New York, Jan 30, 2026, 07:18 EST — Premarket
Shares of Royal Caribbean Group jumped 18.6% on Thursday, closing at $345.98—the biggest spike in years—after the cruise giant raised its profit forecast for 2026. Rival cruise stocks Carnival, Norwegian Cruise Line, and Viking Holdings also saw gains.
This jump is significant since cruises represent a pricey, discretionary spend, and investors want confirmation that pricing power will hold into 2026. A solid performance often lifts the entire travel-and-leisure sector, even if just for a day or two.
This hits the industry’s “Wave” season—January through March—when cruise lines roll out promotions and secure a significant chunk of annual bookings. If higher prices stick during this period, setting fares for summer and holiday cruises becomes less challenging.
Royal Caribbean forecasted adjusted earnings per share of $17.70 to $18.10 for 2026, excluding certain items it considers outside core operations. For the first quarter, adjusted EPS is expected between $3.18 and $3.28. The company highlighted that around two-thirds of its 2026 capacity is already booked at record-high prices and noted an uptick in onboard spending and pre-cruise purchases. 1
The company’s earnings release showed 2025 adjusted EPS at $15.64, backed by $17.9 billion in total revenue and $4.3 billion in net income. For the fourth quarter, adjusted EPS came in at $2.80 on $4.3 billion revenue. CEO Jason Liberty described 2025 as “an outstanding year” and projected double-digit growth in revenue and earnings for 2026, despite a minor drag from itinerary shifts in China. 2
During the earnings call, Liberty told analysts, “We experienced the best seven booking weeks in the company’s history since the last earnings call.” CFO Naftali Holtz added, “roughly 80% of the people that booked are actually existing customers, but they’ve never RiverCruise before,” as the company expands into new products. 3
Celebrity River Cruises showcased that momentum in a separate release, announcing plans for 10 new ships. This move will double its European river fleet to 20 vessels by 2031. The 2028 season also kicks off with “80% more destinations” compared to its 2027 debut. “Our inaugural 2027 Celebrity River Cruises season sold out in under six minutes,” said Celebrity Cruises president Laura Hodges Bethge. 4
Traders are watching to see if Thursday’s repricing sticks around Friday or if quick profit-taking will erase those gains. Cruise stocks often move sharply—fuel costs, U.S. consumer health, and changes in discounts tend to affect bookings almost immediately.
Fuel costs stand out as a key variable. According to Royal Caribbean’s public schedules, a 10% shift in fuel prices would impact its 2026 fuel expenses by roughly $57 million. The company has locked in hedges on 60% of its 2026 fuel needs at $474 per metric ton. Those same documents highlight significant debt maturities next year, including $650 million in unsecured notes due in July and another $1 billion maturing in August. 5
Investors are refocusing on the booking curve: will Wave-season volumes and pricing continue rising through March? And can onboard spending outpace previous years? The key trigger now is execution — delivering on the company’s first-quarter profit guidance when it reports results and revises its 2026 outlook.
