Quarterly guidance

Capacity growth
Increase 5% year-over-year in the fourth quarter.
Net yields
Grow between 4.2% and 4.7% in constant currency.
Net cruise costs excluding fuel
Decrease between 0.9% and 1.4% in constant currency.
Fuel expense
Approximately $379 million.
Adjusted EPS
Between $3.48 and $3.58.

Annual guidance

Net yields
Grow approximately 2.1% in constant currency.
Capacity growth
6.6% for the full year.
Total revenue growth
Expected to grow 9%.
Net cruise costs excluding fuel
Approximately flat in constant currency.
Fuel expense
Approximately $1.35 billion.
Adjusted EPS
$17.85 to $17.95.

Outlook

Consumer demand
Travel remains the number one leisure category where consumers intend to increase spending, with booking volumes up mid-teens year-over-year and 2027 sailings up in the high teens.
Booked position
Booked position for both 2026 and 2027 is ahead of prior year at record rates.
Sandals partnership
The 50% stake in Sandals and Beaches is expected to close in early 2027, expanding reach into the $16 billion Caribbean all-inclusive market and providing several hundred million dollars in synergies.
2027 capacity and deployment
Expected capacity growth of 4.5% in 2027 with deployment mix at 56% in the Caribbean, 16% in Europe, 11% in Asia Pacific, and 5% in Alaska.