Subtext

Royal Caribbean Cruises Ltd. RCL

SectorConsumer Discretionary
Transcripts45
Date range2014-04-24 – 2025-04-29
Calls charted45

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-28-14+0+14+282014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1 · Overall: +9.52014 Q2 · Overall: +10.92014 Q3 · Overall: +10.82014 Q4 · Overall: +13.72015 Q1 · Overall: +10.02015 Q2 · Overall: +10.62015 Q3 · Overall: +7.32015 Q4 · Overall: +7.22016 Q1 · Overall: +10.32016 Q2 · Overall: +2.92016 Q3 · Overall: +9.12016 Q4 · Overall: +8.72017 Q1 · Overall: +8.02017 Q2 · Overall: +17.62017 Q3 · Overall: +7.92017 Q4 · Overall: +11.82018 Q1 · Overall: +16.02018 Q2 · Overall: +8.52018 Q3 · Overall: +11.52018 Q4 · Overall: +17.32019 Q1 · Overall: +13.52019 Q2 · Overall: +17.82019 Q3 · Overall: +10.12019 Q4 · Overall: +8.22020 Q1 · Overall: -0.42020 Q2 · Overall: +3.52020 Q3 · Overall: +0.82020 Q4 · Overall: +4.02021 Q1 · Overall: +6.32021 Q2 · Overall: +9.32021 Q3 · Overall: +10.42021 Q4 · Overall: +11.92022 Q1 · Overall: +16.62022 Q2 · Overall: +13.22022 Q3 · Overall: +19.52022 Q4 · Overall: +16.32023 Q1 · Overall: +23.22023 Q2 · Overall: +24.72023 Q3 · Overall: +19.42023 Q4 · Overall: +20.82024 Q1 · Overall: +10.12024 Q2 · Overall: +17.92024 Q3 · Overall: +23.22024 Q4 · Overall: +23.22025 Q1 · Overall: +18.1
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-42-21+0+21+422014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1 · CEO: +15.82014 Q2 · CEO: +15.52014 Q3 · CEO: +19.72014 Q4 · CEO: +22.32015 Q1 · CEO: +16.82015 Q2 · CEO: +13.62015 Q3 · CEO: +12.32015 Q4 · CEO: +14.72016 Q1 · CEO: +20.02016 Q2 · CEO: +5.22016 Q3 · CEO: +16.82016 Q4 · CEO: +15.92017 Q1 · CEO: +13.12017 Q2 · CEO: +24.82017 Q3 · CEO: +11.32017 Q4 · CEO: +20.82018 Q1 · CEO: +18.92018 Q2 · CEO: +10.12018 Q3 · CEO: +18.62018 Q4 · CEO: +36.22019 Q1 · CEO: +20.32019 Q2 · CEO: +27.42019 Q3 · CEO: +23.42019 Q4 · CEO: +14.42020 Q1 · CEO: +2.62020 Q2 · CEO: +7.62020 Q3 · CEO: +3.32020 Q4 · CEO: +10.62021 Q1 · CEO: +7.92021 Q2 · CEO: +14.72021 Q3 · CEO: +7.32021 Q4 · CEO: +18.62022 Q1 · CEO: +21.42022 Q2 · CEO: +18.52022 Q3 · CEO: +29.12022 Q4 · CEO: +21.82023 Q1 · CEO: +29.22023 Q2 · CEO: +27.92023 Q3 · CEO: +28.32023 Q4 · CEO: +29.62024 Q1 · CEO: +14.32024 Q2 · CEO: +23.02024 Q3 · CEO: +31.62024 Q4 · CEO: +32.62025 Q1 · CEO: +27.12014 Q1 · CFO: +5.62014 Q2 · CFO: +13.02014 Q3 · CFO: +9.52014 Q4 · CFO: +8.92015 Q1 · CFO: +11.52015 Q2 · CFO: +10.62015 Q3 · CFO: +9.32015 Q4 · CFO: +7.62016 Q1 · CFO: +8.72016 Q3 · CFO: +9.02016 Q4 · CFO: +10.12017 Q1 · CFO: +12.82017 Q2 · CFO: +23.02017 Q3 · CFO: +8.72017 Q4 · CFO: +14.92021 Q4 · CFO: +18.42022 Q1 · CFO: +18.62022 Q2 · CFO: +12.22022 Q3 · CFO: +12.02022 Q4 · CFO: +20.92023 Q1 · CFO: +28.92023 Q2 · CFO: +22.42023 Q3 · CFO: +13.62023 Q4 · CFO: +20.92024 Q1 · CFO: +21.32024 Q2 · CFO: +21.02024 Q3 · CFO: +20.92024 Q4 · CFO: +18.12025 Q1 · CFO: +18.