Royal Caribbean Cruises (RCL) Financials

$263.87 +4.39 (+1.69%)

Closing price 03:59 PM Eastern

Extended Trading

$266.06 +2.19 (+0.83%)

As of 07:58 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	666	1,283	1,625	1,811	1,879	-5,797	-5,260	-2,156	1,697	2,877	4,268
Consolidated Net Income / (Loss)	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896	4,291
Net Income / (Loss) Continuing Operations	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,705	2,895	4,291
Total Pre-Tax Income	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,711	2,941	4,373
Total Operating Income	875	1,477	1,744	1,895	2,083	-4,602	-3,870	-766	2,878	4,106	4,910
Total Gross Profit	3,200	3,481	3,881	4,232	4,888	-556	-1,207	2,224	6,125	7,832	8,852
Total Revenue	8,299	8,496	8,778	9,494	10,951	2,209	1,532	8,840	13,900	16,484	17,935
Operating Revenue	8,299	8,496	8,778	9,494	10,951	2,209	1,532	8,840	13,900	16,484	17,935
Total Cost of Revenue	5,099	5,016	4,897	5,262	6,063	2,765	2,739	6,616	7,775	8,652	9,083
Operating Cost of Revenue	5,099	5,016	4,897	5,262	6,063	2,765	2,739	6,616	7,775	8,652	9,083
Total Operating Expenses	2,325	2,004	2,137	2,337	2,805	4,045	2,663	2,990	3,247	3,725	3,941
Selling, General & Admin Expense	1,087	1,109	1,186	1,303	1,559	1,200	1,370	1,583	1,792	2,125	2,223
Depreciation Expense	827	895	951	1,034	1,246	1,279	1,293	1,407	1,455	1,600	1,718
Total Other Income / (Expense), net	-209	-194	-119	-79	-175	-1,174	-1,390	-1,390	-1,168	-1,165	-537
Interest Expense	278	307	300	334	409	844	1,292	1,364	1,402	1,590	992
Interest & Investment Income	93	149	186	244	258	-192	-118	93	236	276	438
Other Income / (Expense), net	-24	-36	-5.29	11	-25	-137	20	-119	-2.00	149	17
Income Tax Expense	-	-	-	-	-	-	-	-	6.00	46	82
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	4.75	29	22	0.00	0.00	7.00	18	23
Basic Earnings per Share	$3.03	$5.96	$7.57	$8.60	$8.97	($27.05)	($20.89)	($8.45)	$6.63	$11.00	$15.75
Weighted Average Basic Shares Outstanding	219.54M	215.39M	214.62M	210.57M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M	270.53M
Diluted Earnings per Share	$3.02	$5.93	$7.53	$8.56	$8.95	($27.05)	($20.89)	($8.45)	$6.31	$10.94	$15.61
Weighted Average Diluted Shares Outstanding	219.54M	215.39M	214.62M	210.57M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M	270.53M
Weighted Average Basic & Diluted Shares Outstanding	219.54M	215.39M	214.62M	210.57M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M	270.53M
Cash Dividends to Common per Share	-	$1.71	$2.04	$2.60	$2.96	$0.78	-	$0.00	$0.00	$0.95	$3.50

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,009	277	360	854	1,111	552	730	1,210	1,575	753	941
Consolidated Net Income / (Loss)	1,011	278	364	858	1,115	559	736	1,214	1,579	762	950
Net Income / (Loss) Continuing Operations	1,011	278	364	858	1,115	558	735	1,214	1,579	763	950
Total Pre-Tax Income	1,011	278	364	858	1,115	558	751	1,214	1,579	845	976
Total Operating Income	1,265	570	750	1,099	1,634	623	945	1,329	1,702	934	1,162
Total Gross Profit	2,023	1,441	1,672	1,958	2,495	1,707	1,920	2,255	2,660	2,017	2,205
Total Revenue	4,160	3,331	3,728	4,110	4,886	3,760	3,999	4,538	5,139	4,259	4,452
Operating Revenue	4,160	3,331	3,728	4,110	4,886	3,760	3,999	4,538	5,139	4,259	4,452
Total Cost of Revenue	2,137	1,890	2,056	2,152	2,391	2,053	2,079	2,283	2,479	2,242	2,247
Operating Cost of Revenue	2,137	1,890	2,056	2,152	2,391	2,053	2,079	2,283	2,479	2,242	2,247
Total Operating Expenses	758	871	922	859	861	1,083	974	925	957	1,085	1,043
Selling, General & Admin Expense	393	503	535	466	451	673	562	508	522	631	582
Depreciation Expense	365	368	387	393	410	410	412	417	435	454	461
Total Other Income / (Expense), net	-254	-292	-386	-241	-519	-65	-194	-115	-123	-89	-187
Interest Expense	340	347	424	298	603	265	249	228	248	267	278
Interest & Investment Income	94	55	46	60	110	60	50	119	161	108	89
Other Income / (Expense), net	-8.00	-	-8.00	-3.00	-26	140	5.00	-6.00	-36	70	2.00
Income Tax Expense	-	-	-	-	-	-	16	-	-	-	26
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	1.00	4.00	4.00	4.00	6.00	6.00	5.00	4.00	8.00	8.00
Basic Earnings per Share	$3.94	$1.09	$1.40	$3.32	$4.22	$2.06	$2.71	$4.45	$5.79	$2.80	$3.49
Weighted Average Basic Shares Outstanding	256M	256.65M	257M	257M	263M	269.13M	269M	272M	272M	270.53M	270M
Diluted Earnings per Share	$3.65	$1.15	$1.35	$3.11	$4.21	$2.27	$2.70	$4.41	$5.74	$2.76	$3.48
Weighted Average Diluted Shares Outstanding	282M	256.65M	281M	281M	264M	269.13M	276M	275M	274M	270.53M	271M
Weighted Average Basic & Diluted Shares Outstanding	256.24M	256.65M	257.35M	257.42M	268.88M	269.13M	271.56M	271.63M	272.71M	270.53M	268.19M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$0.75	-	-	$1.50

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-68	11	-12	168	-44	3,441	-982	-767	-1,438	-109	437
Net Cash From Operating Activities	1,946	2,517	2,875	3,479	3,716	-3,732	-1,878	481	4,477	5,265	6,465
Net Cash From Continuing Operating Activities	1,946	2,517	2,875	3,479	3,716	-3,732	-1,878	481	4,477	5,265	6,465
Net Income / (Loss) Continuing Operations	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896	4,291
Consolidated Net Income / (Loss)	666	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896	4,291
Depreciation Expense	827	895	951	1,034	1,246	1,279	1,293	1,407	1,455	1,600	1,718
Amortization Expense	52	53	46	53	64	156	249	163	109	98	97
Non-Cash Adjustments To Reconcile Net Income	459	26	205	138	280	335	337	173	39	576	-8.00
Changes in Operating Assets and Liabilities, net	-57	260	47	439	219	273	1,503	894	1,170	95	367
Net Cash From Investing Activities	-1,743	-2,725	-214	-4,489	-3,091	-2,179	-2,145	-2,987	-3,923	-3,446	-5,012
Net Cash From Continuing Investing Activities	-1,743	-2,699	-214	-4,489	-3,091	-2,179	-2,145	-2,987	-3,923	-3,446	-5,012
Purchase of Property, Plant & Equipment	-1,613	-2,494	-564	-3,660	-3,025	-1,965	-2,230	-2,710	-3,897	-3,268	-5,229
Purchase of Investments	-56	-333	-10	-125	-94	-262	-144	-356	-117	-197	-130
Sale and/or Maturity of Investments	-	111	63	77	7.62	16	44	53	35	14	200
Other Investing Activities, net	-73	-8.17	68	123	20	4.84	9.00	26	56	5.00	147
Net Cash From Financing Activities	-254	244	-2,676	1,198	-670	9,350	3,041	1,741	-1,993	-1,922	-1,018
Net Cash From Continuing Financing Activities	-254	244	-2,676	1,198	-670	9,350	3,041	1,741	-1,993	-1,922	-1,018
Repayment of Debt	-4,187	-6,451	-7,887	-11,020	-29,734	-12,057	-3,049	-8,046	-9,843	-12,133	-3,706
Repurchase of Common Equity	-200	-300	-225	-575	-100	-	-	-	0.00	0.00	-1,159
Payment of Dividends	-280	-346	-437	-527	-603	-326	-	0.00	0.00	-107	-824
Issuance of Debt	4,402	7,339	5,871	13,321	29,766	20,302	4,468	9,787	7,641	10,318	4,671
Other Financing Activities, net	11	2.26	2.53	0.00	0.00	1,431	1,622	0.00	209	0.00	0.00
Effect of Exchange Rate Changes	-18	-25	-	-20	-	-	0.00	-2.00	1.00	-6.00	2.00
Cash Interest Paid	249	257	250	252	246	418	834	960	1,442	1,210	864

