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.
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 | ($45.00M) | - | - | - |
| 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% | -2.7% | - | - | - |
| 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 totalPassenger$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
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 |