Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd. was founded in 1968 and is headquartered in Miami, Florida.

Royal Caribbean Cruises Ltd.

Key Points
Cruise line operators have largely gone unnoticed both by mainstream stock analysts and in the Motley Fool universe of recommendations.
The cruise space has been highly successful and still has a trajectory for further growth.
The new year has just begun, and I'm starting a new investing journey on this first trading day of 2026. All year long, I'm planning to look at stocks that have escaped many investors' attention, both on Wall Street and here in the Motley Fool universe of stock recommendation services. My first stock for what I'm calling my Voyager Portfolio is Royal Caribbean Cruises (NYSE: RCL), as the cruise-line operator has impressed me with its comeback after many investors left it and its industry peers for dead during the early stages of the COVID-19 pandemic.
Articles in the coming days will drill down on Royal Caribbean's financial condition and its future prospects as a growth stock. Here, though, let's get better acquainted with the cruise industry and Royal Caribbean's part in it.
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Royal Caribbean and its opportunity in the cruise industry
Travelers worldwide have historically made cruise ships a popular way to see the sights . With cruise ships offering a wide array of dining and entertainment options on their way to appealing onshore destinations, many travelers enjoy the all-inclusive nature of cruise travel. In 2019, nearly 30 million passengers globally booked passage on cruise ships across the industry, according to figures from the Cruise Lines International Association (CLIA).
The pandemic caused the suspension of commercial cruise operations across the globe. CLIA estimates put the economic damage in just the first six months of the pandemic at $77 billion, including $23 billion in lost wages and over half a million jobs lost. In the U.S., passenger counts bottomed out in 2021 at 2.17 million, down nearly 85% from the 14.2 million American passengers that boarded cruise ships two years earlier.
However, despite immense hardship both financially and operationally, many cruise ship operators were able to obtain the financing they needed to get through tough times and survive until national governments lifted pandemic-era restrictions on travel. By 2023, the number of cruise passengers had surpassed pre-pandemic numbers, and the most recent statistics indicate nearly 35 million people took a cruise in 2024. Of those, 20.5 million launched from North American ports, showing the importance of having a significant base of operations that includes destinations across the U.S., Canada, Mexico, Central America, and the Caribbean.
How Royal Caribbean has become a leader among cruise stocks
Royal Caribbean stands out among its peers as one of the most successful cruise operations in the world. The company owns and operates three global brands: Celebrity Cruises, Silversea Cruises, and its namesake Royal Caribbean. The company also has a one-half interest in its TUI Cruises joint venture, which operates TUI and Hapag-Lloyd Cruises out of Germany. All combined, Royal Caribbean and TUI had a combined fleet of 68 ships as of the company's most recent annual report, with spots for nearly 167,000 passengers.
Royal Caribbean's voyages typically run from three to 14 nights, while its Celebrity and Silversea brands sometimes offer extended itineraries that can nearly double that length. You'll find top destinations on Royal Caribbean's schedule, including the Caribbean, Alaska, Canada, Europe, and the Asia-Pacific rim. The company serves more than 1,000 ports on all seven continents, with the Silversea line offering an expedition approach that includes exotic itineraries such as Antarctica and the Arctic Ocean.
In the aftermath of the pandemic, Royal Caribbean has redefined its customer strategy. The company still hopes to woo travelers to come back for repeat voyages through a wide range of incentives that are common in the hospitality industry. However, the importance of health and safety has risen dramatically, particularly in light of the highly publicized COVID-19 outbreak on the Diamond Princess cruise ship early in 2020.
Setting the stage for strong stock gains
It's easy to understand how Royal Caribbean's history set it up for a dramatic uptick as the pandemic ran its course. However, that story alone doesn't explain the cruise operator's gain of over 280% in the past five years. For that, the next article in this three-part series on Royal Caribbean will focus on the company's financial statements and how it managed to weather one of the worst periods in the industry's history.
Should you buy stock in Royal Caribbean Cruises right now?
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I'm Looking at Royal Caribbean Stock in 2026. You Should Too

