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Royal Caribbean Cruises (RCL) Financials

Royal Caribbean Cruises logo
$255.65 +15.53 (+6.47%)
Closing price 05/27/2025 03:59 PM Eastern
Extended Trading
$255.55 -0.10 (-0.04%)
As of 04:08 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Royal Caribbean Cruises

Annual Income Statements for Royal Caribbean Cruises

This table shows Royal Caribbean Cruises' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income / (Loss) Attributable to Common Shareholders
2,877 1,697 -2,156 -5,260 -5,797 1,879 1,811 1,625 1,283 666
Consolidated Net Income / (Loss)
2,896 1,704 -2,156 -5,260 -5,775 1,908 1,816 1,625 1,283 666
Net Income / (Loss) Continuing Operations
2,895 1,704 -2,156 -5,260 -5,775 1,908 1,816 1,625 1,283 666
Total Pre-Tax Income
2,895 1,704 -2,156 -5,260 -5,775 1,908 1,816 1,625 1,283 666
Total Operating Income
4,106 2,878 -766 -3,870 -4,602 2,083 1,895 1,744 1,477 875
Total Gross Profit
7,832 6,125 2,224 -1,207 -556 4,888 4,232 3,881 3,481 3,200
Total Revenue
16,484 13,900 8,840 1,532 2,209 10,951 9,494 8,778 8,496 8,299
Operating Revenue
16,484 13,900 8,840 1,532 2,209 10,951 9,494 8,778 8,496 8,299
Total Cost of Revenue
8,652 7,775 6,616 2,739 2,765 6,063 5,262 4,897 5,016 5,099
Operating Cost of Revenue
8,652 7,775 6,616 2,739 2,765 6,063 5,262 4,897 5,016 5,099
Total Operating Expenses
3,725 3,247 2,990 2,663 4,045 2,805 2,337 2,137 2,004 2,325
Selling, General & Admin Expense
2,125 1,792 1,583 1,370 1,200 1,559 1,303 1,186 1,109 1,087
Depreciation Expense
1,600 1,455 1,407 1,293 1,279 1,246 1,034 951 895 827
Total Other Income / (Expense), net
-1,211 -1,174 -1,390 -1,390 -1,174 -175 -79 -119 -194 -209
Interest Expense
1,590 1,402 1,364 1,292 844 409 334 300 307 278
Interest & Investment Income
276 236 93 -118 -192 258 244 186 149 93
Other Income / (Expense), net
103 -8.00 -119 20 -137 -25 11 -5.29 -36 -24
Net Income / (Loss) Attributable to Noncontrolling Interest
18 7.00 0.00 0.00 22 29 4.75 0.00 0.00 -
Basic Earnings per Share
$11.00 $6.63 ($8.45) ($20.89) ($27.05) $8.97 $8.60 $7.57 $5.96 $3.03
Weighted Average Basic Shares Outstanding
269.13M 256.65M 255.35M 255.00M 237.54M 209.00M 210.57M 214.62M 215.39M 219.54M
Diluted Earnings per Share
$10.94 $6.31 ($8.45) ($20.89) ($27.05) $8.95 $8.56 $7.53 $5.93 $3.02
Weighted Average Diluted Shares Outstanding
269.13M 256.65M 255.35M 255.00M 237.54M 209.00M 210.57M 214.62M 215.39M 219.54M
Weighted Average Basic & Diluted Shares Outstanding
269.13M 256.65M 255.35M 255.00M 237.54M 209.00M 210.57M 214.62M 215.39M 219.54M
Cash Dividends to Common per Share
$0.95 $0.00 $0.00 - $0.78 $2.96 $2.60 $2.04 $1.71 -

Quarterly Income Statements for Royal Caribbean Cruises

This table shows Royal Caribbean Cruises' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders
730 552 1,111 854 360 277 1,009 459 -48 -500 33
Consolidated Net Income / (Loss)
736 559 1,115 858 364 278 1,011 463 -48 -500 33
Net Income / (Loss) Continuing Operations
735 558 1,115 858 364 278 1,011 463 -48 -500 33
Total Pre-Tax Income
735 558 1,115 858 364 278 1,011 463 -48 -500 33
Total Operating Income
945 623 1,634 1,099 750 570 1,265 771 272 13 298
Total Gross Profit
1,920 1,707 2,495 1,958 1,672 1,441 2,023 1,568 1,093 819 1,027
Total Revenue
3,999 3,760 4,886 4,110 3,728 3,331 4,160 3,523 2,886 2,603 2,993
Operating Revenue
3,999 3,760 4,886 4,110 3,728 3,331 4,160 3,523 2,886 2,603 2,993
Total Cost of Revenue
2,079 2,053 2,391 2,152 2,056 1,890 2,137 1,955 1,793 1,785 1,966
Operating Cost of Revenue
2,079 2,053 2,391 2,152 2,056 1,890 2,137 1,955 1,793 1,785 1,966
Total Operating Expenses
974 1,083 861 859 922 871 758 797 821 805 728
Selling, General & Admin Expense
562 673 451 466 535 503 393 435 461 444 373
Depreciation Expense
412 410 410 393 387 368 365 362 360 361 355
Total Other Income / (Expense), net
-210 -65 -519 -241 -386 -292 -254 -308 -320 -514 -265
Interest Expense
249 265 603 298 424 347 340 355 360 431 352
Interest & Investment Income
50 60 110 60 46 55 94 52 35 41 86
Other Income / (Expense), net
-11 140 -26 -3.00 -8.00 - -8.00 -5.00 5.00 -124 0.78
Net Income / (Loss) Attributable to Noncontrolling Interest
6.00 6.00 4.00 4.00 4.00 1.00 2.00 4.00 0.00 - 0.00
Basic Earnings per Share
$2.71 $2.06 $4.22 $3.32 $1.40 $1.09 $3.94 $1.79 ($0.19) ($1.95) $0.13
Weighted Average Basic Shares Outstanding
269M 269.13M 263M 257M 257M 256.65M 256M 256M 255M 255.35M 255.07M
Diluted Earnings per Share
$2.70 $2.27 $4.21 $3.11 $1.35 $1.15 $3.65 $1.70 ($0.19) ($1.95) $0.13
Weighted Average Diluted Shares Outstanding
276M 269.13M 264M 281M 281M 256.65M 282M 282M 255M 255.35M 255.38M
Weighted Average Basic & Diluted Shares Outstanding
271.56M 269.13M 268.88M 257.42M 257.35M 256.65M 256.24M 256.17M 255.74M 255.35M 255.18M
Cash Dividends to Common per Share
$0.55 - $0.40 - - - - - - - -

