Royal Caribbean (RCL)
Market Price (8/22/2026): $292.27 | Market Cap: $78.3 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Royal Caribbean (RCL)
Market Price (8/22/2026): $292.27Market Cap: $78.3 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 6.8 Bil Stock buyback supportStock Buyback 3Y Total is 2.2 Bil Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, Experiential Retail, and Luxury Consumer Goods. | Expensive valuation multiplesP/SPrice/Sales ratio is 4.2x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.2% Key risksRCL key risks include [1] a heavy, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 6.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.2 Bil |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, Experiential Retail, and Luxury Consumer Goods. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 4.2x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.2% |
| Key risksRCL key risks include [1] a heavy, Show more. |
Qualitative Assessment
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Royal Caribbean (RCL) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Royal Caribbean Group exceeded expectations in its fiscal Q2 2026 (ended June 30, 2026) earnings report and raised its full-year profit guidance. The company reported adjusted Earnings Per Share (EPS) of $4.21, surpassing analyst estimates of $3.98 by 5.7%. Total revenue for the quarter increased 6% year-over-year to $4.83 billion, slightly above analyst forecasts. Following this strong performance, Royal Caribbean Group lifted its full-year adjusted EPS guidance to a range of $17.73-$17.87, up from its previous outlook of $17.10-$17.50. This positive revision reflected robust close-in demand and effective cost management.
2. Sustained strong consumer demand for cruises and record booking trends fueled investor confidence. The cruise industry continues to experience robust demand, with Royal Caribbean Group reporting that it is booked at record prices, and booking volumes are exceeding last year's levels. Industry data for 2026 projects that 21.7 million Americans will embark on ocean cruises, marking a 4.5% increase from 2025. This healthy demand environment, coupled with stretching booking windows and firm pricing, indicates a strong operational backdrop for cruise operators.
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Royal Caribbean (RCL) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Royal Caribbean Group exceeded expectations in its fiscal Q2 2026 (ended June 30, 2026) earnings report and raised its full-year profit guidance. The company reported adjusted Earnings Per Share (EPS) of $4.21, surpassing analyst estimates of $3.98 by 5.7%. Total revenue for the quarter increased 6% year-over-year to $4.83 billion, slightly above analyst forecasts. Following this strong performance, Royal Caribbean Group lifted its full-year adjusted EPS guidance to a range of $17.73-$17.87, up from its previous outlook of $17.10-$17.50. This positive revision reflected robust close-in demand and effective cost management.
2. Sustained strong consumer demand for cruises and record booking trends fueled investor confidence. The cruise industry continues to experience robust demand, with Royal Caribbean Group reporting that it is booked at record prices, and booking volumes are exceeding last year's levels. Industry data for 2026 projects that 21.7 million Americans will embark on ocean cruises, marking a 4.5% increase from 2025. This healthy demand environment, coupled with stretching booking windows and firm pricing, indicates a strong operational backdrop for cruise operators.
3. The company's strategic fleet expansion and product differentiation, including the launch of new ships, enhanced its market position. Royal Caribbean Group continued to expand and elevate its vacation portfolio with the launch of Legend of the Seas in June 2026, the third ship in its innovative Icon class. This new vessel is part of a platform designed to redefine the cruising experience, contributing to higher net yields, which increased 1.9% as reported in fiscal Q2 2026.
4. Positive analyst sentiment and favorable price targets provided a tailwind for the stock. Wall Street analysts maintain a "Moderate Buy" consensus rating for Royal Caribbean Group (RCL). The average price target of $353.40 suggests a potential upside of 22.99% from the stock's closing price on August 20, 2026. Firms such as Morgan Stanley have also raised their price targets for RCL during this period, signaling confidence in the company's future performance.