Norwegian Cruise Line Holdings Ltd. NCLH is positioning 2026 as a pivotal year in its multi-year recovery, with management signaling that operational improvements are beginning to translate into more durable earnings momentum. During third-quarter 2025, management emphasized that rising load factors, disciplined cost control and a more refined deployment strategy are converging to create a structurally stronger earnings profile. With adjusted EBITDA margins already expanding and visibility improving into next year, NCLH appears to be transitioning from recovery mode toward a more sustainable growth phase.
A key driver of this shift is occupancy normalization. NCLH reported a 106.4% load factor in the third quarter and expects occupancy to remain above historical norms into 2026, supported by increased short-duration Caribbean sailings and stronger family demand. While this mix introduces modest pressure on blended pricing, management views the trade-off as margin-accretive. Incremental guests carry relatively low variable costs and support onboard spending, allowing higher volumes to translate into improved profitability rather than price dilution.
Cost discipline remains another central pillar of the company’s earnings outlook. Management reiterated confidence in maintaining sub-inflationary cost growth, extending a multi-year efficiency program that has already driven more than 600 basis points of margin expansion since 2023. With additional cost savings embedded for 2026 and scale benefits improving as capacity grows, NCLH expects operating leverage to continue strengthening. These gains are further supported by improved marketing efficiency and a growing contribution from higher-margin onboard revenue streams.
From a balance sheet perspective, NCLH is also entering this next phase on firmer footing. Leverage is expected to trend toward the mid-4x range as earnings expand and recent refinancing actions reduce financial risk. Combined with improving demand visibility and a clearer earnings algorithm, the company appears increasingly positioned for a more durable growth profile. While macro uncertainty remains, management’s execution suggests 2026 could mark a genuine earnings inflection rather than a temporary post-recovery bump.
NCLH’s Price Performance, Valuation & Estimates
Shares of Norwegian Cruise have declined 12.1% in the past year against the industry’s 5% growth. In the same time frame, other industry players like Royal Caribbean Cruises Ltd. RCL, Carnival Corporation & plc CCL and OneSpaWorld Holdings Limited OSW have gained 21.9%, 25.3% and 7.4%, respectively.
NCLH One-Year Price Performance
Image Source: Zacks Investment Research
NCLH stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 10.59, well below the industry average of 18.57. Conversely, industry players, such as Royal Caribbean, Carnival and OneSpaWorld have P/E ratios of 17.82, 12.28 and 20.32, respectively.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Norwegian Cruise’s 2026 earnings per share has been revised upward, increasing from $2.64 to $2.67 over the past 30 days.
Image Source: Zacks Investment Research
The company is likely to report solid earnings, with projections indicating a 26.9% rise in 2026. Conversely, industry players like Royal Caribbean, Carnival and OneSpaWorld are likely to witness a rise of 14.5%, 11.3% and 14.7%, respectively, year over year in 2026 earnings.
NCLH stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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NCLH's Profitability Profile Improves: Is the Turnaround Taking Hold?