Annual Cash Flow Statements for Royal Caribbean Cruises

This table details how cash moves in and out of Royal Caribbean Cruises' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Change in Cash & Equivalents
-109 -1,438 -767 -982 3,441 -44 168 -12 11 -68
Net Cash From Operating Activities
5,265 4,477 481 -1,878 -3,732 3,716 3,479 2,875 2,517 1,946
Net Cash From Continuing Operating Activities
5,265 4,477 481 -1,878 -3,732 3,716 3,479 2,875 2,517 1,946
Net Income / (Loss) Continuing Operations
2,896 1,704 -2,156 -5,260 -5,775 1,908 1,816 1,625 1,283 666
Consolidated Net Income / (Loss)
2,896 1,704 -2,156 -5,260 -5,775 1,908 1,816 1,625 1,283 666
Depreciation Expense
1,600 1,455 1,407 1,293 1,279 1,246 1,034 951 895 827
Amortization Expense
98 109 163 249 156 64 53 46 53 52
Non-Cash Adjustments To Reconcile Net Income
547 28 173 337 335 280 138 205 26 459
Changes in Operating Assets and Liabilities, net
124 1,181 894 1,503 273 219 439 47 260 -57
Net Cash From Investing Activities
-3,446 -3,923 -2,987 -2,145 -2,179 -3,091 -4,489 -214 -2,725 -1,743
Net Cash From Continuing Investing Activities
-3,446 -3,923 -2,987 -2,145 -2,179 -3,091 -4,489 -214 -2,699 -1,743
Purchase of Property, Plant & Equipment
-3,268 -3,897 -2,710 -2,230 -1,965 -3,025 -3,660 -564 -2,494 -1,613
Purchase of Investments
-197 -117 -356 -144 -262 -94 -125 -10 -333 -56
Sale and/or Maturity of Investments
14 35 53 44 16 7.62 77 63 111 -
Other Investing Activities, net
5.00 56 26 9.00 4.84 20 123 68 -8.17 -73
Net Cash From Financing Activities
-1,922 -1,993 1,741 3,041 9,350 -670 1,198 -2,676 244 -254
Net Cash From Continuing Financing Activities
-1,922 -1,993 1,741 3,041 9,350 -670 1,198 -2,676 244 -254
Repayment of Debt
-12,133 -9,843 -8,046 -3,049 -12,057 -29,734 -11,020 -7,887 -6,451 -4,187
Payment of Dividends
-107 0.00 0.00 - -326 -603 -527 -437 -346 -280
Issuance of Debt
10,318 7,641 9,787 4,468 20,302 29,766 13,321 5,871 7,339 4,402
Other Financing Activities, net
0.00 209 0.00 1,622 1,431 0.00 0.00 2.53 2.26 11
Effect of Exchange Rate Changes
-6.00 - -2.00 0.00 - - -20 - -25 -18
Cash Interest Paid
1,210 1,442 960 834 418 246 252 250 257 249

Quarterly Cash Flow Statements for Royal Caribbean Cruises

This table details how cash moves in and out of Royal Caribbean Cruises' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents
-2.00 -30 27 -46 -60 -103 -126 -501 -708 369 -536
Net Cash From Operating Activities
1,627 1,467 897 1,573 1,328 1,116 659 1,392 1,310 576 -45
Net Cash From Continuing Operating Activities
1,627 1,467 897 1,573 1,328 1,116 659 1,392 1,310 576 -45
Net Income / (Loss) Continuing Operations
736 559 1,115 858 364 279 1,010 463 -48 -500 33
Consolidated Net Income / (Loss)
736 559 1,115 858 364 279 1,010 463 -48 -500 33
Depreciation Expense
412 410 410 393 387 368 366 361 360 361 355
Amortization Expense
23 22 25 25 26 25 26 28 30 33 45
Non-Cash Adjustments To Reconcile Net Income
851 177 -723 938 155 -14 6.00 20 16 -14 45
Changes in Operating Assets and Liabilities, net
-395 299 70 -641 396 458 -749 520 952 696 -523
Net Cash From Investing Activities
-440 -641 -311 -2,198 -296 -2,574 -328 -787 -234 -116 -343
Net Cash From Continuing Investing Activities
-440 -641 -311 -2,198 -296 -2,574 -328 -787 -234 -116 -343
Purchase of Property, Plant & Equipment
-428 -552 -334 -2,140 -242 -2,568 -281 -796 -252 -167 -226
Purchase of Investments
-28 -89 4.00 -68 -44 -29 -74 -8.00 -6.00 34 -125
Other Investing Activities, net
16 - 17 -2.00 -10 11 22 4.00 19 6.64 0.18
Net Cash From Financing Activities
-1,191 -852 -559 580 -1,091 1,353 -457 -1,105 -1,784 -92 -147
Net Cash From Continuing Financing Activities
-1,191 -852 -559 580 -1,091 1,353 -457 -1,105 -1,784 -92 -147
Repayment of Debt
-1,282 -1,705 -5,219 -1,939 -3,270 -4,480 -1,057 -1,608 -2,698 -2,671 -3,523
Repurchase of Common Equity
-241 - - - - - - - - - -
Payment of Dividends
-148 - - - - - - - - - -
Issuance of Debt
480 960 4,660 2,519 2,179 5,833 600 503 705 2,579 3,376
Other Net Changes in Cash
2.00 - - - - - - - - - -1.19
Cash Interest Paid
279 212 377 210 411 378 504 171 389 207 328

Annual Balance Sheets for Royal Caribbean Cruises

This table presents Royal Caribbean Cruises' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Assets
37,070 35,131 33,776 32,258 32,465 30,320 27,698 22,361 22,310 20,782
Total Current Assets
1,705 1,792 3,205 3,600 4,312 1,163 1,242 908 748 837
Cash & Equivalents
388 497 1,935 2,702 3,684 244 288 120 133 122
Accounts Receivable
371 405 531 408 284 306 325 319 292 239
Inventories, net
265 248 224 150 119 162 154 111 114 121
Prepaid Expenses
670 617 456 286 154 429 457 258 210 221
Other Current Assets
11 25 59 54 70 22 20 99 0.00 135
Plant, Property, & Equipment, net
31,831 30,114 27,546 25,908 0.00 25,467 23,466 19,735 20,161 18,778
Total Noncurrent Assets
3,534 3,225 3,025 2,750 28,153 3,691 2,990 1,718 1,401 1,167
Goodwill
808 809 809 809 809 1,386 1,378 289 288 287
Other Noncurrent Operating Assets
2,726 2,416 2,216 1,941 27,344 2,305 1,612 1,430 1,112 880
Total Liabilities & Shareholders' Equity
37,070 35,131 33,776 32,258 32,465 30,320 27,698 22,361 22,310 20,782
Total Liabilities
29,335 30,232 30,907 27,173 23,705 17,586 16,051 11,659 13,189 12,719
Total Current Liabilities
9,817 9,401 8,573 7,286 4,537 7,953 7,112 4,855 4,442 4,293
Short-Term Debt
1,603 1,720 2,088 2,243 1,371 2,621 2,422 1,189 1,286 900
Accounts Payable
919 792 647 546 353 564 488 360 305 302
Accrued Expenses
1,635 1,478 1,459 888 616 1,078 900 903 692 659
Current Deferred Revenue
5,496 - - - - - - - - -
Other Current Liabilities
164 100 211 196 159 192 78 47 147 652
Total Noncurrent Liabilities
19,518 20,831 22,334 19,887 19,167 9,634 8,939 6,804 8,747 8,426
Long-Term Debt
18,473 19,732 21,303 18,847 17,958 8,414 8,355 6,351 8,102 7,628
Other Noncurrent Operating Liabilities
1,045 1,099 1,031 1,040 1,209 1,219 583 453 646 799
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
7,735 4,899 2,869 5,086 8,761 12,164 11,105 10,702 9,121 8,063
Total Preferred & Common Equity
7,563 4,724 2,869 5,086 8,761 12,164 11,105 10,702 9,121 8,063
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
7,563 4,724 2,869 5,086 8,761 12,164 11,105 10,702 9,121 8,063
Common Stock
7,834 7,477 7,288 7,560 6,001 3,496 3,423 3,392 3,331 3,300
Retained Earnings
2,612 -10 -1,707 302 5,563 11,523 10,263 9,022 7,860 6,945
Treasury Stock
-2,081 -2,069 -2,068 -2,066 -2,064 -2,058 -1,953 -1,378 -1,153 -853
Accumulated Other Comprehensive Income / (Loss)
-802 -674 -644 -711 -739 -798 -628 -334 -916 -1,328
Noncontrolling Interest
172 175 0.00 - - - - - - -

