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.

The S&P 500 Index ($SPX) (SPY) on Tuesday rose by +0.23%, the Dow Jones Industrials Index ($DOWI) (DIA) rose by +0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose by +0.74%. December E-mini S&P futures (ESZ25) rose +0.31%, and December E-mini Nasdaq futures (NQZ25) rose +0.83%.
US stocks on Tuesday received support from expectations of a dovish outcome from the 2-day FOMC meeting, which ends on Wednesday, with the FOMC generrally expected to halt its quantitative tightening regime. Stocks also received a boost from the -0.6 bp decline in the 10-year T-note yield and the stronger-than-expected Richmond Fed and US consumer confidence reports.
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The markets are discounting a 100% chance that the FOMC, at the end of its 2-day meeting on Wednesday, will announce a -25 bp rate cut in its federal funds target range to 3.75%-4.00%. Assuming the Fed proceeds with this week's -25 bp rate cut, the markets are then discounting a 90% chance of another -25 bp rate cut at the next FOMC meeting on December 9-10. The markets are discounting an overall 115 bp rate cut by the end of 2026 to 2.95% from the current effective federal funds rate of 4.10%.
The FOMC at this week's meeting is not scheduled to release a Summary of Economic Projections, which contains the Fed's dot plot. That means the markets on Wednesday will hear from Fed Chair Powell at his regular post-meeting press conference, but will not receive an update from other Fed officials on their views of the future course of interest rates.
The markets are also expecting the FOMC to announce on Wednesday that it is ending its quantitative tightening, which involves allowing its balance sheet to decline. A halt to the Fed's quantitative tightening would be supportive for the stock and bond markets, as the Fed would no longer be draining liquidity from the US financial system.
The Aug FHFA US house price index rose +0.4% m/m, which was stronger than expectations of -0.1%. Meanwhile, the S&P Cotality CS US 20-city house index rose by +0.19% m/m and +1.58% y/y, which was stronger than expectations of -0.10% m/m and +1.30% y/y.
The Oct Richmond Fed manufacturing index rose 13 points to -4, which was stronger than market expectations of a 5 point rise to -12.
The Oct Conference Board US consumer confidence index fell -1.0 point to 94.6 from a revised 95.6, which was stronger than expectations of 93.4.
Stocks had carry-over support from Monday's news that US and Chinese negotiators, who met over the weekend in Malaysia, reached a tentative trade agreement that is expected to be officially announced at Thursday's summit between Presidents Trump and Xi on the sidelines of the APEC conference in South Korea. Treasury Secretary Bessent said the agreement means the US threat of a 100% tariff on US imports from China, set to start November 1, is "effectively off the table." Meanwhile, China agreed not to restrict the export of rare earth metals for at least one year and to buy a "substantial" amount of US soybeans. The two sides also made progress on shipping fees and US demands that China crack down on the export to the US of fentanyl and precursors. The two sides may also reach an agreement that would allow US consumers to continue to access TikTok.
This is a heavy earnings week, with 173 of the S&P 500 companies reporting earnings. Notably, five of the Magnificent Seven companies report earnings this week. Alphabet, Meta, and Microsoft report on Wednesday, and Apple and Amazon.com report on Thursday. Q3 earnings have been running strong so far. According to Bloomberg Intelligence, 84% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2.
The markets are monitoring US-Canada trade relations after President Trump said on Saturday that he would impose a new 10% tariff on US imports from Canada as punishment for last week's anti-tariff advertisement released by the provincial government of Ontario that featured former President Reagan's criticism of tariffs. Mr. Trump initially said he was halting US trade negotiations with Canada because of the ad, but he escalated the punishment this past weekend by imposing a new 10% tariff, even though Ontario had agreed to pause the ad campaign.
Regarding President Trump's reciprocal tariffs, markets are looking ahead to oral arguments at the Supreme Court scheduled for November 5 on whether the tariffs are legal. Lower courts have already ruled that Mr. Trump's reciprocal tariffs are illegal, finding they are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings and strikes down the tariffs, then the US government will have to refund the reciprocal tariffs already collected, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law. Observers expect the US Supreme Court to announce its final ruling on the reciprocal tariffs by late 2025 or early 2026.
The US government shutdown continues into its fifth week, weighing on market sentiment and the US economy. The government shutdown is delaying the release of government reports, including all the recent weekly unemployment claims reports, the September unemployment and payroll report, Aug trade balance, Sep retail sales, Sep PPI, Sep housing starts, Sep industrial production, Sep leading indicators, and others. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Overseas stock markets closed lower on Tuesday. The Euro Stoxx 50 fell -0.12%. China's Shanghai Composite closed down -0.22% after Monday's rally of +1.18%. Japan's Nikkei Stock 225 closed down -0.58% after Monday's rally of +2.46%.
Interest Rates
December 10-year T-notes (ZNZ5) on Tuesday rose by +2.5 ticks. The 10-year T-note yield fell -0.6 bp to 3.974%. T-note prices saw support from hopes that the FOMC, at the conclusion of its meeting on Wednesday, will end its quantitative tightening regime.