Key Points
Royal Caribbean's bookings and onboard spending are up significantly.
The stock has rebounded by 300% in the past five years.
The tranquil seas for Royal Caribbean Cruises (NYSE: RCL) should continue in the new year. The cruise line operator's shares have gained more than 300% over the past five years as it continues to evolve in a post-pandemic travel era. Still, a change in the winds of consumer sentiment could prevent the stock from becoming a multimillionaire maker.
Young adults embracing the sea
Royal Caribbean is benefiting as a new generation of younger travelers comes to appreciate the joys of sailing the seas and all-inclusive packages. The company's bookings are skyrocketing. In its third-quarter report, management wrote: "Bookings for 2026 have come in at rates that are well above the prior year, resulting in a year-over-year rate growth at the high end of historical ranges." Onboard spending per passenger has also increased, and purchases are more commonly being booked ahead of time.
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This is good news for Royal Caribbean's shareholders. In addition to the stock being up more than 22% year to date as of Dec. 30, Royal Caribbean is currently paying a quarterly dividend of $1. That's a solid rebound for a company whose investors endured a lengthy suspension of dividends due to the COVID-19 pandemic. Royal Caribbean reinstated its dividend in mid-2024.
Rival Carnival (NYSE: CCL) hasn't seen the same type of returns over the past five years. While the stock is up a similar percentage year to date, Carnival is up just over 47% since the end of 2020. Perhaps more meaningfully for both companies, since the end of 2019 -- prior to the market's recognition of the then-looming pandemic -- Royal Caribbean is up 111% while Carnival is down by about 40%.
Royal Caribbean is perceived as a more high-end option for cruises, with bigger ships, a greater number of unique attractions, and extensive programming.
Will cruises stay in fashion?
Whether or not Royal Caribbean can become a multimillionaire-maker stock will largely depend on the sentiment of younger generations. Generation Z and millennials are embracing experiences and travel over more traditional financial milestones such as home buying, which is largely seen as an unreachable goal for many. As long as the enthusiasm for vacations continues to grow, and barring any new pandemic, Royal Caribbean's shareholders will benefit. Still, it will take continued innovation and new experiences to keep those younger generations of travelers coming back.
At some point, macroeconomic factors hitting both the cruise line and its customers are liable slow this ship right down. Rising fuel costs, higher inflation, higher interest rates, or any combination of those headwinds could emerge -- and at some point, they probably will.
Sailing ahead of the competition
From an investment perspective, Royal Caribbean doesn't hold all of the advantages over its competitors. The stock already trades at higher current and forward price-to-earnings ratios than either Carnival or Norwegian Cruise Lines. Royal Caribbean still carries a significant amount of debt on its balance sheet, too -- $20.6 billion as of the end of the third quarter.
On the positive side, it has been paying its debt load down, and now carries slightly less than Carnival.
Royal Caribbean has considerable room to grow in market share. Among the main cruise lines, its market share is about 26%. Carnival, in the top spot, has a share of more than 32%.
There are a lot of good things happening with Royal Caribbean, and its share price could keep growing, but it doesn't look like it will become a multimillionaire-maker stock for anyone unless the company succeeds in building long-term loyalty among today's younger travelers -- and unless the investor in question is starting that journey to seven figures with a very large purchase of shares.
Should you buy stock in Royal Caribbean Cruises right now?
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Could Royal Caribbean Be a Multimillionaire-Maker Stock?

Carnival Corporation & plc CCL exited fiscal 2025 with unusually strong forward booking visibility, a key signal of demand resilience as macro uncertainty continues to weigh on discretionary spending. Management disclosed that the company is already roughly two-thirds booked for 2026, tracking in line with last year’s pace but at historically higher prices across both North America and Europe. Booking volumes for both 2026 and 2027 also reached record levels over the past three months, extending visibility well beyond the near term.
This strength is reinforced by customer deposits, which rose 7% year over year to an all-time high in the fourth quarter of fiscal 2025. Elevated deposits serve as both a demand indicator and a working capital buffer, improving visibility while supporting near-term cash flow. Importantly, this momentum has persisted despite soft consumer sentiment readings, underscoring the resilience of cruise demand relative to broader discretionary categories.
Management pointed to continued strength in close-in demand during the fiscal fourth quarter, alongside higher ticket pricing and accelerating onboard spending. Rather than relying on aggressive discounting, Carnival emphasized disciplined revenue management and price integrity, allowing yield growth to remain intact even as industry capacity expands. With roughly two-thirds of 2026 capacity already sold at historically high prices, visibility into near-term revenue generation has improved, supported by strong booking momentum and elevated customer deposits.
How CCL Compares With Royal Caribbean & Norwegian Cruise
Royal Caribbean Cruises Ltd. RCL is also seeing strong demand, with management highlighting record booking levels for 2025 and 2026 and sustained pricing strength across itineraries. The company noted that close-in demand remains healthy, while booked load factors for 2026 sit within historical ranges, supported by elevated onboard spending. However, Royal Caribbean’s growth profile is increasingly tied to new ship introductions and destination investments, which add capacity alongside demand.
Norwegian Cruise Line Holdings Ltd. NCLH reported solid booking trends, with third-quarter bookings up more than 20% year over year and load factors exceeding expectations. That said, Norwegian Cruise’s growth strategy leans more heavily on increasing occupancy and family-oriented itineraries, which introduces some mix-related pressure on pricing even as overall demand remains healthy.
Relative to peers, Carnival’s forward booking profile stands out for its depth and duration. While Royal Caribbean and Norwegian Cruise are both executing well, Carnival’s multi-year booking visibility and elevated customer deposits suggest a particularly strong foundation heading into 2026.
CCL’s Price Performance, Valuation & Estimates
Shares of Carnival have gained 8.3% in the past three months compared with the industry’s rise of 1%.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL stock trades at a forward price-to-earnings ratio of 12.37, significantly below the industry’s average of 17.31.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s fiscal 2026 earnings implies a year-over-year uptick of 9.3%. The EPS estimates for fiscal 2026 have increased in the past 30 days.
EPS Trend of CCL Stock
Image Source: Zacks Investment Research
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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CCL's Booking Visibility Strengthens: Can Demand Hold Amid Macro Noise?

