Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
New ships, not higher fares, carried the growth
Revenue rose 8.8% while net yield per cruise day barely moved, so the quarter's growth came mostly from added berths.
For investorsWhat the profit engine depends on as the order book delivers
For foundersThe captive-venue playbook: price the entry, earn on the stay
Onboard revenue rose faster than both capacity and the guest count, so each passenger is spending more once aboard.
Ship costs grew faster than revenue, but overheads fell, so operating margin still widened 0.35 points.
Profit from unconsolidated ventures such as TUI Cruises grew 11.4%, a structure the planned Sandals and Beaches stake would repeat.
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Business Lens describes Royal Caribbean Group from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