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-126	-103	-60	-46	27	-30	-2.00	349	-303	393	-313
Net Cash From Operating Activities	659	1,116	1,328	1,573	897	1,467	1,627	1,746	1,469	1,623	1,834
Net Cash From Continuing Operating Activities	659	1,116	1,328	1,573	897	1,467	1,627	1,746	1,469	1,623	1,834
Net Income / (Loss) Continuing Operations	1,010	279	364	858	1,115	559	736	1,214	1,579	762	950
Consolidated Net Income / (Loss)	1,010	279	364	858	1,115	559	736	1,214	1,579	762	950
Depreciation Expense	366	368	387	393	410	410	412	417	436	453	461
Amortization Expense	26	25	26	25	25	22	23	23	26	25	53
Non-Cash Adjustments To Reconcile Net Income	6.00	-14	155	938	-723	177	13	-960	160	-59	22
Changes in Operating Assets and Liabilities, net	-749	458	396	-641	70	299	443	1,052	-732	442	348
Net Cash From Investing Activities	-328	-2,574	-296	-2,198	-311	-641	-440	-706	-2,387	-1,479	-529
Net Cash From Continuing Investing Activities	-328	-2,574	-296	-2,198	-311	-641	-440	-706	-2,387	-1,479	-529
Purchase of Property, Plant & Equipment	-281	-2,568	-242	-2,140	-334	-552	-428	-836	-2,458	-1,507	-500
Purchase of Investments	-74	-29	-44	-68	4.00	-89	-28	-60	-18	-24	-41
Sale and/or Maturity of Investments	5.00	12	-	12	2.00	-	0.00	-	33	56	17
Other Investing Activities, net	22	11	-10	-2.00	17	-	16	64	71	-4.00	-5.00
Net Cash From Financing Activities	-457	1,353	-1,091	580	-559	-852	-1,191	-696	615	254	-1,617
Net Cash From Continuing Financing Activities	-457	1,353	-1,091	580	-559	-852	-1,191	-696	615	254	-1,617
Repayment of Debt	-1,057	-4,480	-3,270	-1,939	-5,219	-1,705	-1,222	-746	-1,199	-479	-3,133
Repurchase of Common Equity	-	-	0.00	-	-	-	-241	-	-414	-504	-836
Payment of Dividends	-	-	0.00	-	-	-	-148	-200	-204	-272	-270
Issuance of Debt	600	5,833	2,179	2,519	4,660	960	480	250	2,432	1,509	2,807
Other Financing Activities, net	-	-	-	-	-	-	-60	-	-	-	-185
Effect of Exchange Rate Changes	-1.00	-	-1.00	-	-	-4.00	2.00	-	-	-5.00	-1.00
Cash Interest Paid	504	378	411	210	377	212	279	164	266	155	320

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	20,782	22,310	22,361	27,698	30,320	32,465	32,258	33,776	35,131	37,070	41,619
Total Current Assets	837	748	908	1,242	1,163	4,312	3,600	3,205	1,792	1,705	2,211
Cash & Equivalents	122	133	120	288	244	3,684	2,702	1,935	497	388	825
Accounts Receivable	239	292	319	325	306	284	408	531	405	371	317
Inventories, net	121	114	111	154	162	119	150	224	248	265	264
Prepaid Expenses	221	210	258	457	429	154	286	456	617	670	690
Other Current Assets	135	0.00	99	20	22	70	54	59	25	11	115
Plant, Property, & Equipment, net	18,778	20,161	19,735	23,466	25,467	0.00	25,908	27,546	30,114	31,831	35,696
Total Noncurrent Assets	1,167	1,401	1,718	2,990	3,691	28,153	2,750	3,025	3,225	3,534	3,712
Goodwill	287	288	289	1,378	1,386	809	809	809	809	808	808
Other Noncurrent Operating Assets	880	1,112	1,430	1,612	2,305	27,344	1,941	2,216	2,416	2,726	2,904
Total Liabilities & Shareholders' Equity	20,782	22,310	22,361	27,698	30,320	32,465	32,258	33,776	35,131	37,070	41,619
Total Liabilities	12,719	13,189	11,659	16,051	17,586	23,705	27,173	30,907	30,232	29,335	31,374
Total Current Liabilities	4,293	4,442	4,855	7,112	7,953	4,537	7,286	8,573	9,401	9,817	12,055
Short-Term Debt	900	1,286	1,189	2,422	2,621	1,371	2,243	2,088	1,720	1,603	3,180
Accounts Payable	302	305	360	488	564	353	546	647	792	919	953
Accrued Expenses	659	692	903	900	1,078	616	888	1,459	1,478	1,635	2,026
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	-	5,739
Other Current Liabilities	652	147	47	78	192	159	196	211	100	164	157
Total Noncurrent Liabilities	8,426	8,747	6,804	8,939	9,634	19,167	19,887	22,334	20,831	19,518	19,319
Long-Term Debt	7,628	8,102	6,351	8,355	8,414	17,958	18,847	21,303	19,732	18,473	18,165
Other Noncurrent Operating Liabilities	799	646	453	583	1,219	1,209	1,040	1,031	1,099	1,045	1,154
Total Equity & Noncontrolling Interests	8,063	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,899	7,735	10,245
Total Preferred & Common Equity	8,063	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,724	7,563	10,037
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	8,063	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,724	7,563	10,037
Common Stock	3,300	3,331	3,392	3,423	3,496	6,001	7,560	7,288	7,477	7,834	7,967
Retained Earnings	6,945	7,860	9,022	10,263	11,523	5,563	302	-1,707	-10	2,612	5,925
Treasury Stock	-853	-1,153	-1,378	-1,953	-2,058	-2,064	-2,066	-2,068	-2,069	-2,081	-3,251
Accumulated Other Comprehensive Income / (Loss)	-1,328	-916	-334	-628	-798	-739	-711	-644	-674	-802	-604
Noncontrolling Interest	-	-	-	-	-	-	-	0.00	175	172	208