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Stock Movement Drivers
Fundamental Drivers
The 11.3% change in RCL stock from 4/30/2026 to 8/21/2026 was primarily driven by a 12.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 262.40 | 292.00 | 11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,387 | 18,681 | 1.6% |
| Net Income Margin (%) | 24.4% | 23.5% | -3.4% |
| P/E Multiple | 15.8 | 17.8 | 12.5% |
| Shares Outstanding (Mil) | 270 | 268 | 0.7% |
| Cumulative Contribution | 11.3% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| RCL | 11.3% | |
| Market (SPY) | 6.5% | 52.6% |
| Sector (XLY) | -0.3% | 53.3% |
Fundamental Drivers
The -9.1% change in RCL stock from 1/31/2026 to 8/21/2026 was primarily driven by a -17.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 321.26 | 292.00 | -9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,437 | 18,681 | 7.1% |
| Net Income Margin (%) | 23.3% | 23.5% | 0.9% |
| P/E Multiple | 21.5 | 17.8 | -17.2% |
| Shares Outstanding (Mil) | 272 | 268 | 1.5% |
| Cumulative Contribution | -9.1% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| RCL | -9.1% | |
| Market (SPY) | 11.0% | 57.4% |
| Sector (XLY) | -2.4% | 58.4% |
Fundamental Drivers
The -6.6% change in RCL stock from 7/31/2025 to 8/21/2026 was primarily driven by a -24.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 312.53 | 292.00 | -6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,184 | 18,681 | 8.7% |
| Net Income Margin (%) | 21.0% | 23.5% | 12.3% |
| P/E Multiple | 23.6 | 17.8 | -24.6% |
| Shares Outstanding (Mil) | 272 | 268 | 1.5% |
| Cumulative Contribution | -6.6% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| RCL | -6.6% | |
| Market (SPY) | 22.2% | 44.7% |
| Sector (XLY) | 7.2% | 46.4% |
Fundamental Drivers
The 175.2% change in RCL stock from 7/31/2023 to 8/21/2026 was primarily driven by a 85.1% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 106.11 | 292.00 | 175.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,006 | 18,681 | 55.6% |
| P/S Multiple | 2.3 | 4.2 | 85.1% |
| Shares Outstanding (Mil) | 256 | 268 | -4.5% |
| Cumulative Contribution | 175.2% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| RCL | 175.2% | |
| Market (SPY) | 73.2% | 57.7% |
| Sector (XLY) | 38.9% | 57.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RCL Return | 3% | -36% | 162% | 79% | 22% | 4% | 296% |
| Peers Return | -11% | -51% | 80% | 34% | 23% | 30% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| RCL Win Rate | 50% | 58% | 67% | 67% | 58% | 50% | |
| Peers Win Rate | 47% | 42% | 53% | 58% | 52% | 59% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RCL Max Drawdown | -34% | -64% | -27% | -19% | -35% | -29% | |
| Peers Max Drawdown | -47% | -65% | -46% | -32% | -41% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CCL, NCLH, VIK, LIND. See RCL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | RCL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.4% | -18.8% |
| % Gain to Breakeven | 47.9% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.6% | -7.8% |
| % Gain to Breakeven | 17.2% | 8.5% |
| Time to Breakeven | 21 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.2% | -9.5% |
| % Gain to Breakeven | 27.0% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.5% | -6.7% |
| % Gain to Breakeven | 24.2% | 7.1% |
| Time to Breakeven | 9 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.3% | -24.5% |
| % Gain to Breakeven | 158.4% | 32.4% |
| Time to Breakeven | 321 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.7% | -33.7% |
| % Gain to Breakeven | 392.2% | 50.9% |
| Time to Breakeven | 1353 days | 140 days |
In The Past
Royal Caribbean's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 47.9% gain to breakeven.
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Asset Allocation
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| Event | RCL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.4% | -18.8% |
| % Gain to Breakeven | 47.9% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.2% | -9.5% |
| % Gain to Breakeven | 27.0% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.3% | -24.5% |
| % Gain to Breakeven | 158.4% | 32.4% |
| Time to Breakeven | 321 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.7% | -33.7% |
| % Gain to Breakeven | 392.2% | 50.9% |
| Time to Breakeven | 1353 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.7% | -19.2% |
| % Gain to Breakeven | 42.2% | 23.8% |
| Time to Breakeven | 128 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.2% | -12.2% |
| % Gain to Breakeven | 35.4% | 13.9% |
| Time to Breakeven | 353 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -44.9% | -17.9% |
| % Gain to Breakeven | 81.6% | 21.8% |
| Time to Breakeven | 458 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -39.5% | -15.4% |
| % Gain to Breakeven | 65.3% | 18.2% |
| Time to Breakeven | 118 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.1% | -53.4% |
| % Gain to Breakeven | 677.5% | 114.4% |
| Time to Breakeven | 613 days | 1085 days |
In The Past
Royal Caribbean's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 47.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Royal Caribbean (RCL)
Royal Caribbean Cruises Ltd. (RCL) is a prominent global cruise company that specializes in offering a wide array of cruise vacation experiences. Its primary business involves owning and operating a diverse fleet of cruise ships that sail to approximately 1,000 destinations across the world. The company essentially provides floating resorts that combine transportation, lodging, dining, entertainment, and various leisure activities for travelers seeking an all-inclusive vacation.
