Royal Caribbean Cruises
RCL · NYSEWater Transportation · Fiscal year ends Dec 31
Royal Caribbean Cruises reported revenue of $17.9B in the fiscal year ended Dec 2025, up 8.8% from the year before. Operating income was $4.9B, an operating margin of 27.4%, and net income was $4.3B. Operating cash flow of $6.5B less capital expenditure of $5.2B left free cash flow of $1.2B. Net debt was $20.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $8.8B | $13.9B | $16.5B | $17.9B |
| Cost of revenue | $2.7B | $6.6B | $7.8B | $8.7B | $9.1B |
| Gross profit | −$1.2B | $2.2B | $6.1B | $7.8B | $8.9B |
| Selling, general & admin | $1.4B | $1.6B | $1.8B | $2.1B | $2.2B |
| Operating income | −$3.9B | −$766M | $2.9B | $4.1B | $4.9B |
| Net interest incomeBanks | −$1.3B | – | – | – | – |
| Interest expense | $1.3B | $1.4B | $1.4B | $1.6B | $992M |
| Pre-tax income | – | – | $1.7B | $2.9B | $4.4B |
| Income tax | −$45M | $4M | $6M | $46M | $82M |
| Net income | −$5.3B | −$2.2B | $1.7B | $2.9B | $4.3B |
| Diluted EPS | −20.89 | −8.45 | 6.31 | 10.94 | 15.61 |
| Diluted shares | 252M | 255M | 283M | 279M | 274M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.7B | $1.9B | $497M | $388M | $825M |
| Receivables | $408M | $531M | $405M | $371M | $317M |
| Inventory | $150M | $224M | $248M | $265M | $264M |
| Current assets | $3.6B | $3.2B | $1.8B | $1.7B | $2.2B |
| Net PP&E | $25.9B | $27.5B | $30.1B | $31.8B | $35.7B |
| Goodwill | $809M | $809M | $809M | $808M | $808M |
| Total assets | $32.3B | $33.8B | $35.1B | $37.1B | $41.6B |
| Payables | $546M | $647M | $792M | $919M | $953M |
| Deferred revenue | $3.2B | $4.2B | $5.3B | $5.5B | $5.7B |
| Current liabilities | $7.3B | $8.6B | $9.4B | $9.8B | $12.1B |
| Short-term debt | $2.2B | $2.1B | $1.7B | $1.6B | $3.2B |
| Long-term debt | $18.8B | $21.3B | $19.7B | $18.5B | $18.2B |
| Total liabilities | $27.2B | $30.9B | $30.2B | $29.3B | $31.4B |
| Shareholders' equity | $5.1B | $2.9B | $4.7B | $7.6B | $10B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$1.9B | $481M | $4.5B | $5.3B | $6.5B |
| Capital expenditure | $2.2B | $2.7B | $3.9B | $3.3B | $5.2B |
| Free cash flow | −$4.1B | −$2.2B | $580M | $2B | $1.2B |
| Depreciation & amortisation | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B |
| Stock-based compensation | $64M | $36M | $126M | $267M | $175M |
| Share buybacks | $0 | – | $0 | $0 | $1.2B |
| Dividends paid | $0 | $0 | $0 | $107M | $824M |
| Dividend per share | – | 0.00 | 0.00 | 0.95 | 3.50 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 477.0% | 57.2% | 18.6% | 8.8% |
| Operating income growth (YoY) | – | – | – | 42.7% | 19.6% |
| EPS growth (YoY) | – | – | – | 73.4% | 42.7% |
| Gross margin | −78.8% | 25.2% | 44.1% | 47.5% | 49.4% |
| Operating margin | −252.6% | −8.7% | 20.7% | 24.9% | 27.4% |
| Net margin | −343.3% | −24.4% | 12.2% | 17.5% | 23.8% |
| Return on equityBlank when equity is negative | −103.4% | −75.1% | 35.9% | 38.0% | 42.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.5% | −3.0% | 11.2% | 15.1% | 16.6% |
| Free cash flow margin | −268.1% | −25.2% | 4.2% | 12.1% | 6.9% |
| Cash conversion (CFO ÷ net income) | 0.36x | −0.22x | 2.64x | 1.83x | 1.51x |
| Receivable days | 97 | 22 | 11 | 8 | 6 |
| Inventory days | 20 | 12 | 12 | 11 | 11 |
| Payable days | 73 | 36 | 37 | 39 | 38 |
| Interest cover | −3.00x | −0.56x | 2.05x | 2.58x | 4.95x |
| Debt ÷ equity | 4.15x | 8.15x | 4.54x | 2.65x | 2.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $18.4B | $21.5B | $21B | $19.7B | $20.5B |
| Current ratio | 0.49x | 0.37x | 0.19x | 0.17x | 0.18x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.