Key Takeaways RCL's commercial flywheel is driving stronger demand and margin expansion.Loyalty members accounted for 40% of Q2 bookings, spending 25% more per trip.Pre-cruise purchases drove 2.5x higher onboard spend, enhancing overall yield.Royal Caribbean Cruises Ltd. (RCL) is sharpening its focus on the commercial flywheel — a self-reinforcing model driven by loyalty, digital adoption and destination exclusivity — to underpin sustained demand and margin expansion.In second-quarter 2025, 40% of bookings ...