Quarterly Balance Sheets for Royal Caribbean Cruises

This table presents Royal Caribbean Cruises' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Total Assets
37,452 37,070 37,067 36,974 35,190 35,131 32,769 32,923 32,870 33,776 33,464
Total Current Assets
1,828 1,705 1,831 1,886 1,870 1,792 1,781 1,969 2,414 3,205 2,837
Cash & Equivalents
386 388 418 391 437 497 600 726 1,227 1,935 1,566
Accounts Receivable
427 371 441 412 455 405 360 375 379 531 534
Inventories, net
256 265 265 242 236 248 242 216 221 224 237
Prepaid Expenses
723 670 667 790 690 617 509 605 544 456 436
Other Current Assets
36 11 40 51 52 25 70 47 43 59 64
Plant, Property, & Equipment, net
31,904 31,831 31,706 31,759 30,025 30,114 27,855 27,936 27,466 27,546 27,693
Total Noncurrent Assets
3,720 3,534 3,530 3,329 3,295 3,225 3,133 3,019 2,991 3,025 2,934
Goodwill
808 808 809 809 809 809 809 809 809 809 809
Other Noncurrent Operating Assets
2,912 2,726 2,072 1,931 1,887 2,416 2,324 2,209 2,181 2,216 2,125
Total Liabilities & Shareholders' Equity
37,452 37,070 37,067 36,974 35,190 35,131 32,769 32,923 32,870 33,776 33,464
Total Liabilities
29,310 29,335 29,843 30,792 29,865 30,232 28,172 29,382 29,845 30,907 30,259
Total Current Liabilities
10,300 9,817 9,631 9,894 9,905 9,401 9,242 9,667 9,442 8,573 9,794
Short-Term Debt
1,396 1,603 1,868 1,332 1,643 1,720 2,044 1,713 2,055 2,088 3,945
Accounts Payable
956 919 851 821 876 792 715 692 715 647 624
Accrued Expenses
1,504 1,635 1,476 1,410 1,236 1,478 1,211 1,392 1,201 1,459 859
Customer Deposits
6,334 - 5,324 6,245 6,040 5,311 5,032 5,676 5,271 4,168 3,774
Other Current Liabilities
110 164 112 86 110 100 239 194 200 211 318
Total Noncurrent Liabilities
19,010 19,518 20,212 20,898 19,960 20,831 18,931 19,715 20,404 22,334 20,465
Long-Term Debt
17,993 18,473 18,972 19,785 18,876 19,732 17,925 18,686 19,405 21,303 19,384
Other Noncurrent Operating Liabilities
1,017 1,045 592 522 481 1,099 1,006 1,030 999 1,031 1,081
Total Equity & Noncontrolling Interests
8,142 7,735 7,224 6,182 5,325 4,899 4,596 3,541 3,025 2,869 3,205
Total Preferred & Common Equity
7,960 7,563 7,045 6,008 5,151 4,724 4,423 3,364 2,852 2,869 3,205
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
7,960 7,563 7,045 6,008 5,151 4,724 4,423 3,364 2,852 2,869 3,205
Common Stock
7,849 7,834 7,672 7,539 7,499 7,477 7,425 7,410 7,354 7,288 7,273
Retained Earnings
3,139 2,612 2,207 1,204 350 -10 -288 -1,297 -1,755 -1,707 -1,207
Treasury Stock
-2,333 -2,081 -2,081 -2,081 -2,081 -2,069 -2,069 -2,069 -2,069 -2,068 -2,068
Accumulated Other Comprehensive Income / (Loss)
-695 -802 -753 -654 -617 -674 -645 -680 -678 -644 -792
Noncontrolling Interest
182 172 179 174 174 175 173 177 174 0.00 -

