NYSE$RCL
Royal Caribbean Cruises Ltd · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Royal Caribbean Group reported first quarter earnings and increased full year guidance on strong revenue outlook.
Royal Caribbean Group reported a first quarter Loss per Share of $(0.19) and Adjusted Loss per Share of $(0.23), which was significantly better than the company's guidance. The company is increasing its 2023 Adjusted Earnings per Share guidance to $4.40 – $4.80 due to a record-breaking WAVE season and accelerating demand.
- Stronger than anticipated demand has led to a record-breaking and extended WAVE season, translating into a robust booking environment with higher load factors and higher prices.
- Load factors in the first quarter were 102%.
- Total revenues were $2.9 billion, Net Loss was $(47.9) million or $(0.19) per share, and Adjusted Net Loss was $(58.9) million or $(0.23) per share.
- Customer deposit balance was at a record $5.3 billion as of March 31, 2023.
Headline financials
Revenue & EPS history
Royal Caribbean · Revenue · Quarterly
$2.89B
Revenue by segment
Royal Caribbean · $2.89B total across 2 segments · Q1 2023
- Passenger ticket revenues$1.9B+190.9%65.7%
- Onboard and other revenues$989M+142.7%34.3%
Forward guidance
Royal Caribbean Group provided the following guidance for the second quarter and full year 2023.
Tailwinds
- Net Yields are expected to increase 9.6% to 10.1% as-reported and 10.1% to 10.6% in Constant-Currency, compared to the second quarter of 2019.
- NCC, excluding Fuel, per APCD is expected to increase approximately 8.6% as-reported and approximately 8.9% in Constant-Currency, compared to second quarter 2019.
- Adjusted Earnings per Share for the second quarter are expected to be in the range of $1.50 to $1.60 per share.
- Net Yields are expected to increase 6.25% to 7.25% as-reported and 6.75% to 7.75% in Constant-Currency, compared to 2019 for full year 2023.
- NCC, excluding Fuel, per APCD is expected to increase 5.2% to 6.2% as-reported and 5.5% to 6.5% in Constant-Currency, compared to 2019 for full year 2023.
Headwinds
- Net Cruise Costs per APCD vs. 2019 11.8% to 12.8%
- Net Cruise Costs per APCD vs. 2019 10.0% to 11.0%
- Depreciation and amortization $360 to $370 million
- Net Interest, excluding loss on extinguishment of debt $305 to $315 million
- Fuel Expenses Approx. $276 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+2.4%
Avg return
Earnings day
+3.2%
Avg return
5 days after
+6.0%
Avg return
30 days after
69%
48 / 70 earnings
Positive
+18.8%
Q4 2025
Best reaction
-12.6%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.6% | +3.9% | +12.0% | |
| Q4 2025 | +18.8% | +11.9% | +6.6% | |
| Q3 2025 | -8.2% | -10.4% | -17.0% | |
| Q2 2025 | -5.0% | -10.7% | +3.9% | |
| Q1 2025 | +0.1% | +6.3% | +17.6% | |
| Q4 2024 | +12.0% | +12.6% | +0.6% | |
| Q3 2024 | +2.4% | -0.7% | +18.7% | |
| Q2 2024 | -6.7% | -4.6% | -0.9% | |
| Q1 2024 | +2.8% | +2.1% | +8.6% | |
| Q4 2023 | -3.2% | -5.4% | -2.5% | |
| Q3 2023 | +0.7% | +3.1% | +27.0% | |
| Q2 2023 | +7.6% | +6.5% | -1.1% | |
| Q1 2023 | +12.7% | +14.7% | +28.5% | |
| Q4 2022 | +7.8% | +3.7% | -1.2% | |
| Q3 2022 | +10.1% | +9.4% | +21.8% | |
| Q2 2022 | +10.9% | +5.0% | +21.2% | |
| Q1 2022 | -10.2% | -21.7% | -27.6% | |
| Q4 2021 | +3.3% | +11.0% | -12.3% | |
| Q3 2021 | +4.8% | +6.6% | -19.3% | |
| Q2 2021 | +4.8% | +3.9% | +6.6% | |
| Q1 2021 | -0.6% | -4.0% | +6.6% | |
| Q4 2020 | +14.2% | +18.3% | +3.4% | |
| Q3 2020 | +6.2% | +8.4% | +53.4% | |
| Q2 2020 | +12.6% | +16.1% | +34.6% | |
| Q1 2020 | +2.8% | +2.3% | +31.1% | |
| Q4 2019 | +1.6% | -4.2% | -43.5% | |
| Q3 2019 | -3.9% | +0.0% | +6.0% | |
| Q2 2019 | -1.2% | +0.6% | -11.1% | |
| Q1 2019 | +4.0% | +6.8% | +0.7% | |
| Q4 2018 | +7.1% | +6.2% | +6.2% | |
| Q3 2018 | -3.6% | -4.8% | +3.1% | |
| Q2 2018 | +2.2% | +2.0% | +11.4% | |
| Q1 2018 | -5.6% | -7.5% | -7.3% | |
| Q4 2017 | +3.7% | +5.9% | +2.3% | |
| Q3 2017 | +2.9% | -0.9% | -1.0% | |
| Q2 2017 | +3.8% | +5.9% | +10.1% | |
| Q1 2017 | +7.9% | +7.6% | +10.5% | |
| Q4 2016 | +7.9% | +6.8% | +9.7% | |
| Q3 2016 | +13.0% | +10.3% | +22.0% | |
| Q2 2016 | -4.3% | +3.6% | +1.2% | |
| Q1 2016 | +3.6% | — | — | |
| Q4 2015 | -12.6% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +9.5% | — | — | |
| Q1 2015 | -6.5% | — | — | |
| Q4 2014 | -7.6% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | +12.1% | — | — | |
| Q1 2014 | -2.4% | — | — | |
| Q4 2013 | +5.4% | — | — | |
| Q3 2013 | +9.4% | — | — | |
| Q2 2013 | +1.9% | — | — | |
| Q1 2013 | +4.8% | — | — | |
| Q4 2012 | -2.5% | — | — | |
| Q3 2012 | +7.8% | — | — | |
| Q2 2012 | +1.3% | — | — | |
| Q1 2012 | -9.8% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2011 | -10.3% | — | — | |
| Q2 2011 | -5.8% | — | — | |
| Q1 2011 | -3.3% | — | — | |
| Q4 2010 | +2.0% | — | — | |
| Q4 2008 | +2.0% | — | — | |
| Q3 2009 | -0.6% | — | — | |
| Q3 2010 | -0.6% | — | — | |
| Q2 2010 | +6.2% | — | — | |
| Q2 2009 | +6.2% | — | — | |
| Q4 2009 | +3.8% | — | — | |
| Q1 2009 | +3.8% | — | — | |
| Q1 2010 | +3.8% | — | — |
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