Royal Caribbean Cruises (RCL) Financials

$344.71 +0.04 (+0.01%)

As of 03:06 PM Eastern

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	764	666	1,283	1,625	1,811	1,879	-5,797	-5,260	-2,156	1,697	2,877
Consolidated Net Income / (Loss)	764	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896
Net Income / (Loss) Continuing Operations	764	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,895
Total Pre-Tax Income	764	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,895
Total Operating Income	942	875	1,477	1,744	1,895	2,083	-4,602	-3,870	-766	2,878	4,106
Total Gross Profit	2,768	3,200	3,481	3,881	4,232	4,888	-556	-1,207	2,224	6,125	7,832
Total Revenue	8,074	8,299	8,496	8,778	9,494	10,951	2,209	1,532	8,840	13,900	16,484
Operating Revenue	8,074	8,299	8,496	8,778	9,494	10,951	2,209	1,532	8,840	13,900	16,484
Total Cost of Revenue	5,306	5,099	5,016	4,897	5,262	6,063	2,765	2,739	6,616	7,775	8,652
Operating Cost of Revenue	5,306	5,099	5,016	4,897	5,262	6,063	2,765	2,739	6,616	7,775	8,652
Total Operating Expenses	1,826	2,325	2,004	2,137	2,337	2,805	4,045	2,663	2,990	3,247	3,725
Selling, General & Admin Expense	1,049	1,087	1,109	1,186	1,303	1,559	1,200	1,370	1,583	1,792	2,125
Depreciation Expense	772	827	895	951	1,034	1,246	1,279	1,293	1,407	1,455	1,600
Total Other Income / (Expense), net	-178	-209	-194	-119	-79	-175	-1,174	-1,390	-1,390	-1,174	-1,211
Interest Expense	258	278	307	300	334	409	844	1,292	1,364	1,402	1,590
Interest & Investment Income	62	93	149	186	244	258	-192	-118	93	236	276
Other Income / (Expense), net	19	-24	-36	-5.29	11	-25	-137	20	-119	-8.00	103
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	4.75	29	22	0.00	0.00	7.00	18
Basic Earnings per Share	$3.45	$3.03	$5.96	$7.57	$8.60	$8.97	($27.05)	($20.89)	($8.45)	$6.63	$11.00
Weighted Average Basic Shares Outstanding	221.66M	219.54M	215.39M	214.62M	210.57M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M
Diluted Earnings per Share	$3.43	$3.02	$5.93	$7.53	$8.56	$8.95	($27.05)	($20.89)	($8.45)	$6.31	$10.94
Weighted Average Diluted Shares Outstanding	221.66M	219.54M	215.39M	214.62M	210.57M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M
Weighted Average Basic & Diluted Shares Outstanding	221.66M	219.54M	215.39M	214.62M	210.57M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M
Cash Dividends to Common per Share	$1.10	-	$1.71	$2.04	$2.60	$2.96	$0.78	-	$0.00	$0.00	$0.95

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-500	-48	459	1,009	277	360	854	1,111	552	730	1,210
Consolidated Net Income / (Loss)	-500	-48	463	1,011	278	364	858	1,115	559	736	1,214
Net Income / (Loss) Continuing Operations	-500	-48	463	1,011	278	364	858	1,115	558	735	1,214
Total Pre-Tax Income	-500	-48	463	1,011	278	364	858	1,115	558	735	1,214
Total Operating Income	13	272	771	1,265	570	750	1,099	1,634	623	945	1,329
Total Gross Profit	819	1,093	1,568	2,023	1,441	1,672	1,958	2,495	1,707	1,920	2,255
Total Revenue	2,603	2,886	3,523	4,160	3,331	3,728	4,110	4,886	3,760	3,999	4,538
Operating Revenue	2,603	2,886	3,523	4,160	3,331	3,728	4,110	4,886	3,760	3,999	4,538
Total Cost of Revenue	1,785	1,793	1,955	2,137	1,890	2,056	2,152	2,391	2,053	2,079	2,283
Operating Cost of Revenue	1,785	1,793	1,955	2,137	1,890	2,056	2,152	2,391	2,053	2,079	2,283
Total Operating Expenses	805	821	797	758	871	922	859	861	1,083	974	925
Selling, General & Admin Expense	444	461	435	393	503	535	466	451	673	562	508
Depreciation Expense	361	360	362	365	368	387	393	410	410	412	417
Total Other Income / (Expense), net	-514	-320	-308	-254	-292	-386	-241	-519	-65	-210	-115
Interest Expense	431	360	355	340	347	424	298	603	265	249	228
Interest & Investment Income	41	35	52	94	55	46	60	110	60	50	119
Other Income / (Expense), net	-124	5.00	-5.00	-8.00	-	-8.00	-3.00	-26	140	-11	-6.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	4.00	2.00	1.00	4.00	4.00	4.00	6.00	6.00	5.00
Basic Earnings per Share	($1.95)	($0.19)	$1.79	$3.94	$1.09	$1.40	$3.32	$4.22	$2.06	$2.71	$4.45
Weighted Average Basic Shares Outstanding	255.35M	255M	256M	256M	256.65M	257M	257M	263M	269.13M	269M	272M
Diluted Earnings per Share	($1.95)	($0.19)	$1.70	$3.65	$1.15	$1.35	$3.11	$4.21	$2.27	$2.70	$4.41
Weighted Average Diluted Shares Outstanding	255.35M	255M	282M	282M	256.65M	281M	281M	264M	269.13M	276M	275M
Weighted Average Basic & Diluted Shares Outstanding	255.35M	255.74M	256.17M	256.24M	256.65M	257.35M	257.42M	268.88M	269.13M	271.56M	271.63M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$0.40	-	$0.55	$0.75

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-15	-68	11	-12	168	-44	3,441	-982	-767	-1,438	-109
Net Cash From Operating Activities	1,744	1,946	2,517	2,875	3,479	3,716	-3,732	-1,878	481	4,477	5,265
Net Cash From Continuing Operating Activities	1,744	1,946	2,517	2,875	3,479	3,716	-3,732	-1,878	481	4,477	5,265
Net Income / (Loss) Continuing Operations	764	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896
Consolidated Net Income / (Loss)	764	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896
Depreciation Expense	772	827	895	951	1,034	1,246	1,279	1,293	1,407	1,455	1,600
Amortization Expense	55	52	53	46	53	64	156	249	163	109	98
Non-Cash Adjustments To Reconcile Net Income	46	459	26	205	138	280	335	337	173	28	547
Changes in Operating Assets and Liabilities, net	106	-57	260	47	439	219	273	1,503	894	1,181	124
Net Cash From Investing Activities	-1,770	-1,743	-2,725	-214	-4,489	-3,091	-2,179	-2,145	-2,987	-3,923	-3,446
Net Cash From Continuing Investing Activities	-1,770	-1,743	-2,699	-214	-4,489	-3,091	-2,179	-2,145	-2,987	-3,923	-3,446
Purchase of Property, Plant & Equipment	-1,811	-1,613	-2,494	-564	-3,660	-3,025	-1,965	-2,230	-2,710	-3,897	-3,268
Purchase of Investments	-189	-56	-333	-10	-125	-94	-262	-144	-356	-117	-197
Sale and/or Maturity of Investments	-	-	111	63	77	7.62	16	44	53	35	14
Other Investing Activities, net	9.62	-73	-8.17	68	123	20	4.84	9.00	26	56	5.00
Net Cash From Financing Activities	17	-254	244	-2,676	1,198	-670	9,350	3,041	1,741	-1,993	-1,922
Net Cash From Continuing Financing Activities	17	-254	244	-2,676	1,198	-670	9,350	3,041	1,741	-1,993	-1,922
Repayment of Debt	-3,797	-4,187	-6,451	-7,887	-11,020	-29,734	-12,057	-3,049	-8,046	-9,843	-12,133
Payment of Dividends	-199	-280	-346	-437	-527	-603	-326	-	0.00	0.00	-107
Issuance of Debt	4,156	4,402	7,339	5,871	13,321	29,766	20,302	4,468	9,787	7,641	10,318
Other Financing Activities, net	94	11	2.26	2.53	0.00	0.00	1,431	1,622	0.00	209	0.00
Effect of Exchange Rate Changes	-6.31	-18	-25	-	-20	-	-	0.00	-2.00	-	-6.00
Cash Interest Paid	277	249	257	250	252	246	418	834	960	1,442	1,210