As investors look toward 2026, the cruise sector has moved past survival mode and into a phase where execution matters most. Travel demand remains strong, pricing has held up, and ships are sailing full, but balance sheets, margins, and growth strategies now separate winners from laggards. This sets up a timely comparison between Carnival Corporation & plc CCL and Royal Caribbean Cruises Ltd. RCL, two giants taking different paths into the next cycle.
Carnival is still focused on strengthening its financial footing and turning demand into consistent free cash flow after years of heavy leverage. Royal Caribbean, by contrast, is leaning on newer ships, premium offerings, and higher onboard spending to drive earnings momentum. With the recovery largely priced in, investors are now asking a sharper question: which cruise stock looks structurally stronger for 2026?
The Case for CCL
Carnival enters 2026 with clear operational momentum, having delivered record results in 2025. Management highlighted that revenues, yields, operating income, and EBITDA all reached all-time highs, with net income exceeding $3 billion for the year, representing a roughly 60% year-over-year increase. Importantly, this performance was not driven by aggressive discounting, but by stronger close-in demand, higher ticket pricing and accelerating onboard spending across brands. The company also achieved its highest return on invested capital in nearly two decades, underscoring that the recovery has transitioned into a more profitable, disciplined growth phase.
Looking ahead, visibility into demand remains strong. Carnival is already about two-thirds booked for 2026 at historically high prices in both North America and Europe, with record booking volumes extending into 2027. Management expects same-ship yield growth to continue, supported by disciplined revenue management, resilient consumer demand, and differentiated private destinations like Celebration Key and future Paradise Collection assets. These initiatives are positioning Carnival to grow earnings again in 2026 despite elevated industry capacity growth in the Caribbean.
One of Carnival’s biggest improvements has been financial discipline. The company has reduced debt by more than $10 billion from peak levels and achieved an investment-grade leverage profile by the end of 2025. This progress has meaningfully lowered interest expense and improved cash flow visibility. With leverage now moving toward under-3x net debt to EBITDA, management has reinstated the dividend and signaled flexibility for future capital returns, an important shift for investors focused on 2026 and beyond
Despite the progress, Carnival is not without challenges. Unit costs are expected to rise in 2026 due to inflation, higher marketing spend, dry dock activity, and new destination operating expenses. While management expects efficiency gains to offset part of this pressure, margins remain more sensitive to cost inflation than peers with newer fleets or higher premium exposure. Additionally, elevated Caribbean capacity industry-wide could test pricing power if demand softens, making execution critical for Carnival’s 2026 outlook.
The Case for RCL
Royal Caribbean enters the 2026 setup with clear momentum in demand, pricing and execution. Management highlighted that bookings for 2026 are already tracking at record rates, with booked load factors comfortably within historical norms and pricing at the high end of past ranges. This matters because it signals that RCL is not relying on heavy discounting to fill ships. Instead, demand strength is being driven by premium hardware, differentiated itineraries, and a loyal customer base that continues to prioritize experiences, even as broader consumer spending normalizes.
Another major positive is RCL’s expanding ecosystem of exclusive destinations and next-generation ships, which continues to support yield growth and onboard spending. The company plans to grow its private destination portfolio from two locations to eight by 2028, including Beach Clubs and Perfect Day Mexico, creating itinerary differentiation that competitors struggle to replicate. These assets not only lift ticket pricing but also drive high-margin onboard revenue, reinforcing RCL’s ability to grow yields even during periods of moderate capacity expansion.
Financial discipline further strengthens the 2026 outlook. Management reiterated its formula of moderate capacity growth, moderate yield growth, and “anemic” cost inflation, which is expected to drive continued margin expansion. RCL ended the quarter with leverage below 3x and nearly $7 billion in liquidity, giving it flexibility to fund growth, return capital through dividends and buybacks, and still maintain an investment-grade balance sheet. Importantly, management indicated that 2026 earnings are likely to start with a “$17 handle,” underscoring confidence in another year of strong profit growth.
The key risk for Royal Caribbean is that the bar is now set high after several years of exceptional yield growth. With tougher comparisons ahead and some industry capacity growth in regions like the Caribbean, yield expansion is likely to moderate rather than accelerate. While Royal Caribbean’s differentiated assets should help it outperform peers, any softening in consumer willingness to pay or increased promotional activity could limit upside versus recent years, making execution in 2026 more important than ever.
How Does Zacks Consensus Estimate Compare for CCL & RCL?
The Zacks Consensus Estimate for Carnival’s fiscal 2026 sales and earnings per share (EPS) indicates year-over-year increases of 4.1% and 9.3%, respectively. In the past seven days, earnings estimates for fiscal 2026 have witnessed upward revisions, as shown in the chart.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Royal Caribbean’s 2026 sales and EPS implies year-over-year growth of 9.4% and 14.5%, respectively. In the past 30 days, earnings estimates for 2026 have remained stable.
Image Source: Zacks Investment Research
Price Performance & Valuation
Royal Caribbean stock has risen 27.2% year to date, significantly outpacing its industry’s growth of 7.3%. Meanwhile, Carnival’s shares have gained 25.4% in the same time.
Price Performance
Image Source: Zacks Investment Research
RCL is trading at a forward 12-month price-to-earnings ratio of 16.45X, above its median of 16.29X over the last year. CCL’s forward earnings multiple sits at 12.95X, above its median of 12.42X over the same time frame.
P/S (F12M)
Image Source: Zacks Investment Research
End Notes
Overall, the analysis points to Royal Caribbean having a slight edge over Carnival as the industry shifts from recovery to execution. Both companies are sailing into the next phase with solid demand and healthier balance sheets, but Royal Caribbean’s newer ships, premium mix, and expanding private destinations give it stronger pricing power and more consistent margin support. Carnival’s turnaround in cash flow and leverage is significant, yet its earnings remain more exposed to cost pressures and mass-market dynamics.
With both CCL and RCL carrying a Zacks Rank #3 (Hold), Royal Caribbean stands out marginally due to better earnings visibility and a business model geared toward sustaining profitability as growth moderates.
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CCL vs. RCL: Which Cruise Stock Looks Stronger for 2026?