The company's main products are its cruise itineraries, which are delivered through several distinct brands, each targeting a specific segment of the market. These brands include Royal Caribbean International, known for its innovative ships and broad appeal; Celebrity Cruises, which focuses on a premium experience; Azamara, offering destination-intensive voyages; and Silversea Cruises, catering to the luxury cruise market. Through these brands, Royal Caribbean provides a spectrum of services, from family-friendly adventures to upscale, immersive travel experiences.
Royal Caribbean serves a vast and varied customer base within the global leisure travel and tourism market. Its multi-brand strategy allows it to appeal to a wide range of primary customers, from families and younger travelers looking for entertainment and value, to discerning adults and luxury travelers seeking premium service, exotic itineraries, and refined experiences. The company's operations span worldwide, serving passengers from diverse geographic regions and demographics.
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Here are 1-2 brief analogies for Royal Caribbean (RCL):
- The Disney Parks of the high seas.
- A Marriott International, but on the ocean.
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- Contemporary & Premium Cruises: These services encompass a broad spectrum of cruise itineraries and onboard amenities, appealing to a wide range of travelers seeking vacations on the high seas under brands like Royal Caribbean International and Celebrity Cruises.
- Luxury & Expedition Cruises: These services offer high-end, often all-inclusive voyages with personalized service, focusing on unique destinations and immersive experiences, including expedition-style travel under brands like Azamara and Silversea Cruises.
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Royal Caribbean (RCL) primarily sells its cruise experiences directly to individual consumers rather than to other companies.
The company serves the following categories of individual customers:
- Families and Mass Market Travelers: This segment includes individuals, couples, and families often seeking a wide array of activities, entertainment, and dining options, often at a value or mid-range price point. Brands like Royal Caribbean International frequently cater to this demographic with family-friendly amenities and diverse itineraries.
- Premium and Upscale Travelers: This category encompasses individuals and couples looking for a more refined, sophisticated, or destination-focused cruise experience. They often prioritize elevated dining, enhanced service, and unique cultural immersion opportunities. Celebrity Cruises and Azamara typically target this segment.
- Luxury and Ultra-Luxury Travelers: This segment consists of high-net-worth individuals who seek exclusive, all-inclusive, highly personalized, and often smaller-ship experiences with bespoke itineraries and top-tier amenities. Silversea Cruises is Royal Caribbean's brand dedicated to serving this ultra-luxury market.
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- Fincantieri S.p.A. (Symbol: FCT)
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Jason Liberty, Chairman and Chief Executive Officer
Jason Liberty joined Royal Caribbean Group in 2005 as a finance executive and has held multiple senior leadership roles, including Chief Financial Officer from 2013 to 2021, before being named CEO in January 2022. Prior to joining Royal Caribbean, he was a Senior Manager with KPMG, one of the world's leading professional services firms. He also serves as Chairman of the Board for the Cruise Line Industry Association (CLIA) and is on the Board of Directors of WNS Limited, a business process management public company.
Naftali Holtz, Chief Financial Officer
Naftali Holtz was appointed Chief Financial Officer of Royal Caribbean Group in January 2022. He joined the company in 2019, having previously served as a Managing Director and Head of Lodging & Leisure Investment Banking at Goldman Sachs. Holtz is also a veteran of the Israeli Air Force.
Michael Bayley, President and Chief Executive Officer, Royal Caribbean International
Michael Bayley began his extensive career in the cruise industry in 1981 as an assistant purser on Royal Caribbean's m.s. Nordic Prince. He has held various leadership positions within the company, including chairman and managing director of Island Cruises, a joint venture between First Choice Holidays and Royal Caribbean International. Bayley was named president and CEO of Celebrity Cruises in 2012 and subsequently became president and CEO of Royal Caribbean International in 2014. He also previously served as vice president at Caesars Palace in Las Vegas.
Laura Hodges Bethge, President, Celebrity Cruises
Laura Hodges Bethge joined Royal Caribbean Group in 2000 and has held numerous leadership roles across various departments, including hotel and marine operations, sales, marketing, investor relations, and product development. Prior to her appointment as President of Celebrity Cruises in 2023, she was the Executive Vice President of Shared Services Operations for Royal Caribbean Group.
