Royal Caribbean Group posted net earnings of $730 million for the first quarter of 2025, compared to net income of $360 million for the first quarter last year.

The increase was driven by a combination of higher revenues and lower costs.

Royal Caribbean reported $3.999 billion in ticket and onboard revenue for 2025, compared to $3.728 billion last year, or $290.45 and $283.50 per passenger day, respectively, for a $6.95 increase per passenger day year-over-year.

At the same time, total costs, including operating costs, marketing, selling, depreciation and interest expenses, dropped to $237.43 per passenger day this year from $256.12 last year, reducing overall costs by $18.69 per passenger day.

The result of moderately higher revenue and significantly lower costs per passenger day generated net income of $53.02 per passenger day up from $27.38 last year.

The biggest revenue increase came from higher ticket prices: $199.30 per passenger day this year, up from $193.31 last year.

Onboard spending was $91.15 per passenger day this year, up slightly from $90.19 last year.

While expenses were generally up proportionally with larger fleet, fuel costs were down significantly year-over year, as were interest expenses.