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	369	-708	-501	-126	-103	-60	-46	27	-30	-2.00	349
Net Cash From Operating Activities	576	1,310	1,392	659	1,116	1,328	1,573	897	1,467	1,627	1,746
Net Cash From Continuing Operating Activities	576	1,310	1,392	659	1,116	1,328	1,573	897	1,467	1,627	1,746
Net Income / (Loss) Continuing Operations	-500	-48	463	1,010	279	364	858	1,115	559	736	1,214
Consolidated Net Income / (Loss)	-500	-48	463	1,010	279	364	858	1,115	559	736	1,214
Depreciation Expense	361	360	361	366	368	387	393	410	410	412	417
Amortization Expense	33	30	28	26	25	26	25	25	22	23	23
Non-Cash Adjustments To Reconcile Net Income	-14	16	20	6.00	-14	155	938	-723	177	851	-960
Changes in Operating Assets and Liabilities, net	696	952	520	-749	458	396	-641	70	299	-395	1,052
Net Cash From Investing Activities	-116	-234	-787	-328	-2,574	-296	-2,198	-311	-641	-440	-706
Net Cash From Continuing Investing Activities	-116	-234	-787	-328	-2,574	-296	-2,198	-311	-641	-440	-706
Purchase of Property, Plant & Equipment	-167	-252	-796	-281	-2,568	-242	-2,140	-334	-552	-428	-836
Purchase of Investments	34	-6.00	-8.00	-74	-29	-44	-68	4.00	-89	-28	-60
Other Investing Activities, net	6.64	19	4.00	22	11	-10	-2.00	17	-	16	64
Net Cash From Financing Activities	-92	-1,784	-1,105	-457	1,353	-1,091	580	-559	-852	-1,191	-696
Net Cash From Continuing Financing Activities	-92	-1,784	-1,105	-457	1,353	-1,091	580	-559	-852	-1,191	-696
Repayment of Debt	-2,671	-2,698	-1,608	-1,057	-4,480	-3,270	-1,939	-5,219	-1,705	-1,282	-746
Payment of Dividends	-	-	-	-	-	0.00	-	-	-	-148	-200
Issuance of Debt	2,579	705	503	600	5,833	2,179	2,519	4,660	960	480	250
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	2.00	5.00
Cash Interest Paid	207	389	171	504	378	411	210	377	212	279	164

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	20,713	20,782	22,310	22,361	27,698	30,320	32,465	32,258	33,776	35,131	37,070
Total Current Assets	801	837	748	908	1,242	1,163	4,312	3,600	3,205	1,792	1,705
Cash & Equivalents	189	122	133	120	288	244	3,684	2,702	1,935	497	388
Accounts Receivable	261	239	292	319	325	306	284	408	531	405	371
Inventories, net	123	121	114	111	154	162	119	150	224	248	265
Prepaid Expenses	227	221	210	258	457	429	154	286	456	617	670
Other Current Assets	0.00	135	0.00	99	20	22	70	54	59	25	11
Plant, Property, & Equipment, net	18,194	18,778	20,161	19,735	23,466	25,467	0.00	25,908	27,546	30,114	31,831
Total Noncurrent Assets	1,718	1,167	1,401	1,718	2,990	3,691	28,153	2,750	3,025	3,225	3,534
Goodwill	421	287	288	289	1,378	1,386	809	809	809	809	808
Other Noncurrent Operating Assets	1,298	880	1,112	1,430	1,612	2,305	27,344	1,941	2,216	2,416	2,726
Total Liabilities & Shareholders' Equity	20,713	20,782	22,310	22,361	27,698	30,320	32,465	32,258	33,776	35,131	37,070
Total Liabilities	12,429	12,719	13,189	11,659	16,051	17,586	23,705	27,173	30,907	30,232	29,335
Total Current Liabilities	3,849	4,293	4,442	4,855	7,112	7,953	4,537	7,286	8,573	9,401	9,817
Short-Term Debt	800	900	1,286	1,189	2,422	2,621	1,371	2,243	2,088	1,720	1,603
Accounts Payable	332	302	305	360	488	564	353	546	647	792	919
Accrued Expenses	635	659	692	903	900	1,078	616	888	1,459	1,478	1,635
Customer Deposits	1,767	1,742	1,965	2,308	3,149	3,428	1,785	3,161	4,168	5,311	5,496
Other Current Liabilities	267	652	147	47	78	192	159	196	211	100	164
Total Noncurrent Liabilities	8,580	8,426	8,747	6,804	8,939	9,634	19,167	19,887	22,334	20,831	19,518
Long-Term Debt	7,644	7,628	8,102	6,351	8,355	8,414	17,958	18,847	21,303	19,732	18,473
Other Noncurrent Operating Liabilities	935	799	646	453	583	1,219	1,209	1,040	1,031	1,099	1,045
Total Equity & Noncontrolling Interests	8,284	8,063	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,899	7,735
Total Preferred & Common Equity	8,284	8,063	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,724	7,563
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	8,284	8,063	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,724	7,563
Common Stock	3,256	3,300	3,331	3,392	3,423	3,496	6,001	7,560	7,288	7,477	7,834
Retained Earnings	6,575	6,945	7,860	9,022	10,263	11,523	5,563	302	-1,707	-10	2,612
Treasury Stock	-650	-853	-1,153	-1,378	-1,953	-2,058	-2,064	-2,066	-2,068	-2,069	-2,081
Accumulated Other Comprehensive Income / (Loss)	-897	-1,328	-916	-334	-628	-798	-739	-711	-644	-674	-802
Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	175	172

