Royal Caribbean expects 62-cent fuel headwind to 2026 earnings

EarningsCommodity

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Royal Caribbean Cruises expects higher fuel prices to reduce adjusted earnings per share by 62 cents for the remainder of 2026, with lower earnings from TUI Cruises adding another 12-cent drag. Full-year fuel expense is projected at approximately $1.35 billion, with about 59% of remaining 2026 fuel consumption hedged at rates meaningfully below market levels. The company expects net cruise costs excluding fuel to be approximately flat for the full year, or 50 basis points better than prior guidance, supported by efficiency improvements and expense management. For 2026, Royal Caribbean expects adjusted EPS of $17.10 to $17.50. Competitors Carnival and Norwegian Cruise Line are also facing fuel-related earnings pressure, with Carnival guiding for a 38-cent EPS headwind and Norwegian reducing its full-year adjusted EBITDA and EPS guidance.