RCL · Royal Caribbean Cruises Ltd - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · RCL

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$17.93B	$16.48B	$13.90B	$8.84B	$1.53B	$2.21B
Cost of Revenue	$9.08B	$8.65B	$7.78B	$6.61B	$2.66B	$2.77B
Gross Profit	$8.85B	$7.83B	$6.13B	$2.23B	($1.13B)	($556.30M)
R&D	-	-	-	-	-	-
SG&A	$2.22B	$2.13B	$1.79B	$1.58B	$1.37B	$1.20B
Total Operating Expenses	-	-	-	-	-	-
D&A	$1.72B	$1.60B	$1.46B	$1.41B	$1.29B	$1.28B
Operating Income	$4.91B	$4.11B	$2.88B	($763.98M)	($3.87B)	($4.60B)
Interest Expense	$992.00M	$1.59B	$1.40B	$1.36B	$1.29B	$844.24M
Income Tax	$82.00M	$46.00M	$6.00M	-	-	-
Net Income	$4.27B	$2.88B	$1.70B	($2.16B)	($5.26B)	($5.80B)
EPS - Basic	$15.75	$11.00	$6.63	($8.45)	($20.89)	($27.05)
EPS - Diluted	$15.61	$10.94	$6.31	($8.45)	($20.89)	($27.05)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$825.00M	$388.00M	$497.00M	$1.94B	$2.70B	$3.68B
Accounts Receivable	$317.00M	$371.00M	$405.00M	$531.07M	$408.07M	$284.15M
Inventory	$264.00M	$265.00M	$248.00M	$224.02M	$150.22M	$118.70M
Accounts Payable	$953.00M	$919.00M	$792.00M	$646.73M	$545.98M	$353.42M
Current Assets	$2.21B	$1.71B	$1.79B	$3.21B	$3.60B	$4.31B
Total Assets	$41.62B	$37.07B	$35.13B	$33.78B	$32.26B	$32.47B
Current Liabilities	$12.05B	$9.82B	$9.40B	$8.57B	$7.29B	$4.54B
Long-term Debt	-	-	-	-	-	-
Total Liabilities	$31.37B	$29.34B	$30.23B	$30.91B	$27.17B	$23.70B
Stockholders' Equity	$10.04B	$7.56B	$4.72B	$2.87B	$5.09B	$8.76B
Retained Earnings	$5.92B	$2.61B	($10.00M)	($1.71B)	$302.28M	$5.56B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$6.46B	$5.26B	$4.48B	$481.86M	($1.88B)	($3.73B)
Investing Cash Flow	($5.01B)	($3.45B)	($3.92B)	($2.99B)	($2.14B)	($2.18B)
Financing Cash Flow	($1.02B)	($1.92B)	($1.99B)	$1.74B	$3.04B	$9.35B
CapEx	$5.23B	$3.27B	$3.90B	$2.71B	$2.23B	$1.97B
Free Cash Flow	$1.24B	$2.00B	$580.00M	($2.23B)	($4.11B)	($5.70B)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	49.4%	47.5%	44.1%	25.2%	-73.5%	-25.2%
Operating margin	27.4%	24.9%	20.7%	-8.6%	-252.6%	-208.3%
EBITDA margin	37.0%	34.6%	31.2%	7.3%	-168.2%	-150.4%
Net margin	23.8%	17.5%	12.2%	-24.4%	-343.3%	-262.5%
Free cash flow margin	6.9%	12.1%	4.2%	-25.2%	-268.1%	-257.9%
FCF / Net income	0.29	0.69	0.34	1.03	0.78	0.98
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	12.4%	12.9%	12.9%	17.9%	89.4%	54.3%
Effective tax rate	1.9%	1.6%	0.4%	-	-	-
Return on assets	10.3%	7.8%	4.8%	-6.4%	-16.3%	-17.9%
Return on equity	42.5%	38.0%	35.9%	-75.2%	-103.4%	-66.2%
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	0.18	0.17	0.19	0.37	0.49	0.95
Quick ratio	0.16	0.15	0.16	0.35	0.47	0.92
Cash ratio	0.07	0.04	0.05	0.23	0.37	0.81
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	4.9x	2.6x	2.1x	-0.6x	-3.0x	-5.5x
Equity multiplier	4.15	4.90	7.44	11.77	6.34	3.71
Liabilities / Assets	0.75	0.79	0.86	0.92	0.84	0.73
Efficiency
Asset turnover	0.43	0.44	0.40	0.26	0.05	0.07
Inventory turnover	34.41	32.65	31.35	29.53	17.69	23.29
Days sales outstanding	6d	8d	11d	22d	97d	47d
Days inventory outstanding	11d	11d	12d	12d	21d	16d
Days payable outstanding	38d	39d	37d	36d	75d	47d
Cash conversion cycle	-21d	-19d	-15d	-1d	43d	16d
Valuation
P / E	17.9x	21.1x	20.5x	-	-	-
P / B	7.6x	8.5x	7.8x	4.4x	3.8x	1.8x
P / S	4.3x	3.9x	2.6x	1.4x	12.6x	7.2x
EV / EBITDA	11.4x	11.2x	8.3x	16.6x	-	-
Growth
Revenue growth (YoY)	8.8%	18.6%	57.2%	477.0%	-30.6%	-79.8%
Revenue CAGR (3y)	26.6%	120.8%	84.6%	-6.9%	-43.5%	-36.9%
Revenue CAGR (5y)	52.0%	8.5%	10.3%	0.1%	-29.0%	-
Gross profit growth (YoY)	13.0%	27.9%	175.1%	-	-102.3%	-
Operating income growth (YoY)	19.6%	42.7%	-	80.3%	15.9%	-
Net income growth (YoY)	48.3%	69.5%	-	59.0%	9.3%	-
EPS growth (YoY)	42.7%	73.4%	-	59.6%	22.8%	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	4.1%	-5.9%	-	-	-
FCF growth (YoY)	-38.1%	244.3%	-	45.8%	27.9%	-
FCF CAGR (5y)	-	23.6%	-	-	-	-
Book value growth (YoY)	32.7%	60.1%	64.7%	-43.6%	-42.0%	-28.0%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Product / service