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	33,776	32,870	32,923	32,769	35,131	35,190	36,974	37,067	37,070	37,452	38,542
Total Current Assets	3,205	2,414	1,969	1,781	1,792	1,870	1,886	1,831	1,705	1,828	2,450
Cash & Equivalents	1,935	1,227	726	600	497	437	391	418	388	386	735
Accounts Receivable	531	379	375	360	405	455	412	441	371	427	431
Inventories, net	224	221	216	242	248	236	242	265	265	256	247
Prepaid Expenses	456	544	605	509	617	690	790	667	670	723	785
Other Current Assets	59	43	47	70	25	52	51	40	11	36	252
Plant, Property, & Equipment, net	27,546	27,466	27,936	27,855	30,114	30,025	31,759	31,706	31,831	31,904	32,351
Total Noncurrent Assets	3,025	2,991	3,019	3,133	3,225	3,295	3,329	3,530	3,534	3,720	3,741
Goodwill	809	809	809	809	809	809	809	809	808	808	808
Other Noncurrent Operating Assets	2,216	2,181	2,209	2,324	2,416	1,887	1,931	2,072	2,726	2,912	2,933
Total Liabilities & Shareholders' Equity	33,776	32,870	32,923	32,769	35,131	35,190	36,974	37,067	37,070	37,452	38,542
Total Liabilities	30,907	29,845	29,382	28,172	30,232	29,865	30,792	29,843	29,335	29,310	29,182
Total Current Liabilities	8,573	9,442	9,667	9,242	9,401	9,905	9,894	9,631	9,817	10,300	10,573
Short-Term Debt	2,088	2,055	1,713	2,044	1,720	1,643	1,332	1,868	1,603	1,396	1,402
Accounts Payable	647	715	692	715	792	876	821	851	919	956	959
Accrued Expenses	1,459	1,201	1,392	1,211	1,478	1,236	1,410	1,476	1,635	1,504	1,701
Customer Deposits	4,168	5,271	5,676	5,032	5,311	6,040	6,245	5,324	-	6,334	6,379
Other Current Liabilities	211	200	194	239	100	110	86	112	164	110	132
Total Noncurrent Liabilities	22,334	20,404	19,715	18,931	20,831	19,960	20,898	20,212	19,518	19,010	18,609
Long-Term Debt	21,303	19,405	18,686	17,925	19,732	18,876	19,785	18,972	18,473	17,993	17,612
Other Noncurrent Operating Liabilities	1,031	999	1,030	1,006	1,099	481	522	592	1,045	1,017	997
Total Equity & Noncontrolling Interests	2,869	3,025	3,541	4,596	4,899	5,325	6,182	7,224	7,735	8,142	9,360
Total Preferred & Common Equity	2,869	2,852	3,364	4,423	4,724	5,151	6,008	7,045	7,563	7,960	9,169
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	2,869	2,852	3,364	4,423	4,724	5,151	6,008	7,045	7,563	7,960	9,169
Common Stock	7,288	7,354	7,410	7,425	7,477	7,499	7,539	7,672	7,834	7,849	7,877
Retained Earnings	-1,707	-1,755	-1,297	-288	-10	350	1,204	2,207	2,612	3,139	4,144
Treasury Stock	-2,068	-2,069	-2,069	-2,069	-2,069	-2,081	-2,081	-2,081	-2,081	-2,333	-2,333
Accumulated Other Comprehensive Income / (Loss)	-644	-678	-680	-645	-674	-617	-654	-753	-802	-695	-519
Noncontrolling Interest	0.00	174	177	173	175	174	174	179	172	182	191