T-note prices were undercut by the stronger-than-expected US economic reports, including housing prices, the Richmond Fed report, and US consumer confidence. T-notes continued to see reduced safe-haven demand after Monday's news of a preliminary US-China trade agreement.
T-note prices have underlying support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields were mixed. The 10-year German bund yield rose +0.8 bp to 2.623%. The 10-year UK gilt yield fell -0.1 bp to 4.400%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks all closed higher on Tuesday, except for a -0.50% decline in Alphabet (GOOG). Nvidia (NVDA) rose by nearly +5%, and Microsoft (MSFT) rose by nearly +2%.
Microsoft (MSFT) received a boost from news that it will take a 27% ownership stake, valued at about $135 billion, in the restructured for-profit OpenAI entity.
Nvidia (NVDA) saw support after its CEO announced new partnerships and said the company's latest chips will produce half a trillion dollars of revenue. Nvidia also announced a new system that enables its AI chips to be used with quantum computers.
Nvidia (NVDA) and Intel (INTC) both saw gains of about +5%, but most of the other chip stocks showed losses, giving back some of Monday's gains.
PayPal (PYPL) rallied nearly +4% on a CNBC report that Open AI has agreed to embed Paypal's digital wallet into ChatGPT.
Regeneron Pharmaceuticals (REGN) rose more than +11% and was the largest gainer in the Nasdaq 100 index, with support from a revenue beat.
UPS (UPS) rallied nearly +8% after reporting favorable adjusted earnings.
D.R. Horton (DHI) fell by nearly -3% after reporting an earnings miss.
Royal Caribbean (RCL) fell by more than -8% after an earnings miss.
Earnings Reports(10/28/2025)
CVS Health Corp (CVS), ITT Inc (ITT), Penske Automotive Group Inc (PAG), Esab Corp (ESAB), Etsy Inc (ETSY), Timken Co/The (TKR), Ionis Pharmaceuticals Inc (IONS), Phillips 66 (PSX), IDEX Corp (IEX), Virtu Financial Inc (VIRT), Silgan Holdings Inc (SLGN), Centene Corp (CNC), OGE Energy Corp (OGE), Fortive Corp (FTV), Garmin Ltd (GRMN), Boeing Co/The (BA), Hayward Holdings Inc (HAYW), Watsco Inc (WSO), Flex Ltd (FLEX), Gates Industrial Corp PLC (GTES), GE HealthCare Technologies Inc (GEHC), Avantor Inc (AVTR), Old Dominion Freight Line Inc (ODFL), Prosperity Bancshares Inc (PB), Automatic Data Processing Inc (ADP), Clarivate PLC (CLVT), Kraft Heinz Co/The (KHC), Leonardo DRS Inc (DRS), Verisk Analytics Inc (VRSK), Otis Worldwide Corp (OTIS), TE Connectivity PLC (TEL), Fiserv Inc (FI), SiteOne Landscape Supply Inc (SITE), Reynolds Consumer Products Inc (REYN), Clean Harbors Inc (CLH), Littelfuse Inc (LFUS), Avnet Inc (AVT), NiSource Inc (NI), Generac Holdings Inc (GNRC), Entergy Corp (ETR), Cognizant Technology Solutions (CTSH), Smurfit WestRock PLC (SW), United Therapeutics Corp (UTHR), Verizon Communications Inc (VZ), Caterpillar Inc (CAT), Evercore Inc (EVR), Seaboard Corp (SEB), Oshkosh Corp (OSK), Masco Corp (MAS), Kirby Corp (KEX), Align Technology Inc (ALGN), Chipotle Mexican Grill Inc (CMG), EPR Properties (EPR), MercadoLibre Inc (MELI), MGM Resorts International (MGM), FMC Corp (FMC), Hanover Insurance Group Inc/Th (THG), Everest Group Ltd (EG), Extra Space Storage Inc (EXR), CH Robinson Worldwide Inc (CHRW), Cognex Corp (CGNX), American Water Works Co Inc (AWK), Sun Communities Inc (SUI), Mid-America Apartment Community (MAA), eBay Inc (EBAY), Coca-Cola Consolidated Inc (COKE), Tyler Technologies Inc (TYL), Dayforce Inc (DAY).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy 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.

Stocks See Support Ahead of Wednesday's FOMC Decision

The S&P 500 Index ($SPX) (SPY) is up +0.08%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.30%. December E-mini S&P futures (ESZ25) are up +0.11%, and December E-mini Nasdaq futures (NQZ25) are up +0.34%.
