NYSE · Financial Statements

Royal Caribbean Cruises Ltd. (RCL) Financial Statements

$276.48 NYSE: RCL Market Cap $73.95B

Royal Caribbean Cruises Ltd. most recently reported annual revenue of $17.9B, net profit of $4.3B. Revenue grew at an average annual rate of 52.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Royal Caribbean Cruises Ltd.: Revenue rose from $8.5B in 2016 to $17.9B in 2025, a change of +111.1% over 9 years; net profit was positive in 7 of 10 reported years; operating margin moved from 17.4% to 27.4%, a shift of +10.0 percentage points; the most recent year shows net profit of $4.3B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$8.5B$8.8B$9.5B$11.0B$2.2B$1.5B$8.8B$13.9B$16.5B$17.9B
Operating Expenses$7.0B$7.0B$7.6B$8.9B$6.8B$5.4B$9.6B$11.0B$12.4B$13.0B
Operating Profit$1.5B$1.7B$1.9B$2.1B$-4.6B$-3.9B$-766.0M$2.9B$4.1B$4.9B
Operating Margin17.4%19.9%20.0%19.0%-208.3%-252.6%-8.7%20.7%24.9%27.4%
Other Income$-194.0M$-119.0M$-79.0M$-175.0M$-1.2B$-1.4B$-1.4B$-1.2B$-1.2B$-605.0M
Interest$307.0M$300.0M$334.0M$409.0M$844.0M$1.3B$1.4B$1.4B$1.6B$992.0M
Depreciation$895.0M$951.0M$1.0B$1.2B$1.3B$1.3B$1.4B$1.5B$1.6B$1.6B
Profit Before Tax$1.3B$1.6B$1.8B$1.9B$-5.8B$-5.3B$-2.2B$1.7B$2.9B$4.3B
Tax$0$0$0$0$0$0$0$0$0$350,000
Net Profit$1.3B$1.6B$1.8B$1.9B$-5.8B$-5.3B$-2.2B$1.7B$2.9B$4.3B
EPS$5.93$7.53$8.56$8.95$-27.05$-20.89$-8.45$6.31$10.94$15.61
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$4.2B$3.3B$3.7B$4.1B$4.9B$3.8B$4.0B$4.5B$5.1B$4.3B$4.5B$4.8B
Operating Expenses$2.9B$2.8B$3.0B$3.0B$3.3B$3.1B$3.1B$3.2B$3.4B$3.3B$3.3B$3.5B
Operating Profit$1.3B$570.0M$750.0M$1.1B$1.6B$624.0M$945.0M$1.3B$1.7B$933.0M$1.2B$1.3B
Operating Margin30.4%17.1%20.1%26.7%33.4%16.6%23.6%29.3%33.1%21.9%26.1%27.1%
Interest$340.0M$346.0M$424.0M$298.0M$603.0M$266.0M$249.0M$228.0M$248.0M$267.0M$278.0M$236.0M
Profit Before Tax$1.0B$279.0M$364.0M$858.0M$1.1B$560.0M$737.0M$1.2B$1.6B$777.0M$976.0M$1.1B
Tax$0$0$0$0$0$0$0$0$0$1.9M$2.7M$1.2M
Net Profit$1.0B$277.0M$360.0M$854.0M$1.1B$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M$1.1B
EPS$3.65$1.06$1.35$3.11$4.21$2.00$2.70$4.41$5.74$2.76$3.48$4.20