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.43%	2.79%	2.38%	3.31%	8.16%	15.34%	-79.83%	-30.64%	477.02%	57.24%	18.59%
EBITDA Growth	15.26%	-3.26%	38.14%	14.51%	9.38%	12.54%	-198.08%	30.13%	129.68%	547.30%	33.22%
EBIT Growth	20.60%	-11.45%	69.50%	20.62%	9.61%	7.99%	-330.23%	18.75%	77.01%	424.29%	46.66%
NOPAT Growth	18.01%	-7.11%	68.84%	18.06%	8.64%	9.92%	-254.66%	15.90%	80.21%	636.74%	42.67%
Net Income Growth	61.32%	-12.87%	92.76%	26.63%	11.73%	5.06%	-402.74%	8.92%	59.01%	179.04%	69.95%
EPS Growth	60.28%	-11.95%	96.36%	26.98%	13.68%	4.56%	-402.23%	22.77%	59.55%	174.67%	73.38%
Operating Cash Flow Growth	23.49%	11.62%	29.30%	14.22%	21.03%	6.82%	-200.41%	49.67%	125.61%	830.77%	17.60%
Free Cash Flow Firm Growth	48.07%	-5.73%	-143.18%	555.85%	-207.54%	132.57%	-712.41%	58.52%	36.13%	218.84%	88.07%
Invested Capital Growth	-0.80%	-0.84%	11.60%	-1.38%	22.25%	6.23%	4.50%	-3.78%	2.52%	6.29%	6.07%
Revenue Q/Q Growth	-0.45%	1.03%	0.09%	1.09%	3.58%	1.72%	-52.92%	162.32%	22.46%	5.52%	2.67%
EBITDA Q/Q Growth	5.84%	8.40%	8.77%	0.32%	3.80%	-0.59%	-64.07%	-1.79%	342.04%	18.09%	4.09%
EBIT Q/Q Growth	4.45%	8.41%	8.75%	0.37%	3.28%	-2.82%	-39.25%	-1.37%	52.24%	31.07%	4.81%
NOPAT Q/Q Growth	4.94%	17.54%	3.28%	0.61%	3.08%	-3.01%	-40.05%	-0.39%	57.71%	23.98%	1.31%
Net Income Q/Q Growth	15.54%	17.06%	4.42%	1.69%	1.82%	-2.05%	-39.91%	0.20%	28.44%	84.07%	10.75%
EPS Q/Q Growth	15.88%	17.51%	4.40%	1.89%	1.78%	-1.97%	-37.17%	3.11%	28.69%	96.57%	11.41%
Operating Cash Flow Q/Q Growth	6.23%	2.87%	7.58%	-3.22%	9.86%	-3.20%	-62.46%	24.82%	260.45%	13.72%	7.14%
Free Cash Flow Firm Q/Q Growth	-32.90%	2,258.83%	-40.07%	-8.28%	-3.68%	-27.53%	-16.92%	29.72%	49.41%	-62.52%	1,019.08%
Invested Capital Q/Q Growth	4.76%	-1.05%	-0.01%	1.05%	1.47%	2.26%	0.91%	-2.23%	-3.64%	7.88%	-3.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.28%	38.55%	40.97%	44.22%	44.57%	44.64%	-25.19%	-78.79%	25.16%	44.06%	47.51%
EBITDA Margin	22.14%	20.84%	28.12%	31.17%	31.52%	30.75%	-149.55%	-150.65%	7.75%	31.90%	35.83%
Operating Margin	11.67%	10.54%	17.39%	19.87%	19.96%	19.02%	-208.33%	-252.61%	-8.67%	20.71%	24.91%
EBIT Margin	11.90%	10.25%	16.97%	19.81%	20.08%	18.80%	-214.53%	-251.31%	-10.01%	20.65%	25.53%
Profit (Net Income) Margin	9.46%	8.02%	15.11%	18.51%	19.13%	17.42%	-261.46%	-343.34%	-24.39%	12.26%	17.57%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.03%
Interest Burden Percent	79.56%	78.29%	89.03%	93.46%	95.27%	92.68%	121.87%	136.62%	243.62%	59.37%	68.78%
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)	5.64%	5.28%	8.46%	9.53%	9.38%	9.09%	-13.35%	-11.20%	-2.23%	11.47%	15.41%
ROIC Less NNEP Spread (ROIC-NNEP)	3.49%	2.82%	6.27%	8.11%	8.51%	7.46%	-32.44%	-25.97%	-10.31%	5.93%	9.46%
Return on Net Nonoperating Assets (RNNOA)	3.42%	2.98%	6.48%	6.86%	6.86%	6.55%	-40.39%	-64.78%	-51.98%	32.40%	30.43%
Return on Equity (ROE)	9.06%	8.26%	14.94%	16.40%	16.25%	15.65%	-53.74%	-75.98%	-54.21%	43.87%	45.84%
Cash Return on Invested Capital (CROIC)	6.44%	6.12%	-2.51%	10.92%	-10.64%	3.05%	-17.76%	-7.35%	-4.72%	5.38%	9.52%
Operating Return on Assets (OROA)	4.69%	4.08%	6.69%	7.78%	7.61%	7.09%	-15.09%	-11.90%	-2.68%	8.33%	11.66%
Return on Assets (ROA)	3.73%	3.19%	5.96%	7.28%	7.25%	6.58%	-18.40%	-16.25%	-6.53%	4.95%	8.02%
Return on Common Equity (ROCE)	9.06%	8.26%	14.94%	16.40%	15.85%	14.93%	-52.31%	-75.98%	-54.21%	42.88%	44.59%
Return on Equity Simple (ROE_SIMPLE)	9.48%	8.26%	14.07%	15.18%	16.35%	15.68%	-65.92%	-103.43%	-75.15%	36.07%	38.29%
Net Operating Profit after Tax (NOPAT)	942	875	1,477	1,744	1,895	2,083	-3,221	-2,709	-536	2,878	4,106
NOPAT Margin	11.67%	10.54%	17.39%	19.87%	19.96%	19.02%	-145.83%	-176.83%	-6.07%	20.71%	24.91%
Net Nonoperating Expense Percent (NNEP)	2.15%	2.46%	2.18%	1.42%	0.88%	1.63%	19.09%	14.77%	8.08%	5.54%	5.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-2.04%	10.92%	14.76%
Cost of Revenue to Revenue	65.72%	61.45%	59.03%	55.78%	55.43%	55.36%	125.19%	178.79%	74.84%	55.94%	52.49%
SG&A Expenses to Revenue	12.99%	13.09%	13.05%	13.51%	13.73%	14.24%	54.31%	89.43%	17.91%	12.89%	12.89%
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	22.61%	28.01%	23.58%	24.35%	24.61%	25.62%	183.14%	173.83%	33.82%	23.36%	22.60%
Earnings before Interest and Taxes (EBIT)	960	850	1,442	1,739	1,906	2,058	-4,739	-3,850	-885	2,870	4,209
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,788	1,730	2,389	2,736	2,993	3,368	-3,303	-2,308	685	4,434	5,907
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.03	2.50	1.79	2.25	1.78	2.28	1.91	3.85	4.38	6.99	8.20
Price to Tangible Book Value (P/TBV)	2.10	2.59	1.85	2.32	2.03	2.57	2.11	4.58	6.09	8.44	9.18
Price to Revenue (P/Rev)	2.03	2.43	1.92	2.75	2.08	2.53	7.59	12.79	1.42	2.38	3.76
Price to Earnings (P/E)	21.42	30.29	12.71	14.84	10.90	14.75	0.00	0.00	0.00	19.46	21.56
Dividend Yield	1.50%	1.47%	2.25%	1.92%	2.75%	2.24%	4.07%	0.00%	0.00%	0.00%	0.41%
Earnings Yield	4.67%	3.30%	7.87%	6.74%	9.17%	6.78%	0.00%	0.00%	0.00%	5.14%	4.64%
Enterprise Value to Invested Capital (EV/IC)	1.50	1.73	1.39	1.74	1.39	1.66	1.31	1.60	1.40	2.09	2.99
Enterprise Value to Revenue (EV/Rev)	3.09	3.44	3.01	3.59	3.24	3.57	14.67	24.79	3.85	3.90	4.97
Enterprise Value to EBITDA (EV/EBITDA)	13.93	16.52	10.70	11.53	10.28	11.60	0.00	0.00	49.65	12.21	13.86
Enterprise Value to EBIT (EV/EBIT)	25.94	33.60	17.73	18.14	16.15	18.98	0.00	0.00	0.00	18.87	19.46
Enterprise Value to NOPAT (EV/NOPAT)	26.45	32.66	17.30	18.08	16.24	18.76	0.00	0.00	0.00	18.82	19.94
Enterprise Value to Operating Cash Flow (EV/OCF)	14.29	14.68	10.16	10.97	8.85	10.51	0.00	0.00	70.71	12.10	15.55
Enterprise Value to Free Cash Flow (EV/FCFF)	23.14	28.16	0.00	15.79	0.00	55.86	0.00	0.00	0.00	40.15	32.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.06	1.03	0.70	0.93	0.87	2.21	4.15	8.15	4.38	2.60
Long-Term Debt to Equity	0.96	0.95	0.89	0.59	0.72	0.66	2.05	3.71	7.43	4.03	2.39
Financial Leverage	0.98	1.06	1.03	0.85	0.81	0.88	1.24	2.49	5.04	5.46	3.22
Leverage Ratio	2.43	2.59	2.51	2.25	2.24	2.38	2.92	4.67	8.30	8.87	5.71
Compound Leverage Factor	1.93	2.02	2.23	2.11	2.13	2.21	3.56	6.39	20.22	5.27	3.93
Debt to Total Capital	51.81%	51.40%	50.72%	41.33%	48.06%	46.43%	68.81%	80.57%	89.07%	81.41%	72.19%
Short-Term Debt to Total Capital	5.38%	5.42%	6.95%	6.52%	10.80%	11.03%	4.88%	8.57%	7.95%	6.53%	5.76%
