What is Royal Caribbean Group's earnings per share (EPS)?

Royal Caribbean Group (RCL) reported diluted earnings per share of $15.61 for fiscal year 2025. This represents a 42.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Royal Caribbean Group (RCL) Financials

RCL

Trailing 12 months to June 30, 2026

Revenue $18.7B +8.7% YoY

Net Income $4.4B +22.0% YoY

EPS (Diluted) $16.20 +21.3% YoY

Free Cash Flow -$416.0M -111.6% YoY

Market Cap $75.5B as of Oct 10, 2026

Price / Sales 4.0x on $18.7B revenue, trailing 12 months to June 30, 2026

Price / Earnings 17.2x on $4.4B net income, trailing 12 months to June 30, 2026

Price / Book 7.4x on $10.2B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 28, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RCL SEC filings page.

Royal Caribbean Group (RCL) reported $18.7B in revenue over the twelve months to Jun 30, 2026, up 8.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI RCL FY2025 2026-10-03

By FY2025, Royal Caribbean had rebuilt profitability and equity, but heavy capital investment still converts only part of earnings into free cash.

The cash-conversion gap is wide: although net margin reached 23.8%, free-cash-flow margin was only 6.9% in FY2025, showing that reinvestment absorbs much of accounting profit before distributions. It was not a permanent earnings-quality break: free cash flow improved in FY2024 before falling in FY2025 as capital spending increased, making reported cash generation sensitive to the reinvestment cycle.

Revenue nearly doubled from FY2022 to FY2025 while gross margin expanded from 25.2% to 49.4%, indicating the recovery changed the economics of each sales dollar rather than merely restoring volume. Operating margin moved from -8.7% to 27.4% while SG&A grew more slowly than sales, consistent with fixed-cost absorption helping profitability.

The balance sheet is less leveraged than in FY2022: debt-to-equity fell from 7.4x to 1.8x as equity rebuilt. Yet the current ratio was only 0.2x in FY2025, implying reliance on longer-dated financing and operating liabilities rather than a large short-term asset cushion.

Financial Health Signals

Financial Health Score 48/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Royal Caribbean Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Royal Caribbean Group has an operating margin of 27.4%, meaning the company retains $27 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is up from 24.9% the prior year.

Growth

Royal Caribbean Group's revenue grew 8.8% year-over-year to $17.9B, a solid pace of expansion. This earns a growth score of 73/100.

Leverage

Royal Caribbean Group has elevated debt relative to equity (D/E of 1.81), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.

Liquidity

Royal Caribbean Group's current ratio of 0.18 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Royal Caribbean Group has a free cash flow margin of 6.9%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Royal Caribbean Group's ROE of 42.5% shows moderate profitability relative to equity, earning a score of 61/100. This is up from 38.0% the prior year.

Altman Z-Score Grey Zone

2.18

Royal Caribbean Group scores 2.18, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($75.5B) relative to total liabilities ($31.4B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

Royal Caribbean Group passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.51x

For every $1 of reported earnings, Royal Caribbean Group generates $1.51 in operating cash flow ($6.5B OCF vs $4.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.95x

Royal Caribbean Group earns $4.95 in operating income for every $1 of interest expense ($4.9B vs $992.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.8B

YoY+6.5%

QoQ+8.5%

5Y CAGR+148.6%

Royal Caribbean Group generated $4.8B in revenue in Q2 2026. This represents an increase of 6.5% from the same quarter a year earlier. Against the prior quarter it is up 8.5%.

EBITDA

$1.8B

YoY+1.4%

QoQ+9.1%

10Y CAGR+13.4%

Royal Caribbean Group's EBITDA was $1.8B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.4% from the same quarter a year earlier. Against the prior quarter it is up 9.1%.

Net Income

$1.1B

YoY-6.8%

QoQ+19.9%

10Y CAGR+17.2%

Royal Caribbean Group reported $1.1B in net income in Q2 2026. This represents a decrease of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 19.9%.

EPS (Diluted)

$4.20

YoY-4.8%

QoQ+20.7%

10Y CAGR+14.8%

Royal Caribbean Group earned $4.20 per diluted share (EPS) in Q2 2026. This represents a decrease of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 20.7%.

Cash & Balance Sheet

Free Cash Flow

-$877.0M

YoY-196.4%

QoQ-165.7%

Royal Caribbean Group recorded an outflow of $877.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 196.4% from the same quarter a year earlier. Against the prior quarter it is down 165.7%.

Cash & Debt

$875.0M

YoY+19.0%

QoQ+70.9%

5Y CAGR-27.1%

Royal Caribbean Group held $875.0M in cash against $21.3B in long-term debt as of Q2 2026.

