NYSE : RCL
Royal Caribbean Cruises Ltd. — Financial statements
Consumer Discretionary · Travel Services · United States
Last price 310.54 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 83.06B
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Financial statements
Royal Caribbean Cruises Ltd. (RCL) reported revenue of 19.14B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Other Revenue | 2.00M | 1.00M | -1.00M | |||
| Revenue | 19.14B | 17.93B | 16.48B | 13.90B | 8.84B | 1.53B |
| Cost of Revenue | 9.52B | 8.86B | 8.42B | 7.57B | 6.47B | 2.70B |
| Gross Profit | 9.62B | 9.08B | 8.06B | 6.33B | 2.37B | -1.17B |
| Selling, General & Admin | 2.46B | 2.44B | 2.34B | 1.98B | 1.72B | 1.41B |
| Operating Expenses | 4.33B | 4.16B | 3.94B | 3.44B | 3.13B | 2.70B |
| Operating Income | 5.29B | 4.92B | 4.13B | 2.89B | -754.00M | -3.87B |
| Interest Expense | -1.02B | -976.00M | -1.13B | -1.28B | -1.27B | -1.29B |
| Interest & Investment Income | 22.00M | 24.00M | 16.00M | 36.00M | 36.00M | 17.00M |
| Earnings From Equity Investments | 429.00M | 414.00M | 260.00M | 200.00M | 57.00M | -135.00M |
| Currency Exchange Gain (Loss) | -62.00M | -14.00M | -12.00M | -24.00M | -9.00M | -7.00M |
| Other Non Operating Income (Expenses) | 59.00M | 19.00M | 36.00M | 22.00M | 24.00M | 45.00M |
| EBT Excluding Unusual Items | 4.72B | 4.39B | 3.30B | 1.85B | -1.92B | -5.24B |
| Merger & Restructuring Charges | -12.00M | -8.00M | -10.00M | -5.00M | -12.00M | -2.00M |
| Gain (Loss) on Sale of Assets | 11.00M | 11.00M | ||||
| Asset Writedown | -9.00M | -11.00M | ||||
| Legal Settlements | 124.00M | -130.00M | ||||
| Other Unusual Items | -56.00M | -16.00M | -463.00M | -121.00M | -94.00M | -63.00M |
| Pretax Income | 4.66B | 4.37B | 2.94B | 1.71B | -2.15B | -5.30B |
| Income Tax Expense | 80.00M | 82.00M | 46.00M | 6.00M | 4.00M | -45.00M |
| Earnings From Continuing Operations | 4.58B | 4.29B | 2.90B | 1.70B | -2.16B | -5.26B |
| Minority Interest in Earnings | -31.00M | -23.00M | -18.00M | -7.00M | ||
| Net Income | 4.55B | 4.27B | 2.88B | 1.70B | -2.16B | -5.26B |
| Net Income to Common | 4.55B | 4.27B | 2.88B | 1.70B | -2.16B | -5.26B |
| Shares Outstanding (Basic) | 268.75M | 271.00M | 261.00M | 256.00M | 255.00M | 252.00M |
| Shares Outstanding (Diluted) | 269.50M | 274.00M | 279.00M | 283.00M | 255.00M | 252.00M |
| EPS (Basic) | 16.94 | 15.75 | 11.02 | 6.63 | -8.45 | -20.87 |
| EPS (Diluted) | 16.89 | 15.64 | 10.94 | 6.31 | -8.45 | -20.89 |
| Free Cash Flow | 1.51B | 1.24B | 2.00B | 580.00M | -2.23B | -4.11B |
| Free Cash Flow Per Share | 5.60 | 4.51 | 7.16 | 2.05 | -8.74 | -16.30 |
| Dividend Per Share | 5.50 | 3.50 | 0.95 | |||
| Gross Margin | 50.25% | 50.62% | 48.91% | 45.54% | 26.84% | -76.04% |
| Operating Margin | 27.63% | 27.43% | 25.03% | 20.82% | -8.53% | -252.48% |
| Profit Margin | 23.79% | 23.80% | 17.45% | 12.21% | -24.39% | -343.34% |
| Free Cash Flow Margin | 7.89% | 6.89% | 12.12% | 4.17% | -25.21% | -268.15% |
| EBITDA | 7.16B | 6.64B | 5.73B | 4.35B | 653.00M | -2.58B |
| EBITDA Margin | 37.40% | 37.01% | 34.74% | 31.29% | 7.39% | -168.08% |