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	32,923	32,769	35,131	35,190	36,974	37,067	37,070	37,452	38,542	40,109	41,990
Total Current Assets	1,969	1,781	1,792	1,870	1,886	1,831	1,705	1,828	2,450	1,887	2,204
Cash & Equivalents	726	600	497	437	391	418	388	386	735	432	512
Accounts Receivable	375	360	405	455	412	441	371	427	431	356	479
Inventories, net	216	242	248	236	242	265	265	256	247	269	271
Prepaid Expenses	605	509	617	690	790	667	670	723	785	652	719
Other Current Assets	47	70	25	52	51	40	11	36	252	178	223
Plant, Property, & Equipment, net	27,936	27,855	30,114	30,025	31,759	31,706	31,831	31,904	32,351	34,620	35,884
Total Noncurrent Assets	3,019	3,133	3,225	3,295	3,329	3,530	3,534	3,720	3,741	3,602	3,902
Goodwill	809	809	809	809	809	809	808	808	808	808	808
Other Noncurrent Operating Assets	2,209	2,324	2,416	1,887	1,931	2,072	2,726	2,912	2,933	2,794	3,094
Total Liabilities & Shareholders' Equity	32,923	32,769	35,131	35,190	36,974	37,067	37,070	37,452	38,542	40,109	41,990
Total Liabilities	29,382	28,172	30,232	29,865	30,792	29,843	29,335	29,310	29,182	29,821	31,962
Total Current Liabilities	9,667	9,242	9,401	9,905	9,894	9,631	9,817	10,300	10,573	11,469	11,065
Short-Term Debt	1,713	2,044	1,720	1,643	1,332	1,868	1,603	1,396	1,402	3,074	1,448
Accounts Payable	692	715	792	876	821	851	919	956	959	828	1,010
Accrued Expenses	1,392	1,211	1,478	1,236	1,410	1,476	1,635	1,504	1,701	1,847	1,968
Customer Deposits	5,676	5,032	5,311	6,040	6,245	5,324	-	6,334	6,379	5,604	6,548
Other Current Liabilities	194	239	100	110	86	112	164	110	132	116	91
Total Noncurrent Liabilities	19,715	18,931	20,831	19,960	20,898	20,212	19,518	19,010	18,609	18,352	20,897
Long-Term Debt	18,686	17,925	19,732	18,876	19,785	18,972	18,473	17,993	17,612	17,203	19,666
Other Noncurrent Operating Liabilities	1,030	1,006	1,099	481	522	592	1,045	1,017	997	1,149	1,231
Total Equity & Noncontrolling Interests	3,541	4,596	4,899	5,325	6,182	7,224	7,735	8,142	9,360	10,288	10,028
Total Preferred & Common Equity	3,364	4,423	4,724	5,151	6,008	7,045	7,563	7,960	9,169	10,092	9,810
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	3,364	4,423	4,724	5,151	6,008	7,045	7,563	7,960	9,169	10,092	9,810
Common Stock	7,410	7,425	7,477	7,499	7,539	7,672	7,834	7,849	7,877	7,924	7,870
Retained Earnings	-1,297	-288	-10	350	1,204	2,207	2,612	3,139	4,144	5,443	6,460
Treasury Stock	-2,069	-2,069	-2,069	-2,081	-2,081	-2,081	-2,081	-2,333	-2,333	-2,747	-4,135
Accumulated Other Comprehensive Income / (Loss)	-680	-645	-674	-617	-654	-753	-802	-695	-519	-528	-385
Noncontrolling Interest	177	173	175	174	174	179	172	182	191	196	218

