Royal Caribbean Cruises Ltd.

RCL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Valuation
Market cap	$76,065	$62,027	$33,180	$12,614	$19,593	$19,030	$34,017	$24,916	$30,391	$20,903	$25,787	$18,271	$10,415	$7,410	$5,375	$10,106	$5,405	$2,935	$9,031	$8,715	$9,297	$10,813	$6,734	$3,223	$3,123	$5,034	$8,804	$6,441	$4,024	$1,482	$1,389	$1,802	$1,586	$938	$981
Enterprise value	$97,968	$82,631	$54,988	$34,673	$38,586	$35,341	$46,077	$35,948	$37,811	$30,158	$34,193	$26,526	$18,285	$15,705	$13,608	$18,836	$13,540	$9,462	$14,284	$13,988	$13,327	$16,791	$12,240	$8,426	$8,042	$8,266	$11,082	$8,737	$6,486	$2,809	$2,293	$2,526	$2,352	$2,002	$1,972
P/E (TTM) at period end	17.82×	21.56×	19.55×	–	–	–	18.10×	13.76×	18.70×	16.29×	38.73×	23.91×	21.99×	405.19×	8.85×	19.60×	35.45×	5.12×	14.97×	13.75×	12.99×	22.78×	23.99×	9.18×	12.27×	11.30×	22.93×	19.47×	22.98×	9.82×	9.32×	13.19×	14.87×	15.47×	228.25×
P/S (TTM) at period end	4.24×	3.76×	2.39×	1.43×	12.79×	8.62×	3.11×	2.62×	3.46×	2.46×	3.11×	2.26×	1.31×	0.96×	0.71×	1.50×	0.92×	0.45×	1.47×	1.67×	1.90×	2.37×	1.78×	0.94×	0.99×	1.76×	3.46×	2.44×	2.08×	1.09×	1.17×	1.54×	1.43×	0.93×	1.29×
P/B at period end	7.58×	8.20×	7.02×	4.40×	3.85×	2.17×	2.80×	2.24×	2.84×	2.29×	3.20×	2.21×	1.18×	0.89×	0.64×	1.28×	0.72×	0.43×	1.34×	1.43×	1.67×	2.25×	1.58×	0.80×	0.83×	1.39×	2.70×	2.62×	1.99×	1.37×	1.44×	2.13×	2.16×	2.02×	2.43×
EV / EBITDA (TTM)	14.78×	14.48×	12.69×	54.09×	–	–	13.84×	12.28×	14.03×	12.71×	20.09×	15.47×	11.78×	13.85×	8.33×	13.02×	12.81×	7.00×	10.32×	10.93×	10.46×	14.63×	13.77×	9.47×	10.63×	10.33×	16.34×	12.79×	–	–	–	–	31.36×	33.20×	298.75×
EV / Sales (TTM)	5.46×	5.01×	3.96×	3.92×	25.19×	16.00×	4.21×	3.79×	4.31×	3.55×	4.12×	3.29×	2.30×	2.04×	1.81×	2.79×	2.30×	1.45×	2.32×	2.67×	2.72×	3.69×	3.23×	2.45×	2.56×	2.88×	4.35×	3.31×	3.35×	2.07×	1.94×	2.16×	2.11×	1.98×	2.60×
Returns
Return on equity	42.5%	38.0%	35.9%	(75.1%)	(103.4%)	(66.2%)	15.4%	16.3%	15.2%	14.1%	8.3%	9.2%	5.4%	0.2%	7.2%	6.5%	2.0%	8.4%	8.9%	10.4%	12.9%	9.9%	6.6%	8.7%	6.8%	12.3%	11.8%	13.5%	8.7%	13.9%	15.4%	16.2%	14.6%	13.0%	1.1%
Return on invested capital	15.0%	14.3%	10.8%	(3.1%)	(15.9%)	(18.4%)	8.8%	8.8%	9.6%	8.0%	5.3%	5.7%	4.8%	–	5.4%	4.6%	3.1%	6.2%	7.4%	7.5%	9.1%	7.0%	5.4%	6.0%	5.3%	8.3%	8.7%	10.3%	(20.4%)	(26.4%)	(29.9%)	(34.6%)	10.8%	9.0%	4.6%
Dividend yield	1.1%	0.2%	–	–	–	1.7%	1.8%	2.1%	1.4%	1.7%	1.1%	1.1%	1.4%	1.6%	0.4%	–	–	4.4%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.18×	0.17×	0.19×	0.37×	0.49×	0.95×	0.15×	0.17×	0.19×	0.17×	0.19×	0.21×	0.22×	0.22×	0.32×	0.29×	0.37×	0.37×	0.42×	0.27×	0.19×	0.38×	0.38×	0.38×	0.80×	0.34×	0.21×	0.32×	0.24×	0.28×	0.28×	0.43×	0.23×	0.27×	0.27×
Debt / equity	2.13×	2.65×	4.54×	8.15×	4.15×	2.16×	0.79×	0.90×	0.70×	1.03×	1.06×	1.02×	0.92×	1.02×	1.01×	1.16×	1.12×	1.03×	0.84×	0.89×	0.75×	1.38×	1.37×	1.35×	1.50×	0.94×	0.72×	1.01×	1.27×	1.26×	0.97×	0.88×	1.09×	2.41×	2.52×
Effective tax rate	1.9%	1.6%	0.4%	(0.2%)	0.9%	–	–	–	–	–	–	–	–	303.5%	3.4%	3.9%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	274	279	283	255	252	214	210	212	216	216	221	223	221	219	219	218	215	214	214	216	220	210	198	196	193	193	186	181	154	128	127	126	119	103	108

