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RCL Best Booking Streak Ever: Signal of Strong Cruise Demand in 2026?
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Key Takeaways
RCL delivered the best seven booking weeks ever, with about two-thirds of 2026 capacity already booked.
Royal Caribbean is booking 2026 at record pricing, with load factors in line with historical norms.
RCL's new ships are outperforming, driving broad-based demand and supporting yields as capacity grows.
Royal Caribbean Cruises Ltd. (RCL - Free Report) has entered 2026 with rare momentum. Management revealed that the period since the last earnings call delivered the best seven booking weeks in the company’s history, an eye-catching milestone that strengthens the case for sustained cruise demand next year.
The early data are compelling. Roughly two-thirds of 2026 capacity is already booked, with load factors in line with historical norms but achieved at record pricing levels. This combination matters, it suggests demand is not just strong but healthy enough to absorb capacity while preserving pricing power. Importantly, bookings are broad-based, with direct-to-consumer channels and travel partners both contributing higher-quality demand.
New hardware is a major catalyst. Ships such as Star of the Seas and Celebrity Xcel are outperforming expectations, while Legend of the Seas, the first Icon-class ship debuting in Europe, is seeing robust bookings. These newer vessels do more than add berths; they expand the experience and attract incremental demand, supporting yields even as capacity grows at a mid-single-digit pace.
Consumer behavior also supports the outlook. Management noted that travelers continue to prioritize experiences, with a meaningful share planning to increase leisure spending. Cruises remain a compelling value proposition versus land-based vacations, combining convenience, amenities and destination access at attractive price points.
Taken together, RCL’s record booking streak looks less like a post-pandemic aftershock and more like confirmation of structural demand strength. With solid visibility, disciplined capacity growth and pricing resilience, the current booking trajectory sends a clear signal: cruise demand heading into 2026 appears not only strong, but durable.
How Are RCL’s Rivals Shaping Up?
Royal Caribbean’s record booking streak stands out, but it gains sharper meaning when viewed against peers like Carnival Corporation (CCL - Free Report) and Norwegian Cruise Line Holdings (NCLH - Free Report) , both key barometers of industry demand.
Carnival, the world’s largest cruise operator, has also reported solid booking volumes and healthy onboard spending trends. However, its larger exposure to mass-market itineraries makes pricing discipline more sensitive to capacity additions across the industry. While demand remains firm, Carnival’s ability to consistently push rates higher appears more measured compared with RCL’s record-level pricing and premium hardware-driven demand.
Norwegian, on the other hand, continues to benefit from its premium positioning and strong appeal among higher-income travelers. Still, its smaller scale and narrower fleet mix limit the degree to which Norwegian can leverage demand surges versus Royal Caribbean’s diversified brands and Icon-class ships. Against this backdrop, RCL’s booking performance looks comparatively stronger, suggesting it may be capturing incremental demand and share rather than merely riding an industry-wide recovery.
RCL’s Price Performance, Valuation & Estimates
Shares of Royal Caribbean have gained 16.9% in the past three months compared with the industry’s growth of 4.5%.
RCL Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, RCL trades at a forward price-to-earnings ratio of 18.08X, above the industry’s average of 17.18X.
P/E(F12M)
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for RCL’s 2026 earnings and sales implies a year-over-year uptick of 13.3% and 9.1%, respectively.
Image: Bigstock
RCL Best Booking Streak Ever: Signal of Strong Cruise Demand in 2026?
Key Takeaways
Royal Caribbean Cruises Ltd. (RCL - Free Report) has entered 2026 with rare momentum. Management revealed that the period since the last earnings call delivered the best seven booking weeks in the company’s history, an eye-catching milestone that strengthens the case for sustained cruise demand next year.
The early data are compelling. Roughly two-thirds of 2026 capacity is already booked, with load factors in line with historical norms but achieved at record pricing levels. This combination matters, it suggests demand is not just strong but healthy enough to absorb capacity while preserving pricing power. Importantly, bookings are broad-based, with direct-to-consumer channels and travel partners both contributing higher-quality demand.
New hardware is a major catalyst. Ships such as Star of the Seas and Celebrity Xcel are outperforming expectations, while Legend of the Seas, the first Icon-class ship debuting in Europe, is seeing robust bookings. These newer vessels do more than add berths; they expand the experience and attract incremental demand, supporting yields even as capacity grows at a mid-single-digit pace.
Consumer behavior also supports the outlook. Management noted that travelers continue to prioritize experiences, with a meaningful share planning to increase leisure spending. Cruises remain a compelling value proposition versus land-based vacations, combining convenience, amenities and destination access at attractive price points.
Taken together, RCL’s record booking streak looks less like a post-pandemic aftershock and more like confirmation of structural demand strength. With solid visibility, disciplined capacity growth and pricing resilience, the current booking trajectory sends a clear signal: cruise demand heading into 2026 appears not only strong, but durable.
How Are RCL’s Rivals Shaping Up?
Royal Caribbean’s record booking streak stands out, but it gains sharper meaning when viewed against peers like Carnival Corporation (CCL - Free Report) and Norwegian Cruise Line Holdings (NCLH - Free Report) , both key barometers of industry demand.
Carnival, the world’s largest cruise operator, has also reported solid booking volumes and healthy onboard spending trends. However, its larger exposure to mass-market itineraries makes pricing discipline more sensitive to capacity additions across the industry. While demand remains firm, Carnival’s ability to consistently push rates higher appears more measured compared with RCL’s record-level pricing and premium hardware-driven demand.
Norwegian, on the other hand, continues to benefit from its premium positioning and strong appeal among higher-income travelers. Still, its smaller scale and narrower fleet mix limit the degree to which Norwegian can leverage demand surges versus Royal Caribbean’s diversified brands and Icon-class ships.
Against this backdrop, RCL’s booking performance looks comparatively stronger, suggesting it may be capturing incremental demand and share rather than merely riding an industry-wide recovery.
RCL’s Price Performance, Valuation & Estimates
Shares of Royal Caribbean have gained 16.9% in the past three months compared with the industry’s growth of 4.5%.
RCL Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, RCL trades at a forward price-to-earnings ratio of 18.08X, above the industry’s average of 17.18X.
P/E(F12M)
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for RCL’s 2026 earnings and sales implies a year-over-year uptick of 13.3% and 9.1%, respectively.
Image Source: Zacks Investment Research
RCL currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.