Royal Caribbean Group (NYSE:RCL) posted second-quarter earnings ahead of expectations, but shares declined over 5% as revenue narrowly missed forecasts.

Adjusted earnings per share stood at $4.38, surpassing the $4.08 analyst estimate. Revenue came in at $4.54 billion, just under the $4.55 billion consensus, despite strong travel demand.

The company hosted 2.3 million guests in the quarter, a 10% increase year-over-year. Load factors reached 110%, while net yields rose 5.3% versus Q2 2024, reflecting growth across new and existing ships through stronger ticket pricing and onboard spending.

Royal Caribbean lifted its full-year 2025 adjusted EPS outlook to $15.41–$15.55, compared to analyst expectations of $15.45. The improved guidance stems from strong Q2 results and lower costs.

For Q3, the company projected adjusted EPS between $5.55 and $5.65. Net yields are expected to rise 2.3% to 2.8% year-over-year.