Royal Caribbean Group (RCL.NY) recently released its Q2 2025 financial report. Thanks to sustained strong demand for vacations and better-than-expected performance from TUI Cruises, Royal Caribbean’s results exceeded expectations.
The report shows that Royal Caribbean achieved a 110% passenger load factor in Q2, with total revenue reaching $4.5 billion and net profit at $1.2 billion. Due to this strong performance, the company raised its full-year 2025 guidance, projecting adjusted earnings per share between $15.41 and $15.55.
In addition to Royal Caribbean, other major cruise operators like Carnival Corporation and Norwegian Cruise Line also reported strong quarterly results, with net profits of $565 million and $30 million, respectively. Both Royal Caribbean and Carnival have surpassed their 2019 performance levels, marking a full return to growth.
Industry-Wide Growth
In 2025, the global cruise industry is entering a new phase of high-quality development with a “V-shaped recovery,” as major players continue to report rising performance and strong market rebound.
Carnival Corporation’s Q2 2025 results also set record highs, with revenue reaching $6.3 billion, net yield (at constant currency) increasing by 6.4% year-over-year, and net profit surging by $475 million to $565 million. The company also achieved its 2026 sustainability goals 18 months ahead of schedule.
Norwegian Cruise Line Holdings reported Q2 earnings of $0.51 per share, slightly below expectations, while revenue reached $2.52 billion. Despite the minor miss, the company’s stock surged 11.79% in pre-market trading, reflecting strong investor confidence.
Royal Caribbean’s performance was particularly outstanding, with Q2 revenue at $4.5 billion and net profit soaring to $1.2 billion, driven by higher ticket prices and increased onboard spending.
The three major cruise operators have all surpassed their 2019 revenue levels, with Carnival and Royal Caribbean showing particularly strong growth—increasing revenue by $1.5 billion and $1.7 billion, respectively, compared to pre-pandemic figures.
These figures confirm that the global cruise industry has entered a new era of prosperity. According to a report by the International Cruise Association in May 2025, cruise travel is attracting passengers of all ages, with over 34.13 million passengers in 2024 generating more than $30 billion in revenue. Projections suggest 37.7 million passengers in 2025, rising to 40 million by 2027.
The report also forecasts that the U.S. cruise market will exceed $17 billion by 2028, with 14 million passengers, while Europe is expected to maintain steady growth. The Asia-Pacific region is the fastest-growing market, with an anticipated annual growth rate of 19.6%, becoming a key driver of global industry expansion.
Summer Cruise Boom
With the full resumption of international routes, rising consumer demand, and technological advancements, the cruise industry has demonstrated strong resilience—global passenger volume is expected to exceed 37.1 million, with a market size of $44.39 billion. China, with a 45% annual growth rate, is a major contributor.
Since May 15, 2024, China has allowed visa-free entry for foreign tourist groups arriving by cruise ship. Many international cruise lines have since expanded their presence in the Chinese market. Local operators like Blue Dream Cruises, Adora Cruises, and Star Cruises have increased homeport deployments, while international brands like MSC Cruises and Royal Caribbean have also sent ships to China.
This summer, domestic cruise travel has been exceptionally popular. Tianjin International Cruise Homeport, the largest in northern China, expects nearly 50 cruise calls and over 100,000 passengers during the peak season. From July 1 to 22, it processed nearly 35,000 passengers and 14 cruise ships, a 17% increase year-over-year.
MSC Cruises’ flagship MSC Bellissima returned to Shanghai on July 13, offering 13 summer itineraries to visa-free destinations like Jeju, Busan, and Fukuoka.
Other cruise lines are also enhancing their offerings. Adora Cruises’ “Magic City” features a “Ne Zha” theme with animated character parades, while Blue Dream Cruises’ “Song of the Blue Dream” highlights Zheng He’s voyages and the Maritime Silk Road. Royal Caribbean’s Spectrum of the Seas partnered with a local children’s entertainment brand to create family-friendly onboard activities.
The surge in summer cruise travel is largely driven by strong demand from families. Cruise lines are innovating with new itineraries