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Revenue and gross profit
Revenue	$18,682	$17,935	$16,484	$13,900	$8,840	$1,532	$2,209	$10,951	$9,494	$8,778	$8,496	$8,299	$8,074	$7,960	$7,688	$7,537	$6,753	$5,890	$6,533	$6,149	$5,230	$4,903	$4,555	$3,784	$3,434	$3,145	$2,866	$2,546	$2,636	$1,939	$1,357	$1,184	$1,171	$1,113	$1,013	$760
Cost of revenue	($9,515)	($9,083)	($8,652)	($7,775)	($6,616)	($2,739)	($2,765)	($6,063)	($5,262)	($4,897)	($5,016)	($5,099)	($5,306)	($5,305)	($5,157)	($4,943)	($4,458)	($4,071)	($4,404)	($3,982)	($3,250)	($2,994)	($2,819)	($2,381)	($2,113)	($1,934)	($1,652)	($1,496)	($1,594)	($1,219)	($854)	($742)	($729)	($696)	($636)	($488)
Gross profit	$9,167	$8,852	$7,832	$6,125	$2,224	($1,207)	($556)	$4,888	$4,232	$3,881	$3,481	$3,200	$2,768	$2,655	$2,531	$2,595	$2,294	$1,819	$2,129	$2,167	$1,980	$1,909	$1,736	$1,403	$1,321	$1,211	$1,213	$1,050	$1,043	$720	$503	$442	$443	$416	$377	$271
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,247)	($2,223)	($2,125)	($1,792)	($1,583)	($1,370)	($1,200)	($1,559)	($1,303)	($1,186)	($1,109)	($1,087)	($1,049)	($1,045)	($1,012)	($961)	($848)	($762)	($777)	($783)	($700)	($635)	($588)	($514)	($431)	($454)	($413)	($372)	($359)	($272)	($195)	($178)	($179)	($168)	($161)	($149)
Total operating expenses	($4,063)	($3,942)	($3,726)	($3,247)	($2,990)	($2,663)	($4,045)	($2,805)	($2,337)	($2,137)	($2,004)	($2,325)	($1,826)	($1,856)	($2,127)	($1,663)	($1,492)	($1,330)	($1,297)	($1,266)	($1,122)	($1,037)	($982)	($877)	($770)	($755)	($644)	($570)	($554)	($1,636)	($1,140)	($1,000)	($986)	($255)	($239)	($207)
Total costs and expenses	($13,578)	($13,025)	($12,378)	($11,022)	($9,606)	($5,402)	($6,810)	($8,868)	($7,599)	($7,034)	($7,019)	($7,424)	($7,132)	($7,162)	($7,285)	($6,606)	($5,950)	($5,401)	($5,701)	($5,248)	($4,371)	($4,032)	($3,802)	($3,258)	($2,883)	($2,690)	($2,296)	($2,066)	($2,148)	($2,855)	($1,995)	($1,743)	($1,715)	($951)	($874)	($695)
Operating income	$5,104	$4,910	$4,106	$2,878	($766)	($3,870)	($4,602)	$2,083	$1,895	$1,744	$1,477	$875	$942	$798	$403	$932	$803	$489	$832	$901	$858	$872	$754	$526	$551	$456	$570	$480	$489	($916)	($638)	($559)	($543)	$162	$138	$64
Earnings
EBITDA	$6,917	$6,628	$5,706	$4,333	$641	($2,577)	($3,322)	$3,329	$2,928	$2,695	$2,372	$1,702	$1,714	$1,553	$1,134	$1,634	$1,446	$1,057	$1,352	$1,384	$1,280	$1,274	$1,148	$889	$890	$757	$801	$678	$683	($1,060)	($729)	($639)	($621)	$75	$60	$7