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.79%	2.38%	3.31%	8.16%	15.34%	-79.83%	-30.64%	477.02%	57.24%	18.59%	8.80%
EBITDA Growth	-3.26%	38.14%	14.51%	9.38%	12.54%	-198.08%	30.13%	129.68%	547.30%	33.22%	13.25%
EBIT Growth	-11.45%	69.50%	20.62%	9.61%	7.99%	-330.23%	18.75%	77.01%	424.29%	46.66%	15.79%
NOPAT Growth	-7.11%	68.84%	18.06%	8.64%	9.92%	-254.66%	15.90%	80.21%	636.74%	42.67%	19.20%
Net Income Growth	-12.87%	92.76%	26.63%	11.73%	5.06%	-402.74%	8.92%	59.01%	179.04%	69.95%	48.17%
EPS Growth	-11.95%	96.36%	26.98%	13.68%	4.56%	-402.23%	22.77%	59.55%	174.67%	73.38%	42.69%
Operating Cash Flow Growth	11.62%	29.30%	14.22%	21.03%	6.82%	-200.41%	49.67%	125.61%	830.77%	17.60%	22.79%
Free Cash Flow Firm Growth	-5.73%	-143.18%	555.85%	-207.54%	132.57%	-712.41%	58.52%	36.13%	218.84%	88.07%	-40.31%
Invested Capital Growth	-0.84%	11.60%	-1.38%	22.25%	6.23%	4.50%	-3.78%	2.52%	6.29%	6.07%	12.19%
Revenue Q/Q Growth	1.03%	0.09%	1.09%	3.58%	1.72%	-52.92%	162.32%	22.46%	5.52%	2.67%	2.86%
EBITDA Q/Q Growth	8.40%	8.77%	0.32%	3.80%	-0.59%	-64.07%	-1.79%	342.04%	18.09%	4.09%	4.45%
EBIT Q/Q Growth	8.41%	8.75%	0.37%	3.28%	-2.82%	-39.25%	-1.37%	52.24%	31.07%	4.81%	5.14%
NOPAT Q/Q Growth	17.54%	3.28%	0.61%	3.08%	-3.01%	-40.05%	-0.39%	57.71%	23.98%	1.31%	4.76%
Net Income Q/Q Growth	17.06%	4.42%	1.69%	1.82%	-2.05%	-39.91%	0.20%	28.44%	84.07%	10.75%	4.97%
EPS Q/Q Growth	17.51%	4.40%	1.89%	1.78%	-1.97%	-37.17%	3.11%	28.69%	96.57%	11.41%	3.24%
Operating Cash Flow Q/Q Growth	2.87%	7.58%	-3.22%	9.86%	-3.20%	-62.46%	24.82%	260.45%	13.72%	7.14%	2.47%
Free Cash Flow Firm Q/Q Growth	2,258.83%	-40.07%	-8.28%	-3.68%	-27.53%	-16.92%	29.72%	49.41%	-62.52%	1,019.08%	-46.52%
Invested Capital Q/Q Growth	-1.05%	-0.01%	1.05%	1.47%	2.26%	0.91%	-2.23%	-3.64%	7.88%	-3.08%	2.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.55%	40.97%	44.22%	44.57%	44.64%	-25.19%	-78.79%	25.16%	44.06%	47.51%	49.36%
EBITDA Margin	20.84%	28.12%	31.17%	31.52%	30.75%	-149.55%	-150.65%	7.75%	31.90%	35.83%	37.59%
Operating Margin	10.54%	17.39%	19.87%	19.96%	19.02%	-208.33%	-252.61%	-8.67%	20.71%	24.91%	27.38%
EBIT Margin	10.25%	16.97%	19.81%	20.08%	18.80%	-214.53%	-251.31%	-10.01%	20.65%	25.53%	27.47%
Profit (Net Income) Margin	8.02%	15.11%	18.51%	19.13%	17.42%	-261.46%	-343.34%	-24.39%	12.26%	17.57%	23.93%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.03%	98.12%
Interest Burden Percent	78.29%	89.03%	93.46%	95.27%	92.68%	121.87%	136.62%	243.62%	59.37%	68.78%	88.76%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.88%
Return on Invested Capital (ROIC)	5.28%	8.46%	9.53%	9.38%	9.09%	-13.35%	-11.20%	-2.23%	11.47%	15.41%	16.56%
ROIC Less NNEP Spread (ROIC-NNEP)	2.82%	6.27%	8.11%	8.51%	7.46%	-32.44%	-25.97%	-10.31%	5.93%	9.46%	13.94%
Return on Net Nonoperating Assets (RNNOA)	2.98%	6.48%	6.86%	6.86%	6.55%	-40.39%	-64.78%	-51.98%	32.40%	30.43%	31.17%
Return on Equity (ROE)	8.26%	14.94%	16.40%	16.25%	15.65%	-53.74%	-75.98%	-54.21%	43.87%	45.84%	47.73%
Cash Return on Invested Capital (CROIC)	6.12%	-2.51%	10.92%	-10.64%	3.05%	-17.76%	-7.35%	-4.72%	5.38%	9.52%	5.07%
Operating Return on Assets (OROA)	4.08%	6.69%	7.78%	7.61%	7.09%	-15.09%	-11.90%	-2.68%	8.33%	11.66%	12.52%
Return on Assets (ROA)	3.19%	5.96%	7.28%	7.25%	6.58%	-18.40%	-16.25%	-6.53%	4.95%	8.02%	10.91%
Return on Common Equity (ROCE)	8.26%	14.94%	16.40%	15.85%	14.93%	-52.31%	-75.98%	-54.21%	42.88%	44.59%	46.72%
Return on Equity Simple (ROE_SIMPLE)	8.26%	14.07%	15.18%	16.35%	15.68%	-65.92%	-103.43%	-75.15%	36.07%	38.29%	0.00%
Net Operating Profit after Tax (NOPAT)	875	1,477	1,744	1,895	2,083	-3,221	-2,709	-536	2,878	4,106	4,818
NOPAT Margin	10.54%	17.39%	19.87%	19.96%	19.02%	-145.83%	-176.83%	-6.07%	20.71%	24.91%	26.86%
Net Nonoperating Expense Percent (NNEP)	2.46%	2.18%	1.42%	0.88%	1.63%	19.09%	14.77%	8.08%	5.54%	5.95%	2.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-2.04%	10.92%	14.76%	15.25%
Cost of Revenue to Revenue	61.45%	59.03%	55.78%	55.43%	55.36%	125.19%	178.79%	74.84%	55.94%	52.49%	50.64%
SG&A Expenses to Revenue	13.09%	13.05%	13.51%	13.73%	14.24%	54.31%	89.43%	17.91%	12.89%	12.89%	12.39%
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	28.01%	23.58%	24.35%	24.61%	25.62%	183.14%	173.83%	33.82%	23.36%	22.60%	21.97%
Earnings before Interest and Taxes (EBIT)	850	1,442	1,739	1,906	2,058	-4,739	-3,850	-885	2,870	4,209	4,927
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,730	2,389	2,736	2,993	3,368	-3,303	-2,308	685	4,434	5,907	6,742
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.50	1.79	2.25	1.78	2.28	1.91	3.85	4.38	6.99	8.20	7.58
Price to Tangible Book Value (P/TBV)	2.59	1.85	2.32	2.03	2.57	2.11	4.58	6.09	8.44	9.18	8.24
Price to Revenue (P/Rev)	2.43	1.92	2.75	2.08	2.53	7.59	12.79	1.42	2.38	3.76	4.24
Price to Earnings (P/E)	30.29	12.71	14.84	10.90	14.75	0.00	0.00	0.00	19.46	21.56	17.82
Dividend Yield	1.47%	2.25%	1.92%	2.75%	2.24%	4.07%	0.00%	0.00%	0.00%	0.41%	1.25%
Earnings Yield	3.30%	7.87%	6.74%	9.17%	6.78%	0.00%	0.00%	0.00%	5.14%	4.64%	5.61%
Enterprise Value to Invested Capital (EV/IC)	1.73	1.39	1.74	1.39	1.66	1.31	1.60	1.40	2.09	2.99	3.15
Enterprise Value to Revenue (EV/Rev)	3.44	3.01	3.59	3.24	3.57	14.67	24.79	3.85	3.90	4.97	5.40
Enterprise Value to EBITDA (EV/EBITDA)	16.52	10.70	11.53	10.28	11.60	0.00	0.00	49.65	12.21	13.86	14.36
Enterprise Value to EBIT (EV/EBIT)	33.60	17.73	18.14	16.15	18.98	0.00	0.00	0.00	18.87	19.46	19.65
Enterprise Value to NOPAT (EV/NOPAT)	32.66	17.30	18.08	16.24	18.76	0.00	0.00	0.00	18.82	19.94	20.09
Enterprise Value to Operating Cash Flow (EV/OCF)	14.68	10.16	10.97	8.85	10.51	0.00	0.00	70.71	12.10	15.55	14.97
Enterprise Value to Free Cash Flow (EV/FCFF)	28.16	0.00	15.79	0.00	55.86	0.00	0.00	0.00	40.15	32.28	65.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.06	1.03	0.70	0.93	0.87	2.21	4.15	8.15	4.38	2.60	2.08
Long-Term Debt to Equity	0.95	0.89	0.59	0.72	0.66	2.05	3.71	7.43	4.03	2.39	1.77
Financial Leverage	1.06	1.03	0.85	0.81	0.88	1.24	2.49	5.04	5.46	3.22	2.24
Leverage Ratio	2.59	2.51	2.25	2.24	2.38	2.92	4.67	8.30	8.87	5.71	4.38
Compound Leverage Factor	2.02	2.23	2.11	2.13	2.21	3.56	6.39	20.22	5.27	3.93	3.88
Debt to Total Capital	51.40%	50.72%	41.33%	48.06%	46.43%	68.81%	80.57%	89.07%	81.41%	72.19%	67.57%
Short-Term Debt to Total Capital	5.42%	6.95%	6.52%	10.80%	11.03%	4.88%	8.57%	7.95%	6.53%	5.76%	10.07%