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Philip Morris International Inc (Symbol: PM), where a total volume of 198,355 contracts has been traded thus far today, a contract volume which is representative of approximately 19.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 312.1% of PM's average daily trading volume over the past month, of 6.4 million shares. Especially high volume was seen for the $130 strike call option expiring January 16, 2026, with 33,608 contracts trading so far today, representing approximately 3.4 million underlying shares of PM. Below is a chart showing PM's trailing twelve month trading history, with the $130 strike highlighted in orange:
Royal Caribbean Group (Symbol: RCL) saw options trading volume of 43,240 contracts, representing approximately 4.3 million underlying shares or approximately 170.7% of RCL's average daily trading volume over the past month, of 2.5 million shares. Particularly high volume was seen for the $145 strike call option expiring January 16, 2026, with 7,300 contracts trading so far today, representing approximately 730,000 underlying shares of RCL. Below is a chart showing RCL's trailing twelve month trading history, with the $145 strike highlighted in orange:
And Medtronic PLC (Symbol: MDT) options are showing a volume of 104,287 contracts thus far today. That number of contracts represents approximately 10.4 million underlying shares, working out to a sizeable 167.1% of MDT's average daily trading volume over the past month, of 6.2 million shares. Especially high volume was seen for the $85 strike call option expiring January 16, 2026, with 36,502 contracts trading so far today, representing approximately 3.7 million underlying shares of MDT. Below is a chart showing MDT's trailing twelve month trading history, with the $85 strike highlighted in orange:
For the various different available expirations for PM options, RCL options, or MDT options, visit StockOptionsChannel.com.
Also see:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Wednesday Option Activity: PM, RCL, MDT