Interest income	$20	$24	$16	$36	$36	$17	$21	$27	$33	$30	$21	$12	$10	$14	$21	$25	$9	$7	$14	$20	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,029)	($992)	($1,590)	($1,402)	($1,364)	($1,292)	($844)	($409)	($334)	($300)	($307)	($278)	($258)	($332)	($356)	($382)	($371)	($310)	($327)	($334)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,549	$4,373	$2,941	$1,711	($2,156)	($5,260)	($5,775)	$1,908	$1,816	$1,625	$1,283	$666	$764	$474	$18	$607	$516	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Income tax expense	–	($82)	($46)	($6)	($4)	$45	–	–	–	–	–	–	–	–	($56)	($21)	($20)	($5)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Net income	$4,398	$4,268	$2,877	$1,697	($2,156)	($5,260)	($5,797)	$1,879	$1,811	$1,625	$1,283	$666	$764	$474	$18	$607	$516	$152	$574	$603	$634	$716	$475	$281	$351	$254	$445	$384	$331	$175	$151	$149	$137	$107	$61	$4
Per share
Diluted EPS (GAAP)	$16.18	$15.61	$10.94	$6.31	($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	$0.71	$2.68	$2.82	$2.94	$3.26	$2.26	$1.42	$1.79	$1.32	$2.31	$2.06	$1.83	$1.14	$1.18	$1.17	$1.08	$0.90	$0.59	$0.04
Basic EPS (GAAP)	$16.27	$15.75	$11.00	$6.63	($8.45)	($20.89)	($27.05)	$8.97	$8.60	$7.57	$5.96	$3.03	$3.45	$2.16	$0.08	$2.80	$2.40	$0.71	$2.69	$2.84	$3.01	$3.47	$2.39	$1.45	$1.82	$1.32	$2.34	$2.15	$1.90	$1.16	$1.19	$1.18	$1.08	$0.90	$0.59	$0.04
Basic shares outstanding	270	271	261	256	255	252	214	209	211	215	215	220	222	220	218	217	215	214	213	213	211	206	199	194	193	193	190	179	174	151	127	126	126	119	103	108
Margins
Gross margin	49.1%	49.4%	47.5%	44.1%	25.2%	(78.8%)	(25.2%)	44.6%	44.6%	44.2%	41.0%	38.6%	34.3%	33.3%	32.9%	34.4%	34.0%	30.9%	32.6%	35.2%	37.9%	38.9%	38.1%	37.1%	38.5%	38.5%	42.3%	41.2%	39.5%	37.1%	37.0%	37.3%	37.8%	37.4%	37.2%	35.7%
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%	17.8%	16.5%	13.9%	16.0%	14.5%	19.9%	18.9%	18.5%	(47.2%)	(47.0%)	(47.2%)	(46.4%)	14.5%	13.7%	8.5%
Net margin	23.5%	23.8%	17.5%	12.2%	(24.4%)	(343.3%)	(262.5%)	17.2%	19.1%	18.5%	15.1%	8.0%	9.5%	6.0%	0.2%	8.1%	7.6%	2.6%	8.8%	9.8%	12.1%	14.6%	10.4%	7.4%	10.2%	8.1%	15.5%	15.1%	12.5%	9.0%	11.1%	12.6%	11.7%	9.6%	6.0%	0.6%

Analyst consensus

Buy53 analysts

Bearish · 6 · Hold · 19 · Bullish · 28

Earnings history

	EPS	Estimate
Q3 2024	$5.20	$5.03	Beat
Q4 2024	$1.63	$1.50	Beat
Q1 2025	$2.71	$2.55	Beat
Q2 2025	$4.38	$4.09	Beat
Q3 2025	$5.75	$5.69	Beat
Q4 2025	$2.80	$2.80	Match
Q1 2026	$3.60	$3.24	Beat
Q2 2026	$4.21	$3.98	Beat

Peers

Company overview

IPO dateApr 28, 1993

CEOJason T. Liberty

Employees107,975

SectorConsumer Cyclical

IndustryTravel Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.rclinvestor.com

Royal Caribbean Cruises Ltd. is a prominent global operator within the cruise sector. The company manages several well-known cruise lines, such as Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises. Through these brands, it offers a wide array of voyages that call upon approximately 1,000 different destinations across the globe. As of February 25, 2022, its expansive fleet comprised 61 vessels. Established in 1968, the company's corporate headquarters are situated in Miami, Florida.

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