Royal Caribbean Group (RCL) ended 2024 with record-breaking earnings and an unprecedented start to wave season, setting the stage for a promising 2025.
The company posted $400 million in adjusted net income for the fourth quarter, with total revenue growing 12.9% year-over-year to $3.76 billion. The company says that strong demand for last-minute bookings and higher onboard spending contributed to these results.
Passenger ticket revenue reached $2.6 billion for the quarter, while onboard spending rose to $1.16 billion as more cruisers opted for onboard experiences.
Record-Breaking Wave Season
Royal Caribbean reported its strongest wave season booking period ever, with the past five weeks breaking company records.
This surge reflects growing demand for new ships, private island destinations like Perfect Day at CocoCay, and enhanced onboard offerings. Load factors remain consistent with previous years but at higher pricing, showing that cruisers are willing to pay more for upgraded experiences.
“2024 was an exceptional year,” said Jason Liberty, CEO of Royal Caribbean Group. “Thanks to our team’s flawless execution, we exceeded our goals and built momentum for what we expect to be another great year in 2025.”
Competitor Comparison
Royal Caribbean’s success sets it apart from its competitors. Carnival Corporation reported $170 million in Q4 2024 net income, while Norwegian Cruise Line Holdings posted $85 million.
Royal Caribbean is expanding its footprint in the travel market with a focus on private island destinations and innovative vacation offerings. Signature attractions like Perfect Day at CocoCay are being complemented by new projects, including Perfect Day Mexico, set to debut in 2027, and the Royal Beach Club at Paradise Island in Nassau, opening this December.
Additionally, the company is entering the river cruise market with 10 Celebrity-branded ships launching in 2027, promising elevated experiences featuring cutting-edge design, world-class culinary options, and entertainment inspired by its Edge-class ocean vessels.
Royal Caribbean Group’s brands include Royal Caribbean International, Celebrity Cruises, and Silversea Cruises.
