Royal Caribbean Cruises Ltd.

Royal Caribbean is still compounding — more ships, more destinations, more loyal guests — but this year's results were set by fuel prices and Middle East tension, not by demand. The next leg rests on a destination build-out that has already slipped. How much of RCL's 2028 destination plan depends on the Mexico project?

• This year's numbers were moved by fuel, not by customers.

  Management cut the year's outlook in April on a $0.62-a-share fuel increase and softer Mediterranean bookings, then raised it again in July. Yields were revised down twice while demand held — the swings now come from outside the company. How much of RCL's Mediterranean yield gap could return in 2027?

• The growth engine is repeat guests, not new ones.

  Repeat guests now make up about 40% of customers and spend roughly 25% more per trip. Loyalty changes, the co-branded card and the Royal Beach Clubs all pull the same way: more vacations per guest, booked through the company's own app.

• The build-out now eats more cash than the business makes.

  Capital spending ran past the cash the business generated over the past year, pushing free cash flow slightly negative even as earnings rose. The Mexico destination has already slipped, so the payoff keeps arriving later than the bill. How far has RCL's Perfect Day Mexico timeline slipped, and what does it cost?