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Royal Caribbean Cruises Ltd (RCL) operating KPIs

RCLNYSEWater TransportationFiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 27, 2026Score 11/3035% above fair value
$307.18−3.36 (-1.08%)

Close on Oct 30, 2026Market cap $82.16BP/E 19.0Yield 1.14%

KPIs

Operating metrics that drive Royal Caribbean Cruises's business · fiscal year ends December 31

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Q3 2026
2026-09-30
Q2 2026
2026-06-30
Q1 2026
2026-03-31
Q4 2025
2025-12-31
Q3 2025
2025-09-30
Q2 2025
2025-06-30
Q1 2025
2025-03-31
Q4 2024
2024-12-31
Q3 2024
2024-09-30
Q2 2024
2024-06-30
Q1 2024
2024-03-31
Q4 2023
2023-12-31
Passengers Carried
2,676,4802,399,0662,509,6722,484,2412,466,0392,254,0572,241,6732,159,4292,310,2202,040,2422,054,3821,939,360
Passenger Cruise Days (PCD)
16,692,39214,962,21114,873,19915,116,25415,356,27114,277,89413,768,33213,678,79514,785,82813,230,44813,149,70812,605,093
Available Passenger Cruise Days (APCD)1
14,844,68813,572,39613,702,70314,025,94913,698,88612,942,38512,657,99212,716,72413,316,98112,233,19612,285,83011,962,340
APCD Capacity YoY Growth — Public Schedules (%)(%)
8.0%5.0%8.0%10.0%3.0%6.0%3.0%6.0%11.0%4.0%9.0%
Occupancy / Load Factor (%)(%)
112.4%110.2%108.5%107.8%112.1%110.3%108.8%107.6%111.0%108.2%107.0%105.4%
Net Yields per APCD — As Reported ($)($)1
304289268250302284259243
Net Yields per APCD — Constant Currency ($)($)
304287264249
Gross Margin Yields per APCD — As Reported ($)($)1
161134127111162142119102
Gross Margin Yields per APCD — Constant Currency ($)($)
160133124111
Adjusted Gross Margin per Passenger Cruise Day — As Reported ($/PCD)($)1
271262247232269257238226
Adjusted Gross Margin per PCD — Constant Currency ($/PCD)($)
270260243231
Gross Cruise Costs per APCD — As Reported ($)($)1
218225207205219216209214213214211200
Gross Cruise Costs per APCD — Constant Currency ($)($)
218225204204218215209215213214211201
Net Cruise Costs (NCC) per APCD — As Reported ($)($)1
145158150151145148151161140147155147
Net Cruise Costs (NCC) per APCD — Constant Currency ($)($)
145158148150145148152161140147154148
Net Cruise Costs Excluding Fuel per APCD — As Reported ($)($)1
121132130130124127130138118124130122
Net Cruise Costs Excluding Fuel per APCD — Constant Currency ($)($)
122132129130123126130138118124130123
Adjusted EBITDA per APCD ($)($)
17113512410616714311186.3516112795.5683.76
Net Income (Loss) Attributable to RCL per APCD ($)($)
11683.1368.7153.7611593.4757.6643.4683.3769.8529.30
Adjusted Gross Margin / Net Revenues ($M)($M)1
4,5193,9223,6753,5084,1313,6703,2763,086
GAAP Gross Margin — Yield Reconciliation ($M)($M)
2,3901,8201,7441,5642,2251,8381,5081,298
Gross Cruise Costs ($M)($M)1
3,2313,0602,8302,8723,0012,7912,6412,7262,8422,6182,5912,393
Net Cruise Costs ($M)($M)1
2,1492,1502,0502,1201,9921,9201,9172,0431,8631,7931,9001,759
Net Cruise Costs Excluding Fuel ($M)($M)
1,8021,7961,7861,8271,6951,6411,6401,7591,5731,5111,5961,459
Adjusted EBITDA ($M)($M)2
2,5391,8301,7021,4812,2931,8511,4021,0982,1481,5531,1741,002
EBITDA — Non-GAAP Reconciliation ($M)($M)
2,5311,8371,7011,4832,2891,8601,4051,2272,1431,5581,172988
Adjusted EBITDA Margin (%)(%)
45.4%37.9%38.2%34.8%44.6%40.8%35.1%29.2%44.0%37.8%31.5%30.1%
Adjusted Net Income (Loss) Attributable to RCL ($M)($M)1
1,7601,1309757621,5771,2027444451,435882478331
Adjusted Diluted Earnings (Loss) per Share ($)($)
6.574.213.602.805.754.382.711.635.203.211.771.25
Guidance — Full-Year Adjusted EPS Range, Low ($)($)3
17.8517.7317.1017.7015.5815.4114.5514.3511.5711.3510.709.50
Guidance — Full-Year Adjusted EPS Range, High ($)($)
17.9517.8717.5018.1015.6315.5515.5514.6511.6211.4510.909.70
Guidance — Next-Quarter Adjusted EPS Range, Low ($)($)
3.486.263.833.182.745.5542.431.404.902.651.10
Guidance — Next-Quarter Adjusted EPS Range, High ($)($)
3.586.363.933.282.795.654.102.531.4552.751.20
Guidance — Full-Year Forecasted APCDs (millions)(M)3
56.856.956.956.953.353.353.353.350.650.750.750.9
Guidance — Next-Quarter Forecasted APCDs (millions)(M)
14.714.913.613.71413.712.912.712.813.412.212.3
Guidance — Full-Year Capacity Growth vs. Prior Year (%)(%)
6.6%6.6%6.7%6.7%5.5%5.5%5.5%5.4%7.8%8.0%8.1%8.5%
Guidance — Next-Quarter Capacity Growth vs. Prior Year (%)(%)
5.0%8.5%4.9%8.5%10.3%2.9%5.8%3.1%6.6%11.3%4.6%9.7%
Guidance — Full-Year Depreciation & Amortization Range, Low ($M)($M)7
1,8701,9051,9101,8901,7051,7001,7101,7151,5901,6001,6001,600
Guidance — Full-Year Depreciation & Amortization Range, High ($M)($M)
1,8901,9151,9201,9001,7151,7101,7201,7251,6001,6101,6101,610
Guidance — Next-Quarter Depreciation & Amortization Range, Low ($M)($M)
460485465455445425415410410405390385
Guidance — Next-Quarter Depreciation & Amortization Range, High ($M)($M)
470495475465455435425420420415400395
Guidance — Full-Year Net Interest Expense Range, Low ($M)($M)
9959809859909459309409351,1051,1301,1401,230