Bert Hernandez, President, Silversea Cruises
Bert Hernandez joined Royal Caribbean Group in 2004 and has held several leadership roles encompassing revenue management, corporate strategy, product development, market development, and corporate finance. He also served as President of China operations for Royal Caribbean International.
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The key risks to Royal Caribbean's (RCL) business include its sensitivity to economic conditions and consumer discretionary spending, fluctuating operating costs primarily driven by fuel prices, and the impact of geopolitical tensions and environmental regulations.
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Economic Conditions and Consumer Discretionary Spending
Royal Caribbean's business is highly susceptible to global and local economic conditions, as cruising is largely considered discretionary spending. Weak or uncertain economic environments can reduce consumer confidence, leading to decreased demand for cruises, lower booking volumes, reduced cruise prices, and diminished onboard revenues, ultimately impacting the company's operating results, cash flows, and financial condition.
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Operating Costs, Particularly Fuel Prices
The company faces significant exposure to increases in operating costs, with fuel prices being a primary concern. Fluctuations in fuel, food, payroll, and other operational expenses can substantially affect profitability. While hedging strategies are employed, they do not fully mitigate the risk of elevated fuel prices, which can be exacerbated by geopolitical events.
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Geopolitical Tensions and Environmental Regulations
Operating globally exposes Royal Caribbean to various geopolitical risks, including regional and local political instability, changes in taxes or duties, and compliance with diverse international laws. Geopolitical uncertainties, such as those affecting Middle East routing, can impact travel itineraries and consumer confidence in international travel. Furthermore, the cruise industry faces growing scrutiny over its environmental impact and carbon footprint, leading to increasing pressure to invest in cleaner fuels and technologies, which could result in higher operating costs and capital expenditures due to new or evolving environmental regulations.
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Increased Environmental Scrutiny and Regulation
Growing global awareness of climate change, stricter international and local environmental regulations (e.g., emissions, waste management), and increasing pressure from environmental advocacy groups represent a clear emerging threat. These factors can lead to significantly higher operating costs for fuel and waste treatment, require costly retrofits for existing ships, restrict access to certain destinations, and damage brand reputation among environmentally conscious consumers. The cruise industry is often singled out for its visible environmental footprint, making it particularly vulnerable to escalating regulatory and public pressure.
Enduring Post-Pandemic Health & Safety Perceptions
The severe impact of the COVID-19 pandemic on the cruise industry created a lasting memory and heightened sensitivity among consumers and regulators regarding infectious disease transmission in close-quarters environments. While the immediate crisis has subsided, the persistent public perception of cruise ships as vulnerable to outbreaks, coupled with the potential for future pandemics or novel pathogens, remains a clear and emerging threat. This can lead to sustained periods of reduced consumer demand, necessitate costly ongoing health and safety protocols, and expose the company to rapid and severe operational shutdowns in response to future public health crises.
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The addressable market for Royal Caribbean's main product, cruises, can be identified by examining the global and regional cruise tourism markets.
The global cruise tourism market was valued at approximately USD 86.31 billion in 2025. This market is projected to grow to USD 204.93 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 10.15% during the forecast period.
Regionally, North America is a significant addressable market. The North America cruise tourism market was valued at approximately USD 31.8 billion in 2025. In 2025, North America accounted for 36.84% of the global cruise tourism market.
For Europe, the cruise market generated a revenue of approximately USD 2.53 billion in 2025. This market is expected to grow at a CAGR of 12.1% from 2026 to 2033, reaching a projected revenue of approximately USD 6.31 billion by 2033.
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Royal Caribbean (RCL) is poised for significant revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions:
- Capacity Expansion and New Ship Deliveries: The company is increasing its overall capacity through the introduction of new ships, including the Royal Caribbean Discovery class vessels and an expansion of its Celebrity River Cruises fleet. This growth in available passenger cruise days (APCDs) directly translates to the potential for higher passenger volume and revenue. Royal Caribbean projects capacity increases of 6.7% in 2026, 4% in 2027, and 6% in 2028.
- Strong Pricing Power and Yield Growth: Royal Caribbean anticipates continued strength in pricing, leading to robust net yield growth. This is fueled by strong demand for its vacation experiences and the company's ability to command higher ticket prices. Net yield growth is projected to be between 1.5% and 3.5% in 2026.
- Growth in Onboard Revenue and Exclusive Destinations: Investments in private destinations, such as the Royal Beach Club Paradise Island, Cozumel Beach Club, Santorini Beach Club, and Perfect Day Mexico, are expected to enhance the guest experience and drive increased onboard spending. These exclusive destinations contribute to higher guest satisfaction and ancillary revenue.