Dividends Per Share

$1.50

YoY+100.0%

QoQ0.0%

Royal Caribbean Group paid $1.50 per share in dividends in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

267M

YoY-1.5%

QoQ-0.3%

5Y CAGR+1.0%

10Y CAGR+2.2%

Royal Caribbean Group had 267M shares outstanding in Q2 2026. This represents a decrease of 1.5% from the same quarter a year earlier. Against the prior quarter it is down 0.3%.

Margins & Returns

Gross Margin

47.3%

YoY-2.4pp

QoQ-2.2pp

Royal Caribbean Group's gross margin was 47.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.2 percentage points.

Operating Margin

27.1%

YoY-2.2pp

QoQ+1.0pp

Royal Caribbean Group's operating margin was 27.1% in Q2 2026, reflecting core business profitability. This is down 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Net Margin

23.3%

YoY-3.3pp

QoQ+2.2pp

Royal Caribbean Group's net profit margin was 23.3% in Q2 2026, showing the share of revenue converted to profit. This is down 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.

Return on Equity

11.0%

YoY-2.2pp

QoQ+1.4pp

5Y change+28.1pp

10Y change+8.2pp

Royal Caribbean Group's ROE was 11.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.4 percentage points.

Capital Allocation

Share Buybacks

$199.0M

QoQ-76.2%

Royal Caribbean Group spent $199.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 76.2%.

Capital Expenditures

$2.7B

YoY+227.4%

QoQ+447.4%

5Y CAGR+64.9%

10Y CAGR+4.3%

Royal Caribbean Group invested $2.7B in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 227.4% from the same quarter a year earlier. Against the prior quarter it is up 447.4%.

R&D Spending

Not reported for Q2 2026.