Long-Term Debt to Total Capital	46.43%	45.98%	43.77%	34.82%	37.26%	35.40%	63.93%	72.00%	81.12%	74.88%	66.42%
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	0.00%	0.00%	0.00%	0.00%	2.42%	2.40%	0.00%	0.00%	0.00%	0.66%	0.62%
Common Equity to Total Capital	48.19%	48.60%	49.28%	58.67%	49.52%	51.18%	31.19%	19.43%	10.93%	17.93%	27.19%
Debt to EBITDA	4.85	4.93	3.93	2.76	3.60	3.28	-5.85	-9.14	34.15	4.84	3.40
Net Debt to EBITDA	4.78	4.86	3.87	2.71	3.51	3.20	-4.74	-7.97	31.32	4.73	3.33
Long-Term Debt to EBITDA	4.34	4.41	3.39	2.32	2.79	2.50	-5.44	-8.17	31.10	4.45	3.13
Debt to NOPAT	9.20	9.75	6.35	4.32	5.69	5.30	-6.00	-7.79	-43.62	7.45	4.89
Net Debt to NOPAT	9.07	9.61	6.27	4.25	5.54	5.18	-4.86	-6.79	-40.01	7.28	4.79
Long-Term Debt to NOPAT	8.25	8.72	5.48	3.64	4.41	4.04	-5.58	-6.96	-39.73	6.86	4.50
Altman Z-Score	1.57	1.75	1.63	2.24	1.57	1.79	0.24	-0.04	0.16	1.06	1.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	2.43%	4.56%	2.65%	0.00%	0.00%	2.25%	2.75%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.20	0.20	0.17	0.19	0.17	0.15	0.95	0.49	0.37	0.19	0.17
Quick Ratio	0.08	0.08	0.10	0.09	0.09	0.07	0.87	0.43	0.29	0.10	0.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,076	1,015	-438	1,997	-2,148	700	-4,284	-1,777	-1,135	1,349	2,537
Operating Cash Flow to CapEx	109.57%	120.64%	100.90%	860.29%	95.06%	122.87%	-192.62%	-91.43%	17.75%	114.88%	161.11%
Free Cash Flow to Firm to Interest Expense	4.17	3.65	-1.43	6.66	-6.44	1.71	-5.07	-1.38	-0.83	0.96	1.60
Operating Cash Flow to Interest Expense	6.75	7.01	8.19	9.58	10.43	9.10	-4.42	-1.45	0.35	3.19	3.31
Operating Cash Flow Less CapEx to Interest Expense	0.59	1.20	0.07	8.47	-0.54	1.69	-6.71	-3.04	-1.63	0.41	1.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.40	0.39	0.39	0.38	0.38	0.07	0.05	0.27	0.40	0.46
Accounts Receivable Turnover	32.38	34.73	32.01	28.75	29.52	34.75	7.49	4.43	18.83	29.70	42.48
Inventory Turnover	38.93	42.03	42.61	43.43	39.72	38.41	19.69	20.37	35.36	32.94	33.73
Fixed Asset Turnover	0.44	0.44	0.44	0.44	0.44	0.45	0.00	0.00	0.33	0.48	0.53
Accounts Payable Turnover	15.74	16.88	16.52	14.72	12.41	11.53	6.03	6.09	11.09	10.81	10.11
Days Sales Outstanding (DSO)	11.27	10.51	11.40	12.69	12.36	10.50	48.75	82.46	19.39	12.29	8.59
Days Inventory Outstanding (DIO)	9.37	8.68	8.57	8.40	9.19	9.50	18.53	17.92	10.32	11.08	10.82
Days Payable Outstanding (DPO)	23.19	21.62	22.10	24.80	29.42	31.66	60.53	59.93	32.91	33.78	36.09
Cash Conversion Cycle (CCC)	-2.54	-2.43	-2.13	-3.70	-7.87	-11.66	6.75	40.45	-3.20	-10.41	-16.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,647	16,507	18,422	18,169	22,212	23,595	24,658	23,726	24,325	25,854	27,423
Invested Capital Turnover	0.48	0.50	0.49	0.48	0.47	0.48	0.09	0.06	0.37	0.55	0.62
Increase / (Decrease) in Invested Capital	-135	-140	1,915	-253	4,043	1,383	1,063	-932	599	1,529	1,569
Enterprise Value (EV)	24,911	28,573	25,562	31,534	30,775	39,074	32,400	37,982	34,011	54,156	81,887
Market Capitalization	16,365	20,167	16,307	24,115	19,743	27,713	16,756	19,593	12,555	33,026	62,027
Book Value per Share	$36.21	$36.65	$42.51	$49.99	$53.14	$58.03	$39.05	$19.96	$11.24	$18.44	$28.13
Tangible Book Value per Share	$34.92	$35.35	$41.16	$48.64	$46.54	$51.42	$35.44	$16.78	$8.07	$15.28	$25.12
Total Capital	16,730	16,590	18,509	18,242	22,425	23,769	28,090	26,176	26,260	26,351	27,811
Total Debt	8,667	8,527	9,387	7,539	10,778	11,035	19,329	21,090	23,391	21,452	20,076
Total Long-Term Debt	7,767	7,628	8,102	6,351	8,355	8,414	17,958	18,847	21,303	19,732	18,473
Net Debt	8,545	8,406	9,255	7,419	10,490	10,791	15,645	18,389	21,456	20,955	19,688
Capital Expenditures (CapEx)	1,591	1,613	2,494	334	3,660	3,025	1,937	2,054	2,710	3,897	3,268
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,678	-2,678	-2,540	-2,879	-3,736	-4,413	-2,539	-4,144	-5,215	-6,386	-6,897
Debt-free Net Working Capital (DFNWC)	-2,556	-2,556	-2,408	-2,759	-3,448	-4,170	1,146	-1,442	-3,280	-5,889	-6,509
Net Working Capital (NWC)	-3,456	-3,456	-3,693	-3,947	-5,870	-6,790	-225	-3,685	-5,368	-7,609	-8,112
Net Nonoperating Expense (NNE)	178	209	194	119	79	175	2,554	2,551	1,620	1,174	1,210
Net Nonoperating Obligations (NNO)	8,584	8,444	9,301	7,467	10,564	10,861	15,897	18,641	21,456	20,955	19,688
Total Depreciation and Amortization (D&A)	827	879	948	997	1,087	1,310	1,435	1,542	1,570	1,564	1,698
Debt-free, Cash-free Net Working Capital to Revenue	-33.17%	-32.27%	-29.90%	-32.80%	-39.35%	-40.30%	-114.94%	-270.50%	-58.99%	-45.94%	-41.84%
Debt-free Net Working Capital to Revenue	-31.66%	-30.80%	-28.34%	-31.43%	-36.32%	-38.08%	51.87%	-94.14%	-37.10%	-42.37%	-39.49%
Net Working Capital to Revenue	-42.80%	-41.64%	-43.47%	-44.97%	-61.83%	-62.01%	-10.20%	-240.56%	-60.72%	-54.74%	-49.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$5.96	$7.57	$8.60	$8.97	($27.05)	($20.89)	($8.45)	$6.63	$11.00
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	214.80M	213.75M	209.19M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$5.93	$7.53	$8.56	$8.95	($27.05)	($20.89)	($8.45)	$6.31	$10.94
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	214.80M	213.75M	209.19M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M
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	0.00	0.00	214.80M	213.75M	209.19M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M
Normalized Net Operating Profit after Tax (NOPAT)	662	900	1,034	1,221	1,326	1,458	-2,125	-2,709	-536	2,015	2,874
Normalized NOPAT Margin	8.20%	10.85%	12.17%	13.91%	13.97%	13.31%	-96.19%	-176.83%	-6.07%	14.49%	17.44%
Pre Tax Income Margin	9.46%	8.02%	15.11%	18.51%	19.13%	17.42%	-261.46%	-343.34%	-24.39%	12.26%	17.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.72	3.06	4.69	5.80	5.71	5.04	-5.61	-2.98	-0.65	2.05	2.65
NOPAT to Interest Expense	3.65	3.15	4.81	5.81	5.68	5.10	-3.82	-2.10	-0.39	2.05	2.58
EBIT Less CapEx to Interest Expense	-2.44	-2.75	-3.43	4.68	-5.26	-2.37	-7.91	-4.57	-2.64	-0.73	0.59
NOPAT Less CapEx to Interest Expense	-2.51	-2.66	-3.31	4.70	-5.29	-2.31	-6.11	-3.69	-2.38	-0.73	0.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.04%	42.09%	27.00%	26.92%	29.05%	31.59%	-5.65%	0.00%	0.00%	0.00%	3.69%
Augmented Payout Ratio	56.93%	72.13%	50.37%	40.76%	60.72%	36.81%	-5.65%	0.00%	0.00%	0.00%	3.69%

