Royal Caribbean Cruises Ltd. (RCL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.98	$4.21	+5.8%	—	—	—
Q4 26	$3.2	$3.6	+12.5%	—	—	—
Q3 26	$2.8	$2.8	0.0%	—	—	—
Q2 26	$5.68	$5.75	+1.2%	—	—	—
Q1 26	$4.08	$4.38	+7.4%	—	—	—
Q4 25	$2.53	$2.71	+7.1%	—	—	—
Q3 25	$1.5	$1.63	+8.7%	—	—	—
Q2 25	$5.03	$5.2	+3.4%	—	—	—
Q1 25	$2.75	$3.21	+16.7%	—	—	—
Q4 24	$1.31	$1.77	+35.1%	—	—	—
Q3 24	$1.13	$1.25	+10.6%	—	—	—
Q2 24	$3.39	$3.85	+13.6%	—	—	—
Q1 24	$1.58	$1.82	+15.2%	—	—	—
Q4 23	-$0.69	-$0.23	+66.7%	—	—	—
Q3 23	-$1.34	-$1.12	+16.4%	—	—	—
Q2 23	$0.17	$0.26	+52.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$15.8	—	—	$17.9B	—
FY24	—	$11	—	—	$16.5B	—
FY23	—	$6.63	—	—	$13.9B	—
FY22	—	-$8.45	—	—	$8.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$8.5B	$8.8B	$9.5B	$11B	$2.2B	$1.5B	$8.8B	$13.9B	$16.5B	$17.9B
YoY change	+2.38%	+3.31%	+8.16%	+15.3%	-79.8%	-30.6%	+477%	+57.2%	+18.6%	+8.79%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	8.5B	8.8B	9.5B	11B	2.2B	1.5B	8.8B	13.9B	16.5B	17.9B
Cost of revenue	5B	4.9B	5.3B	6.1B	2.8B	2.7B	6.6B	7.8B	8.7B	9.1B
Gross profit	3.5B	3.9B	4.2B	4.9B	-556.3M	-1.2B	2.2B	6.1B	7.8B	8.9B
Gross margin	41%	44.2%	44.6%	44.6%	-25.2%	-78.8%	25.2%	44.1%	47.5%	49.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.2B	1.3B	1.6B	1.2B	1.4B	1.6B	1.8B	2.1B	2.2B
Operating expenses	1.1B	1.2B	1.3B	1.6B	1.2B	1.4B	1.6B	1.8B	2.1B	2.2B
Operating income	1.5B	1.7B	1.9B	2.1B	-3B	-3.9B	-766M	2.9B	4.1B	4.9B
Operating margin	17.4%	19.9%	20%	19%	-137.4%	-252.6%	-8.67%	20.7%	24.9%	27.4%
Non-operating income, net	92.7M	151M	221.9M	206.5M	-1.9B	-115M	-62M	192M	363M	431M
Pretax income	1.3B	1.6B	1.8B	1.9B	-5.8B	-5.3B	-2.2B	1.7B	2.9B	4.4B
Income tax	—	—	—	—	—	—	—	—	—	82M
Net income	1.3B	1.6B	1.8B	1.9B	-5.8B	-5.3B	-2.2B	1.7B	2.9B	4.3B
Net margin	15.1%	18.5%	19.1%	17.4%	-261.5%	-343.3%	-24.4%	12.3%	17.6%	23.9%
EBITDA	2.5B	2.9B	3.2B	3.6B	-2.1B	-2.7B	615M	4.6B	6.1B	7.1B
EPS	5.96	7.57	8.6	8.97	-27.1	-20.9	-8.45	6.63	11	15.8
Diluted EPS	5.93	7.53	8.56	8.95	-27.1	-20.9	-8.45	6.31	11	15.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.2B	3.3B	3.7B	4.1B	4.9B	3.8B	4B	4.5B	5.1B	4.3B	4.5B	4.8B
Cost of revenue	2.1B	1.9B	2.1B	2.2B	2.4B	2.1B	2.1B	2.3B	2.5B	2.2B	2.2B	2.5B
Gross profit	2B	1.4B	1.7B	2B	2.5B	1.7B	1.9B	2.3B	2.7B	2B	2.2B	2.3B
Gross margin	48.6%	43.3%	44.8%	47.6%	51.1%	45.4%	48%	49.7%	51.7%	47.4%	49.5%	47.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	393M	503.3M	535M	466M	451M	673M	562M	508M	522M	630M	582M	513M
Operating expenses	393M	503.3M	535M	466M	451M	673M	562M	508M	522M	630M	582M	513M
Operating income	1.3B	569.7M	750M	1.1B	1.6B	626M	947M	1.3B	1.7B	934M	1.2B	1.3B
Operating margin	30.4%	17.1%	20.1%	26.7%	33.4%	16.6%	23.7%	29.3%	33.1%	21.9%	26.1%	27.1%
Non-operating income, net	79M	51.6M	33M	53M	80M	197M	37M	101M	122M	172M	86M	74M
Pretax income	1B	278.9M	364M	858M	1.1B	560M	737M	1.2B	1.6B	846M	976M	1.1B
Income tax	—	—	—	—	—	—	—	—	—	—	26M	14M
Net income	1B	278.9M	364M	858M	1.1B	559M	736M	1.2B	1.6B	762M	950M	1.1B
Net margin	24.3%	8.37%	9.76%	20.9%	22.8%	14.9%	18.4%	26.8%	30.7%	17.9%	21.3%	23.5%
EBITDA	1.7B	993.5M	1.2B	1.5B	2.1B	1.2B	1.4B	1.9B	2.3B	1.6B	1.7B	1.9B
EPS	3.94	1.09	1.4	3.32	4.22	2.06	2.71	4.45	5.79	2.78	3.49	4.21
Diluted EPS	3.65	1.06	1.35	3.11	4.21	2.06	2.7	4.41	5.74	2.76	3.48	4.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	17.7B	25.6B	20.6B	28B	16B	—	12.6B	33.1B	60.2B	75.6B	64.9B
Enterprise value	26.9B	33B	31.1B	39.4B	32.3B	—	34.7B	54.8B	80.6B	96.8B	87.8B
Shares outstanding	215.4M	214.6M	210.6M	209.4M	214.3M	251.8M	255M	256M	261M	271M	271M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.8	15.8	11.3	14.7	—	—	—	19.5	20.8	17.6	15.1
P/S	2.08	2.92	2.17	2.55	7.25	—	1.43	2.38	3.65	4.21	3.49
P/B	1.94	2.39	1.77	2.2	1.83	—	4.39	6.77	7.78	7.38	6.38
EV/EBITDA	10.8	11.5	9.76	11.1	-15.5	—	56.4	12	13.2	13.7	12.7
EV/Sales	3.17	3.76	3.27	3.6	14.6	—	3.92	3.94	4.89	5.4	4.7
Earnings yield	7.26%	6.35%	8.82%	6.82%	—	—	—	5.14%	4.81%	5.68%	6.63%
FCF yield	0.13%	9.03%	-0.88%	2.47%	-35.6%	—	-17.7%	1.75%	3.32%	1.64%	-2.34%
PEG	—	—	—	—	—	—	—	—	—	—	-2.79