RCL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RCL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$18.7B	$17.9B+8.8%	$16.5B+18.6%	$13.9B+57.2%	$8.8B+477.0%	$1.5B-30.6%	$2.2B-79.8%	$11.0B+15.3%	$9.5B+8.2%	$8.8B+3.3%	$8.5B+2.4%	$8.3B+2.8%	$8.1B+1.4%	$8.0B+3.5%	$7.7B+2.0%	$7.5B
Cost of Revenue	$9.5B	$9.1B+5.0%	$8.7B+11.3%	$7.8B+17.5%	$6.6B+141.5%	$2.7B-0.9%	$2.8B-54.4%	$6.1B+15.2%	$5.3B+7.5%	$4.9B-2.4%	$5.0B-1.6%	$5.1B-3.9%	$5.3B0.0%	$5.3B+2.9%	$5.2B+4.3%	$4.9B
Gross Profit	$9.2B	$8.9B+13.0%	$7.8B+27.9%	$6.1B+175.4%	$2.2B+284.3%	-$1.2B-117.0%	-$556.3M-111.4%	$4.9B+15.5%	$4.2B+9.0%	$3.9B+11.5%	$3.5B+8.8%	$3.2B+15.6%	$2.8B+4.3%	$2.7B+4.9%	$2.5B-2.5%	$2.6B
SG&A Expenses	$2.2B	$2.2B+4.6%	$2.1B+18.6%	$1.8B+13.2%	$1.6B+15.5%	$1.4B+14.2%	$1.2B-23.1%	$1.6B+19.7%	$1.3B+9.9%	$1.2B+7.0%	$1.1B+2.0%	$1.1B+3.6%	$1.0B+0.4%	$1.0B+3.3%	$1.0B+5.3%	$960.6M
Operating Income	$5.1B	$4.9B+19.6%	$4.1B+42.7%	$2.9B+475.7%	-$766.0M+80.2%	-$3.9B+15.9%	-$4.6B-320.9%	$2.1B+9.9%	$1.9B+8.6%	$1.7B+18.1%	$1.5B+68.8%	$874.9M-7.1%	$941.9M+18.0%	$798.1M+98.0%	$403.1M-56.7%	$931.6M
EBITDA	N/A	$6.6B+16.2%	$5.7B+31.7%	$4.3B+576.0%	$641.0M+124.9%	-$2.6B+22.4%	-$3.3B-199.8%	$3.3B+13.7%	$2.9B+8.7%	$2.7B+13.6%	$2.4B+39.4%	$1.7B-0.7%	$1.7B+10.4%	$1.6B+37.0%	$1.1B-30.6%	$1.6B
Interest Expense	$1.0B	$992.0M-37.6%	$1.6B+13.4%	$1.4B+2.8%	$1.4B+5.6%	$1.3B+53.0%	$844.2M+106.7%	$408.5M+22.4%	$333.7M+11.2%	$300.0M-2.4%	$307.4M+10.7%	$277.7M+7.5%	$258.3M-22.3%	$332.4M-6.6%	$355.8M-7.0%	$382.4M
Income Tax	N/A	$82.0M+78.3%	$46.0M+666.7%	$6.0M+50.0%	$4.0M+108.9%	-$45.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$55.5M+168.1%	$20.7M
Net Income	$4.4B	$4.3B+48.3%	$2.9B+69.5%	$1.7B+178.7%	-$2.2B+59.0%	-$5.3B+9.3%	-$5.8B-408.6%	$1.9B+3.7%	$1.8B+11.4%	$1.6B+26.6%	$1.3B+92.8%	$665.8M-12.9%	$764.1M+61.3%	$473.7M+2490.3%	$18.3M-97.0%	$607.4M