US stocks are slightly higher ahead of Wednesday's results of the 2-day FOMC meeting, which begins today. The markets are discounting a 98% chance of a -25 bp rate cut at this week's FOMC meeting. Assuming the Fed proceeds with this week's -25 bp rate cut, the markets are then discounting a 94% chance of another -25 bp rate cut at the next FOMC meeting on December 10. The markets are discounting an overall 115 bp rate cut by the end of 2026 to 2.95% from the current effective federal funds rate of 4.10%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The FOMC at this week's meeting is not scheduled to release a Summary of Economic Projections, which contains the Fed's dot plot. That means the markets on Wednesday will hear from Fed Chair Powell at his regular post-meeting press conference, but will not receive an update from other Fed officials on their views of the future course of interest rates.
However, markets are hoping for an update on when the Fed might end its quantitative tightening, which involves allowing its balance sheet to decline. A halt to the Fed's quantitative tightening would be bullish for the stock and bond markets, as the Fed would no longer be draining liquidity from the US financial system.
The Aug FHFA US house price index rose +0.4% m/m, which was stronger than expectations of -0.1%. Meanwhile, the S&P Cotality CS US 20-city house index rose by +0.19% m/m and +1.58% y/y, which was stronger than expectations of -0.10% m/m and +1.30% y/y.
The Oct Richmond Fed manufacturing index rose 13 points to -4, which was stronger than market expectations of a 5 point rise to -12.
The Oct Conference Board US consumer confidence index fell -1.0 point to 94.6 from a revised 95.6, which was stronger than expectations of 93.4.
Stocks have carry-over support from Monday's news that US and Chinese negotiators, who met over the weekend in Malaysia, reached a tentative trade agreement that is expected to be officially announced at Thursday's summit between Presidents Trump and Xi on the sidelines of the APEC conference in South Korea. Treasury Secretary Bessent said the agreement means the US threat of a 100% tariff on US imports from China, set to start November 1, is "effectively off the table." Meanwhile, China agreed not to restrict the export of rare earth metals for at least one year and to buy a "substantial" amount of US soybeans. The two sides also made progress on shipping fees and US demands that China crack down on the export to the US of fentanyl and precursors. The two sides may also reach an agreement that would allow US consumers to continue to access TikTok.
This is a heavy earnings week, with 173 of the S&P 500 companies reporting earnings. Notably, five of the Magnificent Seven companies report earnings this week. Alphabet, Meta, and Microsoft report on Wednesday, and Apple and Amazon.com report on Thursday. Q3 earnings have been running strong so far. According to Bloomberg Intelligence, 84% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2.
The markets are monitoring US-Canada trade relations after President Trump said on Saturday that he would impose a new 10% tariff on US imports from Canada as punishment for last week's anti-tariff advertisement released by the provincial government of Ontario that featured former President Reagan's criticism of tariffs. Mr. Trump initially said he was halting US trade negotiations with Canada because of the ad, but he escalated the punishment this past weekend by imposing a new 10% tariff, even though Ontario had agreed to pause the ad campaign.
Regarding President Trump's reciprocal tariffs, markets are looking ahead to oral arguments at the Supreme Court scheduled for November 5 on whether the tariffs are legal. Lower courts have already ruled that Mr. Trump's reciprocal tariffs are illegal, finding they are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings and strikes down the tariffs, then the US government will have to refund the reciprocal tariffs already collected, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law. Observers expect the US Supreme Court to announce its final ruling on the reciprocal tariffs by late 2025 or early 2026.
The US government shutdown continues into its fifth week, weighing on market sentiment and the US economy. The government shutdown is delaying the release of government reports, including all the recent weekly unemployment claims reports, the September unemployment and payroll report, Aug trade balance, Sep retail sales, Sep PPI, Sep housing starts, Sep industrial production, Sep leading indicators, and others. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.08%. China's Shanghai Composite closed down -0.22% after Monday's rally of +1.18%. Japan's Nikkei Stock 225 closed down -0.58% after Monday's rally of +2.46%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +0.5 tick. The 10-year T-note yield is up +0.2 bp at 3.981%. T-note prices are trading on a cautious note ahead of Wednesday's FOMC decision. T-note prices are being undercut by carry-over pressure from Monday's news of a US-Chinese trade agreement, which reduced safe-haven demand for Treasury securities. Also, T-note prices are being undercut by today's stronger-than-expected Richmond Fed report and US consumer confidence report.
T-note prices have underlying support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed. The 10-year German bund yield is up +0.3 bp at 2.619%. The 10-year UK gilt yield is down -1.1 bp at 4.391%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks are mixed, with Microsoft (MSFT) and Tela (TSLA) showing gains of more than +2%. Microsoft is trading higher after news that it will receive a 27% ownership stake worth about $135 billion in the restructured for-profit OpenAI entity.
Intel (INTC) is up more than +5%, but most of the other chip stocks are showing losses, giving back some of Monday's gains.
PayPal (PYPL) is up more than +10%, and is the largest gainer in the Nasdaq 100 index, on a CNBC report that Open AI has agreed to embed Paypal's digital wallet into ChatGPT.
UPS (UPS) is up more than +7% after reporting favorable adjusted earnings.
