Key Highlights

  • Royal Caribbean's adjusted EPS of $6.57 beat the $6.38 market estimate as screened, and shares were quoted about 5.1% higher pre-market on Tuesday, October 27.
  • Hilton's system-wide comparable RevPAR rose 5.8%, and full-year RevPAR guidance rose to 4.0% to 4.5% from 3.0% to 3.5%.
  • Caesars Entertainment's net loss widened to $123 million, or $0.61 per share, from $55 million, or $0.27.
  • Cheesecake Factory's revenue rose 13.9% to a record $1,033.4 million, with operating margin at 7.2% against 4.1%.
  • Hilton repurchased $845 million of stock in the quarter, while Royal Caribbean's nine-month repurchases were $1,035 million.

Which Cruise, Hotel, Casino and Restaurant Companies Reported Earnings on October 27?

Four travel and leisure companies reported third-quarter results on Tuesday, October 27, 2026, and each told a different story. Royal Caribbean (NYSE:RCL) reported adjusted EPS of $6.57 and revenue of $5,591 million. Hilton (NYSE:HLT) earned adjusted EPS of $2.45 and raised its full-year RevPAR outlook. Caesars Entertainment (NASDAQ:CZR) posted net revenues of $2,940 million and a wider loss, and Cheesecake Factory (NASDAQ:CAKE) delivered record revenue of $1,033.4 million.

Royal Caribbean is the only one of the four with a stated share reaction: shares were quoted at $295.48 pre-market on October 27, about 5.1% above the October 26 close of $281.15, a gain of $14.33 per share (calculated). No reaction is stated for Hilton, Caesars or Cheesecake Factory.

Royal Caribbean: Why Did Shares Rise About 5% Pre-Market After the Third-Quarter Beat?

Adjusted EPS of $6.57 rose 14.3% from $5.75 and topped the $6.38 market estimate as screened. Revenue rose 9% to $5,591 million, a touch below the $5.61 billion estimate, as capacity grew about 8%, and adjusted EBITDA reached $2,539 million at a 45.4% margin.

Net yields rose only 0.9% as reported, but fourth-quarter yields are guided up 4.4% to 4.9%, and full-year adjusted EPS is guided to $17.85 to $17.95. Management said booking volumes are up in the mid-teens since the last earnings call, 2027 sailings are booked up in the high teens, and the company agreed to acquire a 50% interest in Sandals and Beaches Resorts, expected to close in early 2027. Adjusted net income was $1,760 million against $1,577 million, and total debt was about $22.4 billion.

Hilton: Did a RevPAR Beat Hide a Softer Fourth Quarter?

Adjusted EPS of $2.45 rose from $2.11 and sat above the company's $2.28 to $2.34 guide, while system-wide comparable RevPAR rose 5.8% against guidance of about 4.0%. Occupancy gained 1.4 points to 75.8%, and the adjusted EBITDA margin widened to 77.0% from 75.2%.

Fourth-quarter RevPAR is guided up 3.0% to 3.5%, as management said the third quarter benefited from the World Cup and timing shifts while the fourth faces midterm elections and a larger Middle East drag. Hilton bought back 2.6 million shares for $845 million and opened 182 hotels with 27,000 rooms, its highest ever for organic openings. Net debt was $12,623 million, or 3.2 times trailing adjusted EBITDA, and the pipeline reached 543,100 rooms, up 5%.

Caesars Entertainment: Why Did a Wider Loss Arrive With a $31 Buyout Pending?

Net revenues rose 2.5% to $2,940 million, but the net loss attributable to Caesars widened to $123 million, or $0.61 per share. The earnings screen lists a loss of $0.52 against an estimate of a $0.08 profit, but the company's own figure is the $0.61 loss, and Caesars held no conference call and gave no guidance.

Operating income fell 10.9% to $457 million and adjusted EBITDA fell 2.1% to $865 million as Las Vegas adjusted EBITDA dropped 9.5% to $343 million, though Caesars Digital adjusted EBITDA rose 57.1% to $44 million. Fertitta Entertainment agreed on May 28 to acquire Caesars for $31.00 per share in cash, and the deal needs shareholder and regulatory approvals. Net debt stood at $10,795 million, with $2,947 million of available liquidity, and Digital margin widened to 13.5% from 9.0%.

Cheesecake Factory: What Drove 15.2% Comparable Sales and a Record Quarter?

Revenue rose 13.9% to $1,033.4 million, above the $980 million to $990 million range the company pointed to in July. Adjusted EPS was $1.02 against $0.68, which is 6.56% above the $0.96 estimate as screened, while GAAP diluted EPS was $1.19 against $0.66, and comparable sales at The Cheesecake Factory restaurants rose 15.2%.

Operating margin widened to 7.2% from 4.1%, with labor at 34.8% of revenue against 35.6%, which management attributed to labor productivity and food efficiency. North Italia was the soft spot, with comparable sales down 3%, and the company plans up to 26 openings in 2026. Net debt fell to $563.7 million from $630.1 million at year end, and the release gave no guidance for the fourth quarter or full year.

Travel and Leisure Earnings Compared: Growth, Beats and Margin Moves

Cheesecake Factory's 13.9% revenue growth is 11.4 percentage points above Caesars' 2.5% (calculated). On adjusted EPS, Cheesecake Factory rose 50.0% from $0.68 to $1.02, Hilton about 16.1% and Royal Caribbean 14.3%, which puts Cheesecake Factory 35.7 points ahead of Royal Caribbean (calculated).

Hilton's $2.45 was $0.11 above the top of its $2.34 guide (calculated), and its 5.8% RevPAR growth sat 1.8 points above the 4.0% guide (calculated). Cheesecake Factory's operating margin gained 3.1 points (calculated), while Caesars' adjusted EBITDA margin fell 1.4 points to 29.4% from 30.8% (calculated) and its net loss widened by $68 million (calculated).

What to Watch Next: Hilton's Fourth-Quarter RevPAR, the Caesars Vote and Dividend Dates

Hilton investors will test fourth-quarter RevPAR against the 3.0% to 3.5% guide, with its next dividend payable December 29 to holders of record on December 1. Royal Caribbean will report fourth-quarter yields against the 4.4% to 4.9% guide, with the Sandals deal expected to close in early 2027 and $2.4 billion of scheduled debt maturities due in 2027. Caesars faces a shareholder vote and regulatory approvals, neither of which has a date in the release, while Cheesecake Factory's $0.30 dividend is payable November 24 to holders of record on November 10 and its fourth-quarter comparable sales face an unusually strong base.