Guidance — Full-Year Net Interest Expense Range, High ($M)($M)
1,0059909951,0009559409509451,1151,1401,1501,240
Guidance — Next-Quarter Net Interest Expense Range, Low ($M)($M)
255255230245245235220230250275270305
Guidance — Next-Quarter Net Interest Expense Range, High ($M)($M)
265265240255255245230240260285280315
Guidance — Full-Year Forecasted Fuel Consumption (metric tons)5
1,763,0001,756,0001,755,0001,762,0001,712,0001,718,0001,726,0001,724,0001,704,0001,712,0001,720,0001,727,000
Guidance — Next-Quarter Forecasted Fuel Consumption (metric tons)
463,000441,000423,000436,000438,000433,000428,000424,000433,000429,000416,000444,000
Guidance — Full-Year Forecasted Fuel Expense ($M)($M)
1,3451,3381,3491,1731,1401,1431,1401,1721,1611,1691,1831,165
Guidance — Next-Quarter Forecasted Fuel Expense ($M)($M)
379362346275286298286277285293291307
Guidance — Remainder of Year Forward Fuel Consumption Hedged (%)(%)
58.0%58.0%59.0%60.0%68.0%66.0%59.0%60.0%61.0%61.0%61.0%61.0%
Guidance — Next-Quarter Forward Fuel Consumption Hedged (%)(%)
58.0%58.0%60.0%66.0%68.0%64.0%59.0%62.0%61.0%61.0%61.0%60.0%
Sensitivity — 1% Change in Full-Year Net Yields ($M)($M)9
155156156156141141141140120120120120
Sensitivity — 1% Change in Next-Quarter Net Yields ($M)($M)
374538363440353129362925
Sensitivity — 1% Change in Full-Year NCC Excluding Fuel ($M)($M)
737373736868686860606061
Sensitivity — 1% Change in Next-Quarter NCC Excluding Fuel ($M)($M)
191817181916161616151415
Sensitivity — 1% Change in Currency, Remainder of Year ($M)($M)
614192551216214111418
Sensitivity — 1% Change in Currency, Next Quarter ($M)($M)
685557554634
Sensitivity — 10% Change in Fuel Prices, Remainder of Year ($M)($M)
152639571327425914294558
Sensitivity — 10% Change in Fuel Prices, Next Quarter ($M)($M)
151312131315141414151516
Sensitivity — 100 bps Change in SOFR, Remainder of Year ($M)($M)
0.301.8081217111516926
Sensitivity — 100 bps Change in SOFR, Next Quarter ($M)($M)
0.300.201112111214
Total Liquidity Position (Cash + Undrawn Credit Facilities) ($B)($)
7.406.906.907.206.807.104.504.103.903.803.703.10
Combined Fleet — Global & Partner Brands (ships)
717169686767686865
Ships on Order — Total Planned Berth Capacity (berths)3
48,83043,23047,33035,70033,10024,25022,65022,65031,980
Ships on Order — Aggregate Contract Cost ($B)($)
19.4016.5016.209.7012.107.905.905.708.10
Ships on Order — Shipyard Deposits Paid ($B)($)
1.501.301.3011.4010.620.540.75
Ships on Order — Share of Contract Cost Exposed to EUR (%)(%)
49.9%52.6%52.9%60.0%50.2%36.5%39.6%44.4%
Capacity Deployment Share — Caribbean (%)(%)
44.0%50.0%73.0%63.0%42.0%49.0%73.0%63.0%42.0%48.0%74.0%56.0%
Capacity Deployment Share — Europe (%)(%)
28.0%18.0%2.0%9.0%28.0%20.0%2.0%9.0%28.0%19.0%1.0%11.0%
Capacity Deployment Share — Alaska (%)(%)
13.0%9.0%0.0%0.0%13.0%9.0%0.0%0.0%14.0%10.0%0.0%0.0%
Capacity Deployment Share — Asia-Pacific (%)(%)
4.0%7.0%15.0%13.0%5.0%8.0%18.0%13.0%4.0%6.0%17.0%13.0%
Capacity Deployment Share — Bermuda (%)(%)
3.0%0.0%0.0%2.0%3.0%0.0%1.0%3.0%3.0%0.0%0.0%
Capacity Deployment Share — Other Itineraries (%)(%)
11.0%16.0%10.0%15.0%12.0%15.0%7.0%13.0%8.0%14.0%8.0%18.0%
Disaggregated Cruise Revenue by Itinerary — Total ($M)($M)5
5,3034,6144,2024,0814,8734,3213,7963,5914,6373,9293,5393,168
Itinerary Revenue — North America (Caribbean, Alaska, Bermuda, Bahamas, Mexico, Panama Canal, Hawaii) ($M)($M)
3,2203,0533,2162,8153,0302,8422,8542,4682,8622,5752,6902,086
Itinerary Revenue — Europe (Mediterranean, Northern Europe, Canary Islands) ($M)($M)
1,7961,014714511,520943373991,43584121413
Itinerary Revenue — Asia/Pacific (Asia, Australia, New Zealand, South Pacific) ($M)($M)
198348612555212326624483156235506403
Itinerary Revenue — Other Regions (South America, Galapagos, Antarctica, Repositioning, Expeditions) ($M)($M)
89199303260111210281241184278343266
Non-Itinerary / Other Revenues (Cancellation Fees, Vacation Protection Insurance, Pre/Post-Cruise Tours) ($M)($M)
288218250178266217203169249181189163
Customer Deposits — Advance Ticket & Onboard Bookings ($M)($M)1
6,0346,7366,5485,7395,6046,3796,3345,4965,3246,2456,0405,311
Prepaid Travel Advisor Commissions & Incremental Contract Costs ($M)($M)
256318292244304296263321293
Fuel Consumption (metric tons)1
446,000422,000432,000439,000428,000422,000423,000437,000424,000410,000437,000421,000
Fuel Consumption — Public Schedule Grade Breakdown Total (metric tons)5
427,994421,882423,329409,629436,990
Intermediate Fuel Oil — IFO / HFO Consumed (metric tons)
227,662246,270256,132243,161262,170
Low Sulfur Fuel Oil — LSFO Consumed (metric tons)
22,84220,08126,68325,21732,823
Marine Gas Oil — MGO Consumed (metric tons)
125,793133,700116,993132,486136,047
Liquefied Natural Gas — LNG Consumed (metric tons)
20,80314,42913,9608,7665,951
Renewable Biofuel Consumed (metric tons)
30,8947,4039,559
Bunker Fuel Pricing Net of Hedging ($ per metric ton)($)
778839613667694663655650684688696713
Projected Fuel Hedged — Remainder of Current Fiscal Year (%)(%)1
