Royal Caribbean Cruises (RCL) shares tumbled 6.01% in pre-market trading on Tuesday, despite the company reporting better-than-expected third-quarter earnings. The cruise line operator posted adjusted earnings per share of $5.75, surpassing the IBES estimate of $5.64, and reported passenger ticket revenues of $3,637 million for the quarter.

Despite the earnings beat, investors appear to be focusing on other aspects of the company's report and future outlook. Royal Caribbean increased its full-year adjusted EPS guidance to a range of $15.58 to $15.63, which may have fallen short of some analysts' more optimistic projections. Additionally, the company announced plans for $5 billion in capital expenditures for the fiscal year, which could be raising concerns about future cash flow and debt levels.

While Royal Caribbean expressed confidence in its future, stating that bookings for 2026 are coming in at rates well above the prior year and that they expect 2026 earnings per share to "have a $17 handle," the market's negative reaction suggests that investors may be worried about the sustainability of the cruise industry's recovery or potential headwinds in the global economy. The pre-market plunge indicates that shareholders are reassessing the company's valuation in light of these factors, despite the strong quarterly performance.