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Royal Caribbean Cruises Ltd (RCL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · Hotels, Resorts & Cruise Lines · DATA UPDATED 2026-08-30

Royal Caribbean Cruises Ltd (RCL) operates in the Hotels, Resorts & Cruise Lines industry and is headquartered in Miami, United States with about 107,950 employees. Its market capitalization is roughly $66 billion. In the fiscal year ended 2025-12-31, RCL reported $17.9B in revenue and $4.3B in net income.

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of December 31, 2025, it operated 69 ships. Royal Caribbean Cruises Ltd.

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RCL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$18.7B	$17.9B	$16.5B	$13.9B	$8.8B	$1.5B	$2.2B	$11.0B	$9.5B	$8.8B	$8.5B	$8.3B	$8.1B	$8.0B	$7.7B	$7.5B	$6.8B	$5.9B	$6.5B	$6.1B	$5.2B
Gross Profit	$8.7B	$8.4B	$7.8B	$6.1B	$2.2B	($1.2B)	($556M)	$4.9B	$4.2B	$3.9B	$3.5B	$3.2B	$2.8B	$2.7B	$2.5B	$2.6B	$2.3B	$1.8B	$2.1B	$2.2B	$2.0B
Gross Margin %	46.6%	46.8%	47.5%	44.1%	25.2%	-78.8%	-25.2%	44.6%	44.6%	44.2%	41.0%	38.6%	34.3%	33.4%	32.9%	34.4%	34.0%	30.9%	32.6%	35.2%	37.9%
Operating Income (EBIT)	$5.1B	$4.9B	$4.1B	$2.9B	($766M)	($3.9B)	($4.6B)	$2.1B	$1.9B	$1.7B	$1.5B	$875M	$942M	$798M	$403M	$932M	$803M	$489M	$832M	$901M	$858M
Operating Margin %	27.3%	27.4%	24.9%	20.7%	-8.7%	-252.6%	-208.3%	19.0%	20.0%	19.9%	17.4%	10.5%	11.7%	10.0%	5.2%	12.4%	11.9%	8.3%	12.7%	14.7%	16.4%
Net Income	$4.4B	$4.3B	$2.9B	$1.7B	($2.2B)	($5.3B)	($5.8B)	$1.9B	$1.8B	$1.6B	$1.3B	$666M	$764M	$474M	$18M	$607M	$516M	$162M	$574M	$603M	$634M
Net Margin %	23.6%	23.8%	17.4%	12.2%	-24.4%	-343.3%	-262.5%	17.2%	19.1%	18.5%	15.1%	8.0%	9.5%	5.9%	0.2%	8.1%	7.6%	2.8%	8.8%	9.8%	12.1%
EBITDA	$7.2B	$6.9B	$6.1B	$4.6B	$615M	($2.7B)	($3.7B)	$3.6B	$3.2B	$2.9B	$2.5B	$1.8B	$1.8B	$1.6B	$1.1B	$1.7B	$1.5B	$1.1B	$1.4B	$1.4B	$1.3B
Earnings Per Share (EPS)	$16.17	$15.65	$10.31	$6.00	$-8.45	$-20.89	$-27.05	$8.95	$8.56	$7.53	$5.93	$3.02	$3.43	$2.14	$0.08	$2.77	$2.37	$0.75	$2.68	$2.82	$2.94
Shares Outstanding (M)	270M	273M	279M	283M	255M	252M	214M	210M	212M	216M	216M	221M	223M	221M	219M	219M	218M	215M	214M	214M	216M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RCL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$4.8B	$4.5B	$4.3B	$5.1B	$4.5B	$4.0B	$3.8B	$4.9B
Gross Profit	$2.3B	$2.2B	$1.6B	$2.7B	$2.3B	$1.9B	$1.7B	$2.5B
Gross Margin %	47.3%	49.5%	36.7%	51.8%	49.7%	48.0%	45.4%	51.1%
Operating Income (EBIT)	$1.3B	$1.2B	$933M	$1.7B	$1.3B	$945M	$624M	$1.6B
Operating Margin %	27.1%	26.1%	21.9%	33.1%	29.3%	23.6%	16.6%	33.4%
Net Income	$1.1B	$941M	$754M	$1.6B	$1.2B	$730M	$552M	$1.1B
Net Margin %	23.3%	21.1%	17.7%	30.7%	26.7%	18.2%	14.7%	22.7%
EBITDA	$1.9B	$1.7B	$1.4B	$2.3B	$1.9B	$1.4B	$1.2B	$2.1B