58.0%58.0%59.0%68.0%66.0%59.0%61.0%61.0%61.0%
Hedged Fuel Cost per Metric Ton — Current Fiscal Year ($/MT)($)
471474475480482487518504504
Projected Fuel Hedged — Next Fiscal Year (Year + 1) (%)(%)1
53.0%53.0%49.0%60.0%60.0%60.0%55.0%60.0%60.0%55.0%45.0%61.0%
Hedged Fuel Cost per Metric Ton — Next Fiscal Year (Year + 1) ($/MT)($)
405405408474474474476487487493468509
Projected Fuel Hedged — Two Years Ahead (Year + 2) (%)(%)1
29.0%29.0%30.0%47.0%47.0%45.0%44.0%44.0%34.0%24.0%44.0%
Hedged Fuel Cost per Metric Ton — Two Years Ahead (Year + 2) ($/MT)($)
424424424393393393469469486479468
Principal Debt Balance — Public Schedule Total ($M)($M)28
22,72323,25721,46221,74720,69419,38919,78220,48821,27121,56920,92221,873
TUI Cruises GmbH (50% JV) — RCL Investment Carrying Value ($M)($M)3
1,0001,1001,1008871,000892820716678
RCL Share of Equity Investment Income (Loss) from Affiliates ($M)($M)
17667841001581074857106564151
Designated Debt Hedge of Net Investment in TUI Cruises (€M)(€M)
573573630688688791731659
Designated Debt Hedge of Net Investment in TUI Cruises ($M)($M)
651655726809808883783712
Eurostat — EU-27 Total Maritime Passengers (Quarterly, thousands)5
44,561101,62066,88734,22743,625101,12063,51135,01240,829
Italy — Total Maritime Passengers (Quarterly, thousands)
5,5398,54021,29314,1606,1348,21621,54712,9285,8166,972
Spain — Total Maritime Passengers (Quarterly, thousands)
3,0374,3159,5855,8033,6874,2379,5045,0963,7793,586
Greece — Total Maritime Passengers (Quarterly, thousands)
4,8566,27918,97510,7034,8996,38018,74310,6244,9786,099
Germany — Total Maritime Passengers (Quarterly, thousands)
2,4413,1767,0284,9732,3963,2346,8214,8802,6443,137
France — Total Maritime Passengers (Quarterly, thousands)
2,5613,2759,2085,5902,5793,3989,1605,4302,7093,389
FRED — US PPI: Deep Sea Freight & Maritime Transportation (Index)(×)10
534.80504.33451.35415.30390.95404.77415.84394.19414.28434.67398.46408.44
FRED — US PPI: Water Transportation (Index)(×)
239.46232.44217.32206.57201.11202.32203.93197.93202.25205.46196.37196.72
FRED — US CPI: Public Transportation Including Cruise & Air (Index)(×)
306.28291.11282.92265.51265.01249.03256.84270.90260.34255.23266.36256.73
FRED — US CPI: Airline Fares (Index)(×)
326.99307.96291.07262.57267.05243.37253.36271.74259.31251.32267.83252.30
FRED — US CPI: Lodging Away from Home / Hotels & Resorts (Index)(×)
194.19191.20190.29188.20186.04182.61185.63189.95186.04187.17190.54185.81
FRED — Crude Oil Prices: Brent — Europe ($/barrel)($)
11670.4612761.3568.5268.1577.2374.5872.3587.2686.1777.69
FRED — US All Employees: Leisure & Hospitality (thousands)
16,96916,96016,97916,96116,90716,83716,82316,86216,77616,74416,78016,704
FRED — US All Employees: Arts, Entertainment & Recreation (thousands)
2,6592,6662,6872,6802,7022,6892,6702,6522,6192,6172,6062,569
FRED — US Personal Consumption Expenditures: Food Services & Accommodations ($B SAAR)($)
1,5631,5471,5371,5331,5221,5161,5111,4961,4781,4641,451
FRED — US BTS Air Carrier Scheduled Revenue Passenger Enplanements (thousands)
75,46773,16369,88967,39776,32772,24372,10068,01077,18473,23567,924
FRED — US BTS Passenger Airline Load Factor (%)(%)
85.7%82.9%81.8%81.2%85.4%81.1%84.2%82.0%87.5%84.1%81.2%
Total Revenues ($M)($M)2
5,5914,8324,4524,2595,1394,5383,9993,7604,8864,1103,7283,331
Passenger Ticket Revenues ($M)($M)
3,8853,3443,0212,9363,6373,1992,7442,5993,4712,8872,5422,286
Onboard & Other Revenues ($M)($M)
1,7061,4881,4311,3221,5021,3391,2551,1621,4151,2231,1861,045
Total Cruise Operating Expenses ($M)($M)6
2,7112,5472,2472,2422,4792,2832,0792,0522,3912,1522,0561,890
Commissions, Transportation & Other ($M)($M)
735622564546696606522492688572498450
Onboard & Other Expenses ($M)($M)
338288212206312262200183289244193169
Payroll & Related ($M)($M)
399405400356342329340342328313318309
Food ($M)($M)
287262264269264246239237251225221205
Fuel ($M)($M)
347355265292297279277284290282304300
Other Operating Expenses ($M)($M)
606615542572569561500514545516522457
Marketing, Selling & Administrative Expenses ($M)($M)
513582630522508562673451466535503
Depreciation & Amortization ($M)($M)
464461453435417412410410393387368
Operating Income (Loss) ($M)($M)
1,3071,1629331,7021,3299456241,6341,099750570
Interest Expense, Net of Capitalized Interest ($M)($M)
236278267248228249266603298424347
GAAP Net Income (Loss) Attributable to RCL ($M)($M)
1,1289417541,5751,2107305521,111854360277
Operating Cash Flow ($M)($M)1
1,8601,8341,6231,4691,7461,6271,4678971,5731,3281,116
Capital Expenditures ($M)($M)
2,7375001,5072,4588364285523342,1402422,568
Total Assets ($M)($M)3
44,64441,99041,61940,10938,54237,45237,07037,06736,97435,19035,131
Cash & Cash Equivalents ($M)($M)
875512825432735386388418391437497
Property & Equipment, Net ($M)($M)
38,25135,88435,69634,62032,35131,90431,83131,70631,75930,02530,114
Total Shareholders' Equity ($M)($M)
10,46110,02810,24510,2889,3608,1427,7357,2246,1825,3254,899