| D&A For EBITDA | 1.87B | 1.72B | 1.60B | 1.46B | 1.41B | 1.29B |
| EBIT | 5.29B | 4.92B | 4.13B | 2.89B | -754.00M | -3.87B |
| EBIT Margin | 27.63% | 27.43% | 25.03% | 20.82% | -8.53% | -252.48% |
| Effective Tax Rate | 1.72% | 1.88% | 1.56% | 0.35% | ||
| Revenue as Reported | 19.14B | 17.93B | 16.48B | 13.90B | 8.84B | 1.53B |
| Advertising Expenses | 693.00M | 612.00M | 506.00M | 509.00M | 392.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 851.00M | 825.00M | 388.00M | 497.00M | 1.94B | 2.70B |
| Trading Asset Securities | 1.00M | 1.00M | 6.48M | |||
| Cash & Short-Term Investments | 851.00M | 826.00M | 388.00M | 498.00M | 1.94B | 2.71B |
| Accounts Receivable | 409.00M | 317.00M | 354.00M | 386.00M | 513.00M | 386.56M |
| Receivables | 409.00M | 317.00M | 371.00M | 405.00M | 531.00M | 408.07M |
| Inventory | 304.00M | 264.00M | 265.00M | 248.00M | 224.00M | 150.22M |
| Prepaid Expenses | 750.00M | 690.00M | 670.00M | 617.00M | 456.00M | 286.03M |
| Other Current Assets | 160.00M | 114.00M | 11.00M | 24.00M | 59.00M | 47.71M |
| Total Current Assets | 2.47B | 2.21B | 1.71B | 1.79B | 3.21B | 3.60B |
| Property, Plant & Equipment | 39.05B | 36.32B | 32.51B | 30.73B | 28.08B | 26.45B |
| Long-Term Investments | 38.00M | 29.00M | 58.00M | 75.00M | 115.00M | |
| Goodwill | 808.00M | 808.00M | 808.00M | 809.00M | 809.00M | 809.38M |
| Other Intangible Assets | 390.00M | 404.00M | 418.00M | 426.00M | 434.56M | |
| Long-Term Accounts Receivable | 241.00M | 187.00M | 161.00M | 167.00M | 168.00M | 52.90M |
| Other Long-Term Assets | 2.02B | 1.55B | 1.30B | 1.06B | 886.00M | 802.09M |
| Total Assets | 44.81B | 41.62B | 37.07B | 35.13B | 33.78B | 32.26B |
| Accounts Payable | 979.00M | 953.00M | 919.00M | 792.00M | 647.00M | 545.98M |
| Accrued Expenses | 1.98B | 2.03B | 1.64B | 1.48B | 1.46B | 1.14B |
| Current Portion of Long-Term Debt | 2.24B | 3.18B | 1.60B | 1.69B | 2.05B | 2.19B |
| Current Portion of Leases | 71.00M | 94.00M | 81.00M | 91.00M | 114.00M | 120.39M |
| Current Unearned Revenue | 3.00B | 3.10B | 2.80B | 2.60B | ||
| Other Current Liabilities | 3.14B | 2.71B | 2.79B | 2.75B | 4.30B | 3.29B |
| Total Current Liabilities | 11.41B | 12.05B | 9.82B | 9.40B | 8.57B | 7.29B |
| Long-Term Debt | 19.96B | 18.01B | 18.36B | 19.39B | 20.99B | 18.49B |
| Long-Term Leases | 903.00M | 755.00M | 780.00M | 956.00M | 840.00M | 955.53M |
| Other Long-Term Liabilities | 627.00M | 553.00M | 375.00M | 486.00M | 508.00M | 443.10M |
| Total Liabilities | 32.90B | 31.37B | 29.34B | 30.23B | 30.91B | 27.17B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 2.83M |
| Additional Paid-In Capital | 7.92B | 7.96B | 7.83B | 7.47B | 7.29B | 7.56B |
| Retained Earnings | 8.51B | 5.92B | 2.61B | -10.00M | -1.71B | 302.28M |
| Treasury Stock | -4.33B | -3.25B | -2.08B | -2.07B | -2.07B | -2.07B |
| Comprehensive Income & Other | -384.00M | -604.00M | -802.00M | -674.00M | -644.00M | -710.88M |
| Total Common Equity | 11.71B | 10.04B | 7.56B | 4.72B | 2.87B | 5.09B |
| Minority Interest | 200.00M | 208.00M | 172.00M | 175.00M | ||
