Royal Caribbean Eyes $14 EPS In 2025 Amid Cruise Demand And Expanded Destinations

Royal Caribbean Cruises Ltd (NYSE:RCL) reported third-quarter revenue growth of 17.5% year-over-year to $4.89 billion, missing the consensus of $4.90 billion.

Passenger ticket revenues rose 18% YoY to $3.47 billion compared to last year. Total cruise operating expenses were $2.391 billion versus $2.137 billion a year ago.

Gross Cruise Costs per Available Passenger Cruise Days (APCD) increased by 1.3%. Gross margin yields increased by 13.4%, as reported, and net yields increased by 7.9% in constant currency.

Operating income for the quarter rose 29.2% to $1.634 billion, with an operating margin of 33.4%. The occupancy rate was 111% in the quarter, compared to 109.7% last year.

Adjusted EBITDA for the quarter ...