$31.64B total

Passenger$12.52B · 39.6%

Cruise Itinerary$11.54B · 36.5%

Product And Service Other$5.42B · 17.1%

Port Costs$1.30B · 4.1%

Other Products And Services$864.00M · 2.7%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

0.88

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

7/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
✓Current ratio improved
✓No share dilution
✓Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Water Transportation

Company	Revenue (last FY)	Net margin	ROE
MATX	$3.34B	13.3%	16.1%
INSW	$843.30M	36.7%	15.3%
KEX	$3.36B	10.5%	10.5%
TDW	$1.35B	24.7%	24.5%
NCLH	-	-	19.2%

Comparing ROYAL CARIBBEAN CRUISES LTD against the 5 most active filers in the same SIC group.

Dividends

$5.00/share trailing 12 months · +104.1% YoY

Ex-date	Per share
Jun 3, 2026	$1.5000
Mar 6, 2026	$1.5000
Dec 26, 2025	$1.0000
Sep 25, 2025	$1.0000
Jun 4, 2025	$0.7500
Mar 7, 2025	$0.7500
Dec 27, 2024	$0.5500
Sep 20, 2024	$0.4000
Mar 5, 2020	$0.7800
Dec 19, 2019	$0.7800
Sep 19, 2019	$0.7800
Jun 3, 2019	$0.7000
Mar 6, 2019	$0.7000
Dec 19, 2018	$0.7000
Sep 20, 2018	$0.7000
Jun 1, 2018	$0.6000
Mar 6, 2018	$0.6000
Dec 20, 2017	$0.6000
Sep 21, 2017	$0.6000
May 31, 2017	$0.4800
Mar 3, 2017	$0.4800
Dec 19, 2016	$0.4800
Sep 27, 2016	$0.4800
May 26, 2016	$0.3750