- Enhanced Digital Engagement and Operational Efficiencies: Royal Caribbean is investing in AI and digital platforms to improve customer personalization and operational efficiency. These technological advancements are designed to streamline the booking process, enhance the guest experience, and ultimately increase conversion rates and onboard spending.
- Robust Demand and Record Bookings: The company is experiencing strong booking trends for upcoming years at record rates, indicating sustained consumer preference for cruise vacations. This solid demand environment provides a strong foundation for future revenue growth.
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Share Repurchases
- Royal Caribbean Group initiated a $1.0 billion share repurchase program in February 2025, with $100 million in shares already purchased through open market transactions.
- In December 2025, the board authorized a new $2.0 billion share repurchase program.
- The company completed a prior $1.0 billion share repurchase program, and as of December 31, 2025, $1.8 billion remained under its current program authorization.
Share Issuance
- In March 2025, Royal Caribbean completed exchange transactions involving approximately $213 million in convertible senior notes for around 3.3 million shares of common stock and $214 million in cash.
- The number of outstanding shares increased by 10.98% in 2023 from 2022, reaching 0.283 billion.
Outbound Investments
- In January 2025, Royal Caribbean announced the launch of Celebrity River Cruises with an initial order for 10 ships set to sail in 2027.
- The company is expanding its portfolio of private destinations from three to eight by 2028, including the development of new Royal Beach Club collections like Perfect Day Mexico.
Capital Expenditures
- Royal Caribbean's capital expenditures were $3.897 billion in 2023, $3.268 billion in 2024, and peaked at $5.229 billion in 2025.
- Expected capital expenditures for 2026 are approximately $5 billion, primarily dedicated to new ship orders and the development of private destinations.
- The company anticipates welcoming seven new cruise ships into its fleet by the end of 2029.
Peer Outperformance in Hotels, Resorts & Cruise Lines
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.9% | 107.5% | 71.8% | LINC 323% · CVSA 268% · UTI 245% |
| Homebuilding | 18 | 1.5% | 35.5% | 53.8% | GRBK 186% · TOL 161% · PHM 157% |
| Hotels, Resorts & Cruise Lines ← | 22 | 20.5% | 55.3% | 18.7% | RCL 284% · MAR 183% · HLT 172% |
| Automotive Retail | 18 | -11.6% | 3.7% | 16.1% | MUSA 273% · PAG 187% · ORLY 120% |
| Specialty Stores | 7 | 0.2% | 33.6% | 11.2% | DKS 95% · ASO 29% · SIG 23% |
| Home Improvement Retail | 5 | -13.7% | 1.6% | 9.1% | HD 15% · LOW 14% · HVT 9% |
| Casinos & Gaming | 20 | -5.2% | -23.6% | 5.1% | BRAG 1014% · MCRI 118% · RSI 114% |
| Specialized Consumer Services | 10 | -8.8% | 16.9% | -3.3% | HRB 149% · FTDR 99% · SCI 41% |
| Restaurants | 34 | -4.3% | -4.7% | -6.2% | EAT 389% · CAKE 201% · RAVE 168% |
| Distributors | 4 | -5.1% | -23.8% | -8.4% | ARMK 164% · GPC 25% · LKQ -42% |
| Home Furnishings | 4 | 2.6% | 31.0% | -12.4% | SGI 60% · LZB 7% · MHK -32% |
| Footwear | 9 | 69.5% | 45.3% | -14.0% | WEYS 151% · SHOO 28% · DECK 27% |
| Automotive Parts & Equipment | 38 | -10.0% | -6.5% | -31.5% | MOD 1447% · GTX 296% · STRT 106% |
| Leisure Products | 13 | -0.7% | -19.6% | -31.7% | GOLF 86% · HAS 19% · MCFT 4% |
| Apparel, Accessories & Luxury Goods | 27 | 6.3% | -1.6% | -35.1% | TPR 265% · RL 254% · ELA 236% |
| Apparel Retail | 25 | 0.9% | 6.0% | -38.8% | ANF 187% · DXLG 187% · ROST 105% |
| Leisure Facilities | 12 | -11.6% | -7.7% | -39.4% | OSW 190% · JAKK 118% · ESCA 12% |