Annual Metrics And Ratios for Royal Caribbean Cruises

This table displays calculated financial ratios and metrics derived from Royal Caribbean Cruises' official financial filings.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Growth Metrics
- - - - - - - - - -
Revenue Growth
18.59% 57.24% 477.02% -30.64% -79.83% 15.34% 8.16% 3.31% 2.38% 2.79%
EBITDA Growth
33.22% 547.30% 129.68% 30.13% -198.08% 12.54% 9.38% 14.51% 38.14% -3.26%
EBIT Growth
46.66% 424.29% 77.01% 18.75% -330.23% 7.99% 9.61% 20.62% 69.50% -11.45%
NOPAT Growth
42.67% 636.74% 80.21% 15.90% -254.66% 9.92% 8.64% 18.06% 68.84% -7.11%
Net Income Growth
69.95% 179.04% 59.01% 8.92% -402.74% 5.06% 11.73% 26.63% 92.76% -12.87%
EPS Growth
73.38% 174.67% 59.55% 22.77% -402.23% 4.56% 13.68% 26.98% 96.36% -11.95%
Operating Cash Flow Growth
17.60% 830.77% 125.61% 49.67% -200.41% 6.82% 21.03% 14.22% 29.30% 11.62%
Free Cash Flow Firm Growth
88.07% 218.84% 36.13% 58.52% -712.41% 132.57% -207.54% 555.85% -143.18% -5.73%
Invested Capital Growth
6.07% 6.29% 2.52% -3.78% 4.50% 6.23% 22.25% -1.38% 11.60% -0.84%
Revenue Q/Q Growth
2.67% 5.52% 22.46% 162.32% -52.92% 1.72% 3.58% 1.09% 0.09% 1.03%
EBITDA Q/Q Growth
4.09% 18.09% 342.04% -1.79% -64.07% -0.59% 3.80% 0.32% 8.77% 8.40%
EBIT Q/Q Growth
4.81% 31.07% 52.24% -1.37% -39.25% -2.82% 3.28% 0.37% 8.75% 8.41%
NOPAT Q/Q Growth
1.31% 23.98% 57.71% -0.39% -40.05% -3.01% 3.08% 0.61% 3.28% 17.54%
Net Income Q/Q Growth
10.75% 84.07% 28.44% 0.20% -39.91% -2.05% 1.82% 1.69% 4.42% 17.06%
EPS Q/Q Growth
11.41% 96.57% 28.69% 3.11% -37.17% -1.97% 1.78% 1.89% 4.40% 17.51%
Operating Cash Flow Q/Q Growth
7.14% 13.72% 260.45% 24.82% -62.46% -3.20% 9.86% -3.22% 7.58% 2.87%
Free Cash Flow Firm Q/Q Growth
1,019.08% -62.52% 49.41% 29.72% -16.92% -27.53% -3.68% -8.28% -40.07% 2,258.83%
Invested Capital Q/Q Growth
-3.08% 7.88% -3.64% -2.23% 0.91% 2.26% 1.47% 1.05% -0.01% -1.05%
Profitability Metrics
- - - - - - - - - -
Gross Margin
47.51% 44.06% 25.16% -78.79% -25.19% 44.64% 44.57% 44.22% 40.97% 38.55%
EBITDA Margin
35.83% 31.90% 7.75% -150.65% -149.55% 30.75% 31.52% 31.17% 28.12% 20.84%
Operating Margin
24.91% 20.71% -8.67% -252.61% -208.33% 19.02% 19.96% 19.87% 17.39% 10.54%
EBIT Margin
25.53% 20.65% -10.01% -251.31% -214.53% 18.80% 20.08% 19.81% 16.97% 10.25%
Profit (Net Income) Margin
17.57% 12.26% -24.39% -343.34% -261.46% 17.42% 19.13% 18.51% 15.11% 8.02%
Tax Burden Percent
100.03% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent
68.78% 59.37% 243.62% 136.62% 121.87% 92.68% 95.27% 93.46% 89.03% 78.29%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
15.41% 11.47% -2.23% -11.20% -13.35% 9.09% 9.38% 9.53% 8.46% 5.28%
ROIC Less NNEP Spread (ROIC-NNEP)
9.46% 5.93% -10.31% -25.97% -32.44% 7.46% 8.51% 8.11% 6.27% 2.82%
Return on Net Nonoperating Assets (RNNOA)
30.43% 32.40% -51.98% -64.78% -40.39% 6.55% 6.86% 6.86% 6.48% 2.98%
Return on Equity (ROE)
45.84% 43.87% -54.21% -75.98% -53.74% 15.65% 16.25% 16.40% 14.94% 8.26%
Cash Return on Invested Capital (CROIC)
9.52% 5.38% -4.72% -7.35% -17.76% 3.05% -10.64% 10.92% -2.51% 6.12%
Operating Return on Assets (OROA)
11.66% 8.33% -2.68% -11.90% -15.09% 7.09% 7.61% 7.78% 6.69% 4.08%
Return on Assets (ROA)
8.02% 4.95% -6.53% -16.25% -18.40% 6.58% 7.25% 7.28% 5.96% 3.19%
Return on Common Equity (ROCE)
44.59% 42.88% -54.21% -75.98% -52.31% 14.93% 15.85% 16.40% 14.94% 8.26%
Return on Equity Simple (ROE_SIMPLE)
38.29% 36.07% -75.15% -103.43% -65.92% 15.68% 16.35% 15.18% 14.07% 8.26%
Net Operating Profit after Tax (NOPAT)
4,106 2,878 -536 -2,709 -3,221 2,083 1,895 1,744 1,477 875
NOPAT Margin
24.91% 20.71% -6.07% -176.83% -145.83% 19.02% 19.96% 19.87% 17.39% 10.54%
Net Nonoperating Expense Percent (NNEP)
5.95% 5.54% 8.08% 14.77% 19.09% 1.63% 0.88% 1.42% 2.18% 2.46%
Return On Investment Capital (ROIC_SIMPLE)
14.76% 10.92% -2.04% - - - - - - -
Cost of Revenue to Revenue
52.49% 55.94% 74.84% 178.79% 125.19% 55.36% 55.43% 55.78% 59.03% 61.45%
SG&A Expenses to Revenue
12.89% 12.89% 17.91% 89.43% 54.31% 14.24% 13.73% 13.51% 13.05% 13.09%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
22.60% 23.36% 33.82% 173.83% 183.14% 25.62% 24.61% 24.35% 23.58% 28.01%
Earnings before Interest and Taxes (EBIT)
4,209 2,870 -885 -3,850 -4,739 2,058 1,906 1,739 1,442 850
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
5,907 4,434 685 -2,308 -3,303 3,368 2,993 2,736 2,389 1,730
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
8.20 6.99 4.38 3.85 1.91 2.28 1.78 2.25 1.79 2.50
Price to Tangible Book Value (P/TBV)
9.18 8.44 6.09 4.58 2.11 2.57 2.03 2.32 1.85 2.59
Price to Revenue (P/Rev)
3.76 2.38 1.42 12.79 7.59 2.53 2.08 2.75 1.92 2.43
Price to Earnings (P/E)
21.56 19.46 0.00 0.00 0.00 14.75 10.90 14.84 12.71 30.29
Dividend Yield
0.41% 0.00% 0.00% 0.00% 4.07% 2.24% 2.75% 1.92% 2.25% 1.47%
Earnings Yield
4.64% 5.14% 0.00% 0.00% 0.00% 6.78% 9.17% 6.74% 7.87% 3.30%
Enterprise Value to Invested Capital (EV/IC)
2.99 2.09 1.40 1.60 1.31 1.66 1.39 1.74 1.39 1.73
Enterprise Value to Revenue (EV/Rev)
4.97 3.90 3.85 24.79 14.67 3.57 3.24 3.59 3.01 3.44
Enterprise Value to EBITDA (EV/EBITDA)
13.86 12.21 49.65 0.00 0.00 11.60 10.28 11.53 10.70 16.52
Enterprise Value to EBIT (EV/EBIT)
19.46 18.87 0.00 0.00 0.00 18.98 16.15 18.14 17.73 33.60
Enterprise Value to NOPAT (EV/NOPAT)
19.94 18.82 0.00 0.00 0.00 18.76 16.24 18.08 17.30 32.66
Enterprise Value to Operating Cash Flow (EV/OCF)
15.55 12.10 70.71 0.00 0.00 10.51 8.85 10.97 10.16 14.68
Enterprise Value to Free Cash Flow (EV/FCFF)
32.28 40.15 0.00 0.00 0.00 55.86 0.00 15.79 0.00 28.16
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
2.60 4.38 8.15 4.15 2.21 0.87 0.93 0.70 1.03 1.06
Long-Term Debt to Equity
2.39 4.03 7.43 3.71 2.05 0.66 0.72 0.59 0.89 0.95
Financial Leverage
3.22 5.46 5.04 2.49 1.24 0.88 0.81 0.85 1.03 1.06
Leverage Ratio
5.71 8.87 8.30 4.67 2.92 2.38 2.24 2.25 2.51 2.59
Compound Leverage Factor
3.93 5.27 20.22 6.39 3.56 2.21 2.13 2.11 2.23 2.02
Debt to Total Capital
72.19% 81.41% 89.07% 80.57% 68.81% 46.43% 48.06% 41.33% 50.72% 51.40%
