0000884887-26-000036
SEC filing皇家加勒比Q2业绩超预期并上调全年指引，核心驱动为强劲的近期需求与成本改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Revenue | $4,832 million | $4,538 million | +6% |
| Gross Margin Yields | $134.11 | $142.00 | -5.6% |
| Net Yields | $288.95 | $283.56 | +1.9% |
| Operating Income | $1,307 million | $1,329 million | — |
| Net Income | $1,136 million | $1,214 million | — |
| Net Income attributable to RCL | $1,128 million | $1,210 million | — |
| Diluted EPS (GAAP) | $4.20 | $4.41 | — |
| Adjusted Diluted EPS | $4.21 | $4.38 | — |
| Adjusted EBITDA | $1,830 million | $1,851 million | — |
| Adjusted EBITDA Margin | 37.9% | 40.8% | — |
| Gross Cruise Costs per APCD | $225.48 | $215.68 | +4.5% |
| NCC ex. Fuel per APCD | $132.30 | $126.76 | +4.4% |
| Occupancy | 110.2% | 110.3% | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Adjusted EPS | $6.26 to $6.36 | Non-GAAP |
| Q3 2026 | Net Yields vs. 2025 | Approximately Flat | As-Reported |
| Q3 2026 | NCC ex. Fuel per APCD vs. 2025 | (1.7)% to (1.2)% | As-Reported |
| FY 2026 | Adjusted EPS | $17.73 to $17.87 | Non-GAAP |
| FY 2026 | Net Yields vs. 2025 | 2.35% to 2.85% | As-Reported |
| FY 2026 | NCC ex. Fuel per APCD vs. 2025 | Approximately 0.4% | As-Reported |
简评
皇家加勒比Q2业绩超预期，核心驱动为强劲的近期需求（close-in demand）、成本改善及合资企业表现。总营收$4.8 billion同比增6%，Net Yields按报告口径增1.9%（超指引），但Gross Margin Yields因口径差异下降5.6%。成本端NCC excluding Fuel per APCD增4.4%，优于预期主要因费用确认时点有利。GAAP EPS $4.20与Adjusted EPS $4.21均超公司指引，但净利$1.1 billion略低于去年同期的$1.2 billion，主因利息费用上升及折旧增加。
管理层上调全年Adjusted EPS指引至$17.73-$17.87（同比增14%），反映Q2强劲表现及下半年展望改善，但指引已计入地缘政治活动对部分航线预订的温和影响。Q3指引显示Net Yields同比约持平，但总营收预计增8%，NCC ex. Fuel预计下降1.7%-1.2%，体现成本管控成效。资本返还方面，Q2回购$199 million并派息$404 million，回购授权剩余$805 million。CEO Jason Liberty强调品牌实力与业务动能，预计全年营收和盈利实现约两位数增长，并提及2027年预订趋势领先历史水平，为长期增长提供支撑。