D.R. Horton (DHI) is down about -1% after reporting an earnings miss.
Royal Caribbean (RCL) is down more than -7% after an earnings miss.
Earnings Reports(10/28/2025)
DR Horton Inc (DHI), PayPal Holdings Inc (PYPL), UnitedHealth Group Inc (UNH), Wayfair Inc (W), Labcorp Holdings Inc (LH), Corning Inc (GLW), Armstrong World Industries Inc (AWI), Sysco Corp (SYY), Royal Caribbean Cruises Ltd (RCL), VF Corp (VFC), Carrier Global Corp (CARR), A O Smith Corp (AOS), United Parcel Service Inc (UPS), Hubbell Inc (HUBB), Sherwin-Williams Co/The (SHW), Ecolab Inc (ECL), Zebra Technologies Corp (ZBRA), IQVIA Holdings Inc (IQV), MSCI Inc (MSCI), Smithfield Foods Inc (SFD), Tenet Healthcare Corp (THC), Applied Industrial Technologie (AIT), Axalta Coating Systems Ltd (AXTA), Repligen Corp (RGEN), Xylem Inc/NY (XYL), Invesco Ltd (IVZ), SoFi Technologies Inc (SOFI), Regeneron Pharmaceuticals Inc (REGN), American Tower Corp (AMT), Incyte Corp (INCY), ATI Inc (ATI), NextEra Energy Inc (NEE), Neurocrine Biosciences Inc (NBIX), Booking Holdings Inc (BKNG), Mondelez International Inc (MDLZ), Sensata Technologies Holding P (ST), WP Carey Inc (WPC), Enphase Energy Inc (ENPH), Aurora Innovation Inc (AUR), Landstar System Inc (LSTR), Equity Residential (EQR), ONEOK Inc (OKE), Flowserve Corp (FLS), Caesars Entertainment Inc (CZR), Edison International (EIX), CoStar Group Inc (CSGP), Frontier Communications Parent (FYBR), MSA Safety Inc (MSA), Chemed Corp (CHE), Range Resources Corp (RRC), BXP Inc (BXP), PPG Industries Inc (PPG), RenaissanceRe Holdings Ltd (RNR), Regency Centers Corp (REG), ExlService Holdings Inc (EXLS), Veralto Corp (VLTO), Visa Inc (V), Expand Energy Corp (EXE), Seagate Technology Holdings PL (STX), Element Solutions Inc (ESI), Highwoods Properties Inc (HIW), Electronic Arts Inc (EA), Teradyne Inc (TER).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Royal Caribbean Cruises Ltd. RCL reported mixed third-quarter 2025 results, with adjusted earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and bottom lines increased on a year-over-year basis.
Post the results, the cruise stock declined 8.7% in the pre-market trading session. The negative reaction came despite stronger-than-expected quarterly earnings, as investors turned cautious on the company’s near-term outlook and capital spending plans.
Although management raised full-year EPS guidance, comments regarding adverse weather impacts, the extended closure of Labadee and moderate yield growth expectations signaled potential softness in the fourth quarter and a possible normalization of pricing trends. Additionally, plans for increased capital investment in new destinations and technology may have raised concerns about future cash flow and debt reduction, thereby likely triggering profit-booking.
RCL’s Q3 Earnings & Revenues
For the third quarter, the company reported adjusted earnings per share (EPS) of $5.75, which beat the Zacks Consensus Estimate of $5.68. In the prior-year quarter, RCL recorded an adjusted EPS of $5.20.
Royal Caribbean Cruises Ltd. Price, Consensus and EPS Surprise
Quarterly revenues of $5.14 billion missed the consensus estimate of $5.17 billion. However, the reported value was up 5.2% year over year from $4.88 billion.
Royal Caribbean’s Quarterly Highlights
In the third quarter of 2025, Passenger ticket revenues amounted to $3.64 billion, up from $3.47 billion in the prior-year quarter. Our estimate for Passenger ticket revenues was $3.65 billion.
Onboard and other revenues increased to $1.5 billion from $1.41 billion reported in the year-ago quarter. Our estimate for the metric was $1.5 billion.
Total cruise operating expenses amounted to $2.48 billion, up 3.7% year over year. Our estimate for the metric was $2.35 billion.
Net yields rose 2.4% on a constant currency basis (cc) and 2.8% on a reported basis compared with the third-quarter 2024 level. Net cruise costs, excluding fuel, per Available Passenger Cruise Day (APCD) increased 4.8% on a reported basis and 4.3% at cc from last year's quarter figure.
Other Financial Information of RCL
As of Sept. 30, 2025, Royal Caribbean reported cash and cash equivalents of $432 million compared with $388 million in 2024-end. As of the end of the third quarter of 2025, long-term debt decreased to $17.2 billion from the $18.47 billion reported in 2024-end. The current portion of long-term debt at the end of the quarter was $3 billion, up from $1.6 billion recorded in 2024-end.
