NYSE$RCL
Royal Caribbean Cruises Ltd · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Royal Caribbean Group reported a net loss for Q4 2021 and provided a business update.
Royal Caribbean Group reported a US GAAP Net Loss of $(1.4) billion or $(5.33) per share for the fourth quarter of 2021. The company is thoughtfully ramping up the fleet and load factors while emphasizing industry-leading health and safety standards, world-class guest experiences and financial prudence.
- The Group had returned 50 out of 61 ships to operations across its five brands, representing over 85% of its worldwide capacity by the end of 2021.
- Bookings in the fourth quarter were sequentially higher than the third quarter.
- Total revenue per Passenger Cruise Day in the fourth quarter was up 10% versus record 2019 levels driven by strong onboard revenue performance.
- Despite the impact from Omicron, total cash flow from ships in operation turned positive in the fourth quarter.
Headline financials
Revenue & EPS history
Royal Caribbean · Revenue · Quarterly
$982M
Revenue by segment
Royal Caribbean · $982M total across 2 segments · Q4 2021
- Passenger ticket revenues$617M+3429.6%62.9%
- Onboard and other revenues$365M+2091.7%37.1%
Forward guidance
The Group expects to return the full fleet before the summer season of 2022 and load factors approaching historical levels in the third quarter of 2022. The Group expects to be operating cash flow positive in late spring. The Group also expects a net loss for the first half of 2022 and a return to profitability in the second half of 2022.
Tailwinds
- Expects to operate approximately 95% of its planned capacity in Q1.
- Cumulative advance bookings for the second half of 2022 are within historical ranges and at higher prices, with and without future cruise credits (FCCs).
- The Group expects to return the full fleet before the summer season of 2022 and load factors approaching historical levels in the third quarter of 2022.
- The Group expects total cash flow from ships in operation in the first quarter to be positive.
- Bookings improve to pre-Omicron levels.
Headwinds
- Due to the impact of the Omicron variant, the company experienced some service disruptions and cancelled several sailings in Q1.
- China remains closed
- First quarter load factors are expected to be lower than initially anticipated due to the Omicron impact on bookings and cancellations, particularly on January sailings.
- Load factors for sailings in the first half of 2022 are expected to remain below historical levels, consistent with the company’s return to service schedule, which includes the impact from Omicron.
- Net interest expense for the first quarter of 2022 is expected to be in the range of $270-275 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 Q4 2021
+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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