflect continued interest in cruise experiences connecting destinations in Spain, Italy, France, Greece, Croatia and Portugal, alongside scenic voyages to Norway, Iceland and other northern European destinations. The company’s expanding international operations highlight the importance of cruise tourism in connecting travellers with diverse coastal landscapes, historic cities and cultural attractions.

The group’s latest financial performance also highlights opportunities across the United Kingdom, Germany, Denmark, Sweden and the Netherlands, where established ports and popular urban destinations contribute to Europe’s cruise network. Beyond Europe, the Caribbean remains central to Royal Caribbean’s holiday portfolio, while its United States operations support broader investment in ships, destinations and all-inclusive resorts. With plans to expand its land-based holiday offerings, develop new destinations and invest in technology, the company is positioning itself to serve changing traveller preferences. Encouraging bookings for 2027 further underline the potential for continued growth as cruise operators connect international markets through integrated holidays combining ocean voyages, resort stays and destination experiences.

Royal Caribbean Reports Strong Third-Quarter Financial Performance

Royal Caribbean Group reported net income of US$1.76 billion, approximately €1.58 billion, for the third quarter of 2026, representing an increase of nearly 10% from US$1.577 billion in the corresponding period of 2025. Total revenue climbed 8.8% to US$5.591 billion, equivalent to approximately €5.02 billion, reflecting higher passenger volumes and increased operating capacity.

Adjusted earnings per share reached US$6.45, compared with US$5.74 a year earlier. Adjusted earnings before interest, taxes, depreciation and amortisation amounted to approximately US$2.5 billion. The results demonstrate the company’s ability to translate passenger demand into stronger revenue while maintaining profitability across its cruise operations.

Management attributed the improvement partly to robust last-minute bookings and the timing of operating expenses, some of which shifted into the fourth quarter. Although the movement of costs supported quarterly results, the company also benefited from an increase in capacity and passenger numbers.

Key Financial Figures Highlight Royal Caribbean’s Growth

The third-quarter figures provide an overview of the cruise group’s performance and its expectations for the remainder of 2026.

The reported occupancy rate of 112% reflects the cruise industry’s practice of calculating occupancy against a standard two-person cabin capacity. It does not mean that every cabin exceeds its normal capacity. Families and groups sharing accommodation can raise the overall figure above 100%.

Royal Caribbean Sees Strong Travel Demand Across Spain, Italy, France, Greece, Croatia and Other European Cruise Destinations

Europe has emerged as an important contributor to Royal Caribbean’s positive booking trends, with demand across destinations such as Spain, Italy, France, Greece, Croatia, Portugal, Norway and the United Kingdom helping strengthen the region’s appeal in the international cruise market. European itineraries combine historic port cities, Mediterranean beaches, picturesque islands, scenic fjords and distinctive cultural experiences, attracting travellers seeking varied experiences within a single holiday. Major cruise gateways, including Barcelona in Spain, Rome’s port of Civitavecchia in Italy, Marseille in France, Athens in Greece and Southampton in the United Kingdom, play important roles in connecting international visitors with regional tourism destinations.

The company’s expanded European cruise programme for the 2028–2029 season reflects its longer-term commitment to the market and the continued importance of destination diversity in cruise planning. Spain, Italy and France offer access to celebrated heritage sites, food destinations and coastal resorts, while Greece and Croatia attract visitors with island-hopping opportunities, historic settlements and Adriatic scenery. Portugal provides Atlantic coastal experiences, Norway is renowned for its fjords and natural landscapes, and the United Kingdom serves as an important departure point for selected European itineraries. Other destinations, including Denmark, Sweden, Germany, the Netherlands and Iceland, can also contribute to the wider appeal of northern European and Baltic cruise holidays.

For European tourism businesses, stronger cruise activity can generate opportunities for guided excursions, hotels, restaurants, local transport operators, cultural attractions and retail businesses. However, the long-term benefits will depend on consumer spending, cruise ship deployment, port infrastructure, environmental management and the ability of destinations to manage seasonal visitor flows. Ports and tourism authorities across Spain, Italy, Greece, France and Croatia will need to balance commercial opportunities with the protection of historic centres, coastal environments and residents’ quality of life. As Royal Caribbean develops its future European programme, the region’s combination of established cruise infrastructure, diverse destinations and cultural attractions is likely to remain central to its international tourism strategy.