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-46-23+0+23+462014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1 · Prepared remarks: +18.42014 Q2 · Prepared remarks: +21.32014 Q3 · Prepared remarks: +19.52014 Q4 · Prepared remarks: +16.62015 Q1 · Prepared remarks: +13.02015 Q2 · Prepared remarks: +11.42015 Q3 · Prepared remarks: +12.82015 Q4 · Prepared remarks: +12.92016 Q1 · Prepared remarks: +22.82016 Q2 · Prepared remarks: +9.62016 Q3 · Prepared remarks: +10.22016 Q4 · Prepared remarks: +18.92017 Q1 · Prepared remarks: +20.82017 Q2 · Prepared remarks: +24.72017 Q3 · Prepared remarks: +9.22017 Q4 · Prepared remarks: +21.72018 Q1 · Prepared remarks: +23.32018 Q2 · Prepared remarks: +17.02018 Q3 · Prepared remarks: +14.12018 Q4 · Prepared remarks: +24.62019 Q1 · Prepared remarks: +16.22019 Q2 · Prepared remarks: +25.52019 Q3 · Prepared remarks: +14.32019 Q4 · Prepared remarks: +14.22020 Q1 · Prepared remarks: +2.42020 Q2 · Prepared remarks: -0.32020 Q3 · Prepared remarks: +0.02020 Q4 · Prepared remarks: +9.42021 Q1 · Prepared remarks: +12.52021 Q2 · Prepared remarks: +10.92021 Q3 · Prepared remarks: +17.32021 Q4 · Prepared remarks: +26.02022 Q1 · Prepared remarks: +28.02022 Q2 · Prepared remarks: +23.22022 Q3 · Prepared remarks: +28.32022 Q4 · Prepared remarks: +26.32023 Q1 · Prepared remarks: +34.42023 Q2 · Prepared remarks: +33.42023 Q3 · Prepared remarks: +26.02023 Q4 · Prepared remarks: +30.32024 Q1 · Prepared remarks: +40.32024 Q2 · Prepared remarks: +30.82024 Q3 · Prepared remarks: +33.92024 Q4 · Prepared remarks: +35.42025 Q1 · Prepared remarks: +30.12014 Q1 · Q&A responses: +7.02014 Q2 · Q&A responses: +9.62014 Q3 · Q&A responses: +9.22014 Q4 · Q&A responses: +16.52015 Q1 · Q&A responses: +14.52015 Q2 · Q&A responses: +14.32015 Q3 · Q&A responses: +7.32015 Q4 · Q&A responses: +5.82016 Q1 · Q&A responses: +10.02016 Q2 · Q&A responses: +1.02016 Q3 · Q&A responses: +14.62016 Q4 · Q&A responses: +6.32017 Q1 · Q&A responses: +8.52017 Q2 · Q&A responses: +22.22017 Q3 · Q&A responses: +12.52017 Q4 · Q&A responses: +15.22018 Q1 · Q&A responses: +17.92018 Q2 · Q&A responses: +4.72018 Q3 · Q&A responses: +15.52018 Q4 · Q&A responses: +21.32019 Q1 · Q&A responses: +16.52019 Q2 · Q&A responses: +21.32019 Q3 · Q&A responses: +13.72019 Q4 · Q&A responses: +9.32020 Q1 · Q&A responses: +2.22020 Q2 · Q&A responses: +9.82020 Q3 · Q&A responses: +3.12020 Q4 · Q&A responses: +6.72021 Q1 · Q&A responses: +6.12021 Q2 · Q&A responses: +12.02021 Q3 · Q&A responses: +9.42021 Q4 · Q&A responses: +10.92022 Q1 · Q&A responses: +14.62022 Q2 · Q&A responses: +11.12022 Q3 · Q&A responses: +16.52022 Q4 · Q&A responses: +16.12023 Q1 · Q&A responses: +15.62023 Q2 · Q&A responses: +23.02023 Q3 · Q&A responses: +18.72023 Q4 · Q&A responses: +20.12024 Q1 · Q&A responses: +13.32024 Q2 · Q&A responses: +14.82024 Q3 · Q&A responses: +23.72024 Q4 · Q&A responses: +21.32025 Q1 · Q&A responses: +18.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-15.78$0.45$16.672014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1: $3.552014 Q2: $3.842014 Q3: $4.282014 Q4: $4.702015 Q1: $5.072015 Q2: $5.202015 Q3: $5.702015 Q4: $6.212016 Q1: $6.342016 Q2: $6.752016 Q3: $6.772016 Q4: $6.802017 Q1: $7.302017 Q2: $7.742017 Q3: $8.282017 Q4: $8.602018 Q1: $9.092018 Q2: $9.482018 Q3: $9.792018 Q4: $9.902019 Q1: $10.302019 Q2: $10.342019 Q3: $10.482019 Q4: $10.632020 Q1: $6.862020 Q2: $-7.202020 Q3: $-11.602020 Q4: $-13.542021 Q1: $-9.762021 Q2: $-5.952021 Q3: $-3.572021 Q4: $0.432022 Q1: $-1.342022 Q2: $-0.602022 Q3: $1.042022 Q4: $3.322023 Q1: $4.042023 Q2: $5.832023 Q3: $7.882023 Q4: $9.102024 Q1: $10.482024 Q2: $11.902024 Q3: $12.932024 Q4: $14.43