Over the 10 years reported for Royal Caribbean Cruises Ltd., borrowings increased from $9.4B in 2016 to $22.6B in 2025, cash stood at $825.0M in the latest year, shareholders' equity was $3.0M, current assets covered current liabilities 0.18 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$22.3B$22.4B$27.7B$30.3B$32.5B$32.3B$33.8B$35.1B$37.1B$41.6B
Current Assets$748.0M$908.0M$1.2B$1.2B$4.3B$3.6B$3.2B$1.8B$1.7B$2.2B
Cash$133.0M$120.0M$288.0M$244.0M$3.7B$2.7B$1.9B$497.0M$388.0M$825.0M
Inventory$114.0M$111.0M$154.0M$162.0M$119.0M$150.0M$224.0M$248.0M$265.0M$264.0M
Receivables$292.0M$319.0M$325.0M$306.0M$284.0M$408.0M$531.0M$405.0M$371.0M$317.0M
Fixed Assets$20.2B$19.7B$23.5B$26.2B$25.8B$26.4B$28.1B$30.7B$32.5B$36.3B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$0$0$0$0$115.0M
Other Assets$288.0M$289.0M$1.4B$1.4B$809.0M$809.0M$809.0M$809.0M$808.0M$808.0M
Total Liabilities$13.2B$11.7B$16.1B$17.6B$23.7B$27.2B$30.9B$30.2B$29.3B$31.4B
Current Liabilities$4.4B$4.9B$7.1B$8.0B$4.5B$7.3B$8.6B$9.4B$9.8B$12.1B
Borrowings$9.4B$7.5B$10.8B$11.7B$20.0B$21.7B$24.0B$22.1B$20.8B$22.6B
Other Liabilities$3.8B$4.1B$5.3B$5.9B$3.7B$5.5B$6.9B$8.1B$8.5B$8.7B
Equity$2.0M$2.0M$2.0M$2.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M
Reserves$9.1B$10.7B$11.1B$12.2B$8.8B$5.1B$2.9B$4.7B$7.6B$10.0B

For Royal Caribbean Cruises Ltd., operating cash flow was positive in 8 of 10 reported years; free cash flow in the latest year was $1.2B; free cash flow was positive in 6 of 10 years; financing activities used $1.8B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$2.5B$2.9B$3.5B$3.7B$-3.7B$-1.9B$481.0M$4.5B$5.3B$6.5B
Investing Cash Flow$-5.2B$-778.0M$-8.1B$-6.1B$-4.1B$-4.4B$-5.7B$-7.8B$-6.7B$-10.2B
Financing Cash Flow$-383.0M$-270.0M$-666.0M$-160.0M$-385.0M$-202.0M$-268.0M$12.0M$-57.0M$-1.8B
Net Cash Flow$11.0M$-12.0M$168.0M$-44.0M$3.4B$-982.0M$-767.0M$-1.4B$-109.0M$437.0M
Free Cash Flow$22.0M$2.3B$-181.0M$692.0M$-5.7B$-4.1B$-2.2B$580.0M$2.0B$1.2B

Valuation & Return Ratios

MetricValue
PEG Ratio0.70
EV / EBITDA12.16
FCF Yield-0.64%
Quick Ratio0.19
Interest Coverage4.96
Return 1Y-3.06%
Return 3Y271.96%
Return 5Y255.56%

Royal Caribbean Cruises Ltd. (RCL) financials — frequently asked questions

What is Royal Caribbean Cruises Ltd.'s annual revenue?

Royal Caribbean Cruises Ltd. (RCL) reported annual revenue of $17.9B in its most recent fiscal year.

What is Royal Caribbean Cruises Ltd.'s net profit?

Royal Caribbean Cruises Ltd. (RCL) reported net profit of $4.3B in its most recent fiscal year.

What is RCL EV/EBITDA?

Royal Caribbean Cruises Ltd.'s enterprise value to EBITDA (EV/EBITDA) ratio is 12.16.

Popular Stocks

Apple (AAPL)Microsoft (MSFT)NVIDIA (NVDA)Alphabet (GOOGL)Amazon (AMZN)Meta (META)Tesla (TSLA)Broadcom (AVGO)Eli Lilly (LLY)JPMorgan (JPM)

Related stock screens

High ROE Consumer Cyclical StocksLow P/E Consumer Cyclical StocksHigh Net Margin Consumer Cyclical StocksDividend Consumer Cyclical StocksLow Debt Consumer Cyclical StocksHigh ROE StocksLow P/E StocksHigh Net Margin StocksDividend StocksLow Debt StocksNYSE High ROE StocksAll stock screens
RCL Overview RCL Dividend Run Stock Screener

Data for information only, not investment advice. Figures may be delayed or inaccurate; verify against company filings. See our disclaimer.