Royal Caribbean Cruises Ltd. (RCL)
As-reported financials and SEC filings for Royal Caribbean Cruises Ltd. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Royal Caribbean Cruises Ltd.
Royal Caribbean Cruises Ltd operates a global cruise vacation business with three main brands: Royal Caribbean, Celebrity Cruises, and Silversea. The company offers a variety of cruise itineraries to destinations worldwide, serving different market segments from family-friendly to ultra-luxury travel. It also holds a 50% joint venture in TUI Cruises, which targets the German cruise market.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Royal Caribbean Cruises
- Revenue grew 8.8% to $17.9B in FY2025, slower than the 18.6% the year before.
- Operating margin turned positive at 27.4% in FY2025, from a 252.6% operating loss in FY2021.
- Most recent quarter Q2 FY2026: revenue $4.8B, up 6.5% from Q2 FY2025.
- Free cash flow was $1.2B in FY2025, 6.9% of revenue.
- Net income rose 48.3% to $4.3B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Royal Caribbean Cruises’s fundamentals sit among the 410 Consumer Discretionary companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Royal Caribbean Cruises’s net margin of 23.8% ranks in the 98th percentile of the 384 Consumer Discretionary companies reporting it. Royal Caribbean Cruises’s operating margin of 27.4% ranks in the 97th percentile of the 348 Consumer Discretionary companies reporting it. Royal Caribbean Cruises’s return on equity of 41.7% ranks in the 91st percentile of the 349 Consumer Discretionary companies reporting it.
No reported insider purchases (code P) in the last 90 days; 1 insider sale totaling $4.0M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-07-29 filed 2026-07-31 | Michael W. BayleyPres&CEO, Royal Caribbean Intl | Sell | 12.8K | $315.99 | $4.0M |
Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 11.3M | +11.5% | 2.75 |
| 2026-09-15 | 10.2M | -7.3% | 4.94 |
| 2026-08-31 | 11.0M | +2.5% | 7.02 |
| 2026-08-14 | 10.7M | -8.6% | 6.99 |
| 2026-07-31 | 11.7M | -10.5% | 4.36 |
| 2026-07-15 | 13.1M | +3.0% | 5.92 |
| 2026-06-30 | 12.7M | -0.5% | 4.30 |
| 2026-06-15 | 12.8M | -5.1% | 5.12 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B |
| Gross profit | |||||
| Operating income | $4.91B | $4.11B | $2.88B | $-766.0M | $-3.87B |
| Pre-tax income | $4.37B | $2.94B | $1.71B | — | — |
| Net income | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B |
| Diluted EPS | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $825.0M | $388.0M | $497.0M | $1.94B | $2.70B |
| Current assets | $2.21B | $1.71B | $1.79B | $3.21B | $3.60B |
| Total assets | $41.62B | $37.07B | $35.13B | $33.78B | $32.26B |
| Current liabilities | $12.05B | $9.82B | $9.40B | $8.57B | $7.29B |
| Long-term debt | $18.16B | $18.47B | $19.73B | $21.30B | $18.85B |
| Total liabilities | $31.37B | $29.34B | $30.23B | $30.91B | $27.17B |
| Total equity | $10.24B | $7.74B | $4.90B | $2.87B | $5.09B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $6.46B | $5.26B | $4.48B | $481.0M | $-1.88B |
| Capital expenditure | $5.23B | $3.27B | $3.90B | $2.71B | $2.23B |
| Free cash flow |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $4.83B | 6.5% | $1.13B | $4.20 |
| Q1 FY2026 | $4.45B | 11.3% | $941.0M | $3.48 |
| Q4 FY2025 | 13.3% | |||
| Q3 FY2025 | $5.14B | 5.2% | $1.57B | $5.74 |
| Q2 FY2025 | $4.54B | 10.4% | $1.21B | $4.41 |
| Q1 FY2025 | $4.00B | 7.3% | $730.0M | $2.70 |
| Q4 FY2024 | 12.9% | |||
| Q3 FY2024 | $4.89B | 17.5% | $1.11B | $4.21 |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Consumer Discretionary peers
RCL head to head
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.