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RCL · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Demand is fine, costs caught up — revenue +6.5% to $4,832M (onboard spend +11%), but cruise operating expenses grew 11.6% with payroll +23% and fuel +27%, so operating income slipped 1.7% to $1,307M and net income fell 6% to $1,128M; the post-COVID margin expansion story paused this quarter.
Net Income to RCL
$1,128M
down 6.8% y/y
Total Revenues
$4,832M
up 6.5% y/y
Operating Income
$1,307M
down 1.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Passenger Ticket Revenues | $3,344 · +4.5% |
| Onboard & Other | $1,488 · +11.1% |
| Total Revenues | $4,832 · +6.5% |
| Commissions & Transportation | $622 · +2.6% |
| Other Operating | $615 · +9.6% |
| Marketing, Selling & Admin | $513 · +1.0% |
| Depreciation & Amortization | $464 · +11.3% |
| Payroll & Related | $405 · +23.1% |
| Fuel | $355 · +27.2% |
| Onboard Costs | $288 · +9.9% |
| Food | $262 · +6.5% |
| Operating Income | $1,307 · −1.7% · 27.0% margin |
| Equity JV & Other Income | $79 · −39% · TUI Cruises $67 · interest $5 · other $7 |
| Interest Expense | $236 · +3.5% |
| Pretax Income | $1,150 · −6.7% |
| Taxes & NCI | $22 · 1.2% tax rate |
| Net Income to RCL | $1,128 · −6.8% · 23.3% margin · EPS $4.20 |
Verdict: demand is fine, costs caught up — revenue +6.5% to $4,832M (onboard spend +11%), but cruise operating expenses grew 11.6% with payroll +23% and fuel +27%, so operating income slipped 1.7% to $1,307M and net income fell 6% to $1,128M; the post-COVID margin expansion story paused this quarter.
Interest expense $236M; equity investment income $67M (vs $107M). Diluted shares 268M. Taxes near zero (foreign-incorporated cruise line).
Source and notation
Source: Royal Caribbean 10-Q consolidated statements (SEC EDGAR).
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Chart: “RCL Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/rcl/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/rcl/q2-2026"><img src="https://whoreportstoday.com/t/rcl/q2-2026/sankey.png" alt="RCL Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/rcl/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/rcl/q2-2026">RCL Q2 2026 earnings chart (Who Reports Today)</a>
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- Payroll +23% ($405M) and fuel +27% ($355M) are the story — cost inflation finally outran the +6.5% top line; total cruise operating expenses grew 11.6%, nearly double revenue growth.
- Onboard & other revenue (+11.1%, $1,488M) keeps outpacing ticket revenue (+4.5%) — passengers spend more once aboard; that mix is higher-margin.
- Income taxes are $14M on $1,150M of pretax income (1.2%) — the Liberian incorporation shields cruise profits; the P&L's real fixed cost is the $236M quarterly interest bill.
- Equity investment income fell from $107M to $67M — joint-venture (TUI Cruises) contribution normalizing.
- D&A +11% tracks the newbuild program (Icon-class deliveries) — capacity growth is the long-term bet behind the near-term cost squeeze.
What distorts the picture in this report and what to watch beyond the headlines.
RCL — Royal Caribbean Group operates as a global cruise company, owning and managing cruise lines such as Royal Caribbean International and Celebrity Cruises.
It is headquartered in Miami, Florida, and serves markets worldwide.
Heads-up
- net income fell 7% y/y in Q2 2026
Net income for Q2 2026: $1,128M, −7% y/y. In the report's figures: costs grew faster than revenue: fuel +27% y/y, payroll & related +23% y/y. Based on the Q2 2026 report.
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