Royal Caribbean's 2027 booking curve remains strong, but the margin evidence has become harder to ignore. Management reported record pricing and higher booked volume on August 3. All three major rating agencies now place the company at investment grade.
Revenue grew 6.5% year over year while earnings declined 4.6%. Fuel was 60% hedged for 2026, leaving meaningful exposure with oil near $82 in the source record. October's update should show whether premium demand is converting into stronger margins.
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