| Shareholders' Equity | 11.91B | 10.24B | 7.74B | 4.90B | 2.87B | 5.09B |
| Total Liabilities & Equity | 44.81B | 41.62B | 37.07B | 35.13B | 33.78B | 32.26B |
| Total Debt | 23.17B | 22.04B | 20.82B | 22.13B | 23.99B | 21.76B |
| Net Cash (Debt) | -22.32B | -21.21B | -20.43B | -21.63B | -22.06B | -19.05B |
| Net Cash Per Share | -82.82 | -77.41 | -73.23 | -76.44 | -86.51 | -75.59 |
| Filing Date Shares Outstanding | 267.47M | 270.53M | 269.13M | 256.65M | 255.35M | 255.00M |
| Total Common Shares Outstanding | 267.47M | 270.42M | 268.90M | 256.42M | 255.24M | 254.82M |
| Working Capital | -8.94B | -9.84B | -8.11B | -7.61B | -5.37B | -3.69B |
| Book Value Per Share | 43.79 | 37.12 | 28.13 | 18.42 | 11.24 | 19.96 |
| Tangible Book Value | 10.90B | 8.84B | 6.35B | 3.50B | 1.63B | 3.84B |
| Tangible Book Value Per Share | 40.77 | 32.69 | 23.62 | 13.64 | 6.40 | 15.08 |
| Land | 1.52B | 887.00M | 763.00M | 772.00M | 746.78M | |
| Machinery | 49.84B | 45.20B | 40.11B | 38.24B | 35.16B | |
| Construction In Progress | 1.31B | 1.05B | 3.05B | 1.06B | 1.18B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.55B | 4.27B | 2.88B | 1.70B | -2.16B | -5.26B |
| Depreciation & Amortization | 1.87B | 1.72B | 1.60B | 1.46B | 1.41B | 1.29B |
| Other Amortization | 41.00M | 97.00M | 98.00M | 109.00M | 163.00M | 249.00M |
| Loss (Gain) on Equity Investments | -119.00M | -150.00M | -231.00M | -189.00M | -57.00M | 135.00M |
| Stock-Based Compensation | 133.00M | 175.00M | 267.00M | 126.00M | 36.00M | 64.00M |
| Other Operating Activities | 232.00M | -26.00M | 450.00M | 108.00M | 115.00M | 161.00M |
| Change in Accounts Receivable | -78.00M | -3.00M | 52.00M | 99.00M | -234.00M | -182.00M |
| Change in Inventory | -36.00M | -17.00M | -24.00M | -74.00M | -35.00M | |
| Change in Accounts Payable | 67.00M | 27.00M | 120.00M | 124.00M | 75.00M | 189.00M |
| Change in Other Net Operating Assets | 237.00M | 359.00M | 49.00M | 972.00M | 1.21B | 1.51B |
| Operating Cash Flow | 6.90B | 6.46B | 5.26B | 4.48B | 481.00M | -1.88B |
| Capital Expenditures | -5.39B | -5.23B | -3.27B | -3.90B | -2.71B | -2.23B |
| Sale of Property, Plant & Equipment | 176.00M | |||||
| Investment in Securities | -61.00M | -106.00M | -67.00M | -31.00M | -70.00M | |
| Other Investing Activities | 137.00M | 323.00M | -111.00M | 5.00M | -277.00M | -21.00M |
| Investing Cash Flow | -5.31B | -5.01B | -3.45B | -3.92B | -2.99B | -2.15B |
| Long-Term Debt Issued | 4.67B | 10.32B | 7.64B | 9.79B | 4.47B | |
| Total Debt Issued | 8.74B | 4.67B | 10.32B | 7.64B | 9.79B | 4.47B |
| Short-Term Debt Repaid | -415.00M | |||||
| Long-Term Debt Repaid | -3.53B | -11.65B | -9.57B | -7.73B | -2.30B | |
| Total Debt Repaid | -6.70B | -3.53B | -11.65B | -9.57B | -7.73B | -2.71B |
| Net Debt Issued (Repaid) | 2.04B | 1.14B | -1.33B | -1.93B | 2.06B | 1.76B |
| Issuance of Common Stock | 1.62B | |||||
| Repurchase of Common Stock | -1.67B | -1.16B | ||||
| Common Dividends Paid | -1.35B | -824.00M | -107.00M | |||
| Other Financing Activities | -188.00M | -172.00M | -482.00M | -68.00M | -317.00M | -337.00M |
