Royal Caribbean Cruises (RCL) financial statements

Consumer Cyclical · Travel Services · Market cap $70.8B

Royal Caribbean Cruises reported revenue of $17.9B in fiscal 2025, up 8.7% a year over 9 years.

Net income was $4.3B and the operating margin 27.4%, against 17.4% in 2016.

Free cash flow was $1.2B, and the company returned $824M in dividends and $1.2B in net buybacks.

The diluted share count rose 27% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

-10010202016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Royal Caribbean Cruises's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$8.5B$8.8B$9.5B$11.0B$2.2B$1.5B$8.8B$13.9B$16.5B$17.9B
Cost of revenue$5.0B$4.9B$5.3B$6.1B$2.8B$2.7B$6.6B$7.8B$8.7B$9.1B
Gross profit$3.5B$3.9B$4.2B$4.9B-$556M-$1.2B$2.2B$6.1B$7.8B$8.9B
Selling, general and admin$1.1B$1.2B$1.3B$1.6B$1.2B$1.4B$1.6B$1.8B$2.1B$2.2B
Operating income$1.5B$1.7B$1.9B$2.1B-$4.6B-$3.9B-$766M$2.9B$4.1B$4.9B
Interest expense$307M$300M$334M$409M$844M$1.3B$1.4B$1.4B$1.6B$992M
Pre-tax income———————$1.7B$2.9B$4.4B
Income tax—————-$45M$4M$6M$46M$82M
Net income$1.3B$1.6B$1.8B$1.9B-$5.8B-$5.3B-$2.2B$1.7B$2.9B$4.3B
EPS (diluted)$5.93$7.53$8.56$8.95-$27.05-$20.89-$8.45$6.31$10.94$15.61
Diluted shares216M216M212M210M214M252M255M283M279M274M
Gross margin41.0%44.2%44.6%44.6%-25.2%-78.8%25.2%44.1%47.5%49.4%
Operating margin17.4%19.9%20.0%19.0%-208.3%-252.6%-8.7%20.7%24.9%27.4%
Net margin15.1%18.5%19.1%17.2%-262.5%-343.3%-24.4%12.2%17.5%23.8%

Balance sheet

Fiscal years, from Royal Caribbean Cruises's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$133M$120M$288M$244M$3.7B$2.7B$1.9B$497M$388M$825M
Receivables$292M$319M$325M$306M$284M$408M$531M$405M$371M$317M
Inventory$114M$111M$154M$162M$119M$150M$224M$248M$265M$264M
Total current assets$748M$908M$1.2B$1.2B$4.3B$3.6B$3.2B$1.8B$1.7B$2.2B
Property, plant and equipment$20.2B$19.7B$23.5B$25.5B$25.2B$25.9B$27.5B$30.1B$31.8B$35.7B
Goodwill$288M$289M$1.4B$1.4B$809M$809M$809M$809M$808M$808M
Total assets$22.3B$22.4B$27.7B$30.3B$32.5B$32.3B$33.8B$35.1B$37.1B$41.6B
Total current liabilities$4.4B$4.9B$7.1B$8.0B$4.5B$7.3B$8.6B$9.4B$9.8B$12.1B
Long-term debt$8.1B$6.4B$8.4B$8.4B$18.0B$18.8B$21.3B$19.7B$18.5B$18.2B
Total liabilities$13.2B$11.7B$16.1B$17.6B$23.7B$27.2B$30.9B$30.2B$29.3B$31.4B
Shareholders' equity$9.1B$10.7B$11.1B$12.2B$8.8B$5.1B$2.9B$4.7B$7.6B$10.0B
Net debt$8.0B$7.4B$10.5B$10.8B$15.6B$18.4B$21.5B$21.0B$19.7B$20.5B

Cash flow

Fiscal years, from Royal Caribbean Cruises's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$2.5B$2.9B$3.5B$3.7B-$3.7B-$1.9B$481M$4.5B$5.3B$6.5B
Capital spending$2.5B$564M$3.7B$3.0B$2.0B$2.2B$2.7B$3.9B$3.3B$5.2B
Free cash flow$22M$2.3B-$181M$692M-$5.7B-$4.1B-$2.2B$580M$2.0B$1.2B
Stock-based compensation$33M$69M$46M$76M$40M$64M$36M$126M$267M$175M
Dividends paid$346M$437M$527M$603M$326M$0$0$0$107M$824M
Share buybacks (net)-$300M-$225M-$575M-$100M$0$0—$0$0-$1.2B
Net borrowing$973M-$2.0B$1.6B-$535M$9.7B$2.2B$2.1B-$1.9B-$1.3B$1.1B
Free cash flow margin0.3%26.3%-1.9%6.3%-257.9%-268.1%-25.2%4.2%12.1%6.9%
Dividends per share$1.60$2.03$2.49$2.87$1.52———$0.38$3.01
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Questions

What was Royal Caribbean Cruises's revenue in 2025?

$17.9B in fiscal 2025, from its 10-K filing.

How much free cash flow does Royal Caribbean Cruises generate?

$1.2B in fiscal 2025 (operating cash flow minus capital spending).

From Royal Caribbean Cruises's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.