"Royal Caribbean's earnings momentum is the clearest differentiator, with FY2025 net income reaching $4.268 billion, up 48.35% year-over-year, and adjusted EPS of $15.64."
"Carnival showed genuine improvement with adjusted net income rising more than 60% in FY2025, while Norwegian's FY2025 GAAP net income fell 53.5% to $423 million."
"Royal Caribbean reinstated and grew its dividend to $1.50 per share quarterly, with a return on equity at 47.7%, exceeding its high-teens target for ROIC."
"Norwegian's 2026 net yield guidance is approximately flat, with Q1 2026 net yield expected to decline roughly 1.6% due to increased Caribbean capacity."
Royal Caribbean, Carnival, and Norwegian Cruise Line experienced the same pandemic and recovery but have vastly different financial outcomes. Royal Caribbean's FY2025 net income surged 48.35% to $4.268 billion, with strong future guidance. Carnival also improved, with a 60% rise in adjusted net income, while Norwegian's net income fell 53.5%. Royal Caribbean's balance sheet is robust, with a reinstated dividend of $1.50 per share and a high return on equity. In contrast, Carnival's dividend is minimal, and Norwegian faces challenges with flat yields and increased capacity.
Read at 24/7 Wall St.
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