1 metric has no data in the last 12 quarters — .

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics
  • Royal Caribbean Group's latest reported quarter is Q3 2026 (Form 10-Q and Form 8-K filed October 27, 2026); the latest full fiscal year is FY2025 (ended December 31, 2025).
  • Core operational metrics (Passengers Carried, Passenger Cruise Days, Available Passenger Cruise Days — APCD, Occupancy %, Net Yields per APCD, Gross Margin Yields per APCD, Gross/Net Cruise Costs per APCD, and NCC Excluding Fuel per APCD) cover Royal Caribbean Group's wholly-owned Global Brands (Royal Caribbean International, Celebrity Cruises, and Silversea Cruises).
  • Partner Brands (50%-owned TUI Cruises GmbH, operating TUI Cruises and Hapag-Lloyd Cruises) are accounted for under the equity method; their fleet berths are shown in Group 4 and their 100% summarized financial statements and RCL carrying value/dividends are shown in Group 8.
  • RCL Cruises Ltd (UK Companies House No. 07366612) is RCL's principal UK/European operating subsidiary; its audited statutory turnover by customer residence and activity, operating/net profit, vessels operated, and employee counts (FY2018–FY2025) are extracted via OCR from UK Companies House filings.
  • All figures are as published; no ratios, sums, or estimates are computed in build.py. The only derived cells follow Step 4 period splitting: Q4 = Full Year (Form 10-K Note 4) − Nine Months (Q3 Form 10-Q Note 4) for disaggregated itinerary revenues, and quarterly cash flows from YTD in the financial database.
  • U.S. GAAP filings do not include parent-only financial statements, so no consolidated − standalone subtraction is performed.