| Financing Cash Flow | -1.16B | -1.02B | -1.92B | -1.99B | 1.74B | 3.04B |
| Foreign Exchange Rate Adjustments | -6.00M | 2.00M | -6.00M | 1.00M | -2.00M | |
| Net Cash Flow | 419.00M | 437.00M | -109.00M | -1.44B | -767.00M | -982.00M |
| Free Cash Flow | 1.51B | 1.24B | 2.00B | 580.00M | -2.23B | -4.11B |
| Free Cash Flow Margin | 7.89% | 6.89% | 12.12% | 4.17% | -25.21% | -268.15% |
| Free Cash Flow Per Share | 5.60 | 4.51 | 7.16 | 2.05 | -8.74 | -16.30 |
| Levered Free Cash Flow | -50.00M | -197.62M | 1.07B | -11.88M | -1.32B | -2.20B |
| Unlevered Free Cash Flow | 544.00M | 315.38M | 1.68B | 679.75M | -684.86M | -1.65B |
| Cash Interest Paid | 894.00M | 864.00M | 1.21B | 1.44B | 960.00M | 834.00M |
| Change in Working Capital | 190.00M | 383.00M | 204.00M | 1.17B | 973.00M | 1.48B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 82.16B | 76.07B | 62.03B | 33.18B | 12.61B | 19.59B |
| Enterprise Value | 104.48B | 96.80B | 83.34B | 53.32B | 34.99B | 37.85B |
| Last Close Price | 307.18 | 274.38 | 224.06 | 125.18 | 47.79 | 74.34 |
| PE Ratio | 18.19 | 17.82 | 21.56 | 19.55 | ||
| Forward PE | 15.57 | 16.11 | 16.78 | 14.82 | 36.29 | 5.00 |
| PS Ratio | 4.29 | 4.24 | 3.76 | 2.39 | 1.43 | 12.79 |
| PB Ratio | 7.01 | 7.42 | 8.02 | 6.77 | 4.40 | 3.85 |
| P/TBV Ratio | 7.53 | 8.61 | 9.77 | 9.49 | 7.72 | 5.10 |
| P/FCF Ratio | 54.41 | 61.54 | 31.06 | 57.21 | ||
| P/OCF Ratio | 11.91 | 11.77 | 11.78 | 7.41 | 26.22 | |
| PEG Ratio | 1.13 | 0.76 | 0.41 | 0.41 | 0.41 | 0.41 |
| EV/Sales Ratio | 5.46 | 5.40 | 5.06 | 3.84 | 3.96 | 24.71 |
| EV/EBITDA Ratio | 14.60 | 14.59 | 14.55 | 12.26 | 53.59 | |
| EV/EBIT Ratio | 19.76 | 19.68 | 20.20 | 18.42 | ||
| EV/FCF Ratio | 69.19 | 78.32 | 41.73 | 91.93 | ||
| Debt / Equity Ratio | 1.95 | 2.15 | 2.69 | 4.52 | 8.36 | 4.28 |
| Debt / EBITDA Ratio | 3.13 | 3.20 | 3.49 | 4.84 | 29.23 | |
| Debt / FCF Ratio | 15.34 | 17.83 | 10.43 | 38.16 | ||
| Net Debt / Equity Ratio | 1.87 | 2.07 | 2.64 | 4.42 | 7.69 | 3.75 |
| Net Debt / EBITDA Ratio | 3.12 | 3.20 | 3.57 | 4.97 | 33.78 | -7.40 |
| Net Debt / FCF Ratio | 14.78 | 17.16 | 10.23 | 37.30 | -9.90 | -4.64 |
| Asset Turnover | 0.45 | 0.46 | 0.46 | 0.40 | 0.27 | 0.05 |
| Inventory Turnover | 33.23 | 33.49 | 32.83 | 32.08 | 34.56 | 20.06 |
| Quick Ratio | 0.11 | 0.10 | 0.08 | 0.09 | 0.29 | 0.42 |
| Current Ratio | 0.22 | 0.18 | 0.17 | 0.19 | 0.37 | 0.49 |
| Return on Equity (ROE) | 41.29% | 47.73% | 45.83% | 43.87% | -54.21% | -75.98% |
| Return on Assets (ROA) | 7.78% | 7.81% | 7.14% | 5.25% | -1.43% | -7.47% |
| Return on Invested Capital (ROIC) | 15.44% | 16.19% | 14.85% | 11.21% | -3.07% | -15.68% |
| Return on Capital Employed (ROCE) | 15.80% | 16.60% | 15.10% | 11.20% | -3.00% | -15.50% |
| Earnings Yield | 5.50% | 5.61% | 4.64% | 5.12% | -17.09% | -26.85% |
| FCF Yield | 1.84% | 1.62% | 3.22% | 1.75% | -17.67% | -20.97% |
| Dividend Yield | 1.95% | 1.24% | 0.41% | |||
| Payout Ratio | 32.56% | 19.31% | 3.72% | |||
| Buyback Yield / Dilution | 2.09% | 1.79% | 1.41% | -10.98% | -1.19% | -17.57% |
| Total Shareholder Return | 4.04% | 3.04% | 1.82% | -10.98% | -1.19% | -17.57% |