United States

The United States remains central to Royal Caribbean Group’s international operations, corporate strategy and cruise tourism development. Its business encompasses Royal Caribbean, Celebrity Cruises and Silversea, alongside a 50% interest in the joint venture operating TUI Cruises. The company’s financial results indicate that demand for cruise holidays continues to support its broader business model.

The group’s strategy increasingly extends beyond ship-based holidays. Its proposed investment in all-inclusive resorts represents an effort to reach customers who prefer land-based accommodation, while allowing the company to develop a more connected portfolio of holiday experiences. This approach could provide additional opportunities to attract families, couples and premium leisure travellers seeking different types of holidays.

Europe

Europe has emerged as an important contributor to the company’s positive booking trends. Royal Caribbean reported strong demand across the region, helping support revenue growth during the third quarter. European cruise itineraries offer access to established maritime destinations, historic cities, coastal resorts and cultural attractions, making the region a significant market for international leisure travel.

The company has also expanded its European cruise programme for the 2028–2029 season, reflecting its longer-term commitment to the market. Future demand will depend on consumer spending, deployment decisions, port capacity and the ability of destinations to manage visitor flows. For European tourism businesses, stronger cruise activity can create opportunities for guided excursions, hospitality services and local transport providers, although the distribution of economic benefits varies by destination.

Caribbean

The Caribbean remains another major focus of Royal Caribbean’s holiday strategy. The region combines island destinations, beaches, marine attractions and resort experiences that appeal to international cruise passengers. Strong demand in the Caribbean contributed to the favourable operating environment reported for the third quarter.

Royal Caribbean’s proposed acquisition of a 50% interest in Sandals and Beaches Resorts would broaden its presence in the region beyond cruise terminals and private destinations. The resort portfolio includes 18 properties, with three additional resorts under development, alongside more than 1,000 acres of undeveloped land, according to the company’s announcement.

The transaction is expected to close in early 2027, subject to customary closing conditions and regulatory approvals. If completed as planned, it could give the group a larger role in the Caribbean’s all-inclusive holiday market.

Royal Caribbean Raises Its 2026 Earnings Forecast

Royal Caribbean has increased its full-year adjusted earnings-per-share forecast to between US$17.85 and US$17.95. The revised outlook incorporates the stronger third-quarter performance, partly offset by less favourable fuel costs and currency movements than previously anticipated.

The company expects annual revenue to rise approximately 9% compared with 2025. Net yield per available passenger cruise day is forecast to increase by around 2.7% at current exchange rates and 2.1% at constant currency rates. These indicators help investors assess revenue generated from available cruise capacity while accounting for changes in operating conditions.

For the fourth quarter, management expects revenue to increase approximately 9% year on year. Adjusted earnings per share are projected to range from US$3.48 to US$3.58. These figures remain forecasts rather than guaranteed outcomes, as operating expenses, booking patterns, fuel prices and exchange rates may affect the final results.

Cruise Bookings For 2027 Signal Continued Demand

Royal Caribbean reported that bookings for its 2027 cruises were running above historical levels and at higher prices. This trend suggests that customers continue to demonstrate interest in future cruise holidays, although booking strength alone does not establish how the entire travel market will perform.

Advance reservations are particularly important for cruise operators because they help inform ship deployment, pricing decisions, staffing and itinerary planning. Higher booking prices may support revenue growth, but the final outcome will also depend on cancellations, onboard spending, operating costs and the availability of suitable ships.

For travellers, early booking can offer a wider choice of itineraries and cabin categories. However, customers should compare the full holiday cost, including port excursions, transfers, gratuities and other optional purchases, rather than judging value solely by the advertised cruise fare.

All-Inclusive Resorts Expand The Company’s Holiday Strategy

Royal Caribbean’s planned investment in Sandals and Beaches Resorts marks a significant step towards a broader holiday portfolio. The brands specialise in all-inclusive resort experiences, giving the group a potential route into a market where accommodation, dining and selected leisure activities are packaged together.

The proposed 50% stake would complement the company’s cruise operations by extending its relationship with customers before and after a voyage or into holidays that do not involve a ship. The Caribbean provides a natural geographical connection between these businesses, although the commercial benefits will depend on the terms of the transaction and the performance of the resorts.

