ROYAL CARIBBEAN CRUISES LTD RCL

Industrials SIC 4400 - Water Transportation NAICS Transportation and Warehousing › Water Transportation derived NYSE

We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC"), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents. We also own a growing portfolio of private land-based destinations, including our Perfect Day and Royal Beach Club collections.

Last close 276.48 2026-10-23
Market cap $73.95B 2026-06-30 share count
52-week range 222.22 - 356.39

Valuation FY2025 figures against the last close

P/S4.1x
P/E17.7x
P/FCF59.8x
EV/EBITDA15.5x
Dividend yield1.1%
Diluted EPS15.61

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $17.93B$16.48B$13.90B$8.84B$1.53B$2.21B$10.95B$9.49B$8.78B$8.50B
Cost of revenue $9.08B$8.65B$7.78B$6.62B$2.74B$2.77B$6.06B$5.26B$4.90B$5.02B
Gross profit $8.85B$7.83B$6.12B$2.22B-$1.21B-$556.3M$4.89B$4.23B$3.88B$3.48B
SG&A $2.22B$2.12B$1.79B$1.58B$1.37B$1.20B$1.56B$1.30B$1.19B$1.11B
Total operating expenses ————————$7.03B$7.02B
Operating income $4.91B$4.11B$2.88B-$766.0M-$3.87B-$4.60B$2.08B$1.89B$1.74B$1.48B
Interest expense $992.0M$1.59B$1.40B$1.36B$1.29B$844.2M$408.5M$333.7M$300.0M$307.4M
Pre-tax income $4.37B$2.94B$1.71B-$2.15B-$5.22B—————
Income tax $82.0M$46.0M$6.0M$4.0M$45.0M—————
Net income $4.27B$2.88B$1.70B-$2.16B-$5.26B-$5.80B$1.88B$1.81B$1.63B$1.28B
EPS, basic 15.7511.006.63-8.45-20.89-27.058.978.607.575.96
EPS, diluted 15.6110.946.31-8.45-20.89-27.058.958.567.535.93
Shares, diluted (wtd. avg.) 274.0M279.0M283.0M255.0M252.0M214.3M209.9M211.6M215.7M216.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $825.0M$388.0M$497.0M$1.94B$2.70B$3.68B$243.7M$287.9M$120.1M$132.6M
Receivables $317.0M$371.0M$405.0M$531.0M$408.1M$284.1M$305.8M$324.5M$318.6M$291.9M
Inventory $264.0M$265.0M$248.0M$224.0M$150.2M$118.7M$162.1M$153.6M$111.4M$114.1M
Total current assets $2.21B$1.71B$1.79B$3.21B$3.60B$4.31B$1.16B$1.24B$907.6M$748.3M
Property, plant and equipment $35.70B$31.83B$30.11B$27.55B$25.91B$25.25B$25.47B$23.47B$19.74B$20.16B
Goodwill $808.0M$808.0M$809.0M$809.0M$809.4M$809.5M$1.39B$1.38B$288.5M$288.4M
Other intangibles $390.0M$404.0M$418.0M$426.0M$434.6M$444.9M$488.6M$502.1M——
Total assets $41.62B$37.07B$35.13B$33.78B$32.26B$32.47B$30.32B$27.70B$22.36B$22.31B
Accounts payable $953.0M$919.0M$792.0M$647.0M$546.0M$353.4M$563.7M$488.2M$360.1M$305.3M
Short-term debt $3.18B$1.60B$1.72B$2.09B$2.24B$1.37B$2.62B$2.42B$1.19B—
Total current liabilities $12.05B$9.82B$9.40B$8.57B$7.29B$4.54B$7.95B$7.11B$4.85B$4.44B
Total liabilities $31.37B$29.34B$30.23B$30.91B$27.17B$23.70B$17.59B$16.05B$11.66B—
Retained earnings $5.92B$2.61B-$10.0M-$1.71B$302.3M$5.56B$11.52B$10.26B$9.02B$7.86B
Total equity $10.04B$7.56B$4.90B$2.87B$5.09B$8.76B$12.16B$11.11B$10.70B$9.12B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $6.46B$5.26B$4.48B$481.0M-$1.88B-$3.73B$3.72B$3.48B$2.87B$2.52B
Stock-based compensation $175.0M$267.0M$126.0M$36.0M$64.0M$39.8M$75.9M$46.1M$69.5M$32.7M
Capital expenditure $5.23B$3.27B$3.90B$2.71B$2.23B$1.97B$3.02B$3.66B$564.1M$2.49B
Investing cash flow -$5.01B-$3.45B-$3.92B-$2.99B-$2.15B-$2.18B-$3.09B-$4.49B-$213.6M-$2.72B
Financing cash flow -$1.02B-$1.92B-$1.99B$1.74B$3.04B$9.35B-$670.4M$1.20B-$2.68B$243.8M
Dividends paid $824.0M$107.0M$0$0$0$326.4M$602.7M$527.5M$437.5M$346.5M
Buybacks $1.16B$0$0$2.0M$2.0M$0$99.6M$575.0M$225.0M$300.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000884887-26-000017.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10B 0 10B 20B Revenue, FY2016: 8.5B Gross profit, FY2016: 3.5B Net income, FY2016: 1.3B Revenue, FY2017: 8.8B Gross profit, FY2017: 3.9B Net income, FY2017: 1.6B Revenue, FY2018: 9.5B Gross profit, FY2018: 4.2B Net income, FY2018: 1.8B Revenue, FY2019: 11B Gross profit, FY2019: 4.9B Net income, FY2019: 1.9B Revenue, FY2020: 2.2B Gross profit, FY2020: -556.3M Net income, FY2020: -5.8B Revenue, FY2021: 1.5B Gross profit, FY2021: -1.2B Net income, FY2021: -5.3B Revenue, FY2022: 8.8B Gross profit, FY2022: 2.2B Net income, FY2022: -2.2B Revenue, FY2023: 13.9B Gross profit, FY2023: 6.1B Net income, FY2023: 1.7B Revenue, FY2024: 16.5B Gross profit, FY2024: 7.8B Net income, FY2024: 2.9B Revenue, FY2025: 17.9B Gross profit, FY2025: 8.9B Net income, FY2025: 4.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $8.50B $8.78B $9.49B $10.95B $2.21B $1.53B $8.84B $13.90B $16.48B $17.93B
Gross profit $3.48B $3.88B $4.23B $4.89B -$556.3M -$1.21B $2.22B $6.12B $7.83B $8.85B
Net income $1.28B $1.63B $1.81B $1.88B -$5.80B -$5.26B -$2.16B $1.70B $2.88B $4.27B

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4400

TickerCompanyMarket capP/ERevenue growth
CCL Carnival Corp Ltd. $35.76B 12.9x 6.4%
KEX KIRBY CORP $7.03B 21.0x 3.0%
NCLH Norwegian Cruise Line Holdings Ltd. $6.93B 16.4x 3.7%
MATX Matson, Inc. $6.84B 16.6x -2.3%
INSW International Seaways, Inc. $5.49B 17.8x -11.4%
TDW TIDEWATER INC $4.28B 13.0x 0.5%
OMEX ODYSSEY MARINE EXPLORATION INC $32.6M — -54.0%
GLNG GOLAR LNG LTD — — 51.1%