| Household Appliances | 18 | 8.3% | 38.2% | -39.9% | KEQU 177% · FLXS 151% · HBB 121% |
| Broadline Retail | 15 | 9.4% | 12.2% | -50.1% | DDS 299% · AMZN 62% · EBAY 55% |
| Computer & Electronics Retail | 3 | -14.5% | 5.5% | -54.3% | BBY -4% · GME -54% · UPBD -60% |
| Automobile Manufacturers | 8 | -68.2% | -67.3% | -68.6% | GM 88% · TSLA 60% · F 56% |
| Consumer Electronics | 11 | -15.7% | -22.1% | -74.9% | AXIL 2091% · GRMN 92% · TBCH -53% |
| Other Specialty Retail | 18 | -26.7% | -42.8% | -77.2% | BBW 218% · TLF 105% · WINA 92% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.41 |
| Mkt Cap | 21.7 |
| Rev LTM | 14,418 |
| Op Inc LTM | 3,040 |
| FCF LTM | -153 |
| FCF 3Y Avg | 471 |
| CFO LTM | 4,333 |
| CFO 3Y Avg | 3,870 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 16.2% |
| Rev Chg Q | 6.3% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 15.4% |
| Op Inc Chg 3Y Avg | 169.4% |
| Op Mgn LTM | 16.0% |
| Op Mgn 3Y Avg | 14.5% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 22.5% |
| CFO/Rev 3Y Avg | 22.0% |
| FCF/Rev LTM | 4.4% |
| FCF/Rev 3Y Avg | 6.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 21.7 |
| P/S | 1.9 |
| P/Op Inc | 11.6 |
| P/EBIT | 11.1 |
| P/E | 10.9 |
| P/CFO | 8.5 |
| Total Yield | 8.2% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.6% |
| 3M Rtn | 10.2% |
| 6M Rtn | -12.5% |
| 12M Rtn | -9.7% |
| 3Y Rtn | 134.6% |
| 1M Excs Rtn | -0.9% |
| 3M Excs Rtn | 5.6% |
| 6M Excs Rtn | -23.6% |
| 12M Excs Rtn | -30.2% |
| 3Y Excs Rtn | 54.3% |
Comparison Analyses
Price Behavior
| Market Price | $292.00 | |
| Market Cap ($ Bil) | 78.3 | |
| First Trading Date | 04/28/1993 | |
| Distance from 52W High | -18.8% | |
| 50 Days | 200 Days | |
| DMA Price | $303.60 | $285.01 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -3.8% | 2.5% |
| 3M | 1YR | |
| Volatility | 42.0% | 47.3% |
| Downside Capture | 166.67 | 178.10 |
| Upside Capture | 210.35 | 128.54 |
| Correlation (SPY) | 50.6% | 45.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.35 | 1.58 | 1.82 | 1.93 | 1.64 | 1.57 |
| Up Beta | -3.05 | 1.07 | 1.89 | 2.72 | 2.61 | 1.76 |
| Down Beta | -1.16 | 1.53 | 1.31 | 1.28 | 1.29 | 1.43 |
| Up Capture | 187% | 243% | 263% | 188% | 144% | 530% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 21 | 32 | 58 | 119 | 391 |
| Down Capture | 175% | 128% | 159% | 172% | 134% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 22 | 31 | 68 | 133 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RCL | |
|---|---|---|---|---|
| RCL | -9.8% | 47.2% | -0.08 | - |
| Sector ETF (XLY) | 4.3% | 19.6% | 0.10 | 46.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 45.4% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 13.2% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -33.8% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 36.1% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 5.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RCL | |
|---|---|---|---|---|
| RCL | 30.7% | 48.2% | 0.72 | - |
| Sector ETF (XLY) | 6.2% | 24.1% | 0.22 | 59.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 58.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 4.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 4.1% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 41.5% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 23.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RCL | |
|---|---|---|---|---|
| RCL | 16.5% | 53.2% | 0.50 | - |
| Sector ETF (XLY) | 12.3% | 22.2% | 0.51 | 56.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 55.6% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 1.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 16.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 46.8% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 5.7% | 6.2% | |