Short-Term Debt to Total Capital
5.76% 6.53% 7.95% 8.57% 4.88% 11.03% 10.80% 6.52% 6.95% 5.42%
Long-Term Debt to Total Capital
66.42% 74.88% 81.12% 72.00% 63.93% 35.40% 37.26% 34.82% 43.77% 45.98%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.62% 0.66% 0.00% 0.00% 0.00% 2.40% 2.42% 0.00% 0.00% 0.00%
Common Equity to Total Capital
27.19% 17.93% 10.93% 19.43% 31.19% 51.18% 49.52% 58.67% 49.28% 48.60%
Debt to EBITDA
3.40 4.84 34.15 -9.14 -5.85 3.28 3.60 2.76 3.93 4.93
Net Debt to EBITDA
3.33 4.73 31.32 -7.97 -4.74 3.20 3.51 2.71 3.87 4.86
Long-Term Debt to EBITDA
3.13 4.45 31.10 -8.17 -5.44 2.50 2.79 2.32 3.39 4.41
Debt to NOPAT
4.89 7.45 -43.62 -7.79 -6.00 5.30 5.69 4.32 6.35 9.75
Net Debt to NOPAT
4.79 7.28 -40.01 -6.79 -4.86 5.18 5.54 4.25 6.27 9.61
Long-Term Debt to NOPAT
4.50 6.86 -39.73 -6.96 -5.58 4.04 4.41 3.64 5.48 8.72
Altman Z-Score
1.92 1.06 0.16 -0.04 0.24 1.79 1.57 2.24 1.63 1.75
Noncontrolling Interest Sharing Ratio
2.75% 2.25% 0.00% 0.00% 2.65% 4.56% 2.43% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
0.17 0.19 0.37 0.49 0.95 0.15 0.17 0.19 0.17 0.20
Quick Ratio
0.08 0.10 0.29 0.43 0.87 0.07 0.09 0.09 0.10 0.08
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
2,537 1,349 -1,135 -1,777 -4,284 700 -2,148 1,997 -438 1,015
Operating Cash Flow to CapEx
161.11% 114.88% 17.75% -91.43% -192.62% 122.87% 95.06% 860.29% 100.90% 120.64%
Free Cash Flow to Firm to Interest Expense
1.60 0.96 -0.83 -1.38 -5.07 1.71 -6.44 6.66 -1.43 3.65
Operating Cash Flow to Interest Expense
3.31 3.19 0.35 -1.45 -4.42 9.10 10.43 9.58 8.19 7.01
Operating Cash Flow Less CapEx to Interest Expense
1.26 0.41 -1.63 -3.04 -6.71 1.69 -0.54 8.47 0.07 1.20
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.46 0.40 0.27 0.05 0.07 0.38 0.38 0.39 0.39 0.40
Accounts Receivable Turnover
42.48 29.70 18.83 4.43 7.49 34.75 29.52 28.75 32.01 34.73
Inventory Turnover
33.73 32.94 35.36 20.37 19.69 38.41 39.72 43.43 42.61 42.03
Fixed Asset Turnover
0.53 0.48 0.33 0.00 0.00 0.45 0.44 0.44 0.44 0.44
Accounts Payable Turnover
10.11 10.81 11.09 6.09 6.03 11.53 12.41 14.72 16.52 16.88
Days Sales Outstanding (DSO)
8.59 12.29 19.39 82.46 48.75 10.50 12.36 12.69 11.40 10.51
Days Inventory Outstanding (DIO)
10.82 11.08 10.32 17.92 18.53 9.50 9.19 8.40 8.57 8.68
Days Payable Outstanding (DPO)
36.09 33.78 32.91 59.93 60.53 31.66 29.42 24.80 22.10 21.62
Cash Conversion Cycle (CCC)
-16.68 -10.41 -3.20 40.45 6.75 -11.66 -7.87 -3.70 -2.13 -2.43
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
27,423 25,854 24,325 23,726 24,658 23,595 22,212 18,169 18,422 16,507
Invested Capital Turnover
0.62 0.55 0.37 0.06 0.09 0.48 0.47 0.48 0.49 0.50
Increase / (Decrease) in Invested Capital
1,569 1,529 599 -932 1,063 1,383 4,043 -253 1,915 -140
Enterprise Value (EV)
81,887 54,156 34,011 37,982 32,400 39,074 30,775 31,534 25,562 28,573
Market Capitalization
62,027 33,026 12,555 19,593 16,756 27,713 19,743 24,115 16,307 20,167
Book Value per Share
$28.13 $18.44 $11.24 $19.96 $39.05 $58.03 $53.14 $49.99 $42.51 $36.65
Tangible Book Value per Share
$25.12 $15.28 $8.07 $16.78 $35.44 $51.42 $46.54 $48.64 $41.16 $35.35
Total Capital
27,811 26,351 26,260 26,176 28,090 23,769 22,425 18,242 18,509 16,590
Total Debt
20,076 21,452 23,391 21,090 19,329 11,035 10,778 7,539 9,387 8,527
Total Long-Term Debt
18,473 19,732 21,303 18,847 17,958 8,414 8,355 6,351 8,102 7,628
Net Debt
19,688 20,955 21,456 18,389 15,645 10,791 10,490 7,419 9,255 8,406
Capital Expenditures (CapEx)
3,268 3,897 2,710 2,054 1,937 3,025 3,660 334 2,494 1,613
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-6,897 -6,386 -5,215 -4,144 -2,539 -4,413 -3,736 -2,879 -2,540 -2,678
Debt-free Net Working Capital (DFNWC)
-6,509 -5,889 -3,280 -1,442 1,146 -4,170 -3,448 -2,759 -2,408 -2,556
Net Working Capital (NWC)
-8,112 -7,609 -5,368 -3,685 -225 -6,790 -5,870 -3,947 -3,693 -3,456
Net Nonoperating Expense (NNE)
1,210 1,174 1,620 2,551 2,554 175 79 119 194 209
Net Nonoperating Obligations (NNO)
19,688 20,955 21,456 18,641 15,897 10,861 10,564 7,467 9,301 8,444
Total Depreciation and Amortization (D&A)
1,698 1,564 1,570 1,542 1,435 1,310 1,087 997 948 879
Debt-free, Cash-free Net Working Capital to Revenue
-41.84% -45.94% -58.99% -270.50% -114.94% -40.30% -39.35% -32.80% -29.90% -32.27%
Debt-free Net Working Capital to Revenue
-39.49% -42.37% -37.10% -94.14% 51.87% -38.08% -36.32% -31.43% -28.34% -30.80%
Net Working Capital to Revenue
-49.21% -54.74% -60.72% -240.56% -10.20% -62.01% -61.83% -44.97% -43.47% -41.64%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$11.00 $6.63 ($8.45) ($20.89) ($27.05) $8.97 $8.60 $7.57 $5.96 $0.00
Adjusted Weighted Average Basic Shares Outstanding
269.13M 256.65M 255.35M 255.00M 237.54M 209.00M 209.19M 213.75M 214.80M 0.00
Adjusted Diluted Earnings per Share
$10.94 $6.31 ($8.45) ($20.89) ($27.05) $8.95 $8.56 $7.53 $5.93 $0.00
Adjusted Weighted Average Diluted Shares Outstanding
269.13M 256.65M 255.35M 255.00M 237.54M 209.00M 209.19M 213.75M 214.80M 0.00
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
269.13M 256.65M 255.35M 255.00M 237.54M 209.00M 209.19M 213.75M 214.80M 0.00
Normalized Net Operating Profit after Tax (NOPAT)
2,874 2,015 -536 -2,709 -2,125 1,458 1,326 1,221 1,034 900
Normalized NOPAT Margin
17.44% 14.49% -6.07% -176.83% -96.19% 13.31% 13.97% 13.91% 12.17% 10.85%
Pre Tax Income Margin
17.56% 12.26% -24.39% -343.34% -261.46% 17.42% 19.13% 18.51% 15.11% 8.02%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
2.65 2.05 -0.65 -2.98 -5.61 5.04 5.71 5.80 4.69 3.06
NOPAT to Interest Expense
2.58 2.05 -0.39 -2.10 -3.82 5.10 5.68 5.81 4.81 3.15
EBIT Less CapEx to Interest Expense
0.59 -0.73 -2.64 -4.57 -7.91 -2.37 -5.26 4.68 -3.43 -2.75
NOPAT Less CapEx to Interest Expense
0.53 -0.73 -2.38 -3.69 -6.11 -2.31 -5.29 4.70 -3.31 -2.66
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
3.69% 0.00% 0.00% 0.00% -5.65% 31.59% 29.05% 26.92% 27.00% 42.09%
Augmented Payout Ratio
3.69% 0.00% 0.00% 0.00% -5.65% 36.81% 60.72% 40.76% 50.37% 72.13%

