FirmAtlas
Company handbook · RCL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
RCL · CIK 884887 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
ROYAL CARIBBEAN CRUISES LTD
$277.68
−2.33 (−0.83%)
Close, Oct 16, 2026 · 52-week $222–356
Last fiscal year
ROYAL CARIBBEAN CRUISES LTD reported revenue of $17.9B for the year ended Dec 31, 2025 (FY25), up 8.8% from FY24. Net income was $4.3B, operating cash flow $6.5B and free cash flow $1.2B. Source: 10-K filed Feb 11, 2026.
Market cap
$76.1B
P/E
17.3
EV/EBITDA
14.1x
P/B
7.4
Div yield
1.98%
ROIC
18.2%
Revenue 1Y
8.8%/yr
EPS 1Y
42.7%/yr
Shares 1Y
−2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJason Liberty
HQMiami, FL
AuditorPricewaterhouseCoopers LLP
Employees108,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
14.8%
26.3%
47.4%
−7.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$10.6B deployed
Capex
$8.5B
80.3%
Dividends
$931M
8.8%
Buybacks
$1.2B
10.9%
Operating cash flow over the period: $11.7B. Total debt changed by −$308M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
16,484
17,935+8.8%
18,682
YoY
+8.8%
Gross profit
7,832
8,852+13.0%
9,167
Gross margin
47.5%
49.4%+1.8 pp
—
Operating income
4,106
4,910+19.6%
5,105
Operating margin
24.9%
27.4%+2.5 pp
—
EBITDA
5,706
6,628+16.2%
—
EBITDA margin
34.6%
37.0%+2.3 pp
—
Interest expense
1,590
992−37.6%
—
Interest coverage
3.59x
6.68x+3.09x
—
Net income
2,877
4,268+48.3%
4,397
YoY
+48.3%
Net margin
17.5%
23.8%+6.3 pp
—
EPS (diluted, $)
10.94
15.61+42.7%
16.17
YoY
+42.7%
Balance sheet
Total assets
37,070
41,619+12.3%
44,644
Cash & short-term investments
388
825+112.6%
—
Accounts receivable
371
317−14.6%
—
Inventory
265
264−0.4%
—
Net PP&E
31,831
35,696+12.1%
—
Other assets
4,215
4,517+7.2%
—
Total liabilities
29,507
31,582+7.0%
34,408
Accounts payable
919
953+3.7%
—
Total debt
18,473
18,165−1.7%
21,263
Other liabilities
10,115
12,464+23.2%
—
Shareholders’ equity
7,563
10,037+32.7%
10,236
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,265
6,465+22.8%
6,786
Net income
2,896
4,291+48.2%
—
Depreciation & amortization
1,600
1,718+7.4%
—
Stock-based compensation
267
175−34.5%
—
Working capital & other
502
281−44.0%
—
Cash from investing
(3,446)
(5,012)n/m
—
Capex
(3,268)
(5,229)n/m
—
Other investing
(178)
217n/m
—
Cash from financing
(1,922)
(1,018)n/m
—
Debt raised
10,318
4,671−54.7%
—
Debt repaid
(11,651)
(3,534)n/m
—
Dividends
(107)
(824)n/m
—
Buybacks
0
(1,159)n/m
—
Other financing
(482)
(172)n/m
—
Net change in cash
(109)
437n/m
—
Free cash flow (OCF − capex)
1,997
1,236−38.1%
(416)
Where the cash went
Operating cash flow
5,265
6,465+22.8%
6,786
Reinvested in the business
3,268
5,229+60.0%
—
% of operating cash flow
62.1%
80.9%
Capex
3,268
5,229+60.0%
7,202
Free cash flow
1,997
1,236−38.1%
(416)
YoY
−38.1%
Returned to shareholders
107
1,983+1753.3%
—
% of free cash flow
5.4%
160.4%
Dividends
107
824+670.1%
—
Buybacks
0
1,159n/m
—
Change in total debt
—
(308)
—
Cash left over
—
(1,055)
—
FCF conversion (FCF ÷ net income)
69.4%
29.0%−40.5 pp
—
Owner earnings
—
846
—
Owner earnings margin
—
4.7%
—
Buyback yield
—
1.5%
—
Returns & ratios
ROIC (all capital)
15.8%
18.2%+2.4 pp
—
ROIC (operating)
12.8%
14.4%+1.6 pp
—
Net debt / EBITDA
3.17x
2.62x−0.55x
—
Debt / equity
2.44x
1.81x−0.63x
—
ROE
38.0%
42.5%+4.5 pp
—
ROA
7.8%
10.3%+2.5 pp
—
ROCE
15.1%
16.6%+1.5 pp
—
NOPAT
4,042
4,818+19.2%
—
Invested capital (operating)
31,548
35,324+12.0%
—
Invested capital (all)
25,648
27,377+6.7%
—
Reinvestment rate
—
78.4%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
5,139
4,259
4,452
4,832
vs year-ago quarter
Gross profit
2,660
2,017
2,205
2,285
Gross margin
51.8%
47.4%
49.5%
47.3%
Operating income
1,702
934
1,162
1,307
Net income
1,575
753
941
1,128
vs year-ago quarter
Net margin
30.6%
17.7%
21.1%
23.3%
EPS (diluted, $)
5.74
2.75
3.48
4.20
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
40,109
41,619
41,990
44,644
Cash & equivalents
432
825
512
875
Total debt
17,203
18,165
19,666
21,263
Shareholders’ equity
10,092
10,037
9,810
10,236
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,469
1,623
1,834
1,860
Capex
2,458
1,507
500
2,737
Free cash flow
(989)
116
1,334
(877)
vs year-ago quarter