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41%	44.2%	44.6%	44.6%	-25.2%	-78.8%	25.2%	44.1%	47.5%	49.4%	47.3%
Operating margin	17.4%	19.9%	20%	19%	-137.4%	-252.6%	-8.67%	20.7%	24.9%	27.4%	27.1%
Net margin	15.1%	18.5%	19.1%	17.4%	-261.5%	-343.3%	-24.4%	12.3%	17.6%	23.9%	23.5%
ROE	14.1%	15.2%	15.6%	15%	-65.9%	-103.4%	-75.1%	34.8%	37.4%	41.9%	44.7%
ROA	5.75%	7.27%	6.56%	6.29%	-17.8%	-16.3%	-6.38%	4.85%	7.81%	10.3%	7.68%
ROIC	—	—	—	—	—	—	—	—	—	15.3%	15.3%
Return on tangible assets	5.91%	7.46%	7.59%	7.18%	-19.3%	-17.7%	-6.79%	5.08%	8.17%	10.7%	10.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.17	0.19	0.17	0.15	0.95	0.49	0.37	0.19	0.17	0.18	0.21
Quick ratio	0.14	0.16	0.15	0.13	0.92	0.47	0.35	0.16	0.15	0.16	0.19
Debt / equity	1.03	0.7	0.93	0.92	2.28	4.27	8.36	4.52	2.69	2.15	2.25
Debt / assets	0.42	0.34	0.39	0.39	0.62	0.67	0.71	0.63	0.56	0.53	0.53
Net debt / EBITDA	3.72	2.58	3.3	3.23	-7.82	-7.1	35.9	4.74	3.36	2.99	3.06
Interest coverage	5.18	6.42	6.44	5.67	-5.84	-3.07	-0.58	2.22	2.82	5.41	5.42
Effective tax rate	—	—	—	—	—	—	—	—	—	1.88%	1.88%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	39.4	40.9	45.1	52.3	10.3	6.08	34.7	54.3	63.2	66.2	69.1
EPS (basic)	5.96	7.57	8.6	8.97	-27.1	-20.9	-8.45	6.63	11	15.8	15.8
EPS (diluted)	5.93	7.53	8.56	8.95	-27.1	-20.9	-8.45	6.31	11	15.6	16.2
Book value per share	42.3	49.9	55.3	60.8	40.9	20.2	11.3	19.1	29.6	37.8	38.3
FCF per share	0.1	10.8	-0.86	3.3	-26.6	-16.3	-8.74	2.27	7.65	4.56	-1.55
Cash per share	0.62	0.56	1.37	1.16	17.2	10.7	7.59	1.94	1.49	3.04	3.27
Capex per share	11.6	1.56	17.4	14.4	9.04	8.16	10.6	15.2	12.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	29.4%	3.81%	38.6%	27.6%	87.7%	134.1%	30.7%	27.9%	19.8%	—	—
Capex / operating cash flow	100.4%	11.3%	108.4%	82.1%	-32.4%	-92%	1.9K%	81.8%	63.8%	—	—
Payout ratio	27%	26.9%	29.1%	31.6%	-5.65%	0%	0%	—	3.69%	19.2%	30.9%
Dividend yield	1.96%	1.71%	2.56%	2.16%	2.04%	—	0%	—	0.18%	1.09%	1.24%