Quarterly Metrics And Ratios for Royal Caribbean Cruises

This table displays calculated financial ratios and metrics derived from Royal Caribbean Cruises' official financial filings.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics
- - - - - - - - - - -
Revenue Growth
7.27% 12.88% 17.45% 16.66% 29.18% 27.95% 38.99% 61.29% 172.46% 165.09% 555.00%
EBITDA Growth
18.53% 24.09% 23.89% 31.08% 73.16% 239.47% 135.74% 538.48% 239.22% 141.49% 219.83%
EBIT Growth
25.88% 33.86% 27.92% 43.08% 167.87% 616.90% 320.11% 461.00% 132.14% 89.77% 130.89%
NOPAT Growth
26.00% 9.30% 29.17% 42.54% 293.91% 5,964.54% 323.89% 603.75% 131.66% 101.30% 142.39%
Net Income Growth
102.20% 101.08% 10.29% 85.31% 858.33% 155.57% 2,966.61% 188.77% 95.89% 63.12% 102.31%
EPS Growth
100.00% 97.39% 15.34% 82.94% 810.53% 158.97% 2,707.69% 182.93% 95.85% 63.55% 102.33%
Operating Cash Flow Growth
22.52% 31.45% 36.12% 13.00% 1.37% 93.84% 1,579.77% 190.82% 347.71% 380.53% 88.96%
Free Cash Flow Firm Growth
90.51% 1.36% -205.99% -234.55% -216.53% -62.68% 475.29% 22,925.88% 1,385.00% -380.96% -26.85%
Invested Capital Growth
4.36% 6.07% 18.06% 18.46% 11.83% 6.29% -5.06% -6.44% -6.16% 2.52% 4.02%
Revenue Q/Q Growth
6.36% -23.05% 18.88% 10.25% 11.90% -19.93% 18.08% 22.07% 10.85% -13.02% 37.03%
EBITDA Q/Q Growth
14.56% -41.51% 34.94% 31.08% 19.88% -41.60% 42.77% 73.16% 135.13% -59.45% 286.69%
EBIT Q/Q Growth
22.41% -52.55% 46.72% 47.71% 30.08% -54.65% 64.10% 176.53% 351.20% -136.86% 241.01%
NOPAT Q/Q Growth
51.69% -61.87% 48.68% 46.53% 31.65% -54.94% 64.07% 304.94% 1,925.77% -96.85% 294.98%
Net Income Q/Q Growth
31.66% -49.87% 29.95% 135.71% 30.49% -72.50% 118.36% 1,064.58% 90.40% -1,617.36% 106.32%
EPS Q/Q Growth
18.94% -46.08% 35.37% 130.37% 17.39% -68.49% 114.71% 994.74% 90.26% -1,600.00% 106.34%
Operating Cash Flow Q/Q Growth
10.91% 63.55% -42.98% 18.45% 19.00% 69.35% -52.66% 6.26% 127.53% 1,392.81% -109.30%
Free Cash Flow Firm Q/Q Growth
79.92% 64.90% 15.42% -59.21% -108.63% -137.72% 7.37% 37.88% 391.35% 12.99% -6,430.45%
Invested Capital Q/Q Growth
-1.01% -3.08% 2.89% 5.72% 0.60% 7.88% 3.24% -0.19% -4.38% -3.64% 1.74%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
48.01% 45.40% 51.06% 47.64% 44.85% 43.26% 48.63% 44.51% 37.87% 31.45% 34.30%
EBITDA Margin
34.23% 31.78% 41.81% 36.84% 30.98% 28.91% 39.64% 32.78% 23.11% 10.90% 23.37%
Operating Margin
23.63% 16.57% 33.44% 26.74% 20.12% 17.11% 30.41% 21.88% 9.42% 0.52% 9.97%
EBIT Margin
23.36% 20.29% 32.91% 26.67% 19.90% 17.11% 30.22% 21.74% 9.60% -4.24% 10.00%
Profit (Net Income) Margin
18.40% 14.87% 22.82% 20.88% 9.76% 8.35% 24.30% 13.14% -1.66% -19.21% 1.10%
Tax Burden Percent
100.14% 100.18% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent
78.69% 73.13% 69.34% 78.28% 49.06% 48.77% 80.43% 60.44% -17.33% 453.65% 11.02%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
14.90% 10.25% 20.55% 16.17% 12.04% 9.48% 16.28% 10.94% 2.93% 0.13% 2.91%
ROIC Less NNEP Spread (ROIC-NNEP)
13.84% 9.94% 17.98% 14.99% 10.15% 8.10% 15.05% 9.44% 1.77% -2.41% 1.57%
Return on Net Nonoperating Assets (RNNOA)
40.80% 31.97% 61.52% 63.19% 49.75% 44.24% 79.89% 55.91% 10.34% -12.14% 6.49%
Return on Equity (ROE)
55.70% 42.22% 82.07% 79.36% 61.79% 53.72% 96.17% 66.85% 13.27% -12.01% 9.39%
Cash Return on Invested Capital (CROIC)
11.91% 9.52% -1.06% -2.37% 2.45% 5.38% 14.63% 10.60% 7.42% -4.72% -9.06%
Operating Return on Assets (OROA)
10.77% 9.27% 15.13% 11.70% 8.62% 6.90% 12.02% 7.81% 3.11% -1.13% 2.18%
Return on Assets (ROA)
8.49% 6.79% 10.49% 9.16% 4.23% 3.37% 9.67% 4.72% -0.54% -5.14% 0.24%
Return on Common Equity (ROCE)
54.22% 41.06% 79.62% 76.49% 59.21% 52.51% 94.04% 65.14% 12.94% -12.01% 9.39%
Return on Equity Simple (ROE_SIMPLE)
41.06% 0.00% 37.12% 41.79% 41.08% 0.00% 20.93% -1.55% -36.36% 0.00% -93.99%
Net Operating Profit after Tax (NOPAT)
945 623 1,634 1,099 750 570 1,265 771 190 9.40 298
NOPAT Margin
23.63% 16.57% 33.44% 26.74% 20.12% 17.11% 30.41% 21.88% 6.60% 0.36% 9.97%
Net Nonoperating Expense Percent (NNEP)
1.05% 0.31% 2.57% 1.18% 1.89% 1.38% 1.23% 1.50% 1.16% 2.54% 1.33%
Return On Investment Capital (ROIC_SIMPLE)
3.43% 2.24% - - - 2.16% - - - 0.04% -
Cost of Revenue to Revenue
51.99% 54.60% 48.94% 52.36% 55.15% 56.74% 51.37% 55.49% 62.13% 68.55% 65.70%
SG&A Expenses to Revenue
14.05% 17.90% 9.23% 11.34% 14.35% 15.10% 9.45% 12.35% 15.97% 17.07% 12.47%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
24.36% 28.80% 17.62% 20.90% 24.73% 26.15% 18.22% 22.62% 28.45% 30.93% 24.33%
Earnings before Interest and Taxes (EBIT)
934 763 1,608 1,096 742 570 1,257 766 277 -110 299
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
1,369 1,195 2,043 1,514 1,155 963 1,649 1,155 667 284 700
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
6.95 8.20 6.48 6.83 6.92 6.99 5.32 7.89 5.85 4.38 3.02
Price to Tangible Book Value (P/TBV)
7.73 9.18 7.32 7.89 8.20 8.44 6.52 10.39 8.16 6.09 4.03
Price to Revenue (P/Rev)
3.30 3.76 2.84 2.68 2.42 2.38 1.79 2.21 1.56 1.42 1.34
Price to Earnings (P/E)
17.03 21.56 17.55 16.41 16.92 19.46 25.60 0.00 0.00 0.00 0.00
Dividend Yield
0.83% 0.41% 0.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
5.87% 4.64% 5.70% 6.09% 5.91% 5.14% 3.91% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
2.74 2.99 2.36 2.27 2.17 2.09 1.80 2.00 1.59 1.40 1.25
Enterprise Value to Revenue (EV/Rev)
4.44 4.97 4.17 4.08 3.83 3.90 3.27 3.86 3.48 3.85 4.35
Enterprise Value to EBITDA (EV/EBITDA)
12.17 13.86 11.79 11.84 11.47 12.21 11.48 16.53 20.25 49.65 0.00
Enterprise Value to EBIT (EV/EBIT)
16.92 19.46 16.66 17.06 16.94 18.87 19.68 37.65 146.14 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
17.32 19.94 16.51 16.97 16.83 18.82 18.56 48.90 145.05 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
13.39 15.55 13.62 13.37 12.56 12.10 10.95 14.34 15.98 70.71 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
23.52 32.28 0.00 0.00 93.40 40.15 11.97 18.22 20.80 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
2.38 2.60 2.97 3.51 3.97 4.38 4.34 5.76 7.09 8.15 7.28
Long-Term Debt to Equity
2.21 2.39 2.72 3.30 3.66 4.03 3.90 5.28 6.41 7.43 6.05
Financial Leverage
2.95 3.22 3.42 4.22 4.90 5.46 5.31 5.92 5.85 5.04 4.12
Leverage Ratio
5.39 5.71 5.91 7.19 8.15 8.87 8.49 9.64 9.38 8.30 6.84
Compound Leverage Factor
4.24 4.18 4.10 5.63 4.00 4.33 6.83 5.82 -1.63 37.66 0.75
Debt to Total Capital
70.43% 72.19% 74.84% 77.83% 79.87% 81.41% 81.29% 85.21% 87.64% 89.07% 87.92%