Booking Update of Royal Caribbean
Royal Caribbean is witnessing strong booking momentum, with load factors for 2025 and 2026 tracking at record levels and within historical ranges. The company reported accelerated bookings across both new and existing ships, led by robust demand for close-in sailings. It noted that 2026 bookings are trending well above prior-year levels, reflecting rate growth at the high end of historical norms. Onboard spending and pre-cruise purchases remain well ahead of previous years, supported by greater guest engagement and higher pricing. During the third quarter, roughly half of onboard revenues were booked pre-cruise, with nearly 90% of those transactions made through digital channels.
Looking ahead, Royal Caribbean sees strong momentum across its portfolio as consumers continue to prioritize vacation experiences. Bookings for upcoming launches — including Star of the Seas and Celebrity Xcel — are demonstrating exceptional traction, while early demand for Royal Beach Club Paradise Island has been robust. The company also highlighted the overwhelming response to Celebrity River, whose initial deployment sold out almost immediately. These strategic additions underscore Royal Caribbean’s ongoing efforts to enhance guest experiences and expand its integrated vacation ecosystem.
RCL’s Q4 Outlook
For the fourth quarter of 2025, Royal Caribbean expects depreciation and amortization expenses to be in the range of $445-$455 million. Net interest expenses (excluding loss on extinguishment of debt) are projected to be between $245 million and $255 million. Management estimates adjusted EPS to be in the band of $2.74-$2.79.
The company expects net yields to increase in the band of 2.6-3.1% on a reported basis and 2.2-2.7% at cc year over year. Net cruise costs, excluding fuel, per APCD are expected to decline between 5.7% and 6.2% on a reported basis and in the range of 6.1-6.6% at cc.
2025 View by RCL
For 2025, the company expects depreciation and amortization expenses to be in the range of $1.70-$1.71 billion. Net interest expenses (excluding loss on extinguishment of debt) are expected to be between $945 million and $955 million. Adjusted EPS is anticipated to be between $15.58 and $15.63 compared with the previous expectation of $15.41 and $15.55.
The company expects net yields to increase in the band of 3.5-4% both on a reported and cc basis, year over year.
RCL’s Zacks Rank & Key Picks
Royal Caribbean currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Consumer Discretionary sector are Norwegian Cruise Line Holdings Ltd. NCLH, Carnival Corporation & plc CCL and Planet Fitness, Inc. PLNT.
Norwegian Cruise Line flaunts a Zacks Rank #1 (Strong Buy) at present. The company delivered a trailing four-quarter earnings surprise of 29.1%, on average. NCLH stock has declined 8.7% year to date. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NCLH’s 2025 sales and EPS indicates growth of 6% and 15.4%, respectively, from the year-ago period’s levels.
Carnival flaunts a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 169.8%, on average. Carnival stock has gained 18% year to date.
The Zacks Consensus Estimate for Carnival’s fiscal 2025 sales and EPS indicates growth of 6.5% and 51.4%, respectively, from the prior-year levels.
Planet Fitness has a Zacks Rank of 2 (Buy) at present. The company delivered a trailing four-quarter earnings surprise of 6.8%, on average. Planet Fitness stock has gained 20.1% in the past year.
The Zacks Consensus Estimate for Planet Fitness’ 2025 sales and EPS indicates growth of 10.2% and 13.1%, respectively, from the prior-year levels.
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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.

Royal Caribbean Q3 Earnings Beat Estimates, Revenues Miss, Stock Down

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Royal Caribbean (RCL) Q3 2025 Earnings Transcript

The S&P 500 Index ($SPX) (SPY) is up +0.22%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.61%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.39%. December E-mini S&P futures (ESZ25) are up +0.25%, and December E-mini Nasdaq futures (NQZ25) are up +0.31%.
US stocks are slightly higher ahead of Wednesday's results of the 2-day FOMC meeting, which begins today. The markets are discounting a 98% chance of a -25 bp rate cut at this week's FOMC meeting. Assuming the Fed proceeds with this week's -25 bp rate cut, the markets are then discounting a 94% chance of another -25 bp rate cut at the next FOMC meeting on December 10. The markets are discounting an overall 115 bp rate cut by the end of 2026 to 2.95% from the current effective federal funds rate of 4.10%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The FOMC at this week's meeting is not scheduled to release a Summary of Economic Projections, which contains the Fed's dot plot. That means the markets on Wednesday will hear from Fed Chair Powell at his regular post-meeting press conference, but will not receive an update from other Fed officials on their views of the future course of interest rates.
However, markets are hoping for an update on when the Fed might end its quantitative tightening, which involves allowing its balance sheet to decline. A halt to the Fed's quantitative tightening would be bullish for the stock and bond markets, as the Fed would no longer be draining liquidity from the US financial system.
The Aug FHFA US house price index rose +0.4% m/m, which was stronger than expectations of -0.1%. Meanwhile, the S&P Cotality CS US 20-city house index rose by +0.19% m/m and +1.58% y/y, which was stronger than expectations of -0.10% m/m and +1.30% y/y.