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	165.09%	172.46%	61.29%	38.99%	27.95%	29.18%	16.66%	17.45%	12.88%	7.27%	10.41%
EBITDA Growth	141.49%	239.22%	538.48%	135.74%	239.47%	73.16%	31.08%	23.89%	24.09%	18.53%	16.45%
EBIT Growth	89.77%	132.14%	461.00%	320.11%	616.90%	167.87%	43.08%	27.92%	33.86%	25.88%	20.71%
NOPAT Growth	101.30%	131.66%	603.75%	323.89%	5,964.54%	293.91%	42.54%	29.17%	9.30%	26.00%	20.93%
Net Income Growth	63.12%	95.89%	188.77%	2,966.61%	155.57%	858.33%	85.31%	10.29%	101.08%	102.20%	41.49%
EPS Growth	63.55%	95.85%	182.93%	2,707.69%	158.97%	810.53%	82.94%	15.34%	97.39%	100.00%	41.80%
Operating Cash Flow Growth	380.53%	347.71%	190.82%	1,579.77%	93.84%	1.37%	13.00%	36.12%	31.45%	22.52%	11.00%
Free Cash Flow Firm Growth	-380.96%	1,385.00%	22,925.88%	475.29%	-62.68%	-216.53%	-234.55%	-205.99%	1.36%	90.51%	137.31%
Invested Capital Growth	2.52%	-6.16%	-6.44%	-5.06%	6.29%	11.83%	18.46%	18.06%	6.07%	4.36%	0.51%
Revenue Q/Q Growth	-13.02%	10.85%	22.07%	18.08%	-19.93%	11.90%	10.25%	18.88%	-23.05%	6.36%	13.48%
EBITDA Q/Q Growth	-59.45%	135.13%	73.16%	42.77%	-41.60%	19.88%	31.08%	34.94%	-41.51%	14.56%	28.78%
EBIT Q/Q Growth	-136.86%	351.20%	176.53%	64.10%	-54.65%	30.08%	47.71%	46.72%	-52.55%	22.41%	41.65%
NOPAT Q/Q Growth	-96.85%	1,925.77%	304.94%	64.07%	-54.94%	31.65%	46.53%	48.68%	-61.87%	51.69%	40.63%
Net Income Q/Q Growth	-1,617.36%	90.40%	1,064.58%	118.36%	-72.50%	30.49%	135.71%	29.95%	-49.87%	31.66%	64.95%
EPS Q/Q Growth	-1,600.00%	90.26%	994.74%	114.71%	-68.49%	17.39%	130.37%	35.37%	-46.08%	18.94%	63.33%
Operating Cash Flow Q/Q Growth	1,392.81%	127.53%	6.26%	-52.66%	69.35%	19.00%	18.45%	-42.98%	63.55%	10.91%	7.31%
Free Cash Flow Firm Q/Q Growth	12.99%	391.35%	37.88%	7.37%	-137.72%	-108.63%	-59.21%	15.42%	64.90%	79.92%	725.79%
Invested Capital Q/Q Growth	-3.64%	-4.38%	-0.19%	3.24%	7.88%	0.60%	5.72%	2.89%	-3.08%	-1.01%	1.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.45%	37.87%	44.51%	48.63%	43.26%	44.85%	47.64%	51.06%	45.40%	48.01%	49.69%
EBITDA Margin	10.90%	23.11%	32.78%	39.64%	28.91%	30.98%	36.84%	41.81%	31.78%	34.23%	38.85%
Operating Margin	0.52%	9.42%	21.88%	30.41%	17.11%	20.12%	26.74%	33.44%	16.57%	23.63%	29.29%
EBIT Margin	-4.24%	9.60%	21.74%	30.22%	17.11%	19.90%	26.67%	32.91%	20.29%	23.36%	29.15%
Profit (Net Income) Margin	-19.21%	-1.66%	13.14%	24.30%	8.35%	9.76%	20.88%	22.82%	14.87%	18.40%	26.75%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.18%	100.14%	100.00%
Interest Burden Percent	453.65%	-17.33%	60.44%	80.43%	48.77%	49.06%	78.28%	69.34%	73.13%	78.69%	91.76%
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)	0.13%	2.93%	10.94%	16.28%	9.48%	12.04%	16.17%	20.55%	10.25%	14.90%	18.25%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.41%	1.77%	9.44%	15.05%	8.10%	10.15%	14.99%	17.98%	9.94%	13.84%	17.67%
Return on Net Nonoperating Assets (RNNOA)	-12.14%	10.34%	55.91%	79.89%	44.24%	49.75%	63.19%	61.52%	31.97%	40.80%	45.02%
Return on Equity (ROE)	-12.01%	13.27%	66.85%	96.17%	53.72%	61.79%	79.36%	82.07%	42.22%	55.70%	63.28%
Cash Return on Invested Capital (CROIC)	-4.72%	7.42%	10.60%	14.63%	5.38%	2.45%	-2.37%	-1.06%	9.52%	11.91%	15.93%
Operating Return on Assets (OROA)	-1.13%	3.11%	7.81%	12.02%	6.90%	8.62%	11.70%	15.13%	9.27%	10.77%	13.27%
Return on Assets (ROA)	-5.14%	-0.54%	4.72%	9.67%	3.37%	4.23%	9.16%	10.49%	6.79%	8.49%	12.17%
Return on Common Equity (ROCE)	-12.01%	12.94%	65.14%	94.04%	52.51%	59.21%	76.49%	79.62%	41.06%	54.22%	61.79%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-36.36%	-1.55%	20.93%	0.00%	41.08%	41.79%	37.12%	0.00%	41.06%	0.00%
Net Operating Profit after Tax (NOPAT)	9.40	190	771	1,265	570	750	1,099	1,634	623	945	1,329
NOPAT Margin	0.36%	6.60%	21.88%	30.41%	17.11%	20.12%	26.74%	33.44%	16.57%	23.63%	29.29%
Net Nonoperating Expense Percent (NNEP)	2.54%	1.16%	1.50%	1.23%	1.38%	1.89%	1.18%	2.57%	0.31%	1.05%	0.58%
Return On Investment Capital (ROIC_SIMPLE)	0.04%	-	-	-	2.16%	-	-	-	2.24%	3.43%	4.68%
Cost of Revenue to Revenue	68.55%	62.13%	55.49%	51.37%	56.74%	55.15%	52.36%	48.94%	54.60%	51.99%	50.31%
SG&A Expenses to Revenue	17.07%	15.97%	12.35%	9.45%	15.10%	14.35%	11.34%	9.23%	17.90%	14.05%	11.19%
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	30.93%	28.45%	22.62%	18.22%	26.15%	24.73%	20.90%	17.62%	28.80%	24.36%	20.38%
Earnings before Interest and Taxes (EBIT)	-110	277	766	1,257	570	742	1,096	1,608	763	934	1,323
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	284	667	1,155	1,649	963	1,155	1,514	2,043	1,195	1,369	1,763
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.38	5.85	7.89	5.32	6.99	6.92	6.83	6.48	8.20	6.95	9.27
Price to Tangible Book Value (P/TBV)	6.09	8.16	10.39	6.52	8.44	8.20	7.89	7.32	9.18	7.73	10.17
Price to Revenue (P/Rev)	1.42	1.56	2.21	1.79	2.38	2.42	2.68	2.84	3.76	3.30	4.95
Price to Earnings (P/E)	0.00	0.00	0.00	25.60	19.46	16.92	16.41	17.55	21.56	17.03	23.60
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.41%	0.83%	0.78%
Earnings Yield	0.00%	0.00%	0.00%	3.91%	5.14%	5.91%	6.09%	5.70%	4.64%	5.87%	4.24%
Enterprise Value to Invested Capital (EV/IC)	1.40	1.59	2.00	1.80	2.09	2.17	2.27	2.36	2.99	2.74	3.74
Enterprise Value to Revenue (EV/Rev)	3.85	3.48	3.86	3.27	3.90	3.83	4.08	4.17	4.97	4.44	6.02
Enterprise Value to EBITDA (EV/EBITDA)	49.65	20.25	16.53	11.48	12.21	11.47	11.84	11.79	13.86	12.17	16.25
Enterprise Value to EBIT (EV/EBIT)	0.00	146.14	37.65	19.68	18.87	16.94	17.06	16.66	19.46	16.92	22.37
Enterprise Value to NOPAT (EV/NOPAT)	0.00	145.05	48.90	18.56	18.82	16.83	16.97	16.51	19.94	17.32	22.84
Enterprise Value to Operating Cash Flow (EV/OCF)	70.71	15.98	14.34	10.95	12.10	12.56	13.37	13.62	15.55	13.39	18.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	20.80	18.22	11.97	40.15	93.40	0.00	0.00	32.28	23.52	23.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	8.15	7.09	5.76	4.34	4.38	3.97	3.51	2.97	2.60	2.38	2.03
Long-Term Debt to Equity	7.43	6.41	5.28	3.90	4.03	3.66	3.30	2.72	2.39	2.21	1.88
Financial Leverage	5.04	5.85	5.92	5.31	5.46	4.90	4.22	3.42	3.22	2.95	2.55
Leverage Ratio	8.30	9.38	9.64	8.49	8.87	8.15	7.19	5.91	5.71	5.39	4.86
Compound Leverage Factor	37.66	-1.63	5.82	6.83	4.33	4.00	5.63	4.10	4.18	4.24	4.46
Debt to Total Capital	89.07%	87.64%	85.21%	81.29%	81.41%	79.87%	77.83%	74.84%	72.19%	70.43%	67.01%