| 4/30/2026 | 3.8% | 13.0% | 12.1% |
| 1/29/2026 | 18.6% | 12.7% | 6.6% |
| 10/28/2025 | -8.5% | -13.3% | -16.8% |
| 7/29/2025 | -5.0% | -10.3% | 0.5% |
| 4/29/2025 | 0.1% | 5.8% | 15.9% |
| 1/28/2025 | 12.0% | 10.2% | 3.1% |
| 10/29/2024 | 3.2% | 0.4% | 20.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 19 | 17 |
| # Negative | 8 | 6 | 7 |
| Median Positive | 7.1% | 7.3% | 12.7% |
| Median Negative | -4.9% | -8.3% | -16.8% |
| Max Positive | 18.6% | 18.3% | 53.4% |
| Max Negative | -8.5% | -23.0% | -27.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 5.7% | 6.2% | |
| 4/30/2026 | 3.8% | 13.0% | 12.1% |
| 1/29/2026 | 18.6% | 12.7% | 6.6% |
| 10/28/2025 | -8.5% | -13.3% | -16.8% |
| 7/29/2025 | -5.0% | -10.3% | 0.5% |
| 4/29/2025 | 0.1% | 5.8% | 15.9% |
| 1/28/2025 | 12.0% | 10.2% | 3.1% |
| 10/29/2024 | 3.2% | 0.4% | 20.1% |
| 7/25/2024 | -7.6% | -4.7% | -4.0% |
| 4/25/2024 | 0.5% | 0.6% | 7.0% |
| 2/1/2024 | -0.4% | -6.3% | -2.5% |
| 10/26/2023 | 0.8% | 3.7% | 27.0% |
| 7/27/2023 | 8.7% | 4.3% | -1.8% |
| 5/4/2023 | 7.2% | 15.0% | 28.5% |
| 2/7/2023 | 7.1% | 7.1% | 4.5% |
| 11/3/2022 | 8.3% | 5.8% | 21.8% |
| 7/28/2022 | 8.5% | 11.3% | 26.4% |
| 5/5/2022 | -5.4% | -23.0% | -27.6% |
| 2/4/2022 | -4.8% | 10.7% | -20.3% |
| 10/29/2021 | 0.2% | 5.3% | -17.0% |
| 8/4/2021 | -2.5% | 8.4% | 10.4% |
| 4/29/2021 | -2.9% | -5.1% | 8.3% |
| 2/22/2021 | 9.3% | 18.3% | 12.7% |
| 10/29/2020 | 1.3% | 7.3% | 53.4% |
| 8/10/2020 | 10.0% | 16.1% | 37.3% |
| SUMMARY STATS | |||
| # Positive | 17 | 19 | 17 |
| # Negative | 8 | 6 | 7 |
| Median Positive | 7.1% | 7.3% | 12.7% |
| Median Negative | -4.9% | -8.3% | -16.8% |
| Max Positive | 18.6% | 18.3% | 53.4% |
| Max Negative | -8.5% | -23.0% | -27.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/21/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted EPS | 6.26 | 6.31 | 6.36 | ||||
| Q3 2026 Revenue Growth | 8.0% | ||||||
| 2026 Adjusted EPS | 17.7 | 17.8 | 17.9 | 2.9% | Raised | Guidance: 17.3 for 2026 | |
| 2026 Revenue Growth | 9.0% | -1.0% | Lowered | Guidance: 10.0% for 2026 | |||
| 2026 Capital Expenditures | 4.70 Bil | -6.0% | Lowered | Guidance: 5.00 Bil for 2026 | |||
| 2026 Depreciation and Amortization | 1.91 Bil | 1.91 Bil | 1.92 Bil | ||||
| 2026 Net Interest | 980.00 Mil | 985.00 Mil | 990.00 Mil | ||||
Prior: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EPS | 3.18 | 3.23 | 3.28 | 16.8% | Higher New | Guidance: 2.77 for Q4 2025 | |
| 2026 Adjusted EPS | 17.7 | 17.9 | 18.1 | 14.7% | Higher New | Guidance: 15.6 for 2025 | |
| 2026 Capital Expenditures | 5.00 Bil | 0 | Same New | Guidance: 5.00 Bil for 2025 | |||
| 2026 Capacity Change | 0.07 | ||||||
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EPS | 3.18 | 3.23 | 3.28 | 16.8% | Higher New | Guidance: 2.77 for Q4 2025 | |
| 2026 Adjusted EPS | 17.7 | 17.9 | 18.1 | 14.7% | Higher New | Guidance: 15.6 for 2025 | |
| 2026 Capital Expenditures | 5.00 Bil | 0 | Same New | Guidance: 5.00 Bil for 2025 | |||
| 2026 Capacity Change | 0.07 | ||||||
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Adjusted EPS | 2.74 | 2.77 | 2.79 | -50.6% | Lower New | Guidance: 5.6 for Q3 2025 | |
| Q4 2025 Net Yields Growth | 2.6% | 2.85% | 3.1% | 0.3% | Higher New | Guidance: 2.55% for Q3 2025 | |
| 2025 Adjusted EPS | 15.6 | 15.6 | 15.6 | 0.8% | Raised | Guidance: 15.5 for 2025 | |
| 2025 Net Yields Growth | 3.5% | 3.75% | 4.0% | 0.0% | Affirmed | Guidance: 3.75% for 2025 | |
| 2025 Capital Expenditures | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2025 | |||
