R 
Royal Caribbean Cruises RCL · USD
Consumer Discretionary · Hotels, Restaurants & Leisure · US listing · 🇺🇸 United States
S&P 500
336.98
+3.00%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$17.93bn
FY2016FY2025
Net income
$4.27bn
FY2016FY2025
Free cash flow
$1.24bn
FY2016FY2025
Shareholders' equity
$10.04bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.93bn | $16.48bn | $13.90bn | $8.84bn | $1.53bn | $2.21bn | $10.95bn | $9.49bn | $8.78bn | $8.50bn |
| Gross profit | $8.40bn | $7.83bn | $6.13bn | $2.22bn | −$1.21bn | −$556.3m | $4.89bn | $4.23bn | $3.88bn | $3.48bn |
| Operating income | $4.91bn | $4.11bn | $2.88bn | −$766.0m | −$3.97bn | −$4.93bn | $2.08bn | $1.89bn | $1.74bn | $1.48bn |
| Net income | $4.27bn | $2.88bn | $1.70bn | −$2.16bn | −$5.26bn | −$5.80bn | $1.88bn | $1.81bn | $1.63bn | $1.28bn |
| Diluted earnings per share | 15.65 | 10.39 | 6.06 | -8.45 | -20.64 | -25.81 | 8.96 | 8.62 | 7.56 | 5.95 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $41.62bn | $37.07bn | $35.13bn | $33.78bn | $32.26bn | $32.47bn | $30.32bn | $27.70bn | $22.36bn | $22.31bn |
| Cash and short-term investments | $940.0m | $388.0m | $497.0m | $1.94bn | $2.70bn | $3.68bn | $243.7m | $287.9m | $120.1m | $132.6m |
| Total liabilities | $31.37bn | $29.34bn | $30.23bn | $30.91bn | $27.17bn | $23.70bn | $17.59bn | $16.05bn | $11.66bn | $13.19bn |
| Debt | $21.34bn | $20.08bn | $21.45bn | $23.39bn | $21.09bn | $19.33bn | $10.68bn | $10.46bn | $7.24bn | $9.08bn |
| Shareholders' equity | $10.04bn | $7.56bn | $4.72bn | $2.87bn | $5.09bn | $8.76bn | $12.16bn | $11.11bn | $10.70bn | $9.12bn |
| Shares outstanding | 273m | 277m | 280m | 255m | 255m | 225m | 210m | 210m | 215m | 216m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $6.46bn | $5.26bn | $4.48bn | $481.0m | −$1.88bn | −$3.73bn | $3.72bn | $3.48bn | $2.87bn | $2.52bn |
| Capital spending | −$5.23bn | −$3.27bn | −$3.90bn | −$2.71bn | −$2.23bn | −$1.97bn | −$3.02bn | −$3.66bn | −$564.1m | −$2.49bn |
| Free cash flow | $1.24bn | $2.00bn | $580.0m | −$2.23bn | −$4.11bn | −$5.70bn | $691.7m | −$180.9m | $2.31bn | $22.3m |
| Dividends paid | −$264.0m | −$107.0m | — | — | — | −$326.4m | −$602.7m | −$527.5m | −$437.5m | −$346.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.83bn | $4.45bn | $4.26bn | $5.14bn | $4.54bn | $4.00bn | $3.76bn | $4.89bn |
| Gross profit | $2.29bn | $2.21bn | $1.56bn | $2.66bn | $2.25bn | $1.92bn | $1.71bn | $2.50bn |
| Operating income | $1.31bn | $1.25bn | $933.0m | $1.70bn | $1.33bn | $945.0m | $624.0m | $1.63bn |
| Net income | $1.13bn | $941.0m | $754.0m | $1.58bn | $1.21bn | $730.0m | $552.0m | $1.11bn |
| Diluted earnings per share | 4.18 | 3.49 | 2.76 | 5.78 | 4.43 | 2.67 | 1.99 | 4.01 |
| Cash from operations | $1.86bn | $1.83bn | $1.62bn | $1.47bn | $1.75bn | $1.63bn | $1.47bn | $897.0m |
| Capital spending | −$2.74bn | −$500.0m | −$1.51bn | −$2.46bn | −$836.0m | −$428.0m | −$552.0m | −$334.0m |
| Free cash flow | −$877.0m | $1.33bn | $116.0m | −$989.0m | $910.0m | $1.20bn | $915.0m | $563.0m |
| Total assets | $44.64bn | $41.99bn | $41.62bn | $40.11bn | $38.54bn | $37.45bn | $37.07bn | $37.07bn |
| Cash and short-term investments | $875.0m | $512.0m | $940.0m | $641.0m | $735.0m | $386.0m | $388.0m | $418.0m |
| Debt | $22.91bn | $21.19bn | $21.43bn | $20.36bn | $19.10bn | $19.46bn | $20.15bn | $20.91bn |
| Shareholders' equity | $10.24bn | $9.81bn | $10.04bn | $10.09bn | $9.17bn | $7.96bn | $7.56bn | $7.04bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 46.8% | 47.5% | 44.1% | 25.2% | -78.8% | -25.2% |
| Operating margin | 27.4% | 24.9% | 20.7% | -8.7% | -259.0% | -223.2% |
| Net margin | 23.8% | 17.5% | 12.2% | -24.4% | -343.3% | -262.5% |
| Return on equity | 42.6% | 38.0% | 35.9% | -75.1% | -103.4% | -66.2% |
| Return on assets | 10.3% | 7.8% | 4.8% | -6.4% | -16.3% | -17.9% |
| Free cash flow yield | 16.5% | 11.9% | 11.5% | 4.8% | 0.5% | -3.0% |
| Revenue growth | 8.8% | 18.6% | 57.2% | 477.0% | -30.6% | -79.8% |
| Earnings growth | 48.5% | 69.5% | -178.7% | -59.0% | -9.3% | -408.6% |
| Current ratio | 0.18x | 0.17x | 0.19x | 0.37x | 0.49x | 0.95x |
| Debt to equity | 2.14x | 2.66x | 4.55x | 8.18x | 4.16x | 2.22x |
| Equity ratio | 24.1% | 20.4% | 13.4% | 8.5% | 15.8% | 27.0% |
| Interest coverage | 4.95x | 2.58x | 2.05x | -0.56x | -3.07x | -5.84x |
| Buybacks as a share of market value | 1.4% | 1.1% | -9.7% | -0.2% | -13.5% | -7.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.6% | 52.0% | 8.0% |
| Operating income | — | — | 18.8% |
| Net income | — | — | 20.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 47.2% | 43.0% | 37.5% | 39.7% |
| Operating margin | 26.2% | 19.5% | 3.7% | 9.6% |
| Net margin | 20.8% | 11.7% | -7.2% | 2.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.8 | 22.2 | 21.4 | -5.8 | -3.7 | -2.9 | 14.9 | 11.3 | 15.8 | 13.8 |
| Price to sales | 4.2 | 3.9 | 2.6 | 1.4 | 12.8 | 7.6 | 2.6 | 2.2 | 2.9 | 2.1 |
Market value over time
31 Oct 2016 to 9 Sept 2026, in USD
$16.60bn$70.14bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 25% | 85% | 141% | -29% | 1% | -45% | 35% | -21% | 45% | -13% |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 17 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.50 | 3.50 | 0.95 | 0.78 | 2.96 | 2.60 | 2.16 | 1.71 |
- 2-for-1 split · 3 Aug 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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