Royal Caribbean Cruises Ltd. (RCL) Q2 2025 Earnings Call Transcript


Royal Caribbean Cruises Ltd. (NYSE:RCL) Q2 2025 Earnings Conference Call July 29, 2025 10:00 AM ET

Company Participants

Blake Vanier – Corporate Participant
Jason T. Liberty – President, CEO & Director
Michael W. Bayley – President & CEO of Royal Caribbean International
Naftali Holtz – Chief Financial Officer

Conference Call Participants

Benjamin Nicolas Chaiken – Mizuho Securities Co., Ltd., Research Division
Brandt Antoine Montour – Barclays Bank PLC, Research Division
Conor T. Cunningham – Melius Research LLC
Matthew Robert Boss – JPMorgan Chase & Co, Research Division
Robin Margaret Farley – UBS Investment Bank, Research Division
Steven Moyer Wieczynski – Stifel, Nicolaus & Company, Incorporated, Research Division
Vince Charles Ciepiel – Cleveland Research Company LLC

Operator

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group Second Quarter 2025 Earnings Call. [Operator Instructions]

I would now like to introduce Blake Vanier, Vice President of Investor Relations. Mr. Vanier, the floor is yours.

Blake Vanier

Good morning, everyone, and thank you for joining us today for our second quarter 2025 earnings call. Joining me here in Miami are Jason Liberty, our Chief Executive Officer; Naftali Holtz, our Chief Financial Officer; and Michael Bayley, President and CEO of the Royal Caribbean brand. Before we get started, I’d like to note that we will be making forward-looking statements during this call. These statements are based on management’s current expectations and are subject to risks and uncertainties.

A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning as well as our filings with the SEC for a description of these factors. We do not undertake to update any forward- looking statements as circumstances change. Also, we will



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