Short-Term Debt to Total Capital	7.95%	8.39%	7.16%	8.32%	6.53%	6.21%	4.78%	6.51%	5.76%	5.07%	4.94%
Long-Term Debt to Total Capital	81.12%	79.25%	78.05%	72.97%	74.88%	73.65%	73.06%	68.33%	66.42%	65.36%	62.07%
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	0.00%	0.71%	0.74%	0.71%	0.66%	0.66%	0.62%	0.62%	0.62%	0.66%	0.67%
Common Equity to Total Capital	10.93%	11.65%	14.05%	18.01%	17.93%	19.48%	21.54%	24.54%	27.19%	28.91%	32.31%
Debt to EBITDA	34.15	11.72	7.27	5.32	4.84	4.29	4.11	3.79	3.40	3.17	2.98
Net Debt to EBITDA	31.32	11.05	7.01	5.16	4.73	4.20	4.04	3.71	3.33	3.10	2.87
Long-Term Debt to EBITDA	31.10	10.60	6.66	4.77	4.45	3.96	3.86	3.46	3.13	2.94	2.76
Debt to NOPAT	-43.62	83.94	21.51	8.60	7.45	6.29	5.89	5.30	4.89	4.51	4.20
Net Debt to NOPAT	-40.01	79.15	20.74	8.34	7.28	6.16	5.79	5.20	4.79	4.42	4.03
Long-Term Debt to NOPAT	-39.73	75.91	19.70	7.72	6.86	5.80	5.53	4.84	4.50	4.18	3.89
Altman Z-Score	0.23	0.36	0.65	0.74	0.84	0.94	1.10	1.33	1.62	1.51	2.21
Noncontrolling Interest Sharing Ratio	0.00%	2.48%	2.56%	2.22%	2.25%	4.17%	3.61%	2.98%	2.75%	2.64%	2.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.37	0.26	0.20	0.19	0.19	0.19	0.19	0.19	0.17	0.18	0.23
Quick Ratio	0.29	0.17	0.11	0.10	0.10	0.09	0.08	0.09	0.08	0.08	0.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-590	1,717	2,368	2,543	-959	-2,001	-3,186	-2,695	-946	-190	1,189
Operating Cash Flow to CapEx	345.31%	519.84%	174.87%	234.52%	43.46%	548.76%	73.50%	268.56%	265.76%	380.14%	208.85%
Free Cash Flow to Firm to Interest Expense	-1.37	4.77	6.67	7.48	-2.76	-4.72	-10.69	-4.47	-3.57	-0.76	5.21
Operating Cash Flow to Interest Expense	1.33	3.64	3.92	1.94	3.22	3.13	5.28	1.49	5.54	6.53	7.66
Operating Cash Flow Less CapEx to Interest Expense	0.95	2.94	1.68	1.11	-4.18	2.56	-1.90	0.93	3.45	4.82	3.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.32	0.36	0.40	0.40	0.43	0.44	0.46	0.46	0.46	0.46
Accounts Receivable Turnover	18.83	24.10	25.53	29.45	29.70	35.35	38.94	40.08	42.48	37.99	40.77
Inventory Turnover	35.36	36.05	33.70	32.04	32.94	35.15	35.97	33.52	33.73	35.26	36.02
Fixed Asset Turnover	0.33	0.39	0.43	0.47	0.48	0.51	0.51	0.54	0.53	0.54	0.54
Accounts Payable Turnover	11.09	10.45	10.32	11.46	10.81	10.11	10.89	10.84	10.11	9.47	9.89
Days Sales Outstanding (DSO)	19.39	15.15	14.29	12.39	12.29	10.33	9.37	9.11	8.59	9.61	8.95
Days Inventory Outstanding (DIO)	10.32	10.12	10.83	11.39	11.08	10.38	10.15	10.89	10.82	10.35	10.13
Days Payable Outstanding (DPO)	32.91	34.94	35.36	31.86	33.78	36.12	33.53	33.67	36.09	38.54	36.89
Cash Conversion Cycle (CCC)	-3.20	-9.67	-10.23	-8.08	-10.41	-15.41	-14.01	-13.68	-16.68	-18.58	-17.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,325	23,259	23,214	23,965	25,854	26,010	27,499	28,294	27,423	27,145	27,639
Invested Capital Turnover	0.37	0.44	0.50	0.54	0.55	0.60	0.60	0.61	0.62	0.63	0.62
Increase / (Decrease) in Invested Capital	599	-1,527	-1,597	-1,278	1,529	2,751	4,285	4,329	1,569	1,135	140
Enterprise Value (EV)	34,011	37,081	46,380	43,091	54,156	56,478	62,520	66,905	81,887	74,475	103,506
Market Capitalization	12,555	16,674	26,530	23,549	33,026	35,619	41,029	45,656	62,027	55,290	85,036
Book Value per Share	$11.24	$11.17	$13.15	$17.27	$18.44	$20.04	$23.35	$27.37	$28.13	$29.58	$33.76
Tangible Book Value per Share	$8.07	$8.00	$9.99	$14.11	$15.28	$16.89	$20.20	$24.23	$25.12	$26.57	$30.79
Total Capital	26,260	24,486	23,940	24,565	26,351	26,447	27,890	28,712	27,811	27,531	28,374
Total Debt	23,391	21,460	20,399	19,969	21,452	21,122	21,708	21,488	20,076	19,389	19,014
Total Long-Term Debt	21,303	19,405	18,686	17,925	19,732	19,479	20,376	19,620	18,473	17,993	17,612
Net Debt	21,456	20,233	19,673	19,369	20,955	20,685	21,317	21,070	19,688	19,003	18,279
Capital Expenditures (CapEx)	167	252	796	281	2,568	242	2,140	334	552	428	836
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,215	-6,200	-6,711	-6,017	-6,386	-6,829	-7,067	-6,350	-6,897	-7,462	-7,456
Debt-free Net Working Capital (DFNWC)	-3,280	-4,973	-5,985	-5,417	-5,889	-6,392	-6,676	-5,932	-6,509	-7,076	-6,721
Net Working Capital (NWC)	-5,368	-7,028	-7,698	-7,461	-7,609	-8,035	-8,008	-7,800	-8,112	-8,472	-8,123
Net Nonoperating Expense (NNE)	510	238	308	254	292	386	241	519	64	209	115
Net Nonoperating Obligations (NNO)	21,456	20,233	19,673	19,369	20,955	20,685	21,317	21,070	19,688	19,003	18,279
Total Depreciation and Amortization (D&A)	394	390	389	392	393	413	418	435	432	435	440
Debt-free, Cash-free Net Working Capital to Revenue	-58.99%	-58.12%	-55.90%	-45.68%	-45.94%	-46.32%	-46.10%	-39.55%	-41.84%	-44.54%	-43.39%
Debt-free Net Working Capital to Revenue	-37.10%	-46.62%	-49.85%	-41.12%	-42.37%	-43.36%	-43.55%	-36.95%	-39.49%	-42.23%	-39.11%
Net Working Capital to Revenue	-60.72%	-65.89%	-64.12%	-56.64%	-54.74%	-54.50%	-52.24%	-48.58%	-49.21%	-50.56%	-47.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.95)	($0.19)	$1.79	$3.94	$1.09	$1.40	$3.32	$4.22	$2.06	$2.71	$4.45
Adjusted Weighted Average Basic Shares Outstanding	255.35M	255.47M	255.81M	256.19M	256.65M	257M	257M	263M	269.13M	269M	272M
Adjusted Diluted Earnings per Share	($1.95)	($0.19)	$1.70	$3.65	$1.15	$1.35	$3.11	$4.21	$2.27	$2.70	$4.41
Adjusted Weighted Average Diluted Shares Outstanding	255.35M	255.47M	281.91M	281.88M	256.65M	281M	281M	264M	269.13M	276M	275M
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	255.35M	255.74M	256.17M	256.24M	256.65M	257.35M	257.42M	268.88M	269.13M	271.56M	271.63M
Normalized Net Operating Profit after Tax (NOPAT)	9.40	190	540	886	399	525	769	1,144	436	662	930
Normalized NOPAT Margin	0.36%	6.60%	15.32%	21.29%	11.98%	14.08%	18.72%	23.41%	11.60%	16.54%	20.50%
Pre Tax Income Margin	-19.21%	-1.66%	13.14%	24.30%	8.35%	9.76%	20.88%	22.82%	14.84%	18.38%	26.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.26	0.77	2.16	3.70	1.64	1.75	3.68	2.67	2.88	3.75	5.80
NOPAT to Interest Expense	0.02	0.53	2.17	3.72	1.64	1.77	3.69	2.71	2.35	3.80	5.83
EBIT Less CapEx to Interest Expense	-0.64	0.07	-0.08	2.87	-5.76	1.18	-3.50	2.11	0.80	2.03	2.14
NOPAT Less CapEx to Interest Expense	-0.36	-0.17	-0.07	2.89	-5.76	1.20	-3.49	2.16	0.27	2.08	2.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.69%	7.80%	12.56%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.69%	7.80%	12.56%