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Dimensional US Core Equity 2 ETF (Symbol: DFAC) where we have detected an approximate $264.0 million dollar outflow -- that's a 0.6% decrease week over week (from 1,018,400,000 to 1,011,800,000). Among the largest underlying components of DFAC, in trading today Royal Caribbean Group (Symbol: RCL) is up about 0.5%, ConocoPhillips (Symbol: COP) is trading flat, and Travelers Companies Inc (Symbol: TRV) is up by about 0.6%. For a complete list of holdings, visit the DFAC Holdings page » The chart below shows the one year price performance of DFAC, versus its 200 day moving average:
Looking at the chart above, DFAC's low point in its 52 week range is $28.3901 per share, with $40.2081 as the 52 week high point — that compares with a last trade of $40.07. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
ALOT Split History
ETFs Holding LVNTA
PLCE Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable ETF Outflow Detected - DFAC, RCL, COP, TRV

Norwegian Cruise Line Holdings Ltd. NCLH continues to see momentum in pre-cruise and onboard revenue execution, with management highlighting record pre-cruise sales and higher attachment rates across onboard products during the third quarter of 2025. Executives cited increased participation in beverage packages, specialty dining, Wi-Fi, spa services and shore excursions, noting that a growing portion of these purchases is occurring prior to embarkation.
Management attributed this trend to improved digital engagement, including more targeted emails and notifications, as well as enhancements to the Norwegian Cruise Line website that allow onboard offerings to be presented earlier in the booking cycle. These initiatives were described as driving higher guest participation and earlier engagement, rather than reflecting any change in ticket pricing or promotional approach.
The company reported resilient onboard demand across itineraries, including shorter Caribbean sailings that are attracting higher family participation. While management acknowledged that these itineraries can affect blended ticket pricing due to a higher mix of third and fourth guests, executives noted that onboard offerings continue to see solid uptake across sailings.
Management characterized pre-cruise and onboard revenues as complementary contributors alongside ticket pricing and occupancy. As itinerary mix and capacity continue to evolve, continued execution across digital engagement and onboard offerings remains an operational focus supporting overall revenue performance.
How NCLH Stacks Up to Competitors
Peers are also emphasizing onboard monetization, though execution differs across operators. At Carnival Corporation & plc CCL, management has highlighted historically strong onboard revenue per diem as part of broader yield optimization, blending ticket pricing with onboard spending to support overall revenue performance. Carnival has consistently framed onboard revenues as an integrated component of yield management rather than a standalone strategic initiative. Carnival continues to view onboard spending as one of several levers supporting yield execution alongside pricing and occupancy.
Royal Caribbean Group RCL has taken a more digitally centered approach to onboard monetization. Royal Caribbean reported that nearly 90% of onboard revenues are booked pre-cruise through digital channels, supported by app-based personalization and loyalty initiatives. Royal Caribbean positions these capabilities as part of a broader commercial ecosystem designed to enhance guest engagement and conversion. RCL is emphasizing technology and data-driven engagement as central to its onboard revenue execution.
NCLH’s Price Performance, Valuation & Estimates
Shares of Norwegian Cruise have gained 21.5% in the past six months compared with the industry’s growth of 9.3%.
NCLH Stock Six-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, NCLH trades at a forward price-to-earnings ratio of 8.66, significantly below the industry’s average of 17.83.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NCLH’s 2026 earnings implies a year-over-year uptick of 28.4%. The EPS estimates for 2026 have increased in the past 30 days.
Image Source: Zacks Investment Research
NCLH stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can Rising Onboard Spend Per Guest Stabilize NCLH's Yields?

