Royal Caribbean Cruises' Strong Earnings and Double-Digit 2026 Growth Guidance: Valuation Check

Royal Caribbean Cruises reported strong Q4 and FY25 earnings, issued double-digit 2026 revenue guidance, and outlined further expansion of its ship pipeline. The company's share price has returned 35.93% over 90 days and 33.30% over one year. Analysts estimate a fair value of $362, which is below the current price of $348. The narrative focuses on rising per-guest spending and richer margins, but assumes these will continue despite potential risks such as consumer discretionary spending weakness and fuel and currency swings.