The company expects its share of the resort businesses’ results to contribute positively to earnings once the investment is incorporated. The precise effect on 2027 financial performance will depend partly on when the transaction closes. Regulatory approvals and other customary conditions remain important considerations.

Spain

Spain remains a significant destination for Mediterranean cruise tourism, with Barcelona serving as a major embarkation and turnaround port for international cruise itineraries. Visitors can explore the city’s architectural landmarks, cultural attractions, coastal areas and culinary experiences before or after their voyages. Other Spanish destinations, including Palma de Mallorca, Valencia, Málaga and Cádiz, offer access to beaches, historic districts and regional food traditions. Strong cruise demand can benefit hotels, restaurants, tour operators and transport providers, while effective visitor management remains important during peak travel periods.

Italy

Italy offers cruise passengers a combination of historic cities, celebrated cultural heritage, coastal landscapes and world-renowned cuisine. Civitavecchia provides access to Rome’s ancient monuments, museums and religious landmarks, while Naples connects visitors with Pompeii, the Amalfi Coast and the wider Campania region. Other destinations, including Genoa, La Spezia, Venice and Messina, provide opportunities to explore historic architecture, coastal communities and regional traditions. Increased cruise activity can support local businesses and excursion providers, although managing visitor congestion at popular attractions remains an important consideration.

France

France contributes to Europe’s cruise appeal through its Mediterranean coastline, historic port cities and distinctive cultural experiences. Marseille serves as an important gateway to Provence, offering access to coastal scenery, traditional markets, historic neighbourhoods and regional cuisine. Cruise itineraries may also connect passengers with destinations along the French Riviera, including Cannes and Villefranche-sur-Mer, depending on the sailing schedule. These visits can generate business for hospitality providers, local guides, transport companies and cultural attractions. Sustainable tourism planning is essential to distribute visitor spending while protecting sensitive coastal environments and historic communities.

Greece

Greece attracts cruise passengers with its ancient heritage, island landscapes, coastal settlements and Mediterranean lifestyle. Athens, accessed through the port of Piraeus, offers connections to the Acropolis and other significant archaeological sites. Islands such as Santorini, Mykonos, Corfu and Rhodes provide different experiences, ranging from traditional villages and beaches to historic fortifications and archaeological attractions. Cruise tourism creates opportunities for local restaurants, accommodation providers, excursion operators and small retailers. However, seasonal visitor concentrations, water resources, transport capacity and environmental pressures remain important considerations for Greek island destinations.

Croatia

Croatia has established a strong position in Adriatic cruise tourism through its historic waterfront cities, island scenery and cultural attractions. Dubrovnik is particularly popular for its medieval walls, historic streets and coastal views, while Split provides access to Diocletian’s Palace and the wider Dalmatian coast. Other destinations, including Zadar and Rijeka, offer historical landmarks, waterfront experiences and regional cuisine. Cruise arrivals can increase demand for guided tours, restaurants, transport services and locally produced goods. Careful scheduling and visitor management can help Croatian destinations balance tourism revenue with heritage conservation and residents’ everyday needs.

Portugal

Portugal strengthens the diversity of European cruise itineraries through its Atlantic coastline, maritime history and distinctive urban culture. Lisbon offers passengers historic neighbourhoods, waterfront attractions, museums and access to nearby destinations such as Sintra. Porto provides opportunities to discover riverside architecture, traditional food and the wider northern Portuguese region, while Funchal on Madeira offers gardens, mountain scenery and subtropical landscapes. Cruise visits can support local hospitality businesses, cultural attractions and transport operators. Continued investment in port facilities and sustainable destination management can help Portugal benefit from international cruise demand.

Norway

Norway is an important destination for travellers seeking dramatic natural scenery and northern European cruise experiences. Its fjords, mountains, waterfalls and coastal settlements distinguish it from Mediterranean itineraries. Destinations such as Bergen, Stavanger, Ålesund and Geiranger offer access to scenic landscapes, local heritage and outdoor activities. Cruise passengers can contribute to demand for guided excursions, local transport, restaurants and regional attractions. Nevertheless, environmental protection, emissions management and the capacity of small communities to accommodate seasonal visitor numbers are important factors in the sustainable development of Norwegian cruise tourism.