Short-Term Debt to Total Capital
5.07% 5.76% 6.51% 4.78% 6.21% 6.53% 8.32% 7.16% 8.39% 7.95% 14.87%
Long-Term Debt to Total Capital
65.36% 66.42% 68.33% 73.06% 73.65% 74.88% 72.97% 78.05% 79.25% 81.12% 73.05%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.66% 0.62% 0.62% 0.62% 0.66% 0.66% 0.71% 0.74% 0.71% 0.00% 0.00%
Common Equity to Total Capital
28.91% 27.19% 24.54% 21.54% 19.48% 17.93% 18.01% 14.05% 11.65% 10.93% 12.08%
Debt to EBITDA
3.17 3.40 3.79 4.11 4.29 4.84 5.32 7.27 11.72 34.15 -82.43
Net Debt to EBITDA
3.10 3.33 3.71 4.04 4.20 4.73 5.16 7.01 11.05 31.32 -76.90
Long-Term Debt to EBITDA
2.94 3.13 3.46 3.86 3.96 4.45 4.77 6.66 10.60 31.10 -68.49
Debt to NOPAT
4.51 4.89 5.30 5.89 6.29 7.45 8.60 21.51 83.94 -43.62 -18.40
Net Debt to NOPAT
4.42 4.79 5.20 5.79 6.16 7.28 8.34 20.74 79.15 -40.01 -17.17
Long-Term Debt to NOPAT
4.18 4.50 4.84 5.53 5.80 6.86 7.72 19.70 75.91 -39.73 -15.29
Altman Z-Score
1.51 1.62 1.33 1.10 0.94 0.84 0.74 0.65 0.36 0.23 0.14
Noncontrolling Interest Sharing Ratio
2.64% 2.75% 2.98% 3.61% 4.17% 2.25% 2.22% 2.56% 2.48% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.18 0.17 0.19 0.19 0.19 0.19 0.19 0.20 0.26 0.37 0.29
Quick Ratio
0.08 0.08 0.09 0.08 0.09 0.10 0.10 0.11 0.17 0.29 0.21
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-190 -946 -2,695 -3,186 -2,001 -959 2,543 2,368 1,717 -590 -678
Operating Cash Flow to CapEx
380.14% 265.76% 268.56% 73.50% 548.76% 43.46% 234.52% 174.87% 519.84% 345.31% -19.75%
Free Cash Flow to Firm to Interest Expense
-0.76 -3.57 -4.47 -10.69 -4.72 -2.76 7.48 6.67 4.77 -1.37 -1.92
Operating Cash Flow to Interest Expense
6.53 5.54 1.49 5.28 3.13 3.22 1.94 3.92 3.64 1.33 -0.13
Operating Cash Flow Less CapEx to Interest Expense
4.82 3.45 0.93 -1.90 2.56 -4.18 1.11 1.68 2.94 0.95 -0.77
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.46 0.46 0.46 0.44 0.43 0.40 0.40 0.36 0.32 0.27 0.22
Accounts Receivable Turnover
37.99 42.48 40.08 38.94 35.35 29.70 29.45 25.53 24.10 18.83 15.50
Inventory Turnover
35.26 33.73 33.52 35.97 35.15 32.94 32.04 33.70 36.05 35.36 31.44
Fixed Asset Turnover
0.54 0.53 0.54 0.51 0.51 0.48 0.47 0.43 0.39 0.33 0.27
Accounts Payable Turnover
9.47 10.11 10.84 10.89 10.11 10.81 11.46 10.32 10.45 11.09 11.00
Days Sales Outstanding (DSO)
9.61 8.59 9.11 9.37 10.33 12.29 12.39 14.29 15.15 19.39 23.55
Days Inventory Outstanding (DIO)
10.35 10.82 10.89 10.15 10.38 11.08 11.39 10.83 10.12 10.32 11.61
Days Payable Outstanding (DPO)
38.54 36.09 33.67 33.53 36.12 33.78 31.86 35.36 34.94 32.91 33.18
Cash Conversion Cycle (CCC)
-18.58 -16.68 -13.68 -14.01 -15.41 -10.41 -8.08 -10.23 -9.67 -3.20 1.98
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
27,145 27,423 28,294 27,499 26,010 25,854 23,965 23,214 23,259 24,325 25,243
Invested Capital Turnover
0.63 0.62 0.61 0.60 0.60 0.55 0.54 0.50 0.44 0.37 0.29
Increase / (Decrease) in Invested Capital
1,135 1,569 4,329 4,285 2,751 1,529 -1,278 -1,597 -1,527 599 976
Enterprise Value (EV)
74,475 81,887 66,905 62,520 56,478 54,156 43,091 46,380 37,081 34,011 31,430
Market Capitalization
55,290 62,027 45,656 41,029 35,619 33,026 23,549 26,530 16,674 12,555 9,667
Book Value per Share
$29.58 $28.13 $27.37 $23.35 $20.04 $18.44 $17.27 $13.15 $11.17 $11.24 $12.57
Tangible Book Value per Share
$26.57 $25.12 $24.23 $20.20 $16.89 $15.28 $14.11 $9.99 $8.00 $8.07 $9.39
Total Capital
27,531 27,811 28,712 27,890 26,447 26,351 24,565 23,940 24,486 26,260 26,535
Total Debt
19,389 20,076 21,488 21,708 21,122 21,452 19,969 20,399 21,460 23,391 23,329
Total Long-Term Debt
17,993 18,473 19,620 20,376 19,479 19,732 17,925 18,686 19,405 21,303 19,384
Net Debt
19,003 19,688 21,070 21,317 20,685 20,955 19,369 19,673 20,233 21,456 21,763
Capital Expenditures (CapEx)
428 552 334 2,140 242 2,568 281 796 252 167 226
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-7,462 -6,897 -6,350 -7,067 -6,829 -6,386 -6,017 -6,711 -6,200 -5,215 -4,578
Debt-free Net Working Capital (DFNWC)
-7,076 -6,509 -5,932 -6,676 -6,392 -5,889 -5,417 -5,985 -4,973 -3,280 -3,012
Net Working Capital (NWC)
-8,472 -8,112 -7,800 -8,008 -8,035 -7,609 -7,461 -7,698 -7,028 -5,368 -6,957
Net Nonoperating Expense (NNE)
209 64 519 241 386 292 254 308 238 510 265
Net Nonoperating Obligations (NNO)
19,003 19,688 21,070 21,317 20,685 20,955 19,369 19,673 20,233 21,456 22,037
Total Depreciation and Amortization (D&A)
435 432 435 418 413 393 392 389 390 394 400
Debt-free, Cash-free Net Working Capital to Revenue
-44.54% -41.84% -39.55% -46.10% -46.32% -45.94% -45.68% -55.90% -58.12% -58.99% -63.42%
Debt-free Net Working Capital to Revenue
-42.23% -39.49% -36.95% -43.55% -43.36% -42.37% -41.12% -49.85% -46.62% -37.10% -41.72%
Net Working Capital to Revenue
-50.56% -49.21% -48.58% -52.24% -54.50% -54.74% -56.64% -64.12% -65.89% -60.72% -96.37%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$2.71 $2.06 $4.22 $3.32 $1.40 $1.09 $3.94 $1.79 ($0.19) ($1.95) $0.13
Adjusted Weighted Average Basic Shares Outstanding
269M 269.13M 263M 257M 257M 256.65M 256.19M 255.81M 255.47M 255.35M 255.07M
Adjusted Diluted Earnings per Share
$2.70 $2.27 $4.21 $3.11 $1.35 $1.15 $3.65 $1.70 ($0.19) ($1.95) $0.13
Adjusted Weighted Average Diluted Shares Outstanding
276M 269.13M 264M 281M 281M 256.65M 281.88M 281.91M 255.47M 255.35M 255.38M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
271.56M 269.13M 268.88M 257.42M 257.35M 256.65M 256.24M 256.17M 255.74M 255.35M 255.18M
Normalized Net Operating Profit after Tax (NOPAT)
662 436 1,144 769 525 399 886 540 190 9.40 209
Normalized NOPAT Margin
16.54% 11.60% 23.41% 18.72% 14.08% 11.98% 21.29% 15.32% 6.60% 0.36% 6.98%
Pre Tax Income Margin
18.38% 14.84% 22.82% 20.88% 9.76% 8.35% 24.30% 13.14% -1.66% -19.21% 1.10%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
3.75 2.88 2.67 3.68 1.75 1.64 3.70 2.16 0.77 -0.26 0.85
NOPAT to Interest Expense
3.80 2.35 2.71 3.69 1.77 1.64 3.72 2.17 0.53 0.02 0.85
EBIT Less CapEx to Interest Expense
2.03 0.80 2.11 -3.50 1.18 -5.76 2.87 -0.08 0.07 -0.64 0.21
NOPAT Less CapEx to Interest Expense
2.08 0.27 2.16 -3.49 1.20 -5.76 2.89 -0.07 -0.17 -0.36 0.21
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
7.80% 3.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
7.80% 3.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Frequently Asked Questions About Royal Caribbean Cruises' Financials

