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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Perhaps you need more families to get to those sort of longer-term occupancy goals that you talked about just a minute ago, Mark. But just help us think of -- understand the sort of positioning versus CocoCay.”
An analyst asks NCLH to compare the competitive positioning of its Great Stirrup Cay private-island investment against Royal Caribbean's CocoCay, framing the two companies' island destinations as direct competitors for family cruise demand.
“our first furniture order for a cruise ship, Royal Caribbean's Utopia of the Seas”
Williams-Sonoma's B2B division won its first furniture order for a cruise ship from Royal Caribbean, for the Utopia of the Seas, a notable new customer win in the B2B growth channel.
“Fitch upgraded our clear rating to BBB and S&P updated our outlook from stable to positive.”
Fitch upgraded Royal Caribbean's rating to BBB (investment grade) alongside its new bond deal, a positive rating-agency action on RCL's credit profile.
“Fitch upgraded our clear rating to BBB and S&P updated our outlook from stable to positive.”
S&P Global Ratings revised Royal Caribbean's outlook to positive in connection with a new investment-grade bond issuance, a favorable rating-agency action on RCL's credit.
“This quarter, we announced a long-term agreement with Meyer Turku securing shipbuilding slots through the next decade to continue both companies' tradition of innovation.”
Royal Caribbean signed a long-term shipbuilding agreement with shipyard Meyer Turku, securing slots through the next decade including an Icon 5 order and options, a multi-year newbuild backlog for the yard.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Steve Wieczynski | Stifel | 9 (0%) |
| Brandt Montour | Barclays | 9 (33%) |
| Robin Farley | UBS | 8 |
“Obviously, there were others in Travel + Leisure that pulled their guidance.”
RCL's CEO notes that Travel + Leisure Co. pulled its guidance amid the same spring geopolitical uncertainty, a negative signal about that company's outlook relative to RCL's steady performance.
“favorability below the line that was mainly driven by the outperformance of our TUI Cruises joint venture and lower interest costs.”
Royal Caribbean's 50/50 TUI Cruises joint venture (with Germany's TUI AG) outperformed expectations this quarter, contributing to RCL's earnings beat — a positive read for TUI AG as the JV partner.
“During the quarter, S&P Global Ratings upgraded our credit rating to investment grade, reflecting the strength of our financial position, consistent performance and disciplined capital allocation strategy.”
S&P Global Ratings upgraded Royal Caribbean to investment grade, validating the company's post-COVID balance sheet repair and supporting lower future financing costs.
“Sure. Well, first, obviously, there's great competitors in that river space like the one you don't want to say, but I'll say Viking. I mean, Tor does an exceptional job in that space.”
Royal Caribbean's CEO names Viking as the leading incumbent competitor in the river cruise market it is entering with Celebrity River Cruises, acknowledging Viking's strong execution.
| Matt Boss | JPMorgan | 8 (0%) |
| Conor Cunningham | Melius Research | 8 (13%) |
| Vince Ciepiel | Cleveland Research | 8 (25%) |
| Ben Chaiken | Mizuho Securities | 7 (0%) |
| Jim Hardiman | Citigroup | 5 (20%) |
| Lizzie Dove | Goldman Sachs | 5 (20%) |
| Sharon Zackfia | William Blair | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stifel | 1 | 9 (0%) |
| Barclays | 1 | 9 (33%) |
| UBS | 1 | 8 (13%) |
| Cleveland Research | 1 | 8 (25%) |
| JPMorgan | 1 | 8 (0%) |
| Melius Research | 1 | 8 (13%) |
| Mizuho Securities | 1 | 7 (0%) |
| Citigroup | 2 | 6 (17%) |
Royal Caribbean capped a record FY2025 with 33% EPS growth and $6.4 billion in operating cash flow, as Q4 revenue grew 13% with adjusted EPS of $2.80. Adjusted EBITDA grew 17.6% to over $7 billion for the full year. Management introduced FY2026 EPS guidance of $17.70-$18.10 with double-digit revenue growth, while the best seven booking weeks in company history and Discovery class ship announcements underscored sustained momentum.
Demand | Revenue Growth | Product Launch | Competitive Dynamics | Pricing | Guidance Reliability | Capex Investment | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 1 | 4 | 4 | 3 | 2 | 2 | |
| 2025Q1 | 7 | 4 | 4 | 5 | 4 | 3 | 1 | |
| 2025Q2 | 4 | 5 | 5 | 2 | 3 | 3 | 2 | |
| 2025Q3 | 3 | 5 | 3 | 2 | 1 | 3 | 1 | 2 |
| 2025Q4 | 3 | 4 | 3 | 3 | 1 | 1 | 1 | |
| 2026Q1 | 4 | 4 | 1 | 1 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 7 | 4 | 3 | 3 | 4 |
| Revenue Growth | 1 | 4 | 5 | 5 | 4 | 4 |
| Product Launch | 4 | 4 | 5 | 3 | 3 | |
| Competitive Dynamics | 4 | 5 | 2 | 2 | 3 | 1 |
| Pricing | 3 | 4 | 3 | 1 | 1 | |
| Guidance Reliability | 3 | 3 | 3 | 1 | 1 | |
| Capex Investment | 2 | 1 | 2 | 1 | 2 | |
| Cost Pressure | 2 | 2 | 1 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
RCL Royal Caribbean Group | 6 | +11.3% | |
| ABNB Airbnb | 9 | +17.9% | |
| BKNG Booking Holdings | 7 | +16.2% | |
| EXPE Expedia Group | 7 | +14.7% | |
| NCLH Norwegian Cruise Line Holdings | 6 | +9.6% |