Long-Term Debt to Total Capital	45.98%	43.77%	34.82%	37.26%	35.40%	63.93%	72.00%	81.12%	74.88%	66.42%	57.50%
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%	2.42%	2.40%	0.00%	0.00%	0.00%	0.66%	0.62%	0.66%
Common Equity to Total Capital	48.60%	49.28%	58.67%	49.52%	51.18%	31.19%	19.43%	10.93%	17.93%	27.19%	31.77%
Debt to EBITDA	4.93	3.93	2.76	3.60	3.28	-5.85	-9.14	34.15	4.84	3.40	3.17
Net Debt to EBITDA	4.86	3.87	2.71	3.51	3.20	-4.74	-7.97	31.32	4.73	3.33	3.04
Long-Term Debt to EBITDA	4.41	3.39	2.32	2.79	2.50	-5.44	-8.17	31.10	4.45	3.13	2.69
Debt to NOPAT	9.75	6.35	4.32	5.69	5.30	-6.00	-7.79	-43.62	7.45	4.89	4.43
Net Debt to NOPAT	9.61	6.27	4.25	5.54	5.18	-4.86	-6.79	-40.01	7.28	4.79	4.26
Long-Term Debt to NOPAT	8.72	5.48	3.64	4.41	4.04	-5.58	-6.96	-39.73	6.86	4.50	3.77
Altman Z-Score	1.75	1.63	2.24	1.57	1.79	0.24	-0.04	0.16	1.06	1.92	2.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	2.43%	4.56%	2.65%	0.00%	0.00%	2.25%	2.75%	2.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.20	0.17	0.19	0.17	0.15	0.95	0.49	0.37	0.19	0.17	0.18
Quick Ratio	0.08	0.10	0.09	0.09	0.07	0.87	0.43	0.29	0.10	0.08	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,015	-438	1,997	-2,148	700	-4,284	-1,777	-1,135	1,349	2,537	1,476
Operating Cash Flow to CapEx	120.64%	100.90%	860.29%	95.06%	122.87%	-192.62%	-91.43%	17.75%	114.88%	161.11%	123.64%
Free Cash Flow to Firm to Interest Expense	3.65	-1.43	6.66	-6.44	1.71	-5.07	-1.38	-0.83	0.96	1.60	1.49
Operating Cash Flow to Interest Expense	7.01	8.19	9.58	10.43	9.10	-4.42	-1.45	0.35	3.19	3.31	6.52
Operating Cash Flow Less CapEx to Interest Expense	1.20	0.07	8.47	-0.54	1.69	-6.71	-3.04	-1.63	0.41	1.26	1.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.39	0.39	0.38	0.38	0.07	0.05	0.27	0.40	0.46	0.46
Accounts Receivable Turnover	34.73	32.01	28.75	29.52	34.75	7.49	4.43	18.83	29.70	42.48	52.14
Inventory Turnover	42.03	42.61	43.43	39.72	38.41	19.69	20.37	35.36	32.94	33.73	34.34
Fixed Asset Turnover	0.44	0.44	0.44	0.44	0.45	0.00	0.00	0.33	0.48	0.53	0.53
Accounts Payable Turnover	16.88	16.52	14.72	12.41	11.53	6.03	6.09	11.09	10.81	10.11	9.70
Days Sales Outstanding (DSO)	10.51	11.40	12.69	12.36	10.50	48.75	82.46	19.39	12.29	8.59	7.00
Days Inventory Outstanding (DIO)	8.68	8.57	8.40	9.19	9.50	18.53	17.92	10.32	11.08	10.82	10.63
Days Payable Outstanding (DPO)	21.62	22.10	24.80	29.42	31.66	60.53	59.93	32.91	33.78	36.09	37.61
Cash Conversion Cycle (CCC)	-2.43	-2.13	-3.70	-7.87	-11.66	6.75	40.45	-3.20	-10.41	-16.68	-19.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,507	18,422	18,169	22,212	23,595	24,658	23,726	24,325	25,854	27,423	30,765
Invested Capital Turnover	0.50	0.49	0.48	0.47	0.48	0.09	0.06	0.37	0.55	0.62	0.62
Increase / (Decrease) in Invested Capital	-140	1,915	-253	4,043	1,383	1,063	-932	599	1,529	1,569	3,342
Enterprise Value (EV)	28,573	25,562	31,534	30,775	39,074	32,400	37,982	34,011	54,156	81,887	96,793
Market Capitalization	20,167	16,307	24,115	19,743	27,713	16,756	19,593	12,555	33,026	62,027	76,065
Book Value per Share	$36.65	$42.51	$49.99	$53.14	$58.03	$39.05	$19.96	$11.24	$18.44	$28.13	$36.80
Tangible Book Value per Share	$35.35	$41.16	$48.64	$46.54	$51.42	$35.44	$16.78	$8.07	$15.28	$25.12	$33.84
Total Capital	16,590	18,509	18,242	22,425	23,769	28,090	26,176	26,260	26,351	27,811	31,590
Total Debt	8,527	9,387	7,539	10,778	11,035	19,329	21,090	23,391	21,452	20,076	21,345
Total Long-Term Debt	7,628	8,102	6,351	8,355	8,414	17,958	18,847	21,303	19,732	18,473	18,165
Net Debt	8,406	9,255	7,419	10,490	10,791	15,645	18,389	21,456	20,955	19,688	20,520
Capital Expenditures (CapEx)	1,613	2,494	334	3,660	3,025	1,937	2,054	2,710	3,897	3,268	5,229
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,678	-2,540	-2,879	-3,736	-4,413	-2,539	-4,144	-5,215	-6,386	-6,897	-7,489
Debt-free Net Working Capital (DFNWC)	-2,556	-2,408	-2,759	-3,448	-4,170	1,146	-1,442	-3,280	-5,889	-6,509	-6,664
Net Working Capital (NWC)	-3,456	-3,693	-3,947	-5,870	-6,790	-225	-3,685	-5,368	-7,609	-8,112	-9,844
Net Nonoperating Expense (NNE)	209	194	119	79	175	2,554	2,551	1,620	1,174	1,210	527
Net Nonoperating Obligations (NNO)	8,444	9,301	7,467	10,564	10,861	15,897	18,641	21,456	20,955	19,688	20,520
Total Depreciation and Amortization (D&A)	879	948	997	1,087	1,310	1,435	1,542	1,570	1,564	1,698	1,815
Debt-free, Cash-free Net Working Capital to Revenue	-32.27%	-29.90%	-32.80%	-39.35%	-40.30%	-114.94%	-270.50%	-58.99%	-45.94%	-41.84%	-41.76%
Debt-free Net Working Capital to Revenue	-30.80%	-28.34%	-31.43%	-36.32%	-38.08%	51.87%	-94.14%	-37.10%	-42.37%	-39.49%	-37.16%
Net Working Capital to Revenue	-41.64%	-43.47%	-44.97%	-61.83%	-62.01%	-10.20%	-240.56%	-60.72%	-54.74%	-49.21%	-54.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$5.96	$7.57	$8.60	$8.97	($27.05)	($20.89)	($8.45)	$6.63	$11.00	$15.75
Adjusted Weighted Average Basic Shares Outstanding	0.00	214.80M	213.75M	209.19M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M	270.53M
Adjusted Diluted Earnings per Share	$0.00	$5.93	$7.53	$8.56	$8.95	($27.05)	($20.89)	($8.45)	$6.31	$10.94	$15.61
Adjusted Weighted Average Diluted Shares Outstanding	0.00	214.80M	213.75M	209.19M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M	270.53M
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	214.80M	213.75M	209.19M	209.00M	237.54M	255.00M	255.35M	256.65M	269.13M	270.53M
Normalized Net Operating Profit after Tax (NOPAT)	900	1,034	1,221	1,326	1,458	-2,125	-2,709	-536	2,015	2,874	4,818
Normalized NOPAT Margin	10.85%	12.17%	13.91%	13.97%	13.31%	-96.19%	-176.83%	-6.07%	14.49%	17.44%	26.86%
Pre Tax Income Margin	8.02%	15.11%	18.51%	19.13%	17.42%	-261.46%	-343.34%	-24.39%	12.26%	17.56%	24.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.06	4.69	5.80	5.71	5.04	-5.61	-2.98	-0.65	2.05	2.65	4.97
NOPAT to Interest Expense	3.15	4.81	5.81	5.68	5.10	-3.82	-2.10	-0.39	2.05	2.58	4.86
EBIT Less CapEx to Interest Expense	-2.75	-3.43	4.68	-5.26	-2.37	-7.91	-4.57	-2.64	-0.73	0.59	-0.30
NOPAT Less CapEx to Interest Expense	-2.66	-3.31	4.70	-5.29	-2.31	-6.11	-3.69	-2.38	-0.73	0.53	-0.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.09%	27.00%	26.92%	29.05%	31.59%	-5.65%	0.00%	0.00%	0.00%	3.69%	19.20%
Augmented Payout Ratio	72.13%	50.37%	40.76%	60.72%	36.81%	-5.65%	0.00%	0.00%	0.00%	3.69%	46.21%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	270,528,303.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	270,528,303.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.48
