Royal Caribbean Cruises reported first-quarter 2025 adjusted earnings per share (EPS) of $2.71, surpassing estimates of $2.53, with revenue of $4.0 billion slightly below the expected $4.02 billion. The company posted a 53% year-over-year increase in adjusted EPS and a 15% rise in revenue. Adjusted EBITDA rose 86.7% to $1.4 billion, supported by a load factor of 109%. Royal Caribbean raised its full-year adjusted EPS guidance to a range of $14.55 to $15.55, up from a prior forecast of $14.35 to $14.65, and projected second-quarter adjusted EPS between $4.00 and $4.10, above the $3.95 estimate. The cruise line attributed its strong performance to robust demand, particularly during the Wave Season, contrasting with broader travel industry challenges. Hilton Worldwide also reported a solid first quarter with adjusted EPS of $1.72, beating estimates of $1.62, and revenue of $2.70 billion, slightly below the $2.73 billion forecast. Hilton raised its earnings outlook for 2025 despite lowering its full-year revenue per available room (RevPAR) guidance to 0-2% growth from 2-3%, citing a travel slowdown primarily driven by corporate demand weakness rather than leisure travel. Booking Holdings delivered better-than-expected first-quarter results with growth in room nights and gross bookings, though shares declined amid concerns about market uncertainty and a moderation in inbound U.S. travel demand. Norwegian Cruise Line Holdings reported mixed first-quarter results with adjusted EPS of $0.07, slightly below the $0.08 estimate, and revenue of $2.1 billion, missing the $2.14 billion forecast. Despite adjusted EBITDA of $453 million exceeding guidance and margin improvements, Norwegian warned of weak consumer spending and macroeconomic volatility, leading to a decline in its shares. The divergent performances highlight varying demand dynamics across the travel and leisure sectors, with Royal Caribbean and Hilton showing resilience amid a corporate-driven slowdown affecting other segments.