EPS (Basic)	N/A	$15.75+43.2%	$11.00+65.9%	$6.63+178.5%	-$8.45+59.6%	-$20.89+22.8%	-$27.05-401.6%	$8.97+4.3%	$8.60+13.6%	$7.57+27.0%	$5.96+96.7%	$3.03-12.2%	$3.45+59.7%	$2.16+2600.0%	$0.08-97.1%	$2.80
EPS (Diluted)	$16.20	$15.61+42.7%	$10.94+73.4%	$6.31+174.7%	-$8.45+59.6%	-$20.89+22.8%	-$27.05-402.2%	$8.95+4.6%	$8.56+13.7%	$7.53+27.0%	$5.93+96.4%	$3.02-12.0%	$3.43+60.3%	$2.14+2575.0%	$0.08-97.1%	$2.77
Diluted Shares (Avg)	N/A	274M-1.8%	279M-1.4%	283M+11.0%	255M+1.2%	252M+17.6%	214M+2.1%	210M-0.8%	212M-1.9%	216M-0.3%	216M-2.0%	221M-1.1%	223M+1.0%	221M+0.7%	219M+0.1%	219M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$4.8B+6.5%	$4.5B+11.3%	$4.3B+13.3%	$5.1B+5.2%	$4.5B+10.4%	$4.0B+7.3%	$3.8B+12.9%	$4.9B+17.5%
Cost of Revenue	$2.5B+11.6%	$2.2B+8.1%	$2.2B+9.2%	$2.5B+3.7%	$2.3B+6.1%	$2.1B+1.1%	$2.1B+8.6%	$2.4B+11.9%
Gross Profit	$2.3B+1.3%	$2.2B+14.8%	$2.0B+18.2%	$2.7B+6.6%	$2.3B+15.2%	$1.9B+14.8%	$1.7B+18.5%	$2.5B+23.3%
SG&A Expenses	$513.0M+1.0%	$582.0M+3.6%	$631.0M-6.2%	$522.0M+15.7%	$508.0M+9.0%	$562.0M+5.0%	$673.0M+33.8%	$451.0M+14.8%
Operating Income	$1.3B-1.7%	$1.2B+23.0%	$934.0M+49.9%	$1.7B+4.2%	$1.3B+20.9%	$945.0M+26.0%	$623.0M+9.3%	$1.6B+29.2%
EBITDA	$1.8B+1.4%	$1.6B+19.6%	$1.4B+34.4%	$2.1B+4.5%	$1.7B+17.0%	$1.4B+19.3%	$1.0B+10.1%	$2.0B+25.4%
Interest Expense	$236.0M+3.5%	$278.0M+11.6%	$267.0M+0.8%	$248.0M-58.9%	$228.0M-23.5%	$249.0M-41.3%	$265.0M-23.4%	$603.0M+77.0%
Income Tax	$14.0M-17.6%	$26.0M+62.5%	N/A	N/A	$17.0M	$16.0M	N/A	N/A
Net Income	$1.1B-6.8%	$941.0M+28.9%	$753.0M+36.4%	$1.6B+41.8%	$1.2B+41.7%	$730.0M+102.8%	$552.0M+99.3%	$1.1B+10.1%
EPS (Basic)	$4.21-5.4%	$3.49+28.8%	$2.78+37.6%	$5.79+37.2%	$4.45+34.0%	$2.71+93.6%	$2.02+87.0%	$4.22+7.1%
EPS (Diluted)	$4.20-4.8%	$3.48+28.9%	$2.78+36.9%	$5.74+36.3%	$4.41+41.8%	$2.70+100.0%	$2.03+89.7%	$4.21+15.3%
Diluted Shares (Avg)	268M-2.5%	271M-1.8%	N/A	274M+3.8%	275M-2.1%	276M-1.8%	N/A	264M-6.4%

Not reported in any period shown, so not listed: R&D Expenses.