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.99%	27.95%	29.18%	16.66%	17.45%	12.88%	7.27%	10.41%	5.18%	13.27%	11.33%
EBITDA Growth	135.74%	239.47%	73.16%	31.08%	23.89%	24.09%	18.53%	16.45%	4.16%	19.42%	21.16%
EBIT Growth	320.11%	616.90%	167.87%	43.08%	27.92%	33.86%	25.88%	20.71%	3.61%	24.10%	22.53%
NOPAT Growth	323.89%	5,964.54%	293.91%	42.54%	29.17%	9.30%	26.00%	20.93%	4.16%	49.92%	22.29%
Net Income Growth	2,966.61%	155.57%	858.33%	85.31%	10.29%	101.08%	102.20%	41.49%	41.61%	36.31%	29.08%
EPS Growth	2,707.69%	158.97%	810.53%	82.94%	15.34%	97.39%	100.00%	41.80%	36.34%	21.59%	28.89%
Operating Cash Flow Growth	1,579.77%	93.84%	1.37%	13.00%	36.12%	31.45%	22.52%	11.00%	63.77%	10.63%	12.72%
Free Cash Flow Firm Growth	475.29%	-62.68%	-216.53%	-234.55%	-205.99%	1.36%	90.51%	137.31%	94.92%	-154.55%	-1,020.22%
Invested Capital Growth	-5.06%	6.29%	11.83%	18.46%	18.06%	6.07%	4.36%	0.51%	6.50%	12.19%	12.84%
Revenue Q/Q Growth	18.08%	-19.93%	11.90%	10.25%	18.88%	-23.05%	6.36%	13.48%	13.24%	-17.12%	4.53%
EBITDA Q/Q Growth	42.77%	-41.60%	19.88%	31.08%	34.94%	-41.51%	14.56%	28.78%	20.70%	-30.36%	13.23%
EBIT Q/Q Growth	64.10%	-54.65%	30.08%	47.71%	46.72%	-52.55%	22.41%	41.65%	25.93%	-39.74%	15.94%
NOPAT Q/Q Growth	64.07%	-54.94%	31.65%	46.53%	48.68%	-61.87%	51.69%	40.63%	28.07%	-45.12%	21.10%
Net Income Q/Q Growth	118.36%	-72.50%	30.49%	135.71%	29.95%	-49.87%	31.66%	64.95%	30.07%	-51.74%	24.67%
EPS Q/Q Growth	114.71%	-68.49%	17.39%	130.37%	35.37%	-46.08%	18.94%	63.33%	30.16%	-51.92%	26.09%
Operating Cash Flow Q/Q Growth	-52.66%	69.35%	19.00%	18.45%	-42.98%	63.55%	10.91%	7.31%	-15.86%	10.48%	13.00%
Free Cash Flow Firm Q/Q Growth	7.37%	-137.72%	-108.63%	-59.21%	15.42%	64.90%	79.92%	725.79%	-111.52%	-1,657.66%	2.24%
Invested Capital Q/Q Growth	3.24%	7.88%	0.60%	5.72%	2.89%	-3.08%	-1.01%	1.82%	9.02%	2.10%	-0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.63%	43.26%	44.85%	47.64%	51.06%	45.40%	48.01%	49.69%	51.76%	47.36%	49.53%
EBITDA Margin	39.64%	28.91%	30.98%	36.84%	41.81%	31.78%	34.23%	38.85%	41.41%	34.80%	37.69%
Operating Margin	30.41%	17.11%	20.12%	26.74%	33.44%	16.57%	23.63%	29.29%	33.12%	21.93%	26.10%
EBIT Margin	30.22%	17.11%	19.90%	26.67%	32.91%	20.29%	23.36%	29.15%	32.42%	23.57%	26.15%
Profit (Net Income) Margin	24.30%	8.35%	9.76%	20.88%	22.82%	14.87%	18.40%	26.75%	30.73%	17.89%	21.34%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.18%	100.14%	100.00%	100.00%	90.18%	97.34%
Interest Burden Percent	80.43%	48.77%	49.06%	78.28%	69.34%	73.13%	78.69%	91.76%	94.78%	84.16%	83.85%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.66%
Return on Invested Capital (ROIC)	16.28%	9.48%	12.04%	16.17%	20.55%	10.25%	14.90%	18.25%	19.77%	13.52%	16.17%
ROIC Less NNEP Spread (ROIC-NNEP)	15.05%	8.10%	10.15%	14.99%	17.98%	9.94%	13.84%	17.67%	19.17%	12.66%	15.26%
Return on Net Nonoperating Assets (RNNOA)	79.89%	44.24%	49.75%	63.19%	61.52%	31.97%	40.80%	45.02%	44.78%	28.32%	33.26%
Return on Equity (ROE)	96.17%	53.72%	61.79%	79.36%	82.07%	42.22%	55.70%	63.28%	64.55%	41.84%	49.43%
Cash Return on Invested Capital (CROIC)	14.63%	5.38%	2.45%	-2.37%	-1.06%	9.52%	11.91%	15.93%	9.45%	5.07%	5.33%
Operating Return on Assets (OROA)	12.02%	6.90%	8.62%	11.70%	15.13%	9.27%	10.77%	13.27%	14.65%	10.75%	12.10%
Return on Assets (ROA)	9.67%	3.37%	4.23%	9.16%	10.49%	6.79%	8.49%	12.17%	13.88%	8.16%	9.88%
Return on Common Equity (ROCE)	94.04%	52.51%	59.21%	76.49%	79.62%	41.06%	54.22%	61.79%	63.16%	40.95%	48.34%
Return on Equity Simple (ROE_SIMPLE)	20.93%	0.00%	41.08%	41.79%	37.12%	0.00%	41.06%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,265	570	750	1,099	1,634	623	945	1,329	1,702	934	1,131
NOPAT Margin	30.41%	17.11%	20.12%	26.74%	33.44%	16.57%	23.63%	29.29%	33.12%	21.93%	25.41%
Net Nonoperating Expense Percent (NNEP)	1.23%	1.38%	1.89%	1.18%	2.57%	0.31%	1.05%	0.58%	0.60%	0.86%	0.91%
Return On Investment Capital (ROIC_SIMPLE)	-	2.16%	-	-	-	2.24%	3.43%	4.68%	5.57%	2.96%	3.63%
Cost of Revenue to Revenue	51.37%	56.74%	55.15%	52.36%	48.94%	54.60%	51.99%	50.31%	48.24%	52.64%	50.47%
SG&A Expenses to Revenue	9.45%	15.10%	14.35%	11.34%	9.23%	17.90%	14.05%	11.19%	10.16%	14.82%	13.07%
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	18.22%	26.15%	24.73%	20.90%	17.62%	28.80%	24.36%	20.38%	18.62%	25.48%	23.43%
Earnings before Interest and Taxes (EBIT)	1,257	570	742	1,096	1,608	763	934	1,323	1,666	1,004	1,164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,649	963	1,155	1,514	2,043	1,195	1,369	1,763	2,128	1,482	1,678
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.32	6.99	6.92	6.83	6.48	8.20	6.95	9.27	8.71	7.58	7.59
Price to Tangible Book Value (P/TBV)	6.52	8.44	8.20	7.89	7.32	9.18	7.73	10.17	9.47	8.24	8.27
Price to Revenue (P/Rev)	1.79	2.38	2.42	2.68	2.84	3.76	3.30	4.95	5.04	4.24	4.05
Price to Earnings (P/E)	25.60	19.46	16.92	16.41	17.55	21.56	17.03	23.60	21.61	17.82	16.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.23%	0.41%	0.83%	0.78%	0.94%	1.25%	1.54%
Earnings Yield	3.91%	5.14%	5.91%	6.09%	5.70%	4.64%	5.87%	4.24%	4.63%	5.61%	6.02%
Enterprise Value to Invested Capital (EV/IC)	1.80	2.09	2.17	2.27	2.36	2.99	2.74	3.74	3.58	3.15	3.11
Enterprise Value to Revenue (EV/Rev)	3.27	3.90	3.83	4.08	4.17	4.97	4.44	6.02	6.19	5.40	5.18
Enterprise Value to EBITDA (EV/EBITDA)	11.48	12.21	11.47	11.84	11.79	13.86	12.17	16.25	16.72	14.36	13.54
Enterprise Value to EBIT (EV/EBIT)	19.68	18.87	16.94	17.06	16.66	19.46	16.92	22.37	23.03	19.65	18.53
Enterprise Value to NOPAT (EV/NOPAT)	18.56	18.82	16.83	16.97	16.51	19.94	17.32	22.84	23.47	20.09	18.96
Enterprise Value to Operating Cash Flow (EV/OCF)	10.95	12.10	12.56	13.37	13.62	15.55	13.39	18.04	17.11	14.97	14.28
Enterprise Value to Free Cash Flow (EV/FCFF)	11.97	40.15	93.40	0.00	0.00	32.28	23.52	23.57	39.11	65.58	61.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.34	4.38	3.97	3.51	2.97	2.60	2.38	2.03	1.97	2.08	2.11
Long-Term Debt to Equity	3.90	4.03	3.66	3.30	2.72	2.39	2.21	1.88	1.67	1.77	1.96
Financial Leverage	5.31	5.46	4.90	4.22	3.42	3.22	2.95	2.55	2.34	2.24	2.18
Leverage Ratio	8.49	8.87	8.15	7.19	5.91	5.71	5.39	4.86	4.41	4.38	4.37
Compound Leverage Factor	6.83	4.33	4.00	5.63	4.10	4.18	4.24	4.46	4.18	3.68	3.67