The Oct Richmond Fed manufacturing index rose 13 points to -4, which was stronger than market expectations of a 5 point rise to -12.
The Oct Conference Board US consumer confidence index fell -1.0 point to 94.6 from a revised 95.6, which was stronger than expectations of 93.4.
Stocks have carry-over support from Monday's news that US and Chinese negotiators, who met over the weekend in Malaysia, reached a tentative trade agreement that is expected to be officially announced at Thursday's summit between Presidents Trump and Xi on the sidelines of the ASEAN conference in Malaysia. Treasury Secretary Bessent said the agreement means the US threat of a 100% tariff on US imports from China, set to start November 1, is "effectively off the table." Meanwhile, China agreed not to restrict the export of rare earth metals for at least one year and to buy a "substantial" amount of US soybeans. The two sides also made progress on shipping fees and US demands that China crack down on the export to the US of fentanyl and precursors. The two sides may also reach an agreement that would allow US consumers to continue to access TikTok.
This is a heavy earnings week, with 173 of the S&P 500 companies reporting earnings. Notably, five of the Magnificent Seven companies report earnings this week. Alphabet, Meta, and Microsoft report on Wednesday, and Apple and Amazon.com report on Thursday. Q3 earnings have been running strong so far. According to Bloomberg Intelligence, 84% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2.
The markets are monitoring US-Canada trade relations after President Trump said on Saturday that he would impose a new 10% tariff on US imports from Canada as punishment for last week's anti-tariff advertisement released by the provincial government of Ontario that featured former President Reagan's criticism of tariffs. Mr. Trump initially said he was halting US trade negotiations with Canada because of the ad, but he escalated the punishment this past weekend by imposing a new 10% tariff, even though Ontario had agreed to pause the ad campaign.
Regarding President Trump's reciprocal tariffs, markets are looking ahead to oral arguments at the Supreme Court scheduled for November 5 on whether the tariffs are legal. Lower courts have already ruled that Mr. Trump's reciprocal tariffs are illegal, finding they are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings and strikes down the tariffs, then the US government will have to refund the reciprocal tariffs already collected, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law. Observers expect the US Supreme Court to announce its final ruling on the reciprocal tariffs by late 2025 or early 2026.
The US government shutdown continues into its fifth week, weighing on market sentiment and the US economy. The government shutdown is delaying the release of government reports, including all the recent weekly unemployment claims reports, the September unemployment and payroll report, Aug trade balance, Sep retail sales, Sep PPI, Sep housing starts, Sep industrial production, Sep leading indicators, and others. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Overseas stock markets today are steady to lower. The Euro Stoxx 50 is little changed. China's Shanghai Composite closed down -0.22% after Monday's rally of +1.18%. Japan's Nikkei Stock 225 closed down -0.58% after Monday's rally of +2.46%.
Interest Rates
December 10-year T-notes (ZNZ5) are down -2 ticks. The 10-year T-note yield is up +1.1 bp at 3.991%. T-note prices are trading on a cautious note ahead of Wednesday's FOMC decision. T-note prices are also being undercut by carry-over pressure from Monday's news of a US-Chinese trade agreement, which reduced safe-haven demand for Treasury securities. Also, T-note prices are being undercut by today's +0.3 bp rise in the 10-year breakeven inflation expectations rate to 2.290%.
T-note prices have underlying support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed. The 10-year German bund yield is up +0.2 bp at 2.617%. The 10-year UK gilt yield is down -1.1 bp at 4.391%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks are all trading higher, led by a gain of more than +2% in Microsoft (MSFT) and a gain of more than +1% in Nvidia (NVDA).
Nvidia (NVDA), Marvell Technology (MRVL), and Intel (INTC) are up more than +1%, but most of the other chip stocks are showing losses, giving back some of Monday's gains.
UPS (UPS) is up more than +9% after reporting favorable adjusted earnings.
PayPal (PYPL) is up more than +9% on a CNBC report that Open AI has agreed to embed Paypal's digital wallet into ChatGPT.
D.R. Horton (DHI) is down more than -3% after reporting an earnings miss.
Royal Caribbean (RCL) is down more than -7% after an earnings miss.