RCL Balance Sheet

RCL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$41.6B+12.3%	$37.1B+5.5%	$35.1B+4.0%	$33.8B+4.7%	$32.3B-0.6%	$32.5B+7.1%	$30.3B+9.5%	$27.7B+23.9%	$22.4B+0.2%	$22.3B+7.4%	$20.8B+0.3%	$20.7B+3.2%	$20.1B+1.2%	$19.8B+0.1%	$19.8B
Current Assets	$2.2B+29.7%	$1.7B-4.9%	$1.8B-44.1%	$3.2B-11.0%	$3.6B-16.5%	$4.3B+270.9%	$1.2B-6.4%	$1.2B+36.8%	$907.6M+21.3%	$748.3M-10.6%	$837.0M+4.5%	$801.1M-16.2%	$956.4M+7.7%	$888.1M-8.4%	$969.3M
Cash & Equivalents	$825.0M+112.6%	$388.0M-21.9%	$497.0M-74.3%	$1.9B-28.4%	$2.7B-26.7%	$3.7B+1411.7%	$243.7M-15.3%	$287.9M+139.7%	$120.1M-9.4%	$132.6M+9.1%	$121.6M-35.8%	$189.2M-7.5%	$204.7M+5.0%	$194.9M-25.7%	$262.2M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$264.0M-0.4%	$265.0M+6.9%	$248.0M+10.7%	$224.0M+49.1%	$150.2M+26.6%	$118.7M-26.8%	$162.1M+5.6%	$153.6M+37.9%	$111.4M-2.4%	$114.1M-6.0%	$121.3M-1.7%	$123.5M-18.4%	$151.2M+3.4%	$146.3M+1.2%	$144.6M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$808.0M0.0%	$808.0M-0.1%	$809.0M0.0%	$809.0M0.0%	$809.4M0.0%	$809.5M-41.6%	$1.4B+0.5%	$1.4B+377.7%	$288.5M0.0%	$288.4M+0.6%	$286.8M-0.1%	$287.0M-34.7%	$439.2M+1.4%	$433.0M-42.0%	$746.5M
Total Liabilities	$31.4B+7.0%	$29.3B-3.0%	$30.2B-2.2%	$30.9B+13.7%	$27.2B+14.6%	$23.7B+34.8%	$17.6B+9.6%	$16.1B+37.7%	$11.7B-11.6%	$13.2B+3.7%	$12.7B+2.3%	$12.4B+10.3%	$11.3B-2.2%	$11.5B+1.1%	$11.4B
Current Liabilities	$12.1B+22.8%	$9.8B+4.4%	$9.4B+9.7%	$8.6B+17.7%	$7.3B+60.6%	$4.5B-43.0%	$8.0B+11.8%	$7.1B+46.5%	$4.9B+9.3%	$4.4B+3.5%	$4.3B+11.5%	$3.8B-9.8%	$4.3B+4.9%	$4.1B+32.5%	$3.1B
Non-Current Liabilities	$19.3B-1.0%	$19.5B-6.3%	$20.8B-6.7%	$22.3B+12.3%	$19.9B+3.8%	$19.2B+99.0%	$9.6B+7.8%	$8.9B+31.4%	$6.8B-22.2%	$8.7B+3.8%	$8.4B-1.8%	$8.6B+22.6%	$7.0B-6.1%	$7.5B-10.5%	$8.3B
Long-Term Debt	$18.2B-1.7%	$18.5B-6.4%	$19.7B-7.4%	$21.3B+13.0%	$18.8B+5.0%	$18.0B+113.4%	$8.4B+0.7%	$8.4B+31.6%	$6.4B-21.6%	$8.1B+6.2%	$7.6B-0.2%	$7.6B+17.4%	$6.5B-6.6%	$7.0B-11.3%	$7.9B
Total Equity	$10.0B+32.7%	$7.6B+60.1%	$4.7B+64.7%	$2.9B-43.6%	$5.1B-42.0%	$8.8B-28.0%	$12.2B+9.5%	$11.1B+3.8%	$10.7B+17.3%	$9.1B+13.1%	$8.1B-2.7%	$8.3B-5.9%	$8.8B+6.0%	$8.3B-1.2%	$8.4B
Retained Earnings	$5.9B+126.8%	$2.6B+26220.0%	-$10.0M+99.4%	-$1.7B-664.7%	$302.3M-94.6%	$5.6B-51.7%	$11.5B+12.3%	$10.3B+13.8%	$9.0B+14.8%	$7.9B+13.2%	$6.9B+5.6%	$6.6B+8.6%	$6.1B+5.4%	$5.7B-1.4%	$5.8B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$44.6B+15.8%	$42.0B+12.1%	$41.6B+12.3%	$40.1B+8.2%	$38.5B+4.2%	$37.5B+6.4%	$37.1B+5.5%	$37.1B+13.1%
Current Assets	$2.4B-0.7%	$2.2B+20.6%	$2.2B+29.7%	$1.9B+3.1%	$2.5B+29.9%	$1.8B-2.2%	$1.7B-4.9%	$1.8B+2.8%
Cash & Equivalents	$875.0M+19.0%	$512.0M+32.6%	$825.0M+112.6%	$432.0M+3.3%	$735.0M+88.0%	$386.0M-11.7%	$388.0M-21.9%	$418.0M-30.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$267.0M+8.1%	$271.0M+5.9%	$264.0M-0.4%	$269.0M+1.5%	$247.0M+2.1%	$256.0M+8.5%	$265.0M+6.9%	$265.0M+9.7%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$808.0M0.0%	$808.0M0.0%	$808.0M0.0%	$808.0M-0.1%	$808.0M-0.1%	$808.0M-0.1%	$808.0M-0.1%	$809.0M0.0%
Total Liabilities	$34.2B+17.1%	$32.0B+9.0%	$31.4B+7.0%	$29.8B-0.1%	$29.2B-5.2%	$29.3B-1.9%	$29.3B-3.0%	$29.8B+5.9%
Current Liabilities	$11.7B+10.2%	$11.1B+7.4%	$12.1B+22.8%	$11.5B+19.1%	$10.6B+6.9%	$10.3B+4.0%	$9.8B+4.4%	$9.6B+4.2%
Non-Current Liabilities	$22.5B+21.1%	$20.9B+9.9%	$19.3B-1.0%	$18.4B-9.2%	$18.6B-11.0%	$19.0B-4.8%	$19.5B-6.3%	$20.2B+6.8%
Long-Term Debt	$21.3B+20.7%	$19.7B+9.3%	$18.2B-1.7%	$17.2B-9.3%	$17.6B-11.0%	$18.0B-4.7%	$18.5B-6.4%	$19.0B+5.8%
Total Equity	$10.2B+11.6%	$9.8B+23.2%	$10.0B+32.7%	$10.1B+43.3%	$9.2B+52.6%	$8.0B+54.5%	$7.6B+60.1%	$7.0B+59.3%
Retained Earnings	$7.2B+73.4%	$6.5B+105.8%	$5.9B+126.8%	$5.4B+146.6%	$4.1B+244.2%	$3.1B+796.9%	$2.6B+26220.0%	$2.2B+867.6%