Carnival Corporation & plc CCL is entering a more disciplined phase of commercial execution, with pricing integrity becoming a clearer focal point of its yield strategy. During the fourth-quarter fiscal 2025earnings call management indicated that revenue optimization — rather than absolute occupancy maximization — is increasingly guiding deployment and pricing decisions. It noted that brands are not required to sail at full occupancy in all cases, reflecting a shift away from volume-driven tactics that have historically characterized periods of excess industry capacity.
This approach comes as Carnival heads into 2026 amid a meaningful increase in Caribbean supply. Management highlighted that non-Carnival industry capacity in the region is expected to rise approximately 14% in 2026, bringing cumulative growth to about 27% over two years. Historically, such expansions have pressured industry pricing and led to elevated promotional activity. However, in this cycle, Carnival emphasized that its diversified itinerary mix, bundled pricing structures and improved revenue management tools provide greater flexibility to prioritize yield quality over marginal occupancy gains.
Recent results suggest the strategy has so far been effective. In the fiscal fourth quarter, net yields increased 5.4% year over year, exceeding prior guidance by 110 basis points, despite the early stages of elevated Caribbean capacity. Management attributed the outperformance to sustained close-in demand and a more measured promotional environment.
Carnival’s fiscal 2026 yield guidance explicitly incorporates elevated Caribbean capacity, with management forecasting net yields in constant currency to rise approximately 2.5% compared with the 2025 levels. This outlook reflects an emphasis on balancing ticket pricing, onboard spending and guest mix. If sustained, this approach could represent a meaningful evolution in how Carnival manages supply-driven volatility, with potential implications for yield stability in a more competitive regional environment.
How CCL Stacks Up to Competitors
Within the cruise industry, Royal Caribbean Cruises Ltd. RCL and Norwegian Cruise Line Holdings Ltd. NCLH remain Carnival’s closest comparables as operators position their businesses for a period of heavier Caribbean supply. Both peers are leaning more visibly on capacity and occupancy levers, creating a contrast with Carnival’s increasingly yield-focused posture.
Royal Caribbean continues to demonstrate strong demand and pricing resilience, supported by record booked load factors and steady yield growth. Management has emphasized the role of differentiated assets — including exclusive destinations and premium hardware — in sustaining pricing power even as Caribbean capacity expands. With capacity expected to grow in 2026, Royal Caribbean is pairing moderate yield gains with a larger revenue base, relying on its destination ecosystem to absorb incremental supply while maintaining overall yield momentum.
Meanwhile, Norwegian Cruise has been more explicit about trading pricing for volume. Management has highlighted a significant increase in short Caribbean itineraries aimed at attracting families, a strategy that is lifting load factors but diluting blended pricing due to a higher mix of third and fourth guests per cabin. Norwegian Cruise continues to target low- to mid-single-digit yield growth over time.
Against this backdrop, Carnival’s approach appears closer to Royal Caribbean’s emphasis on yield quality than to Norwegian Cruise’s volume-led strategy. By signaling tolerance for modestly lower occupancy to protect pricing, Carnival is positioning itself to manage Caribbean supply growth with a sharper focus on revenue optimization rather than load-factor maximization, setting its competitive response apart as industry capacity increases.
CCL’s Price Performance, Valuation & Estimates
Shares of Carnival have gained 3.8% in the past three months compared with the industry’s rise of 0.2%.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL stock trades at a forward price-to-earnings ratio of 13.13, significantly below the industry’s average of 17.83.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
EPS Trend of CCL Stock
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s fiscal 2026 earnings implies a year-over-year uptick of 7.6%. The EPS estimates for fiscal 2026 have increased in the past 60 days.
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can Carnival Sustain Yield Gains Amid Heavier Caribbean Supply?