Debt to Total Capital	81.29%	81.41%	79.87%	77.83%	74.84%	72.19%	70.43%	67.01%	66.34%	67.57%	67.80%
Short-Term Debt to Total Capital	8.32%	6.53%	6.21%	4.78%	6.51%	5.76%	5.07%	4.94%	10.06%	10.07%	4.65%
Long-Term Debt to Total Capital	72.97%	74.88%	73.65%	73.06%	68.33%	66.42%	65.36%	62.07%	56.28%	57.50%	63.15%
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	0.71%	0.66%	0.66%	0.62%	0.62%	0.62%	0.66%	0.67%	0.64%	0.66%	0.70%
Common Equity to Total Capital	18.01%	17.93%	19.48%	21.54%	24.54%	27.19%	28.91%	32.31%	33.02%	31.77%	31.50%
Debt to EBITDA	5.32	4.84	4.29	4.11	3.79	3.40	3.17	2.98	3.14	3.17	3.00
Net Debt to EBITDA	5.16	4.73	4.20	4.04	3.71	3.33	3.10	2.87	3.07	3.04	2.93
Long-Term Debt to EBITDA	4.77	4.45	3.96	3.86	3.46	3.13	2.94	2.76	2.67	2.69	2.80
Debt to NOPAT	8.60	7.45	6.29	5.89	5.30	4.89	4.51	4.20	4.41	4.43	4.20
Net Debt to NOPAT	8.34	7.28	6.16	5.79	5.20	4.79	4.42	4.03	4.32	4.26	4.10
Long-Term Debt to NOPAT	7.72	6.86	5.80	5.53	4.84	4.50	4.18	3.89	3.74	3.77	3.91
Altman Z-Score	0.74	0.84	0.94	1.10	1.33	1.62	1.51	2.21	2.24	1.88	1.89
Noncontrolling Interest Sharing Ratio	2.22%	2.25%	4.17%	3.61%	2.98%	2.75%	2.64%	2.35%	2.14%	2.11%	2.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.19	0.19	0.19	0.19	0.19	0.17	0.18	0.23	0.16	0.18	0.20
Quick Ratio	0.10	0.10	0.09	0.08	0.09	0.08	0.08	0.11	0.07	0.09	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,543	-959	-2,001	-3,186	-2,695	-946	-190	1,189	-137	-2,408	-2,354
Operating Cash Flow to CapEx	234.52%	43.46%	548.76%	73.50%	268.56%	265.76%	380.14%	208.85%	59.76%	107.70%	366.80%
Free Cash Flow to Firm to Interest Expense	7.48	-2.76	-4.72	-10.69	-4.47	-3.57	-0.76	5.21	-0.55	-9.02	-8.47
Operating Cash Flow to Interest Expense	1.94	3.22	3.13	5.28	1.49	5.54	6.53	7.66	5.92	6.08	6.60
Operating Cash Flow Less CapEx to Interest Expense	1.11	-4.18	2.56	-1.90	0.93	3.45	4.82	3.99	-3.99	0.43	4.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.40	0.43	0.44	0.46	0.46	0.46	0.46	0.45	0.46	0.46
Accounts Receivable Turnover	29.45	29.70	35.35	38.94	40.08	42.48	37.99	40.77	43.75	52.14	40.59
Inventory Turnover	32.04	32.94	35.15	35.97	33.52	33.73	35.26	36.02	33.31	34.34	35.11
Fixed Asset Turnover	0.47	0.48	0.51	0.51	0.54	0.53	0.54	0.54	0.53	0.53	0.54
Accounts Payable Turnover	11.46	10.81	10.11	10.89	10.84	10.11	9.47	9.89	10.59	9.70	9.41
Days Sales Outstanding (DSO)	12.39	12.29	10.33	9.37	9.11	8.59	9.61	8.95	8.34	7.00	8.99
Days Inventory Outstanding (DIO)	11.39	11.08	10.38	10.15	10.89	10.82	10.35	10.13	10.96	10.63	10.40
Days Payable Outstanding (DPO)	31.86	33.78	36.12	33.53	33.67	36.09	38.54	36.89	34.45	37.61	38.78
Cash Conversion Cycle (CCC)	-8.08	-10.41	-15.41	-14.01	-13.68	-16.68	-18.58	-17.80	-15.15	-19.98	-19.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,965	25,854	26,010	27,499	28,294	27,423	27,145	27,639	30,133	30,765	30,630
Invested Capital Turnover	0.54	0.55	0.60	0.60	0.61	0.62	0.63	0.62	0.60	0.62	0.64
Increase / (Decrease) in Invested Capital	-1,278	1,529	2,751	4,285	4,329	1,569	1,135	140	1,839	3,342	3,485
Enterprise Value (EV)	43,091	54,156	56,478	62,520	66,905	81,887	74,475	103,506	107,934	96,793	95,264
Market Capitalization	23,549	33,026	35,619	41,029	45,656	62,027	55,290	85,036	87,893	76,065	74,444
Book Value per Share	$17.27	$18.44	$20.04	$23.35	$27.37	$28.13	$29.58	$33.76	$37.15	$36.80	$36.26
Tangible Book Value per Share	$14.11	$15.28	$16.89	$20.20	$24.23	$25.12	$26.57	$30.79	$34.18	$33.84	$33.28
Total Capital	24,565	26,351	26,447	27,890	28,712	27,811	27,531	28,374	30,565	31,590	31,142
Total Debt	19,969	21,452	21,122	21,708	21,488	20,076	19,389	19,014	20,277	21,345	21,114
Total Long-Term Debt	17,925	19,732	19,479	20,376	19,620	18,473	17,993	17,612	17,203	18,165	19,666
Net Debt	19,369	20,955	20,685	21,317	21,070	19,688	19,003	18,279	19,845	20,520	20,602
Capital Expenditures (CapEx)	281	2,568	242	2,140	334	552	428	836	2,458	1,507	500
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6,017	-6,386	-6,829	-7,067	-6,350	-6,897	-7,462	-7,456	-6,940	-7,489	-7,925
Debt-free Net Working Capital (DFNWC)	-5,417	-5,889	-6,392	-6,676	-5,932	-6,509	-7,076	-6,721	-6,508	-6,664	-7,413
Net Working Capital (NWC)	-7,461	-7,609	-8,035	-8,008	-7,800	-8,112	-8,472	-8,123	-9,582	-9,844	-8,861
Net Nonoperating Expense (NNE)	254	292	386	241	519	64	209	115	123	172	181
Net Nonoperating Obligations (NNO)	19,369	20,955	20,685	21,317	21,070	19,688	19,003	18,279	19,845	20,520	20,602
Total Depreciation and Amortization (D&A)	392	393	413	418	435	432	435	440	462	478	514
Debt-free, Cash-free Net Working Capital to Revenue	-45.68%	-45.94%	-46.32%	-46.10%	-39.55%	-41.84%	-44.54%	-43.39%	-39.80%	-41.76%	-43.10%
Debt-free Net Working Capital to Revenue	-41.12%	-42.37%	-43.36%	-43.55%	-36.95%	-39.49%	-42.23%	-39.11%	-37.33%	-37.16%	-40.31%
Net Working Capital to Revenue	-56.64%	-54.74%	-54.50%	-52.24%	-48.58%	-49.21%	-50.56%	-47.27%	-54.96%	-54.89%	-48.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.94	$1.09	$1.40	$3.32	$4.22	$2.06	$2.71	$4.45	$5.79	$2.80	$3.49
Adjusted Weighted Average Basic Shares Outstanding	256.19M	256.65M	257M	257M	263M	269.13M	269M	272M	272M	270.53M	270M
Adjusted Diluted Earnings per Share	$3.65	$1.15	$1.35	$3.11	$4.21	$2.27	$2.70	$4.41	$5.74	$2.76	$3.48
Adjusted Weighted Average Diluted Shares Outstanding	281.88M	256.65M	281M	281M	264M	269.13M	276M	275M	274M	270.53M	271M
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	256.24M	256.65M	257.35M	257.42M	268.88M	269.13M	271.56M	271.63M	272.71M	270.53M	268.19M
Normalized Net Operating Profit after Tax (NOPAT)	886	399	525	769	1,144	436	662	930	1,191	654	1,131
Normalized NOPAT Margin	21.29%	11.98%	14.08%	18.72%	23.41%	11.60%	16.54%	20.50%	23.18%	15.35%	25.41%
Pre Tax Income Margin	24.30%	8.35%	9.76%	20.88%	22.82%	14.84%	18.38%	26.75%	30.73%	19.84%	21.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.70	1.64	1.75	3.68	2.67	2.88	3.75	5.80	6.72	3.76	4.19
NOPAT to Interest Expense	3.72	1.64	1.77	3.69	2.71	2.35	3.80	5.83	6.86	3.50	4.07
EBIT Less CapEx to Interest Expense	2.87	-5.76	1.18	-3.50	2.11	0.80	2.03	2.14	-3.19	-1.88	2.39
NOPAT Less CapEx to Interest Expense	2.89	-5.76	1.20	-3.49	2.16	0.27	2.08	2.16	-3.05	-2.15	2.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	3.69%	7.80%	12.56%	16.12%	19.20%	21.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	3.69%	7.80%	12.56%	16.12%	46.21%	59.93%