Yield

1.24%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.50

ex-dividend Sep 17, 2026

Payout ratio

31%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 17, 2026	$1.50
Jun 3, 2026	$1.50
Mar 6, 2026	$1.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.2B	$3.3B	$3.7B	$4.1B	$4.9B	$3.8B	$4B	$4.5B	$5.1B	$4.3B	$4.5B	$4.8B
YoY change	+39%	+27.9%	+29.2%	+16.7%	+17.5%	+12.9%	+7.27%	+10.4%	+5.18%	+13.2%	+11.3%	+6.48%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	132.6M	120.1M	287.9M	243.7M	3.7B	2.7B	1.9B	497M	388M	825M
Receivables	291.9M	318.6M	324.5M	305.8M	284.1M	408.1M	531M	405M	371M	317M
Inventory	114.1M	111.4M	153.6M	162.1M	118.7M	150.2M	224M	248M	265M	264M
Total current assets	748.3M	907.6M	1.2B	1.2B	4.3B	3.6B	3.2B	1.8B	1.7B	2.2B
Property, plant & equipment	-6.2B	-6.4B	-6.7B	-6.1B	-6.1B	-7.1B	-8.6B	-7.8B	-11B	-11.5B
Goodwill & intangibles	576.8M	577M	3.8B	3.7B	2.5B	2.5B	2B	1.6B	1.6B	1.6B
Total assets	22.3B	22.4B	27.7B	30.3B	32.5B	32.3B	33.8B	35.1B	37.1B	41.6B
Accounts payable	305.3M	360.1M	488.2M	563.7M	353.4M	546M	647M	792M	919M	953M
Short-term debt	1.3B	1.2B	2.4B	2.7B	1.5B	2.3B	2.2B	1.8B	1.7B	3.3B
Total current liabilities	4.4B	4.9B	7.1B	8B	4.5B	7.3B	8.6B	9.4B	9.8B	12.1B
Long-term debt	8.1B	6.4B	8.4B	9B	18.5B	19.4B	21.8B	20.3B	19.1B	18.8B
Total liabilities	13.2B	11.7B	16.1B	17.6B	23.7B	27.2B	30.9B	30.2B	29.3B	31.4B
Shareholders' equity	9.1B	10.7B	11.6B	12.7B	8.8B	5.1B	2.9B	4.9B	7.7B	10.2B
Total debt	9.4B	7.5B	10.8B	11.7B	20B	21.7B	24B	22.1B	20.8B	22B
Net debt	9.3B	7.4B	10.5B	11.5B	16.3B	19B	22.1B	21.6B	20.4B	21.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	600.1M	497M	437M	391M	418M	388M	386M	735M	432M	825M	512M	875M
Receivables	360.2M	405M	455M	412M	441M	371M	427M	431M	356M	317M	479M	441M
Inventory	241.5M	248M	236M	242M	265M	265M	256M	247M	269M	264M	271M	267M
Total current assets	1.8B	1.8B	1.9B	1.9B	1.8B	1.7B	1.8B	2.5B	1.9B	2.2B	2.2B	2.4B
Property, plant & equipment	28.4B	-7.8B	30.6B	32.3B	32.4B	-11B	32.6B	33B	35.2B	-11.5B	36.5B	38.9B
Goodwill & intangibles	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Total assets	32.8B	35.1B	35.2B	37B	37.1B	37.1B	37.5B	38.5B	40.1B	41.6B	42B	44.6B
Accounts payable	715.4M	792M	876M	821M	851M	919M	956M	959M	828M	953M	1B	1.1B
Short-term debt	2.1B	1.8B	1.7B	1.4B	1.9B	1.7B	1.5B	1.5B	3.2B	3.3B	1.5B	1.6B
Total current liabilities	9.2B	9.4B	9.9B	9.9B	9.6B	9.8B	10.3B	10.6B	11.5B	12.1B	11.1B	11.7B
