RCLNYSEWater TransportationFiscal year ends December 31
ROYAL CARIBBEAN CRUISES LTD
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$281.97+4.29 (+1.54%)
Close on Oct 19, 2026
- Market cap
- $75.57B
- P/E (TTM)
- 17.4
- Dividend yield
- 1.24%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
49.4%+74.5 pts over 5 years
Operating margin
27.4%+235.7 pts over 5 years
Net margin
23.8%+286.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.8% | +26.6% | +52.0% | +8.0% | |
| Gross profit | +13.0% | +58.5% | – | +10.7% | |
| Operating income | +19.6% | – | – | +18.8% | |
| Net income | +48.3% | – | – | +20.4% | |
| EPS, diluted | +42.7% | – | – | +17.9% | |
| Free cash flow | -38.1% | – | – | +14.0% | |
| Dividend per share | +268.4% | – | +35.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.9% | -55.4% | 48.5% | |
| Return on assets | 6.0% | -18.5% | 10.8% | |
| Current ratio | 0.17 | 0.95 | 0.18 | |
| Debt to equity | 1.03 | 2.21 | 2.13 | |
| Net debt to EBITDA | 3.90× | -4.71× | 3.10× | |
| Interest coverage | 4.8× | -5.5× | 4.9× | |
| Inventory turnover | 42.6× | 19.7× | 34.3× | |
| Capex to revenue | 29.4% | 89.0% | 29.2% | |
| Diluted shares | 216M | 214M | 274M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Royal Caribbean Cruises generated $18.57B from operations and spent $19.42B on capital expenditure, dividends and share buybacks. 89% of that went back into the business.
Generated
$18.57B
Used
$19.42B
Capital expenditure$17.33B89%Dividends$931.00M5%Share buybacks$1.16B6%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.8%
×Asset turnover0.46×
×Equity multiplier4.47×
=Return on equity, FY202548.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 23.8% | 0.46× | 4.47× | 48.5% |
| FY2024 | 17.5% | 0.46× | 5.88× | 46.8% |
| FY2023 | 12.2% | 0.40× | 9.08× | 44.7% |
| FY2022 | -24.4% | 0.27× | 8.30× | -54.2% |
| FY2021 | -343.3% | 0.05× | 4.67× | -76.0% |
| FY2020 | -262.5% | 0.07× | 3.00× | -55.4% |
| FY2019 | 17.2% | 0.38× | 2.49× | 16.1% |
| FY2018 | 19.1% | 0.38× | 2.30× | 16.6% |
| FY2017 | 18.5% | 0.39× | 2.25× | 16.4% |
| FY2016 | 15.1% | 0.39× | 2.51× | 14.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$4.27B
- Cash generatingOperating cash flow above zero$6.47B
- Return on assets improvedROA up on the prior year8.2% → 11.5%
- Earnings backed by cashOperating cash flow above net income$6.47B vs $4.27B
- Less leverageLong-term debt to assets fell49.8% → 43.6%
- Better liquidityCurrent ratio rose0.17 → 0.18
- No dilutionShare count did not rise279M → 274M
- Gross margin improvedGross margin up on the prior year47.51% → 49.36%
- More efficientAsset turnover rose0.47 → 0.48