Royal Caribbean's Ships Sailed at 112% Full — and 2027 Is Booking Even Faster at Higher Prices

If you have been waiting for cruise prices to soften in 2027, Royal Caribbean's latest numbers suggest the opposite is happening. On Tuesday, October 27, the company reported its third-quarter results — and the headline for travelers is not the profit. It is how full the ships already are, and how fast next year is filling up.

Start with this past summer. Royal Caribbean Group carried 2.7 million guests in the quarter ended September 30, up 9% from a year earlier, on capacity that was up 8%. Its ships sailed at a load factor of about 112%. That figure sounds impossible until you remember how it is measured: 100% means every cabin filled at double occupancy, so 112% means lots of cabins carried a third or fourth guest — in other words, families sharing rooms, and ships that felt genuinely full. Revenue rose 9% to $5.6 billion, net income reached $1.7 billion, and adjusted earnings of $6.57 a share beat the company's own guidance of $6.26 to $6.36.

The company was confident enough to raise its full-year outlook, now expecting adjusted earnings of $17.85 to $17.95 a share, up from $17.73 to $17.87. It did that even with a real headwind: fuel. Bunker prices, net of hedging, averaged $778 a tonne in the quarter, up from $694 a year earlier.

Then came the forward-looking detail that should shape your planning. Since its last earnings call in July, booking volumes have risen in the mid-teens across its major channels. Bookings for 2027 sailings specifically are up in the high teens — and they are coming in at higher rates than a year ago. Chairman and CEO Jason Liberty put it plainly: demand remains strong, and while it is still early, 2027 bookings are pacing ahead of historical levels at higher rates.

What does that mean in practical terms?

First, popular dates go first. School-holiday sailings, new-ship sailings, and the best Caribbean and Europe itineraries are exactly where high-teens booking growth lands earliest. If your dates are fixed, waiting rarely improves your choice of cabin location — and on this evidence, it is unlikely to improve your price either.

Second, think in terms of total value, not just the headline fare. Net yields — the industry's measure of revenue per berth day — rose only modestly in the quarter, helped by stronger late bookings in Europe and the Caribbean. That tells you the line is not simply raising every fare; it is filling ships, and guests are spending on board and before they sail. Booking early, watching for included perks, and comparing the full cost with drinks, Wi-Fi and excursions still matters more than chasing a last-minute drop that may never come.

Third, Royal Caribbean is thinking beyond the ship. In September it agreed to acquire a 50% interest in Sandals and Beaches Resorts — 18 all-inclusive Caribbean resorts, with three more under development — in a deal expected to close in early 2027. The company notes that about 30% of its guests also take all-inclusive vacations. It is too early to know what combined cruise-and-resort offerings might look like, but it is a clear sign that the competition for your vacation week now stretches from sea days to beach resorts.

None of this means every sailing will sell out or that deals have disappeared. Shoulder-season dates, older ships, and less obvious itineraries can still offer real value. It does mean the default assumption for 2027 should be fuller ships and firmer prices — so if a sailing you love is available at a price that works, that combination is the deal.

Source: The Wall Street Journal — read the full story here.