Financials Breakdown Chart

Key Financial Trends

Royal Caribbean Cruises Ltd (NYSE: RCL) has shown a broad-recovery trajectory across the last four years, with meaningful improvements in revenue, profitability, and cash flow in 2025. Below is a concise, bullet-point view of the key quarterly trends drawn from the company’s income statements, balance sheets, and cash flow statements. Numbers reflect the latest quarterly data in the JSON you provided (2023–2025).

Strong 2025 revenue momentum: quarterly operating/revenue figures remained above 4.0B, with Q3 2025 total revenue at about 5.14B and Q4 2025 at about 4.26B, continuing an overall rebound from pandemic-era lows.
Net income to common shareholders was positive across 2025, including solid quarterly prints: Q3 2025 net income to common shareholders about 1.575B and Q4 2025 about 0.753B, with other 2025 quarters also reporting meaningful profitability.
Operating cash flow remained robust in 2025: net cash from continuing operating activities ran around 1.6B per quarter (e.g., Q4 2025 CFO 1.623B; Q3 2025 CFO 1.469B; Q2 2025 CFO 1.746B; Q1 2025 CFO 1.627B), supporting ongoing liquidity.
Booking visibility and liquidity built via customer deposits backlog: customer deposits totaled around 6.3B–6.4B in 2025 (e.g., Q3 2025 deposits ~6.304B; Q2 2025 deposits ~6.379B), signaling solid near-term revenue visibility.
Margins remained solid, with meaningful gross profit: Q4 2025 gross profit was about 2.02B on 4.26B revenue (~47% gross margin), illustrating resilient profitability even as volumes normalize.
Financing activity supported capex and fleet growth: 2025 quarters showed debt issuance activity (e.g., Q4 2025 issuance of debt ~1.51B) and a positive net financing cash flow in some periods, helping fund fleet expansion and capital investments.
Dividends continued to return capital to shareholders: in Q4 2025 the company paid dividends (cash outflow of about 272M), reflecting ongoing capital return policy even as growth capex continues.
Still-strong asset base and equity cushion: 2025 balance sheets show total assets around 40B and total equity in the 9–10B range, indicating a substantial base to support operations and future growth.
Capex remains a major driver of cash use: quarterly purchases of property, plant & equipment were substantial (e.g., Q3 2025 PPE around -2.46B; Q4 2025 around -1.51B), which can pressure near-term free cash flow.
Seasonality and quarterly swings in cash flow: while CFOs are strong, investing and financing activities swing cash flow noticeably across quarters, reflecting fleet construction, refinancing and share-related actions; this can cause quarterly cash-flows to look uneven.
Debt load and interest costs persist: long-term debt remains high (roughly 17–19B across 2025) with interest expense running in the 240–270M per quarter range, contributing to ongoing financing costs and leverage considerations.
Substantial capex impact on free cash flow in some quarters: large PPE outlays (notably Q3 2025) pressured free cash flow, highlighting a sensitivity to fleet modernization vs. cash generation in the near term.

Takeaways for investors:

Victory on top-line and profitability: 2025 showed rising revenue, positive quarterly net income to common shareholders, and healthy operating cash flow, which supports dividend viability and debt service.
Expect continued fleet investment: sizable capex is financing future capacity, which could weigh on near-term free cash flow but may translate into higher revenue in forthcoming years.
Leverage and financing costs matter: a multi-year debt load and ongoing interest expense imply that margin expansion hinges on operating leverage and capital discipline.

05/05/26 08:00 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Royal Caribbean Cruises' Financials

When does Royal Caribbean Cruises' 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 2025 ended on December 31, 2025.

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 $4.29 billion in 2025, rising from $665.78 million in 2015. The previous period was $2.90 billion in 2024. See Royal Caribbean Cruises' forecast for analyst expectations on whatâ€™s next for the company.

What is Royal Caribbean Cruises' operating income?

Royal Caribbean Cruises' total operating income in 2025 was $4.91 billion, based on the following breakdown:

Total Gross Profit: $8.85 billion
Total Operating Expenses: $3.94 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 $8.30 billion in 2015 to $17.94 billion in 2025, a change of 116.1%.

How much debt does Royal Caribbean Cruises have?

Royal Caribbean Cruises' total liabilities were at $31.37 billion at the end of 2025, a 7.0% increase from 2024, and a 146.7% increase since 2015.

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 $825 million as of their latest financial filing in 2025.

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 36.65 in 2015 to 36.80 in 2025, a change of 0.4%.

Related Companies

Financial statements for NYSE:RCL last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Royal Caribbean Cruises (RCL) Financials

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Royal Caribbean Cruises (RCL) Financials

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