Update (Jan 29): RCL reported Q4 results today. Management confirmed Caribbean yield strength and highlighted Celebrity's premium positioning gains. Our pricing data flagged both trends ahead of the print.

Royal Caribbean Group reports January 29. Here's what our pricing data suggested ahead of the call.

The Headline

Royal Caribbean's Q4 average per-person-per-night (PPPN) pricing reached $232, marking a 7.4% sequential increase from Q3's $216. This quarterly acceleration suggests strengthening yield momentum heading into RCL's seasonally strongest earnings period. The pricing lift was driven by a dramatic 30.8% surge at Celebrity Cruises, while Royal Caribbean's core brand posted more modest 3.3% growth—creating an intriguing brand divergence story for the quarter.

Q4 2025 Pricing Summary

Metric	Q4 2025	Q3 2025	QoQ Change
Fleet Avg PPPN	$232	$216	+7.4%
Median PPPN	$187	—	—
Sailings Tracked	5,307	—	—
Price Observations	255,813	—	—

The gap between average ($232) and median ($187) indicates premium positioning held firm, with higher-priced inventory maintaining rates.

Performance by Brand

Brand	Avg PPPN	Sailings	QoQ Change
Celebrity Cruises	$294	1,324	+30.8%
Royal Caribbean	$221	3,983	+3.3%
Silversea	—	—	Insufficient data

The brand divergence is striking. Celebrity's premium explosion versus Royal Caribbean's steady progress indicates differentiated demand dynamics. Celebrity's 30.8% surge suggests either major itinerary upgrades, successful suite mix optimization, or significant competitive positioning gains.

Regional Breakdown

Region	Avg PPPN	Share of Inventory	QoQ Change
Alaska	$293	2.2%	-4.7%
Caribbean	$228	27.5%	+14.4%
Other	$232	70.3%	+3.4%

Caribbean routes posted strong 14.4% sequential growth—robust close-in demand for RCL's bread-and-butter market. Alaska's 4.7% decline aligns with seasonal wind-down, but maintained $293 average suggests RCL held premium positioning through season's end.

What We're Watching

Celebrity's Acceleration: The 30.8% sequential surge at Celebrity far exceeds normal quarterly variation. This level of pricing power indicates Celebrity may be delivering outsized yield contribution to consolidated results.

Caribbean Momentum: The 14.4% sequential pricing increase signals robust close-in demand. Given Caribbean's 27.5% inventory share, this regional strength should provide meaningful earnings leverage.

Core Brand Moderation: Royal Caribbean's measured 3.3% growth, while positive, trails both Celebrity and Caribbean regional performance. This could indicate promotional activity to drive volume or normalized demand patterns on the mass-market fleet.

Key Questions for the Call

What drove Celebrity's 30.8% sequential PPPN increase—itinerary mix, cabin category optimization, or fundamental demand improvement? Is this level sustainable?
Given the stark brand divergence (Celebrity +30.8% vs Royal Caribbean +3.3%), how are you thinking about pricing strategy differentiation across the portfolio?
Caribbean pricing jumped 14.4% sequentially—is this strength continuing into Q1 2026 bookings?
With 7.4% sequential PPPN growth, what should we expect for net yield expansion given your load factor dynamics?

Bottom Line

RCL's Q4 pricing data reveals accelerating momentum with 7.4% sequential PPPN growth driven by Celebrity's explosive performance and strengthening Caribbean demand. The brand divergence story—Celebrity's 30.8% surge versus Royal Caribbean's steady progress—suggests differentiated positioning strategies are working, potentially delivering outsized yield expansion for the quarter.

Based on 255,813 price observations across 5,307 sailings. Q4 2025 data (October - December 2025).

Found this helpful?

Share

About the Author

Graham Heldreth — Founder & CEO

Graham is the founder of All Aboard Analytics, a cruise pricing intelligence platform serving institutional investors and equity research teams.

With a background in UX and product design, he built All Aboard Analytics to solve a data gap he saw firsthand — cruise pricing is opaque, fragmented, and difficult to track systematically. The platform now monitors 785,000+ monthly price snapshots across 145 ships and 9 major cruise lines.

Graham has spent over 15 years designing digital products and data interfaces. He's also logged 15+ cruises across the major operators, giving him practical insight into how yield management and promotional strategies play out at the booking level.

Editorial Standards

All guides are based on real pricing data, live fare checks, and historical trends. Content is updated as ships launch and prices change. Questions or corrections? Contact us