Royal Caribbean Group reported Q1 net income of $736 million Tuesday morning, about double its reported net income of $364 million in Q1 2024. Operating income for the quarter was $945 million, up 26%.
The company said its first-quarter earnings per share of $2.70 and adjusted earnings per share of $2.71 was better than its guidance due to stronger than expected pricing on close-in demand and lower costs, mainly due to timing.
And it increased earnings expectations for the year from $14.55 adjusted earnings per share to $15.55, banking on decreasing fuel costs and advantageous exchange rates to complement its revenue-exceeding expectations so far.
Revenue for the quarter was $4 billion, up from $3.73 billion in Q1 2024.
In a statement announcing its results, Royal Caribbean said it took "record bookings" during Wave season (the first three months of the year). And it said that April bookings exceeded last April's, with continued strength in close-in bookings. Onboard spending and pre-cruise purchases exceeded prior years, driven by "greater participation at higher prices."
"Bookings for 2025 have remained on track, cancellation levels are normal, and we continue to see excellent close-in demand," said Jason Liberty, Royal Caribbean Group CEO.
Royal Caribbean Group's first-quarter load factor was 109%. Net yields were up 4.7%.
Update: This report was updated to add Royal Caribbean Group's operating income. Correction: An earlier version of this report incorrectly gave the company's 2024 Q1 revenue. It is $2.73 billion.