When does Royal Caribbean Cruises's financial year end?

According to the most recent income statement we have on file, Royal Caribbean Cruises' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Royal Caribbean Cruises' net income changed over the last 9 years?

Royal Caribbean Cruises' net income appears to be on an upward trend, with a most recent value of $2.90 billion in 2024, rising from $665.78 million in 2015. The previous period was $1.70 billion in 2023. Check out Royal Caribbean Cruises' forecast to explore projected trends and price targets.

What is Royal Caribbean Cruises's operating income?
Royal Caribbean Cruises's total operating income in 2024 was $4.11 billion, based on the following breakdown:
  • Total Gross Profit: $7.83 billion
  • Total Operating Expenses: $3.73 billion
How has Royal Caribbean Cruises revenue changed over the last 9 years?

Over the last 9 years, Royal Caribbean Cruises' total revenue changed from $8.30 billion in 2015 to $16.48 billion in 2024, a change of 98.6%.

How much debt does Royal Caribbean Cruises have?

Royal Caribbean Cruises' total liabilities were at $29.34 billion at the end of 2024, a 3.0% decrease from 2023, and a 130.6% increase since 2015.

How much cash does Royal Caribbean Cruises have?

In the past 9 years, Royal Caribbean Cruises' cash and equivalents has ranged from $120.11 million in 2017 to $3.68 billion in 2020, and is currently $388 million as of their latest financial filing in 2024.

How has Royal Caribbean Cruises' book value per share changed over the last 9 years?

Over the last 9 years, Royal Caribbean Cruises' book value per share changed from 36.65 in 2015 to 28.13 in 2024, a change of -23.3%.



This page (NYSE:RCL) was last updated on 5/28/2025 by MarketBeat.com Staff
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