Not reported in any period shown, so not listed: Accounts Receivable.

RCL Cash Flow Statement

RCL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$6.8B	$6.5B+22.8%	$5.3B+17.6%	$4.5B+830.8%	$481.0M+125.6%	-$1.9B+49.7%	-$3.7B-200.4%	$3.7B+6.8%	$3.5B+21.0%	$2.9B+14.2%	$2.5B+29.3%	$1.9B+11.6%	$1.7B+23.5%	$1.4B+2.2%	$1.4B-5.1%	$1.5B
Depreciation & Amortization	N/A	$1.7B+7.4%	$1.6B+10.0%	$1.5B+3.4%	$1.4B+8.8%	$1.3B+1.1%	$1.3B+2.7%	$1.2B+20.5%	$1.0B+8.7%	$951.2M+6.3%	$894.9M+8.2%	$827.0M+7.1%	$772.4M+2.3%	$754.7M+3.3%	$730.5M+4.0%	$702.4M
Stock-Based Compensation	N/A	$175.0M-34.5%	$267.0M+111.9%	$126.0M+250.0%	$36.0M-43.8%	$64.0M+60.9%	$39.8M-47.6%	$75.9M+64.8%	$46.1M-33.7%	$69.5M+112.7%	$32.7M-9.5%	$36.1M+38.1%	$26.1M+23.3%	$21.2M-12.3%	$24.2M+1.5%	$23.8M
Capital Expenditures	$7.2B	$5.2B+60.0%	$3.3B-16.1%	$3.9B+43.8%	$2.7B+21.5%	$2.2B+13.5%	$2.0B-35.0%	$3.0B-17.4%	$3.7B+548.8%	$564.1M-77.4%	$2.5B+54.6%	$1.6B-10.9%	$1.8B+137.2%	$763.8M-40.9%	$1.3B+10.0%	$1.2B
Free Cash Flow	-$416.0M	$1.2B-38.1%	$2.0B+244.3%	$580.0M+126.0%	-$2.2B+45.7%	-$4.1B+27.9%	-$5.7B-923.6%	$691.7M+482.4%	-$180.9M-107.8%	$2.3B+10248.1%	$22.3M-93.3%	$333.0M+592.4%	-$67.6M-110.4%	$648.3M+618.4%	$90.2M-68.0%	$282.1M
Investing Cash Flow	-$7.1B	-$5.0B-45.4%	-$3.4B+12.2%	-$3.9B-31.3%	-$3.0B-39.3%	-$2.1B+1.5%	-$2.2B+29.5%	-$3.1B+31.1%	-$4.5B-2001.7%	-$213.6M+92.2%	-$2.7B-56.3%	-$1.7B+1.5%	-$1.8B-114.7%	-$824.5M+34.7%	-$1.3B-36.6%	-$924.6M
Financing Cash Flow	$428.0M	-$1.0B+47.0%	-$1.9B+3.6%	-$2.0B-214.5%	$1.7B-42.7%	$3.0B-67.5%	$9.3B+1494.7%	-$670.4M-156.0%	$1.2B+144.8%	-$2.7B-1197.5%	$243.8M+196.2%	-$253.5M-1550.3%	$17.5M+103.0%	-$576.6M-221.0%	-$179.6M+73.4%	-$676.5M
Dividends Paid	$1.1B	$824.0M+670.1%	$107.0M	$0	$0	$0-100.0%	$326.4M-45.8%	$602.7M+14.3%	$527.5M+20.6%	$437.5M+26.3%	$346.5M+23.7%	$280.2M+40.8%	$199.0M+38.5%	$143.6M+22.0%	$117.7M+442.3%	$21.7M
Share Buybacks	$2.0B	$1.2B	$0	$0	N/A	$0	$0-100.0%	$99.6M-82.7%	$575.0M+155.6%	$225.0M-25.0%	$300.0M+50.0%	$200.0M-15.3%	$236.1M	$0	$0	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.9B+6.5%	$1.8B+12.7%	$1.6B+10.6%	$1.5B+63.8%	$1.7B+11.0%	$1.6B+22.5%	$1.5B+31.5%	$897.0M+36.1%
Depreciation & Amortization	$464.0M+11.3%	$461.0M+11.9%	$453.0M+10.5%	$435.0M+6.1%	$417.0M+6.1%	$412.0M+6.5%	$410.0M+11.4%	$410.0M+12.3%
Stock-Based Compensation	N/A	$38.0M-28.3%	N/A	N/A	N/A	$53.0M+17.8%	N/A	N/A
Capital Expenditures	$2.7B+227.4%	$500.0M+16.8%	$1.5B+173.0%	$2.5B+635.9%	$836.0M-60.9%	$428.0M+76.9%	$552.0M-78.5%	$334.0M+18.9%
Free Cash Flow	-$877.0M-196.4%	$1.3B+11.3%	$116.0M-87.3%	-$989.0M-275.7%	$910.0M+260.5%	$1.2B+10.4%	$915.0M+163.0%	$563.0M+48.9%
Investing Cash Flow	-$2.7B-278.6%	-$529.0M-20.2%	-$1.5B-130.7%	-$2.4B-667.5%	-$706.0M+67.9%	-$440.0M-48.6%	-$641.0M+75.1%	-$311.0M+5.2%
Financing Cash Flow	$1.2B+269.0%	-$1.6B-35.8%	$254.0M+129.8%	$615.0M+210.0%	-$696.0M-220.0%	-$1.2B-9.2%	-$852.0M-163.0%	-$559.0M-22.3%
Dividends Paid	$404.0M+102.0%	$270.0M+82.4%	$272.0M+154.2%	$204.0M	$200.0M	$148.0M	$107.0M	$0
Share Buybacks	$199.0M	$836.0M+246.9%	$504.0M	$414.0M	$0	$241.0M	$0	$0