Key Financial Trends

Royal Caribbean Cruises (RCL) has demonstrated a robust recovery and growth trajectory from 2022 through mid-2025, highlighted by improving profitability, increasing revenues, and effective debt management amid ongoing investments.

Net income has rebounded significantly from losses in early 2023 to solid profits in 2025, with Q2 2025 net income reaching $1.21 billion, up from a loss of $48 million in Q1 2023.
Operating revenue increased steadily from approximately $2.6 billion in Q4 2022 to over $4.5 billion in Q2 2025, showing strong demand recovery and business expansion.
Gross profit improved considerably, reaching $2.25 billion in Q2 2025, up from $819 million in Q4 2022, driven by higher revenues and controlled costs.
Operating expenses, including selling, general and administrative costs, while increasing in absolute terms, have been offset by higher revenues leading to expanding operating margins.
Cash flows from operating activities have grown from $575 million in Q4 2022 to $1.75 billion in Q2 2025, highlighting improved operational efficiency and cash generation.
Capital expenditures (purchase of property, plant & equipment) increased reflecting ongoing investments in fleet and infrastructure to sustain growth, with $836 million spent in Q2 2025.
Total assets have increased from approximately $33.8 billion in Q3 2022 to nearly $38.5 billion by Q2 2025, indicating growth in company scale and investments.
Common equity rose from approximately $4.4 billion in Q3 2023 to $9.17 billion in Q2 2025, demonstrating strengthened book value and likely reduced equity dilution.

Debt levels remain elevated, with long-term debt around $17.6 billion in Q2 2025, slightly down from previous quarters but still significant; the company appears actively managing its debt, balancing repayments and issuances.
Dividend payments increased to $0.75 per share in Q2 2025 from $0.4 in Q3 2024, signaling confidence in cash flow but increasing cash outflows.

Interest expense remains substantial, although slightly reduced in Q2 2025 to $228 million from $347 million in Q4 2024, indicating a meaningful cost burden that could impact net margins, especially if rates rise.
The company incurred net cash outflows from investing activities in most quarters, exceeding $2 billion in Q2 2024, reflecting heavy investment which may pressure free cash flow in the short term.
Total liabilities remain high at approximately $29.2 billion as of Q2 2025, with significant current liabilities exceeding $10.5 billion, highlighting continued leverage that bears financial risk if market conditions worsen.
Customer deposits, though a liability, are large (~$6.4 billion in Q2 2025), which while enabling pre-funded revenue, also represent obligations to deliver services in the future, posing risks if cancellations arise.

Summary: Royal Caribbean Cruises has demonstrated a strong recovery in revenue and profitability over the past couple of years, supported by improving cash flows and equity growth. The company continues to invest heavily in its fleet and infrastructure, positioning for future growth. However, the balance sheet reflects significant debt and liabilities, with interest costs that may weigh on profitability. Retail investors should weigh the positive momentum and cash generation capacity against the financial leverage risk the company carries.

08/25/25 12:44 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Royal Caribbean Cruises' Financials

When does Royal Caribbean Cruises' 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 10 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 $764.15 million in 2014. The previous period was $1.70 billion in 2023. See where experts think Royal Caribbean Cruises is headed by visiting Royal Caribbean Cruises' forecast page.

What is Royal Caribbean Cruises' operating income?

Royal Caribbean Cruises' 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 10 years?

Over the last 10 years, Royal Caribbean Cruises' total revenue changed from $8.07 billion in 2014 to $16.48 billion in 2024, a change of 104.2%.

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 136.0% increase since 2014.

How much cash does Royal Caribbean Cruises have?

In the past 10 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 10 years?

Over the last 10 years, Royal Caribbean Cruises' book value per share changed from 36.21 in 2014 to 28.13 in 2024, a change of -22.3%.

Related Companies

This page (NYSE:RCL) was last updated on 8/25/2025 by MarketBeat.com Staff

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Royal Caribbean Cruises (RCL) Financials

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Royal Caribbean Cruises (RCL) Financials

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