Insider Activity
Updated 8/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bayley, Michael W | Pres&CEO, Royal Caribbean Intl | Direct | Sell | 7312026 | 315.99 | 12,811 | 4,048,148 | 14,313,399 | Form |
| 2 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2272026 | 311.54 | 245,476 | 76,475,025 | 5,120,405,388 | Form | |
| 3 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2272026 | 318.39 | 356,026 | 113,356,512 | 5,311,251,795 | Form | |
| 4 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2272026 | 315.92 | 170,105 | 53,739,043 | 5,382,406,262 | Form | |
| 5 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2242026 | 315.73 | 345,111 | 108,960,493 | 5,432,859,384 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bayley, Michael W | Pres&CEO, Royal Caribbean Intl | Direct | Sell | 7312026 | 315.99 | 12,811 | 4,048,148 | 14,313,399 | Form |
| 2 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2272026 | 311.54 | 245,476 | 76,475,025 | 5,120,405,388 | Form | |
| 3 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2272026 | 318.39 | 356,026 | 113,356,512 | 5,311,251,795 | Form | |
| 4 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2272026 | 315.92 | 170,105 | 53,739,043 | 5,382,406,262 | Form | |
| 5 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2242026 | 315.73 | 345,111 | 108,960,493 | 5,432,859,384 | Form | |
| 6 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2242026 | 317.30 | 19,140 | 6,073,184 | 5,569,505,658 | Form | |
| 7 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2242026 | 314.81 | 109,297 | 34,407,512 | 5,531,723,807 | Form | |
| 8 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2202026 | 312.09 | 101,902 | 31,802,515 | 5,518,069,598 | Form | |
| 9 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2202026 | 321.64 | 104,540 | 33,623,797 | 5,719,637,276 | Form | |
| 10 | Montiel, Maritza Gomez | Direct | Sell | 2182026 | 327.18 | 1,385 | 453,137 | 4,203,872 | Form | |
| 11 | Bethge, Laura H | President, Celebrity Cruises | Direct | Sell | 2182026 | 326.21 | 7,854 | 2,562,053 | 10,695,121 | Form |
| 12 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2182026 | 325.09 | 180,000 | 58,515,457 | 5,814,975,798 | Form | |
| 13 | Wilhelmsen, Arne Alexander | See Footnote | Sell | 2182026 | 326.58 | 100,000 | 32,657,539 | 5,900,403,065 | Form | |
| 14 | Pujol, Henry L | Chief Accounting Officer | Direct | Sell | 2132026 | 327.99 | 4,442 | 1,456,932 | 3,301,876 | Form |
| 15 | Liberty, Jason T | President & CEO | Direct | Sell | 2132026 | 326.81 | 90,910 | 29,709,953 | 71,512,390 | Form |
| 16 | Holtz, Naftali | Chief Financial Officer | Direct | Sell | 2132026 | 327.39 | 51,131 | 16,739,937 | 9,204,985 | Form |
| 17 | Bayley, Michael W | Pres&CEO, Royal Caribbean Intl | Direct | Sell | 2132026 | 326.82 | 80,000 | 26,145,464 | 18,990,758 | Form |
| 18 | Montiel, Maritza Gomez | Direct | Sell | 11042025 | 281.76 | 1,100 | 309,936 | 4,010,572 | Form | |
| 19 | Sorensen, Vagn O | Direct | Sell | 8202025 | 330.04 | 10,300 | 3,399,412 | 5,414,966 | Form | |
| 20 | Fain, Richard D | Direct | Sell | 8082025 | 311.02 | 16,000 | 4,976,286 | 46,743,191 | Form | |
| 21 | Pujol, Henry L | Chief Accounting Officer | Direct | Sell | 8012025 | 329.47 | 5,207 | 1,715,549 | 2,578,431 | Form |
Investor Activity (13F)
Updated Aug 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Royal Caribbean — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Hotels, Resorts & Cruise Lines Resources |
| Skift |
| Hotel News Now |
| Cruise Industry News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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