Earnings Per Share (EPS)	$4.18	$3.47	$2.76	$5.76	$4.40	$2.64	$1.99	$4.21
Shares Outstanding (M)	270M	271M	273M	274M	275M	276M	277M	264M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RCL Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$6.8B	$6.5B	$5.3B	$4.5B	$481M	($1.9B)	($3.7B)	$3.7B	$3.5B	$2.9B	$2.5B	$1.9B	$1.7B	$1.4B	$1.4B	$1.5B	$1.7B	$845M	$1.1B	$1.3B	$949M
Capital Expenditures (CapEx)	$7.2B	$5.2B	$3.3B	$3.9B	$2.7B	$2.2B	$2.0B	$3.0B	$3.7B	$564M	$2.5B	$1.6B	$1.8B	$764M	$1.3B	$1.2B	$2.2B	$2.5B	$2.2B	$1.3B	$1.2B
Free Cash Flow (FCF)	($416M)	$1.2B	$2.0B	$580M	($2.2B)	($4.1B)	($5.7B)	$692M	($181M)	$2.3B	$22M	$333M	($68M)	$648M	$90M	$282M	($524M)	($1.6B)	($1.2B)	($49M)	($232M)
FCF Margin %	-2.2%	6.9%	12.1%	4.2%	-25.2%	-268.2%	-257.9%	6.3%	-1.9%	26.3%	0.3%	4.0%	-0.8%	8.1%	1.2%	3.7%	-7.8%	-27.7%	-17.6%	-0.8%	-4.4%
Dividends Paid	$1.2B	$264M	$107M	$0M	$0M	$0M	$326M	$603M	$527M	$437M	$346M	$280M	$199M	$144M	$118M	$22M	$0M	—	$128M	$98M	$124M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RCL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$1.9B	$1.8B	$1.6B	$1.5B	$1.7B	$1.6B	$1.5B	$897M
Capital Expenditures (CapEx)	$2.7B	$500M	$1.5B	$2.5B	$836M	$428M	$552M	$334M
Free Cash Flow (FCF)	($877M)	$1.3B	$116M	($989M)	$910M	$1.2B	$915M	$563M
FCF Margin %	-18.1%	30.0%	2.7%	-19.2%	20.1%	30.0%	24.3%	11.5%
Dividends Paid	$404M	$270M	$288M	$204M	$200M	$148M	$107M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RCL Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$44.6B	$41.6B	$37.1B	$35.1B	$33.8B	$32.3B	$32.5B	$30.3B	$27.7B	$22.4B	$22.3B	$20.8B	$20.7B	$20.1B	$19.8B	$19.8B	$19.7B	$18.2B	$16.5B	$15.0B	$13.4B
Cash & Cash Equivalents	$875M	$825M	$388M	$497M	$1.9B	$2.7B	$3.7B	$244M	$288M	$120M	$133M	$122M	$189M	$205M	$195M	$262M	$420M	$285M	$403M	$231M	$105M
Total Liabilities	$34.2B	$31.4B	$29.3B	$30.2B	$30.9B	$27.2B	$23.7B	$17.6B	$16.1B	$11.7B	$13.2B	$12.7B	$12.4B	$11.3B	$11.5B	$11.4B	$11.8B	$10.7B	$9.7B	$8.2B	$7.3B
Total Debt (Short + Long-Term)	$22.9B	$21.4B	$20.1B	$21.5B	$23.5B	$21.2B	$19.4B	$11.1B	$10.8B	$7.5B	$9.4B	$8.5B	$8.4B	$8.1B	$8.5B	$8.5B	$9.2B	$8.4B	$7.0B	$5.7B	$5.4B
Total Shareholders' Equity	$10.2B	$10.0B	$7.6B	$4.7B	$2.9B	$5.1B	$8.8B	$12.2B	$11.1B	$10.7B	$9.1B	$8.1B	$8.3B	$8.8B	$8.3B	$8.4B	$7.9B	$7.5B	$6.8B	$6.8B	$6.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive RCL viewer.

RCL Metric Deep Dives

Other Companies in Hotels, Resorts & Cruise Lines

BKNG · Booking Holdings — $126 billion
ABNB · Airbnb — $100 billion
MAR · Marriott International — $88 billion
HLT · Hilton Worldwide — $69 billion
EXPE · Expedia Group — $34 billion
CCL · Carnival Corporation — $30 billion
NCLH · Norwegian Cruise Line Holdings — $6 billion

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