RCL

MKT CAP:$72B

Royal Caribbean Cruises Ltd.

Market Cap

$72B

Consumer Cyclical·Travel Services·🇺🇸 United States·NYSE

Consumer Cyc.·Travel Services·🇺🇸·NYSE

Stock Price

$265.34-$17.92 (-6.33%)

Apr 24, 2026

Company Details

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises brands, which comprise a range of itineraries that ...

CEO

Jason T. Liberty

IPO Date

Apr 28, 1993

Website

www.rclinvestor.com

Key Metrics TTM

Revenue

$18.7B

+47.7% YoY

Net Income

$4.8B

EPS (Diluted)

$17.47

Free Cash Flow

-$83M

Revenue / Share

$68.15

Gross Margin

50.2%

Operating Margin

30.9%

Net Margin

25.5%

FCF Margin

-0.4%

P/S

3.8x

P/E

15.1x

Earnings Reports

Q4 2025

Apr 30, 2026

PENDING

FY 2025

Feb 11, 2026

$17.9BEPS $15.61

Q3 2025

Oct 28, 2025

$5.1B+5.2%EPS $5.74

Q2 2025

Jul 29, 2025

$4.5B+10.4%EPS $4.41

Q3 2024

Oct 29, 2024

$4.9B+17.5%EPS $4.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$176M	-$505M	-$1.3B
Q4 20	$34M	-$231M	-$1.0B
Q1 21	$42M	-$241M	-$809M
Q2 21	$51M	-$374M	-$1.0B
Q3 21	$457M	-$357M	-$1.0B
Q4 21	$982M	-$153M	-$1.0B
Q1 22	$1.1B	-$126M	-$859M
Q2 22	$2.2B	$504M	-$219M
Q3 22	$3.0B	$1.0B	$298M
Q4 22	$2.6B	$822M	$15M
Q1 23	$2.9B	$1.1B	$272M
Q3 23	$4.2B	$2.0B	$1.3B
Q2 24	$4.1B	$2.0B	$1.1B
Q3 24	$4.9B	$2.5B	$1.6B
Q2 25	$4.5B	$2.3B	$1.3B
Q3 25	$5.1B	$2.7B	$1.7B

Valuation

Quarter	P/S	P/E
Q2 20	1.4x	—
Q4 20	3.1x	—
Q1 21	6.6x	—
Q2 21	70.2x	—
Q3 21	40.3x	—
Q4 21	13.4x	—
Q1 22	7.9x	—
Q2 22	2.2x	—
Q3 22	1.3x	—
Q4 22	1.7x	—
Q1 23	1.5x	—
Q3 23	1.9x	47.5x
Q2 24	3.0x	31.3x
Q3 24	3.0x	16.3x
Q2 25	4.8x	20.4x
Q3 25	4.8x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$2.2B	-$2.4B
Q4 20	-$825M	-$1.2B
Q1 21	-$809M	-$1.9B
Q2 21	-$460M	-$685M
Q3 21	-$403M	-$771M
Q4 21	-$205M	-$780M
Q1 22	-$529M	-$1.9B
Q2 22	$479M	-$476M
Q3 22	-$45M	-$270M
Q4 22	$577M	$410M
Q1 23	$1.3B	$1.1B
Q3 23	$659M	$378M
Q2 24	$1.6B	-$567M
Q3 24	$897M	$563M
Q2 25	$1.7B	$910M
Q3 25	$1.5B	-$989M