United Kingdom

The United Kingdom serves as both a cruise destination and an important departure market for European sailings. Southampton is a major cruise port, connecting passengers with itineraries across the Mediterranean, northern Europe and other regions. Visitors can also explore historic destinations and coastal attractions in England, Scotland, Wales and Northern Ireland through selected cruise programmes. Depending on the itinerary, calls at ports such as Liverpool, Greenock and Portland can introduce passengers to local heritage, museums, landscapes and cultural experiences. Cruise operations can support hotels, restaurants, transport providers and shore-excursion businesses, particularly when passengers extend their stays before or after a voyage.

Germany

Germany contributes to the northern European cruise market through its maritime infrastructure, cultural attractions and connections with the Baltic region. Hamburg is a prominent cruise gateway, offering visitors access to waterfront districts, museums, historic architecture and a lively cultural scene. Other ports, including Kiel and Warnemünde, connect passengers with regional attractions and, in some itineraries, cities such as Berlin through organised excursions. Cruise tourism can benefit local transport providers, restaurants, retail businesses and tour operators. Port investment, transport coordination and responsible visitor management can help Germany maintain its position within the wider European cruise network.

Denmark

Denmark offers cruise passengers a combination of Scandinavian culture, historic architecture, waterfront attractions and modern urban experiences. Copenhagen is a major port of call, known for its canals, royal landmarks, museums, cycling culture and food scene. Depending on the itinerary, cruise visitors may also encounter other Danish coastal destinations and access regional experiences beyond the capital. Cruise calls can support guided tours, restaurants, cultural institutions and transport services. As visitor numbers fluctuate throughout the year, cooperation between port authorities, tourism organisations and local communities can help ensure that cruise activity delivers economic benefits without placing excessive pressure on urban infrastructure.

Sweden

Sweden contributes to Baltic cruise tourism through its historic cities, coastal landscapes and distinctive Scandinavian heritage. Stockholm is a leading destination, with an archipelago setting, museums, royal landmarks and a well-preserved historic centre. Cruise passengers can explore the city’s cultural attractions, local cuisine and waterfront districts, while selected itineraries may include other Baltic ports. Spending by cruise visitors can benefit restaurants, retailers, transport operators and cultural venues. Sustainable port operations and careful management of visitor flows are important to preserving Sweden’s urban environment and natural landscapes while supporting tourism-related employment.

The Netherlands

The Netherlands offers cruise visitors access to historic canals, maritime heritage, museums and internationally recognised cultural attractions. Amsterdam is a major draw, with its canal district, galleries, architecture and distinctive neighbourhoods. Rotterdam also contributes to the country’s cruise appeal through its modern architecture, maritime history and contemporary cultural scene. Depending on the sailing programme, passengers may use Dutch ports as gateways to other regional destinations. Cruise-related spending can benefit local businesses and excursion operators, although congestion, transport demand and pressure on residential areas make coordinated tourism planning increasingly important.

Iceland

Iceland adds a distinctive natural dimension to northern European cruise itineraries, attracting travellers interested in volcanic landscapes, waterfalls, glaciers, geothermal features and wildlife. Reykjavík serves as a principal gateway for visitors exploring the country’s capital, cultural attractions and surrounding landscapes. Other ports can provide access to smaller coastal communities and scenic regions, depending on the itinerary. Cruise passengers may support local guides, transport companies, restaurants and nature-based excursion businesses. Because Iceland’s ecosystems can be sensitive to heavy visitor pressure, responsible shore excursions, environmental safeguards and investment in local infrastructure are essential to sustainable cruise development.

Overall Outlook for European Cruise Tourism

Royal Caribbean’s expanded European programme for the 2028–2029 season reflects the importance of offering diverse destinations across the Mediterranean, Atlantic and northern Europe. Spain, Italy, France, Greece and Croatia provide established Mediterranean attractions, while Portugal, Norway, the United Kingdom, Germany, Denmark, Sweden, the Netherlands and Iceland broaden the range of coastal, cultural and nature-based experiences available to cruise passengers.

For these countries, the wider economic impact will depend on passenger spending, itinerary design, port capacity, transport connections and the extent to which local businesses participate in cruise-related activity. Continued coordination between cruise operators, port authorities and destination managers will be important to support tourism growth while protecting cultural heritage, natural environments and the quality of life of local residents.