Earnings Reports(10/28/2025)
DR Horton Inc (DHI), PayPal Holdings Inc (PYPL), UnitedHealth Group Inc (UNH), Wayfair Inc (W), Labcorp Holdings Inc (LH), Corning Inc (GLW), Armstrong World Industries Inc (AWI), Sysco Corp (SYY), Royal Caribbean Cruises Ltd (RCL), VF Corp (VFC), Carrier Global Corp (CARR), A O Smith Corp (AOS), United Parcel Service Inc (UPS), Hubbell Inc (HUBB), Sherwin-Williams Co/The (SHW), Ecolab Inc (ECL), Zebra Technologies Corp (ZBRA), IQVIA Holdings Inc (IQV), MSCI Inc (MSCI), Smithfield Foods Inc (SFD), Tenet Healthcare Corp (THC), Applied Industrial Technologie (AIT), Axalta Coating Systems Ltd (AXTA), Repligen Corp (RGEN), Xylem Inc/NY (XYL), Invesco Ltd (IVZ), SoFi Technologies Inc (SOFI), Regeneron Pharmaceuticals Inc (REGN), American Tower Corp (AMT), Incyte Corp (INCY), ATI Inc (ATI), NextEra Energy Inc (NEE), Neurocrine Biosciences Inc (NBIX), Booking Holdings Inc (BKNG), Mondelez International Inc (MDLZ), Sensata Technologies Holding P (ST), WP Carey Inc (WPC), Enphase Energy Inc (ENPH), Aurora Innovation Inc (AUR), Landstar System Inc (LSTR), Equity Residential (EQR), ONEOK Inc (OKE), Flowserve Corp (FLS), Caesars Entertainment Inc (CZR), Edison International (EIX), CoStar Group Inc (CSGP), Frontier Communications Parent (FYBR), MSA Safety Inc (MSA), Chemed Corp (CHE), Range Resources Corp (RRC), BXP Inc (BXP), PPG Industries Inc (PPG), RenaissanceRe Holdings Ltd (RNR), Regency Centers Corp (REG), ExlService Holdings Inc (EXLS), Veralto Corp (VLTO), Visa Inc (V), Expand Energy Corp (EXE), Seagate Technology Holdings PL (STX), Element Solutions Inc (ESI), Highwoods Properties Inc (HIW), Electronic Arts Inc (EA), Teradyne Inc (TER).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy 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.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares U.S. Consumer Discretionary ETF (Symbol: IYC) where we have detected an approximate $114.9 million dollar outflow -- that's a 6.0% decrease week over week (from 18,250,000 to 17,150,000). Among the largest underlying components of IYC, in trading today Lowe's Companies Inc (Symbol: LOW) is trading flat, Spotify Technology SA (Symbol: SPOT) is up about 1.2%, and Royal Caribbean Group (Symbol: RCL) is lower by about 9.2%. For a complete list of holdings, visit the IYC Holdings page » The chart below shows the one year price performance of IYC, versus its 200 day moving average:
Looking at the chart above, IYC's low point in its 52 week range is $77.66 per share, with $106.415 as the 52 week high point — that compares with a last trade of $104.42. 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 ».
Free Report: Top 8%+ Dividends (paid monthly)
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.
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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.

IYC, LOW, SPOT, RCL: ETF Outflow Alert

(RTTNews) - Royal Caribbean Cruises Ltd. (RCL) will host a conference call at 10:00 AM ET on October 28, 2025, to discuss Q3 25 earnings results.
To access the live webcast, log on to https://www.rclinvestor.com/webcasts-presentations/#heading-0
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Royal Caribbean Cruises Q3 25 Earnings Conference Call At 10:00 AM ET

Royal Caribbean (RCL) came out with quarterly earnings of $5.75 per share, beating the Zacks Consensus Estimate of $5.68 per share. This compares to earnings of $5.2 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +1.23%. A quarter ago, it was expected that this cruise operator would post earnings of $4.1 per share when it actually produced earnings of $4.38, delivering a surprise of +6.83%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Royal Caribbean, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $5.14 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.54%. This compares to year-ago revenues of $4.89 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Royal Caribbean shares have added about 38.8% since the beginning of the year versus the S&P 500's gain of 16.9%.
What's Next for Royal Caribbean?
While Royal Caribbean has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Royal Caribbean was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.86 on $4.28 billion in revenues for the coming quarter and $15.66 on $17.98 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Pursuit Attractions and Hospitality (PRSU), is yet to report results for the quarter ended September 2025. The results are expected to be released on November 5.
This trade show company is expected to post quarterly earnings of $2.56 per share in its upcoming report, which represents a year-over-year change of +27.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Pursuit Attractions and Hospitality's revenues are expected to be $225.45 million, down 50.5% from the year-ago quarter.
Should You Invest in Royal Caribbean Cruises Ltd. (RCL)?
Before you invest in Royal Caribbean Cruises Ltd. (RCL), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Royal Caribbean (RCL) Tops Q3 Earnings Estimates

The following companies are expected to report earnings prior to market open on 10/28/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
UnitedHealth Group Incorporated (UNH)is reporting for the quarter ending September 30, 2025. The hmo company's consensus earnings per share forecast from the 10 analysts that follow the stock is $2.80. This value represents a 60.84% decrease compared to the same quarter last year. The last two quarters UNH had negative earnings surprises; the latest report they missed by -15.7%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for UNH is 22.42 vs. an industry ratio of 46.60.
NextEra Energy, Inc. (NEE)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 3 analysts that follow the stock is $1.04. This value represents a 0.97% increase compared to the same quarter last year. In the past year NEE has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2.94%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for NEE is 22.94 vs. an industry ratio of 19.80, implying that they will have a higher earnings growth than their competitors in the same industry.
