Vacation Demand Persists for Solid Royal Caribbean Brand, Supporting Improving Profit Metrics

Consumer interest in travel has maintained momentum for Royal Caribbean in 2025, exhibiting robust demand and pricing trends. With the redeployment of the fleet in mid-2022, occupancy has returned to historical levels, and profits and cash flow growth has normalized. Royal Caribbean is expected to report record pricing again in 2025, with further growth anticipated in 2026, given new hardware and destinations set to launch at premium prices. On the cost side, expenses should be better managed ahead as a result of optimized occupancy and ongoing productivity initiatives, aiding profitability.