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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 2026-07-13

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 $79 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 → 2026-03-31	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	$18.4B	$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 %	47.2%	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 %	27.9%	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	$4.5B	$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 %	24.4%	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)	$16.40	$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)	271M	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	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$4.5B	$4.3B	$5.1B	$4.5B	$4.0B	$3.8B	$4.9B	$4.1B
Gross Profit	$2.2B	$1.6B	$2.7B	$2.3B	$1.9B	$1.7B	$2.5B	$2.0B
Gross Margin %	49.5%	36.7%	51.8%	49.7%	48.0%	45.4%	51.1%	47.6%
Operating Income (EBIT)	$1.2B	$933M	$1.7B	$1.3B	$945M	$624M	$1.6B	$1.1B
Operating Margin %	26.1%	21.9%	33.1%	29.3%	23.6%	16.6%	33.4%	26.7%
Net Income	$941M	$754M	$1.6B	$1.2B	$730M	$552M	$1.1B	$854M
Net Margin %	21.1%	17.7%	30.7%	26.7%	18.2%	14.7%	22.7%	20.8%
EBITDA	$1.7B	$1.4B	$2.3B	$1.9B	$1.4B	$1.2B	$2.1B	$1.5B
Earnings Per Share (EPS)	$3.47	$2.76	$5.76	$4.40	$2.64	$1.99	$4.21	$3.04
Shares Outstanding (M)	271M	273M	274M	275M	276M	277M	264M	281M

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

RCL Free Cash Flow History

Cash flow	TTM → 2026-03-31	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)	$6.7B	$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)	$5.3B	$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)	$1.4B	$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 %	7.5%	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	$962M	$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	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.8B	$1.6B	$1.5B	$1.7B	$1.6B	$1.5B	$897M	$1.6B
Capital Expenditures (CapEx)	$500M	$1.5B	$2.5B	$836M	$428M	$552M	$334M	$2.1B
Free Cash Flow (FCF)	$1.3B	$116M	($989M)	$910M	$1.2B	$915M	$563M	($567M)
FCF Margin %	30.0%	2.7%	-19.2%	20.1%	30.0%	24.3%	11.5%	-13.8%
Dividends Paid	$270M	$288M	$204M	$200M	$148M	$107M	—	$0M

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

RCL Balance Sheet History

Balance sheet	2026-03-31	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	$42.0B	$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	$512M	$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	$32.0B	$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)	$21.2B	$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	$9.8B	$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.

Other Companies in Hotels, Resorts & Cruise Lines

BKNG · Booking Holdings — $138 billion
MAR · Marriott International — $99 billion
ABNB · Airbnb — $84 billion
HLT · Hilton Worldwide — $74 billion
CCL · Carnival Corporation — $36 billion
EXPE · Expedia Group — $31 billion
NCLH · Norwegian Cruise Line Holdings — $9 billion

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