RCL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RCL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	49.4%+1.8pp	47.5%+3.5pp	44.1%+18.9pp	25.2%+104.0pp	-78.8%-53.6pp	-25.2%-69.8pp	44.6%+0.1pp	44.6%+0.4pp	44.2%+3.2pp	41.0%+2.4pp	38.6%+4.3pp	34.3%+0.9pp	33.4%+0.4pp	32.9%-1.5pp	34.4%
Operating Margin	27.4%+2.5pp	24.9%+4.2pp	20.7%+29.4pp	-8.7%	-252.6%	-208.3%	19.0%-0.9pp	20.0%+0.1pp	19.9%+2.5pp	17.4%+6.9pp	10.5%-1.1pp	11.7%+1.6pp	10.0%+4.8pp	5.2%-7.1pp	12.4%
Net Margin	23.8%+6.3pp	17.4%+5.2pp	12.2%+36.6pp	-24.4%	-343.4%	-262.5%	17.2%-1.9pp	19.1%+0.6pp	18.5%+3.4pp	15.1%+7.1pp	8.0%-1.4pp	9.5%+3.5pp	5.9%+5.7pp	0.2%-7.8pp	8.1%
Return on Equity	42.5%+4.5pp	38.0%+2.1pp	35.9%+111.1pp	-75.1%+28.3pp	-103.5%-37.3pp	-66.2%-81.6pp	15.4%-0.9pp	16.3%+1.1pp	15.2%+1.1pp	14.1%+5.8pp	8.3%-1.0pp	9.2%+3.8pp	5.4%+5.2pp	0.2%-7.0pp	7.2%
Return on Assets	10.3%+2.5pp	7.8%+2.9pp	4.8%+11.2pp	-6.4%+9.9pp	-16.3%+1.6pp	-17.9%-24.1pp	6.2%-0.3pp	6.5%-0.7pp	7.3%+1.5pp	5.8%+2.6pp	3.2%-0.5pp	3.7%+1.3pp	2.4%+2.3pp	0.1%-3.0pp	3.1%
Current Ratio	0.180.0x	0.170.0x	0.19-0.2x	0.37-0.1x	0.49-0.5x	0.95+0.8x	0.150.0x	0.170.0x	0.190.0x	0.170.0x	0.200.0x	0.210.0x	0.220.0x	0.22-0.1x	0.32
Debt-to-Equity	1.81-0.6x	2.44-1.7x	4.18-3.2x	7.43+3.7x	3.71+1.7x	2.05+1.4x	0.69-0.1x	0.75+0.2x	0.59-0.3x	0.89-0.1x	0.950.0x	0.92+0.2x	0.74-0.1x	0.84-0.1x	0.93
Asset Turnover	0.430.0x	0.440.0x	0.40+0.1x	0.26+0.2x	0.050.0x	0.07-0.3x	0.360.0x	0.340.0x	0.390.0x	0.380.0x	0.400.0x	0.390.0x	0.400.0x	0.390.0x	0.38
FCF Margin	6.9%-5.2pp	12.1%+7.9pp	4.2%+29.4pp	-25.2%	-268.2%	-257.9%	6.3%+8.2pp	-1.9%-28.2pp	26.3%+26.1pp	0.3%-3.8pp	4.0%+4.8pp	-0.8%-9.0pp	8.1%+7.0pp	1.2%-2.6pp	3.7%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	47.3%-2.4pp	49.5%+1.5pp	47.4%+2.0pp	51.8%+0.7pp	49.7%+2.1pp	48.0%+3.2pp	45.4%+2.1pp	51.1%+2.4pp
Operating Margin	27.1%-2.2pp	26.1%+2.5pp	21.9%+5.4pp	33.1%-0.3pp	29.3%+2.5pp	23.6%+3.5pp	16.6%-0.5pp	33.4%+3.0pp
Net Margin	23.3%-3.3pp	21.1%+2.9pp	17.7%+3.0pp	30.6%+7.9pp	26.7%+5.9pp	18.3%+8.6pp	14.7%+6.4pp	22.7%-1.5pp
Return on Equity	11.0%-2.2pp	9.6%+0.4pp	7.5%+0.2pp	15.6%-0.2pp	13.2%-1.0pp	9.2%+2.2pp	7.3%+1.4pp	15.8%-7.0pp
Return on Assets	2.5%-0.6pp	2.2%+0.3pp	1.8%+0.3pp	3.9%+0.9pp	3.1%+0.8pp	1.9%+0.9pp	1.5%+0.7pp	3.0%-0.1pp
Current Ratio	0.210.0x	0.200.0x	0.180.0x	0.160.0x	0.230.0x	0.180.0x	0.170.0x	0.190.0x
Debt-to-Equity	2.08+0.2x	2.00-0.3x	1.81-0.6x	1.70-1.0x	1.92-1.4x	2.26-1.4x	2.44-1.7x	2.69-1.4x
Asset Turnover	0.110.0x	0.110.0x	0.100.0x	0.130.0x	0.120.0x	0.110.0x	0.100.0x	0.130.0x
FCF Margin	-18.1%-38.2pp	30.0%0.0pp	2.7%-21.6pp	-19.2%-30.8pp	20.1%+33.9pp	30.0%+0.9pp	24.3%+67.9pp	11.5%+2.4pp