Liquidity And Investment Support Long-Term Expansion

Royal Caribbean Group reported liquidity of US$7.4 billion, approximately €6.64 billion, at 30 September 2026. This included cash, cash equivalents and available borrowing capacity under revolving credit facilities.

During the third quarter, the company issued US$1.25 billion in unsecured senior debt due in 2034. It used the proceeds to repay part of its floating-rate borrowings and debt maturing in 2027. In October, it also entered into a US$400 million delayed-draw term loan with Export Development Canada and increased its revolving credit facility by US$50 million, bringing the facility’s total capacity to US$6.65 billion.

These financing arrangements form part of the group’s approach to managing debt maturities, liquidity and capital requirements. Borrowing nevertheless creates future repayment obligations and interest expenses, making financial discipline important as the business expands.

Royal Caribbean expects capital expenditure of approximately US$4.6 billion during 2026. The planned spending is primarily directed towards new ships and the development of land-based tourism destinations. These investments could increase capacity and diversify the company’s revenue sources over time, but their returns will depend on demand, construction costs and the performance of individual destinations.

Royal Caribbean’s Global Fleet And Brand Portfolio

The group operates Royal Caribbean, Celebrity Cruises and Silversea, while also holding a 50% interest in the TUI Cruises joint venture. Its fleet comprises 71 ships serving more than 1,000 destinations across the seven continents, according to the reported company information.

The different brands enable the group to target distinct customer segments, ranging from mainstream family holidays to premium and luxury cruise experiences. This diversified portfolio can help the business appeal to travellers with different budgets, expectations and travel styles.

Fleet development also presents challenges. New vessels require substantial capital investment, while their operations depend on port infrastructure, crew availability, fuel efficiency and environmental requirements. The expansion of land-based resorts introduces additional considerations, including local infrastructure, resource management and the need to maintain service standards across different destinations.

For the wider tourism industry, Royal Caribbean’s financial performance offers an indication of continued demand for large-scale leisure travel. However, the company’s results should not be treated as a complete measure of the global tourism economy, which also includes independent hotels, airlines, tour operators and smaller cruise businesses.

Frequently Asked Questions

1. How much profit did Royal Caribbean Group earn in the third quarter of 2026?

Royal Caribbean Group reported net income of US$1.76 billion, approximately €1.58 billion, for the third quarter of 2026, nearly 10% higher than the previous year.

2. How much revenue did the company generate?

The group recorded total revenue of US$5.591 billion, equivalent to approximately €5.02 billion, representing an annual increase of 8.8%.

3. Why did Royal Caribbean increase its 2026 earnings forecast?

The company raised its forecast following stronger third-quarter results and continued demand for cruise holidays, particularly in Europe and the Caribbean. Higher fuel costs and less favourable currency movements partly offset these benefits.

4. What is Royal Caribbean’s revised earnings forecast for 2026?

The company expects adjusted earnings per share of between US$17.85 and US$17.95 for the full year.

5. Which regions are supporting Royal Caribbean’s cruise tourism growth?

Europe and the Caribbean are among the key regions supporting demand, while the United States remains central to the group’s operations and wider holiday strategy.

6. How many passengers travelled with Royal Caribbean Group during the third quarter?

The company carried approximately 2.7 million passengers between July and September 2026, around 9% more than during the same period in 2025.

7. What does an occupancy rate of 112% mean?

It means the number of passengers exceeded the standard capacity calculated on the basis of two people per cabin. Some cabins accommodate additional guests, allowing occupancy to exceed 100%.

8. What is Royal Caribbean planning in the all-inclusive resort market?

The company announced an agreement to acquire a 50% stake in Sandals and Beaches Resorts. The transaction is expected to close in early 2027, subject to customary conditions and regulatory approvals.

9. How much does Royal Caribbean expect to invest in 2026?

The group expects capital expenditure of approximately US$4.6 billion, primarily for new ships and the development of land-based tourism destinations.

10. What do the results mean for future cruise travellers?

The results indicate continued investment in cruise capacity and holiday experiences. Travellers may benefit from a broader choice of itineraries and accommodation options, although prices, availability and individual travel costs will vary.

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