Royal Caribbean Group recorded its highest booking week ever for Wave season this month, which followed several record-breaking weeks late last year, CEO Jason Liberty told investors during the line's 2024 Q4 earnings call Tuesday.
Bookings have accelerated since the group's last earnings call in October, resulting in the best five booking weeks in the company's history. Close-in demand in Q4 was also strong for both rate and volume, the company reported.
Not only is Royal Caribbean Group seeing improvement for sales of on its new tonnage like Icon of the Seas, but also on its other vessels, Liberty said.
He added that the Royal Caribbean brand has seen "really strong" demand across all its products, including for private destinations like Perfect Day at CocoCay in The Bahamas. He said demand is "really strong" in the Caribbean, and he is seeing continued elevation in Alaska and across all European products as well as in Southeast Asia, New Zealand, Australia and China.
Booked load factors are in line with past years but at higher prices, according to the line's quarterly filing. Meanwhile, the company ended Q4 with 107.6% load factors for the quarter, up from 105.4% the year prior.
For the year, the group reached 108.5% load factors, up from 105.6% in 2023.
Onboard spend is up
Onboard spending and pre-cruise purchases have continued to exceed prior years, a trend driven by greater participation from guests at higher prices, the company reported.
"Not surprisingly, high-level commentary on booking and pricing trends was again very positive," said Patrick Scholes, an analyst for Truist Securities.
For the full year, Royal Caribbean Group reported net yields up 11.6% higher than the full year in 2023. Adjusted Ebitda of $5.9 billion was also higher than in 2023 when the company reported Ebitda of $4.5 billion.
The group's total revenues and net income have also climbed. The company reported $16.5 billion in total revenue last year, compared to $13.9 billion in 2023. Net income for 2024 came in at $2.9 billion, up from $1.7 billion in 2023.
For the fourth quarter, the line reported revenues of $3.7 billion, up from $3.3 billion in Q4 2023. The line also reported net income at $0.6 billion, up from $0.3 billion for Q4 of 2023.