Royal Caribbean Cruises (RCL) Financials

$250.85 -4.69 (-1.84%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$253.75 +2.90 (+1.16%)

As of 08:57 AM 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	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	-

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	-	-	-	-	-	-	-	-

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

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

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	-	-	-	-	-	-	-

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	-

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%

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 fiscal year end?

According to the most recent income statement we have on file, Royal Caribbean Cruises' financial year ends in December. Their financial 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. View Royal Caribbean Cruises' forecast to see where analysts expect Royal Caribbean Cruises to go next.

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%.

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This page (NYSE:RCL) was last updated on 5/29/2025 by MarketBeat.com Staff

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Royal Caribbean Cruises (RCL) Financials

Frequently Asked Questions About Royal Caribbean Cruises' Financials

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Royal Caribbean Cruises (RCL) Financials

Annual Income Statements for Royal Caribbean Cruises

Quarterly Income Statements for Royal Caribbean Cruises

Annual Cash Flow Statements for Royal Caribbean Cruises

Quarterly Cash Flow Statements for Royal Caribbean Cruises

Annual Balance Sheets for Royal Caribbean Cruises

Quarterly Balance Sheets for Royal Caribbean Cruises

Annual Metrics And Ratios for Royal Caribbean Cruises

Quarterly Metrics And Ratios for Royal Caribbean Cruises

Frequently Asked Questions About Royal Caribbean Cruises' Financials

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