Miami's Cruise Giants Beat Forecasts as Royal Caribbean Raises 2026 Outlook and Norwegian Tops Third-Quarter Guidance

Miami's two largest publicly traded cruise companies both beat their own third-quarter forecasts this week. Royal Caribbean Group reported $5.6 billion in revenue and $1.7 billion in net income on Oct. 27 and raised its full-year earnings outlook, and Norwegian Cruise Line Holdings followed on Oct. 29 with adjusted earnings of $1.12 a share, well above the 90 cents it had guided. The results matter in Florida, home to both headquarters and to PortMiami, Port Canaveral and Port Everglades, where their ships carry millions of passengers a year.

The two reports tell different stories underneath the beats. Royal Caribbean is growing, with more guests, higher yields and bookings for next year running well ahead. Norwegian is in the middle of a turnaround, with net yield still falling sharply from a year ago but less than the company feared, and a forecast that pricing returns to growth in 2027.

The quarter side by side

Here is how the two Miami companies' third quarters compare, based on their earnings releases filed with the Securities and Exchange Commission.

Occupancy and load factor figures above 100% are standard in the industry, which counts two guests per cabin; third and fourth berths filled by families push the number higher.

Royal Caribbean: bigger quarter, higher forecast

Royal Caribbean's quarterly revenue rose 9% to $5.6 billion, and diluted earnings per share climbed to $6.45 from $5.74 a year earlier. Adjusted earnings per share were $6.57, up from $5.75. The company said results were better than its guidance, driven by strong close-in demand and lower costs because of timing, and management said on the earnings call that adjusted EPS came in 26 cents above the midpoint of guidance.

The company raised its full-year adjusted EPS forecast to a range of $17.85 to $17.95, with stronger third-quarter performance partly offset by higher fuel costs and currency exchange rates. For the fourth quarter it projects adjusted EPS of $3.48 to $3.58 and net yields up 4.4% to 4.9%.

"Our third quarter results reflect continued strong consumer demand for our vacation experiences," Chairman and CEO Jason Liberty said in the release. He said "2027 bookings are pacing ahead of historical levels at higher rates," and the company reported that bookings for 2027 sailings are up in the high teens. Capacity is expected to grow about 4.5% next year, and Celebrity River Cruises, the company's new river brand, launches in 2027.

The quarter also featured a move beyond ships. Royal Caribbean is buying a 50% stake in Sandals and Beaches Resorts, which operates 18 Caribbean resorts with three more under development and owns more than 1,000 acres of undeveloped Caribbean land. The deal is expected to close in early 2027, subject to regulatory approvals, and Royal Caribbean will account for it as an equity investment reported on a one-quarter lag. Liberty said the resorts "extend our platform into an attractive adjacent category."

Norwegian: a turnaround that came in ahead of plan

Norwegian's revenue was essentially flat, at $2.947 billion against $2.938 billion a year earlier. GAAP net income rose to $491 million, or $1.07 a share, from $419 million. Adjusted EPS of $1.12 beat the company's 90 cent guidance but trailed the $1.20 it earned in the third quarter of 2025.

Net yield, the industry's main measure of pricing power, fell 6.5% as reported. That was about 220 basis points better than the 8.9% decline Norwegian had forecast. Adjusted net cruise cost excluding fuel per capacity day fell 2.2%, also better than guided. Fuel cost the company $196 million in the quarter, with the net price per metric ton rising to $819 from $744.

"We delivered third quarter results that came in above guidance," said John W. Chidsey, Norwegian's chair and CEO. He said the company is "sharpening Norwegian Cruise Line's brand positioning, improving marketing effectiveness," and added, "We are seeing the early signs of progress and expect Net Yield growth of 1% to 2% in 2027." The company said that growth should accelerate meaningfully in the second half of next year; first-half 2027 pricing is ahead of last year but the booked position is below prior-year levels. Investing.com reported that Norwegian's shares jumped 11% after the release.

Norwegian raised its full-year targets to about $2.55 billion in adjusted EBITDA and about $1.70 in adjusted EPS. It expects an adjusted loss of about 12 cents a share in the fourth quarter, reflecting a delivery delay for Regent Seven Seas Prestige to late December and canceled Seven Seas Voyager sailings that would have transited the Suez Canal.

The balance sheet remains heavy. Norwegian ended September with $15.1 billion in total debt and net leverage of 5.5 times. It issued $950 million of 8.75% senior notes due 2031 on Oct. 15 and enlarged its revolving credit line to about $2.8 billion, and it said it has no significant debt maturities until 2029.

Why it matters in Florida

Both companies are headquartered in Miami, and their ships fill Florida's ports. PortMiami passed 10 million cruise passengers in mid-September, before its fiscal year ended Sept. 30, beating its prior record of 8,564,225 and reclaiming the title of the world's busiest cruise port, according to industry reports. Port Canaveral had held that title in fiscal 2025 with 8,602,047 passenger movements, and Port Everglades in Fort Lauderdale closed fiscal 2026 with more than 5.38 million, up from about 4.77 million.

The industry's own figures show the stakes for the state's economy. A study for the Cruise Lines International Association found cruise tourism supported 172,000 jobs and $30.2 billion in total economic output in Florida in 2024, the most of any state.

Strong 2027 bookings at Royal Caribbean point to continued traffic through those ports next year. For Norwegian, whose ships sail from PortMiami, the yield recovery it is forecasting for 2027 would mark a turn after a year in which net yield has fallen from 2025 levels.

Private islands and the Bahamas

Both companies are leaning on private destinations that are a short sail from Florida. Norwegian opened Great Tides Waterpark on Sept. 4 at Great Stirrup Cay, its private island in the Bahamas. The park covers nearly six acres and has 19 waterslides, a river, a children's splash zone and what the company called the industry's first cliff jumps.

Royal Caribbean said it is expanding its Perfect Day and Royal Beach Club collections of private destinations, which give the company its own port calls on short Caribbean and Bahamas itineraries, many of them sailing from Florida.

Fleets keep growing

Norwegian operates 33 ships with about 72,000 berths and plans to add 16 more through 2037, for roughly 43,000 additional berths. Norwegian Bella, the last ship of its Prima Class, has opened for sale ahead of an inaugural season starting in May 2028, and Oceania Sonata is expected to debut in August 2027. Royal Caribbean operates 71 ships across its brands, and its capital spending is tied to an order book of new vessels.

What's next

The next checkpoints come early next year, when both companies report fourth-quarter results and give their first formal 2027 guidance. For Royal Caribbean, the closing of the Sandals and Beaches stake in early 2027 and continued booking strength are the items to watch. For Norwegian, investors will look for evidence that the projected 1% to 2% yield growth is holding as the first half of 2027 fills in, and for the delayed Seven Seas Prestige delivery in late December. For Florida's ports, the bookings outlook suggests another heavy season of embarkations once the winter Caribbean schedule begins.