Note: The current ratio is below 1.0 (0.18), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Royal Caribbean Group RCL	FY2025	$17.9B	$4.3B	23.8%	$75.5B	48/100
Airbnb, Inc. ABNB	FY2025	$12.2B	$2.5B	20.5%	$97.8B	61/100
Carnival Corporation Ltd. CCL	FY2025	$26.6B	$2.8B	10.4%	$35.4B	42/100
Booking Holdings Inc. BKNG	FY2025	$26.9B	$5.4B	20.1%	$120.5B	78/100
Trip.com Group Limited TCOM	FY2025	$8.9B	$4.8B	53.4%	$24.5B	74/100

Where Royal Caribbean Group Ranks

Frequently Asked Questions

What is Royal Caribbean Group's annual revenue?

Royal Caribbean Group (RCL) reported $17.9B in total revenue for fiscal year 2025. This represents a 8.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Royal Caribbean Group's revenue growing?

Royal Caribbean Group (RCL) revenue grew by 8.8% year-over-year, from $16.5B to $17.9B in fiscal year 2025.

Is Royal Caribbean Group profitable?

Yes, Royal Caribbean Group (RCL) reported a net income of $4.3B in fiscal year 2025, with a net profit margin of 23.8%.

What is Royal Caribbean Group's EBITDA?

Royal Caribbean Group (RCL) had EBITDA of $6.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Royal Caribbean Group have?

As of fiscal year 2025, Royal Caribbean Group (RCL) had $825.0M in cash and equivalents against $18.2B in long-term debt.

What is Royal Caribbean Group's gross margin?

Royal Caribbean Group (RCL) had a gross margin of 49.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Royal Caribbean Group's operating margin?

Royal Caribbean Group (RCL) had an operating margin of 27.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Royal Caribbean Group's net profit margin?

Royal Caribbean Group (RCL) had a net profit margin of 23.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Royal Caribbean Group pay dividends?

Yes, Royal Caribbean Group (RCL) paid $3.50 per share in dividends during fiscal year 2025.

What is Royal Caribbean Group's return on equity (ROE)?

Royal Caribbean Group (RCL) has a return on equity of 42.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Royal Caribbean Group's free cash flow?

Royal Caribbean Group (RCL) generated $1.2B in free cash flow during fiscal year 2025. This represents a -38.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Royal Caribbean Group's operating cash flow?

Royal Caribbean Group (RCL) generated $6.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Royal Caribbean Group's total assets?

Royal Caribbean Group (RCL) had $41.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Royal Caribbean Group's capital expenditures?

Royal Caribbean Group (RCL) invested $5.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Royal Caribbean Group buy back shares?

Yes, Royal Caribbean Group (RCL) spent $1.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Royal Caribbean Group have outstanding?

Royal Caribbean Group (RCL) had 271M shares outstanding as of fiscal year 2025.

What is Royal Caribbean Group's current ratio?

Royal Caribbean Group (RCL) had a current ratio of 0.18 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Royal Caribbean Group's debt-to-equity ratio?

Royal Caribbean Group (RCL) had a debt-to-equity ratio of 1.81 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Royal Caribbean Group's return on assets (ROA)?

Royal Caribbean Group (RCL) had a return on assets of 10.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Royal Caribbean Group's P/E ratio?

Royal Caribbean Group (RCL) trades at 17.2x earnings, its market capitalization divided by net income of $4.4B net income, trailing 12 months to June 30, 2026. The market capitalization is $75.5B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Royal Caribbean Group's price-to-sales ratio?

Royal Caribbean Group (RCL) trades at 4.0x sales, its market capitalization divided by revenue of $18.7B revenue, trailing 12 months to June 30, 2026. The market capitalization is $75.5B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Royal Caribbean Group's Altman Z-Score?

Royal Caribbean Group (RCL) has an Altman Z-Score of 2.18, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Royal Caribbean Group's Piotroski F-Score?

Royal Caribbean Group (RCL) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Royal Caribbean Group's earnings high quality?

Royal Caribbean Group (RCL) has an earnings quality ratio of 1.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Royal Caribbean Group cover its interest payments?

Royal Caribbean Group (RCL) has an interest coverage ratio of 4.95x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Royal Caribbean Group?

Royal Caribbean Group (RCL) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.