American Tower Corporation (REIT) (AMT)is reporting for the quarter ending September 30, 2025. The reit company's consensus earnings per share forecast from the 3 analysts that follow the stock is $2.55. This value represents a 3.41% decrease compared to the same quarter last year. In the past year AMT has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 3.59%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AMT is 18.74 vs. an industry ratio of 12.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Royal Caribbean Cruises Ltd. (RCL)is reporting for the quarter ending September 30, 2025. The leisure (recreational) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $5.67. This value represents a 9.04% increase compared to the same quarter last year. In the past year RCL has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 6.83%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for RCL is 20.21 vs. an industry ratio of 5.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Sherwin-Williams Company (SHW)is reporting for the quarter ending September 30, 2025. The chemical company's consensus earnings per share forecast from the 7 analysts that follow the stock is $3.46. This value represents a 2.67% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for SHW is 29.43 vs. an industry ratio of 8.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Ecolab Inc. (ECL)is reporting for the quarter ending September 30, 2025. The chemical company's consensus earnings per share forecast from the 9 analysts that follow the stock is $2.06. This value represents a 12.57% increase compared to the same quarter last year. ECL missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -0.53%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ECL is 36.87 vs. an industry ratio of 8.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Corning Incorporated (GLW)is reporting for the quarter ending September 30, 2025. The communications company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.66. This value represents a 22.22% increase compared to the same quarter last year. In the past year GLW has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 5.26%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for GLW is 35.39 vs. an industry ratio of 39.90.
PayPal Holdings, Inc. (PYPL)is reporting for the quarter ending September 30, 2025. The financial transactions company's consensus earnings per share forecast from the 14 analysts that follow the stock is $1.19. This value represents a 0.83% decrease compared to the same quarter last year. In the past year PYPL has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 7.69%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for PYPL is 13.34 vs. an industry ratio of 12.50, implying that they will have a higher earnings growth than their competitors in the same industry.
United Parcel Service, Inc. (UPS)is reporting for the quarter ending September 30, 2025. The transportation company's consensus earnings per share forecast from the 10 analysts that follow the stock is $1.31. This value represents a 25.57% decrease compared to the same quarter last year. UPS missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -0.64%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for UPS is 13.50 vs. an industry ratio of 16.00.
Regeneron Pharmaceuticals, Inc. (REGN)is reporting for the quarter ending September 30, 2025. The biomedical (gene) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $7.63. This value represents a 34.95% decrease compared to the same quarter last year. REGN missed the consensus earnings per share in the 1st calendar quarter of 2025 by -2.72%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for REGN is 17.96 vs. an industry ratio of -2.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Carrier Global Corporation (CARR)is reporting for the quarter ending September 30, 2025. The building company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.55. This value represents a 33.73% decrease compared to the same quarter last year. In the past year CARR has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 1.1%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CARR is 21.34 vs. an industry ratio of 23.20.
D.R. Horton, Inc. (DHI)is reporting for the quarter ending September 30, 2025. The building (residential/commercial) company's consensus earnings per share forecast from the 15 analysts that follow the stock is $3.29. This value represents a 16.07% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for DHI is 13.36 vs. an industry ratio of 12.30, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for October 28, 2025 : UNH, NEE, AMT, RCL, SHW, ECL, GLW, PYPL, UPS, REGN, CARR, DHI

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Royal Caribbean Group (Symbol: RCL), where a total volume of 12,687 contracts has been traded thus far today, a contract volume which is representative of approximately 1.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 80% of RCL's average daily trading volume over the past month, of 1.6 million shares. Especially high volume was seen for the $300 strike put option expiring October 31, 2025, with 1,925 contracts trading so far today, representing approximately 192,500 underlying shares of RCL. Below is a chart showing RCL's trailing twelve month trading history, with the $300 strike highlighted in orange:
Exponent Inc. (Symbol: EXPO) saw options trading volume of 2,677 contracts, representing approximately 267,700 underlying shares or approximately 79.7% of EXPO's average daily trading volume over the past month, of 335,855 shares. Especially high volume was seen for the $60 strike call option expiring June 18, 2026, with 1,258 contracts trading so far today, representing approximately 125,800 underlying shares of EXPO. Below is a chart showing EXPO's trailing twelve month trading history, with the $60 strike highlighted in orange:
And Burlington Stores Inc (Symbol: BURL) saw options trading volume of 6,875 contracts, representing approximately 687,500 underlying shares or approximately 79.4% of BURL's average daily trading volume over the past month, of 865,965 shares. Particularly high volume was seen for the $220 strike put option expiring December 05, 2025, with 3,960 contracts trading so far today, representing approximately 396,000 underlying shares of BURL. Below is a chart showing BURL's trailing twelve month trading history, with the $220 strike highlighted in orange:
For the various different available expirations for RCL options, EXPO options, or BURL options, visit StockOptionsChannel.com.
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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.