Long-term debt	18.4B	20.3B	19.5B	20.4B	19.6B	19.1B	18.6B	18.3B	17.8B	18.8B	20.3B	21.9B
Total liabilities	28.2B	30.2B	29.9B	30.8B	29.8B	29.3B	29.3B	29.2B	29.8B	31.4B	32B	34.2B
Shareholders' equity	4.6B	4.9B	5.3B	6.2B	7.2B	7.7B	8.1B	9.4B	10.3B	10.2B	10B	10.5B
Total debt	20.6B	22.1B	21.2B	21.8B	21.6B	20.8B	20.1B	19.7B	21B	22B	21.8B	23.5B
Net debt	20B	21.6B	20.7B	21.4B	21.1B	20.4B	19.7B	19B	20.5B	21.2B	21.3B	22.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.3B	1.6B	1.8B	1.9B	-5.8B	-5.3B	-2.2B	1.7B	2.9B	4.3B
Depreciation & amortization	894.9M	951.2M	1B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B	1.7B
Stock-based compensation	32.7M	69.5M	46.1M	75.9M	39.8M	64M	36M	126M	267M	175M
Change in working capital	221.3M	281.9M	444.3M	337M	-1.6B	1.4B	774M	1.3B	341M	267M
Operating cash flow	2.5B	3B	3.4B	3.7B	-6B	-2.2B	145M	4.7B	5.1B	6.5B
Capital expenditure	-2.5B	-334.1M	-3.7B	-3B	-1.9B	-2.1B	-2.7B	-3.9B	-3.3B	—
Investing cash flow	-2.7B	-213.6M	-4.5B	-3.1B	-2.2B	-2.1B	-3B	-3.9B	-3.4B	217M
Dividends paid	-346.5M	-437.5M	-527.5M	-602.7M	-326.4M	0	0	—	-107M	-824M
Share repurchases	-300M	-225M	-575M	-99.6M	0	0	—	—	—	-1.2B
Financing cash flow	241.6M	-2.7B	-2.8B	-26.3B	1.5B	2.6B	1.7B	-2B	-1.9B	-1B
Net change in cash	9K	65.5M	-3.9B	-25.7B	-6.6B	-1.8B	-1.1B	-1.2B	-246M	5.7B
Free cash flow	22.3M	2.3B	-180.9M	691.7M	-5.7B	-4.1B	-2.2B	580M	2B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1B	278.9M	364M	858M	1.1B	559M	736M	1.2B	1.6B	762M	950M	1.1B
Depreciation & amortization	366M	368.1M	387M	393M	410M	410M	412M	417M	436M	453M	461M	464M
Stock-based compensation	13M	46.7M	45M	38M	26M	158M	53M	39M	44M	39M	38M	30M
Change in working capital	-639M	302M	762M	180M	-906M	305M	792M	81M	-903M	297M	621M	240M
Operating cash flow	753M	1.1B	1.5B	1.5B	721M	1.3B	1.9B	1.8B	1.5B	1.6B	1.8B	1.9B
Capital expenditure	-281M	-2.6B	-242M	-2.1B	-334M	-552M	-428M	-836M	—	—	—	—
Investing cash flow	-328M	-2.6B	-296M	-2.2B	-311M	-641M	-440M	-706M	71M	28M	-29M	64M
Dividends paid	—	—	—	—	—	—	-148M	-200M	-204M	-272M	-270M	-404M
Share repurchases	—	—	—	—	—	—	-241M	0	-414M	-504M	-836M	-199M
Financing cash flow	-457M	1.4B	-1.1B	580M	-559M	-745M	-1.2B	-696M	615M	254M	-1.6B	1.2B
Net change in cash	-32M	-163.9M	149M	-86M	-149M	-53M	299M	405M	2.2B	1.9B	188M	3.1B
Free cash flow	378M	-1.5B	1.1B	-567M	563M	915M	1.2B	910M	-989M	116M	1.3B	-877M

Royal Caribbean Cruises Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history