Carnival Reveals Tropicale Features as Bookings Open
Carnival Cruise Line has opened bookings for the Carnival Tropicale, its newest ship and the fifth and final addition to its Excel class.
Announcing the opening of bookings, the cruise line highlighted new entertainment options onboard, including:
Sunsation Point, a multi-deck family fun zone
Carnival WaterWorks Ultra, featuring six waterslides, including SunSoaker, Turning Tides, Racing Currents and splash areas
A redesigned Fairway 66 Mini Golf course
sports courts
the Treehouse Adventure Trail
new arcade spaces, such as The Vault Retrocade.
Fairway 66 mini golfThe Vault RetrocadeTurning Tides raft slide
Some of the dining venues onboard will include Uku Lei Lei, offering Hawaiian-inspired cuisine with Asian influences; Fetaccine, blending Greek and Italian flavours; and Emeril’s Coastal Seafood, showcasing seafood dishes inspired by America’s coastlines and created in partnership with Carnival’s Chief Culinary Officer Chef Emeril Lagasse.
New entertainment experiences and exclusive spaces inspired by the golden era of show business will also be available, with additional details to be revealed in the months ahead.
Its inaugural sailing is scheduled for April 15, 2028.
“Today marks an exciting day for Carnival Tropicale as guests can now begin planning their vacations aboard this incredible new ship,” said Ben Clement, EVP of maritime and newbuilds at Carnival Cruise Line.
“From innovative attractions and dining to unforgettable destinations throughout the Caribbean, The Bahamas and Mexico, Carnival Tropicale will bring an exciting new vacation option to Texas when she debuts in 2028.”
Accommodating 6,000 guests, the Tropicale will offer four-, five-, six- and eight-day cruises calling at Carnival’s exclusive Paradise Collection destinations, including Celebration Key, RelaxAway, Half Moon Cay, Isla Tropicale and Puerta Maya, as well as Caribbean ports like Progreso and Nassau.
As teased yesterday, a western-themed celebration of the ship’s progression from concept to reality was also hosted at Meyer Werft’s Papenburg shipyard to honour the ship’s future home and Carnival’s connection to Texas.
Heads of the two companies wore custom cowboy hard hats and western attire amid Texas-inspired décor while the shipyard team enjoyed Texas-style barbecue.
André Walter, Meyer Werft CEO, added that he is delighted to experience his first construction celebration as the new CEO of Meyer Werft.
Royal Caribbean 2026 Q2 Results Strong; Company Raises Full Year Guidance
Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share (“EPS”) of $4.20 and Adjusted EPS of $4.21.
These results were better than the company’s guidance, driven by strong close-in demand, lower costs, and favorable performance from joint ventures, the company said in a press release.
The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87.
The increase in earnings expectations reflects the stronger-than-expected second quarter performance and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.
“The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers’ preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet.”
“We continue to expand, elevate and differentiate our portfolio of vacation experiences,” Liberty added. “Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns. Its successful debut represents another important milestone in the execution of our innovation pipeline as we continue to redefine the vacation experience. At the same time, we are deepening guest engagement through our loyalty and technology platforms – strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market.”
Second Quarter 2026: • Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the second quarter was 110%. • Gross Margin Yields decreased 5.6% as-reported. Net Yields increased 1.9% as-reported and 1.2% in Constant Currency. • Gross Cruise Costs per Available Passenger Cruise Days (“APCD”) increased 4.5% as-reported. Net Cruise Costs (“NCC”), excluding Fuel, per APCD increased 4.4% as-reported and 3.9% in Constant Currency. • Net Income was $1.1 billion or $4.20 per share, Adjusted Net Income was $1.1 billion or $4.21 per share, and Adjusted EBITDA was $1.8 billion.
Full Year 2026 Outlook: • Revenue is expected to grow 9% year over year. Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency. • NCC, excluding Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency. • Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company’s Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.
Second Quarter 2026 Results
Net Income for the second quarter of 2026 was $1.1 billion or $4.20 per share compared to Net Income of $1.2 billion or $4.41 per share for the same period in the prior year. Adjusted Net Income was $1.1 billion or $4.21 per share for the second quarter of 2026 compared to Adjusted Net Income of $1.2 billion or $4.38 per share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion.
Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total revenue increased 6% year over year. Gross Margin Yields decreased 5.6% as-reported, and Net Yields increased 1.9% as-reported (1.2% in Constant Currency), when compared to the second quarter of 2025. Load factor for the quarter was 110%. Net Yield growth exceeded the company’s guidance primarily driven by better than expected close-in demand.
Gross Cruise Costs per APCD increased 4.5% as-reported, compared to the second quarter of 2025. NCC, excluding Fuel, per APCD increased 4.4% as-reported (and 3.9% in Constant Currency), when compared to the second quarter of 2025. The better-than-expected cost performance in the second quarter was primarily driven by favorable timing of expenses.
Update on Bookings and Onboard Revenue
The overall demand environment remains strong, supported by consumers’ continued preference for the company’s differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year’s levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.
“Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year.”
Third Quarter 2026
Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.
NCC, excluding Fuel, per APCD, is expected to decrease 1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency as compared to 2025. Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.
Aurora Expeditions closed out 2025 as its biggest year ever and is building on that momentum as the company recently expanded to three ships with the new Douglas Mawson, according to an interview with Chief Marketing Officer Katie Malone featured in the 2026 Expedition Report by Cruise Industry News.
There is also a charter deal with Lindblad for Alaska and a Mediterranean deployment that puts the newest vessel somewhere most polar operators don’t go.
Aurora operates the Greg Mortimer, the Sylvia Earle, and the Douglas Mawson. All three ships are part of the SunStone Infinity-class series on long-term charter deals.
The Douglas Mawson maxes out at 130 passengers for expedition cruises; however, the ship can accommodate more guests on small-ship cruises in the Mediterranean and British Isles.
The Mediterranean deployment kicks off this year with itineraries focused on storytelling.
Each sailing features a “Master Storyteller” with historians, genealogists, art experts or cultural specialists, alongside Aurora’s expedition team. Guests also receive all-inclusive “Your Choice” excursions at each port.
It’s a test of whether Aurora’s expedition DNA translates to warm-water cruising.
The company bills it as “Vantage Explorations,” distinct from traditional expedition cruising but using the same ships and operational philosophy. Aurora acquired some assets from bankrupt Vantage in 2024.
The deal will run for three years and covers the Northern Hemisphere summer season.
That’s one-third of Aurora’s fleet capacity gone for six months a year, but Malone said not to worry.
“The Greg Mortimer will be chartered for six months during the Northern Hemisphere summer in 2027 and 2028, with an option for 2029,” Malone said. “This forms part of our long-term fleet and growth strategy, designed to optimize seasonal deployment and align all our capacity with the demand that is out there.”
With the Greg Mortimer in Alaska with Lindblad, Aurora will operate Europe, Arctic and expedition programs using the Sylvia Earle and Douglas Mawson.
The Greg Mortimer continues operating in Antarctica and other geographies outside the charter window.
The Lindblad deal solves a deployment problem, too, as it maximizes utilization without Aurora needing to build its own Alaska sales infrastructure.
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