Not shown because recent periods are missing (5)

  • Fleet Count, Berth Capacity by Brand, Ship-by-Ship Berths & Newbuild Orderbook › Combined Fleet — Total Berth Capacity (berths) › Royal Caribbean International — Brand Capacity (berths) › Splendour of the Seas (Built 1996) — Capacity (berths)
  • Fleet Count, Berth Capacity by Brand, Ship-by-Ship Berths & Newbuild Orderbook › Combined Fleet — Total Berth Capacity (berths) › Silversea Cruises — Brand Capacity (berths) › Discoverer (Built 1989) — Capacity (berths)
  • Fleet Count, Berth Capacity by Brand, Ship-by-Ship Berths & Newbuild Orderbook › Combined Fleet — Total Berth Capacity (berths) › TUI Cruises (50% JV) — Brand Capacity (berths) › Mein Schiff Flow (Built 2026) — Capacity (berths)
  • Fleet Count, Berth Capacity by Brand, Ship-by-Ship Berths & Newbuild Orderbook › Combined Fleet — Total Berth Capacity (berths) › Divested / Former Brands (Azamara, Pullmantur, SkySea) — Historical Vessel Berths
  • Ship-by-Ship ECA Debt Schedule & Fleet Property/Equipment Breakdown › Principal Debt Balance — Public Schedule Total ($M) › Legend of the Seas — ECA Term Loan ($M)

Data updated 2026-10-28.

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