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Naftali Holtz

Chief Financial Officer, Royal Caribbean Group

Search every verified Naftali Holtz interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Naftali Holtz, CFO of Royal Caribbean, reported on the company’s financial results across four earnings calls in 2025 and early 2026. In the first quarter of 2025, he stated that adjusted earnings per share were $2.71, 9% above the midpoint of guidance, and net yields grew 5.6% in constant currency. He noted that S&P Global Ratings upgraded the company’s credit rating to investment grade during the quarter. In the second quarter, Holtz reported adjusted EPS of $4.38, a 36% increase year-over-year, and net yield growth of 5.2%. He said the company ended the quarter with $7.1 billion in liquidity and had received investment grade ratings from all three major credit agencies. For the third quarter, Holtz announced the issuance of $1.5 billion in investment grade unsecured notes at a 5.375% coupon to finance the delivery of Celebrity Xcel. He also stated that the board authorized a 30% increase to the quarterly dividend to $1 per common share and that the company had returned $1.6 billion to shareholders since July 2024. In the fourth quarter and full-year 2025 call, Holtz reported total revenue growth of 8.8%, adjusted EBITDA growth of 17.6% to just over $7 billion, and adjusted EPS growth of 33% to $15.64. He said the company generated $6.4 billion in operating cash flow and returned $2 billion to shareholders. For 2026, Holtz provided guidance for adjusted EPS between $17.70 and $18.10, representing 14% year-over-year growth at the midpoint, and adjusted EBITDA of nearly $8 billion. He noted that capacity was expected to increase 6.7% year-over-year, with approximately two-thirds of 2026 inventory already booked at higher rates. Holtz also stated that the company anticipated yield growth of 1.5% to 3.5% from both new and like-for-like hardware, and that full-year net cruise costs excluding fuel were expected to be flat to up 1%.

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