ROYAL CARIBBEAN CRUISES LTD RCL
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 15.75 | 11.00 | 6.63 | -8.45 | -20.89 | -27.05 | 8.97 | 8.60 | 7.57 | 5.96 |
| EPS, diluted | 15.61 | 10.94 | 6.31 | -8.45 | -20.89 | -27.05 | 8.95 | 8.56 | 7.53 | 5.93 |
| Shares, diluted (wtd. avg.) | $274.0M | $279.0M | $283.0M | $255.0M | $252.0M | $214.3M | $209.9M | $211.6M | $215.7M | $216.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 4400
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CCL | Carnival Corp Ltd. | $32.20B | 11.6x | 6.4% |
| KEX | KIRBY CORP | $7.43B | 22.2x | 3.0% |
| NCLH | Norwegian Cruise Line Holdings Ltd. | $7.15B | 16.9x | 3.7% |
| MATX | Matson, Inc. | $6.75B | 16.3x | -2.3% |
| INSW | International Seaways, Inc. | $5.18B | 16.8x | -11.4% |
| TDW | TIDEWATER INC | $4.69B | 14.2x | 0.5% |
| OMEX | ODYSSEY MARINE EXPLORATION INC | $47.9M | — | -54.0% |
| GLNG | GOLAR LNG LTD | — | — | 51.1% |