Key Points
Its ships are full, and it launched two more this year to address the high demand.
The cruise line's debt remains a concern, but interest expenses have fallen sharply.
Moreover, bookings remain strong -- running at a higher rate than at this time last year.
Royal Caribbean Cruises (NYSE: RCL) has managed to stand out despite being the second-largest cruise line by passenger volume. Despite lagging behind Carnival in market share, its $80 billion market cap is more than double that of Carnival's.
That larger size did not stop it from outperforming the S&P 500 over the past year. Still, the obvious drawback to that growth is that it trades at the second-highest valuation in the industry. Only its fast-growing rival Viking Holdings has a higher P/E ratio.
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Amid those conditions, will Royal Caribbean continue to sail in smooth waters over the next year, or is it destined to run aground?
How Royal Caribbean has fared
For now, Royal Caribbean seems to be firing on all cylinders. The company has mostly recovered from the pandemic-driven shutdown in 2020 and 2021.
Today, load factors are at record rates. In an industry that defines a full ship as two people in every cabin, Royal Caribbean reported 112% occupancy in the third quarter of 2025. With that, it launched new ships in August and November to help address the rising demand for cruise vacations.
Moreover, 2026 bookings are higher than the 2025 bookings at this time last year. This means the company is having to offer fewer discounts to fill its cabins, a factor that should boost its top and bottom lines. To that end, it reported nearly $14 billion in revenue for the first nine months of 2025, rising 7% compared to the same period in 2024.
Additionally, the company kept cost and expense growth in check. It also reduced interest expenses by 45%, resulting in a net income of $3.5 billion in the first three quarters of 2025, a 51% yearly increase.
Ongoing challenges
The reduced interest costs are critical, as Royal Caribbean took on massive debts to keep the company open during the COVID-19 pandemic. Now, it has to allocate capital to build additional ships to meet demand. Those obligations likely explain why its nearly $20.8 billion in debt is only down from $21.4 billion one year ago.
The debt still represents a tremendous burden for a company with $10.3 billion in book value. Still, interest payments have dropped dramatically due to debt repayments and refinancing efforts, which bodes well for the company's financials.
Moreover, the economy could become a concern. Indeed, the cruise industry has appeared immune to economic uncertainty. However, much of the progress could stop or even reverse should economic woes start cutting into bookings. Furthermore, from an investor perspective, Royal Caribbean outperformed Carnival and Norwegian Cruise Line Holdings over the past year.
Still, its performance has significantly lagged that of Viking, whose stock only came to market in May 2024. Viking's share of cruise passengers is under 1%, but with the company claiming over 4% of the cruise industry's revenue, it punches significantly above its weight.
Additionally, Viking tends to serve higher-end customers, meaning it is less likely to be affected by economic woes. Even though Royal Caribbean's 20 P/E ratio is well below Viking's 34 earnings multiple, it could lose some investor interest to this smaller but emerging rival.
Royal Caribbean in 2026
Given the state of the cruise line, Royal Caribbean is likely to continue beating the market in 2026. Despite that prediction, high debt levels and the economy remain serious concerns. Also, despite a lower valuation, it may lose ground to Viking among investors since Viking appears to have a stronger business model.
Still, economic woes have not affected Royal Caribbean so far. Moreover, the considerable drop in interest expenses speaks to the company's ability to pay down and carry its tremendous debts.
Also, its P/E ratio of 20 makes this an inexpensive stock. That valuation also gives Royal Caribbean stock more room to grow, especially if it keeps filling up its ships. Ultimately, such conditions appear to set Royal Caribbean stock up to maintain a slow and steady move higher over the next year.
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Will Healy has no position in any of the stocks mentioned. The Motley Fool recommends Carnival Corp. and Viking. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	18.62 20.78
Price/Sales	5.72 0.69
P/B	7.45 1.92
P/FCF	27.74 16.14

Indicator	TTM Median
ROE	44.40 14.63
ROA	9.60 5.13
ROI	13.66 8.58
Net Worth	99.02 0.90
Quick Ratio	0.21 0.88
Current Ratio	0.23 1.44

Indicator	TTM Median
Net Profit Margin	20.97 5.80
Operating Margin	26.39 8.49
Gross Margin	48.76 38.39
Return on tangible equity	49.31 21.83

Indicator	TTM Median
EPS	5.75 0.42
EPS Forecast	5.68 0.38
Revenue	4.54B 185.00M
Gross Profit	2.26B —
EBITDA	1.77B —

Royal Caribbean Cruises Ltd.

TTM metrics for the latest quarter under IFRS and their historical dynamics

Valuation

Debts

Efficiency

Other ratios

Revenue