Forward P/E

-9.6283.76177.142014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1: 14.942014 Q2: 14.422014 Q3: 15.882014 Q4: 17.412015 Q1: 15.552015 Q2: 14.832015 Q3: 16.972015 Q4: 15.642016 Q1: 11.762016 Q2: 10.932016 Q3: 10.002016 Q4: 12.612017 Q1: 13.252017 Q2: 14.432017 Q3: 14.762017 Q4: 14.152018 Q1: 13.822018 Q2: 11.382018 Q3: 13.412018 Q4: 10.302019 Q1: 11.372019 Q2: 11.872019 Q3: 10.782019 Q4: 12.002020 Q1: 3.262020 Q2: 9.032021 Q4: 164.262022 Q1: 96.322022 Q3: 47.172022 Q4: 16.652023 Q1: 15.362023 Q2: 16.252023 Q3: 12.352023 Q4: 13.242024 Q1: 12.602024 Q2: 12.722024 Q3: 13.032024 Q4: 15.91

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↓ -3.7 fwd EPS ↑ +0.37 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -3.3 fwd EPS ↑ +0.50 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -7.5 fwd EPS ↑ +0.41 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -9.7 fwd EPS ↑ +0.54 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -7.5 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -3.8 fwd EPS ↑ +0.40 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -7.7 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +3.9 fwd EPS ↓ -14.05 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↑ +3.2 fwd EPS ↓ -1.94 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↑ +4.7 fwd EPS ↓ -1.77 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↓ -3.4 fwd EPS ↑ +0.73 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -3.2 fwd EPS ↑ +2.28 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -5.3 fwd EPS ↑ +2.05 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -10.8 fwd EPS ↑ +1.38 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-29+18.1——View →
2024 Q42025-01-28+23.2$14.4315.9View →
2024 Q32024-10-29+23.2$12.9313.0View →
2024 Q22024-07-25+17.9$11.9012.7View →
2024 Q12024-04-25+10.1$10.4812.6View →
2023 Q42024-02-01+20.8$9.1013.2View →
2023 Q32023-10-26+19.4$7.8812.3View →
2023 Q22023-07-27+24.7$5.8316.2View →