Royal Caribbean Group (NYSE: RCL) surged more than 15% intraday after reporting fourth-quarter earnings in line with expectations and issuing 2026 guidance that exceeded analyst forecasts.

The cruise operator reported adjusted earnings per share of $2.80 for the quarter, matching consensus estimates, on revenue of $4.26 billion, also in line with forecasts. For full-year 2025, Royal Caribbean delivered adjusted EPS of $15.64 on revenue of $17.9 billion, exceeding prior guidance due to stronger revenue and improved joint venture performance.

For 2026, the company projected adjusted EPS between $17.70 and $18.10, above the consensus estimate of $17.66. Management expected double-digit growth in revenue and earnings, supported by a 6.7% increase in capacity and continued yield growth.

Booking trends remained strong, with the company recording the highest seven booking weeks in its history during Cyber Sales and the start of WAVE season. Approximately two-thirds of 2026 capacity was already booked at record pricing levels.

Royal Caribbean also announced fleet expansion plans, including a new Discovery Class with two firm ship orders and options for four additional vessels, with the first delivery expected in 2029. Celebrity Cruises plans to expand its river cruise fleet to 20 ships by 2031.

For the first quarter of 2026, adjusted EPS was projected between $3.18 and $3.28, with net yields expected to rise 2.4% to 2.9% year over year.