Capital Expenditures

Quarter	CapEx
Q2 20	$139M
Q4 20	$392M
Q1 21	$1.1B
Q2 21	$224M
Q3 21	$368M
Q4 21	$575M
Q1 22	$1.4B
Q2 22	$955M
Q3 22	$226M
Q4 22	$167M
Q1 23	$252M
Q3 23	$281M
Q2 24	$2.1B
Q3 24	$334M
Q2 25	$836M
Q3 25	$2.5B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-91.2%	-14.1%
Q4 20	-98.3%	-40.1%
Q1 21	-98.2%	-54.7%
Q2 21	-98.2%	-46.2%
Q3 21	+160.2%	+0.3%
Q4 21	+2777.3%	+91.7%
Q1 22	+2421.1%	+125.4%
Q2 22	+4190.1%	+123.6%
Q3 22	+555.0%	+84.2%
Q4 22	+165.1%	+28.5%
Q1 23	+172.5%	+36.3%
Q3 23	+90.5%	+20.5%
Q2 24	+37.3%	+11.7%
Q3 24	+87.6%	+25.6%
Q2 25	+57.2%	+22.8%
Q3 25	+23.5%	+18.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$16M	9.2%
Q4 20	$10M	29.0%
Q1 21	$19M	44.8%
Q2 21	$17M	32.9%
Q3 21	$20M	4.3%
Q4 21	$8M	0.8%
Q1 22	$23M	2.2%
Q2 22	-$13M	-0.6%
Q3 22	$14M	0.5%
Q4 22	$12M	0.5%
Q1 23	$26M	0.9%
Q3 23	$13M	0.3%
Q2 24	$38M	0.9%
Q3 24	$26M	0.5%
Q2 25	$39M	0.9%
Q3 25	$44M	0.9%

OpEx Breakdown

Quarter	SG&A
Q2 20	$301M
Q4 20	$256M
Q1 21	$258M
Q2 21	$286M
Q3 21	$323M
Q4 21	$503M
Q1 22	$394M
Q2 22	$371M
Q3 22	$373M
Q4 22	$444M
Q1 23	$461M
Q3 23	$393M
Q2 24	$466M
Q3 24	$451M
Q2 25	$508M
Q3 25	$522M

Revenue Segments

Quarter	Cruise Itinerary	Other Products And Services
Q2 20	$137M	$38M
Q4 20	$21M	$13M
Q1 21	$31M	$11M
Q2 21	$37M	$14M
Q3 21	$422M	$35M
Q4 21	$937M	$45M
Q1 22	$1.0B	$54M
Q2 22	$2.1B	$108M
Q3 22	$2.9B	$137M
Q4 22	$2.4B	$159M
Q1 23	$2.7B	$143M
Q3 23	$4.0B	$210M
Q2 24	$3.9B	$181M
Q3 24	$4.6B	$249M
Q2 25	$4.3B	$217M
Q3 25	$4.9B	$266M

Revenue by Geography

Quarter	Asia Pacific	Europe	North America	Other Region
Q4 21	$56M	$65M	$749M	$67M
Q2 22	$45M	$527M	$1.3B	$159M
Q3 22	$46M	$1.0B	$1.6B	$169M
Q1 23	$333M	$2M	$2.2B	$214M
Q2 24	$235M	$841M	$2.6B	$278M
Q2 25	$326M	$943M	$2.8B	$210M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.0B	$0	$2.0B
Q2 22	$2.1B	$0	$2.1B
Q3 22	$1.6B	$0	$1.6B
Q4 22	$1.9B	$0	$1.9B
Q1 23	$1.2B	$0	$1.2B
Q2 23	$726M	$0	$726M
Q3 23	$600M	$0	$600M
Q4 23	$497M	$0	$497M
Q1 24	$437M	$0	$437M
Q2 24	$391M	$0	$391M
Q3 24	$418M	$0	$418M
Q4 24	$388M	$0	$388M
Q1 25	$386M	$0	$386M
Q2 25	$735M	$0	$735M
Q3 25	$432M	$209M	$641M
Q4 25	$825M	$115M	$940M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	209M	-0.3%	-2.7%
Q4 20	225M	+7.3%	+5.1%
Q1 21	243M	+8.2%	+14.3%
Q2 21	255M	+4.8%	+21.3%
Q3 21	255M	+0.1%	+21.6%
Q4 21	255M	+0.0%	+13.5%
Q1 22	255M	+0.0%	+4.9%
Q2 22	255M	+0.1%	+0.2%
Q3 22	255M	+0.2%	+0.3%
Q4 22	255M	-0.1%	+0.2%
Q1 23	255M	-0.1%	+0.1%
Q3 23	282M	+10.6%	+10.6%
Q2 24	281M	-0.4%	+10.0%
Q3 24	264M	-6.0%	+3.5%
Q2 25	275M	+4.2%	+7.8%
Q3 25	274M	-0.4%	-2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$2.1K	85K
Q4 20	$402	85K
Q1 21	$494	85K
Q2 21	$599	85K
Q3 21	$5.4K	85K
Q4 21	$11.6K	85K
Q1 22	$12.5K	85K
Q2 22	$25.7K	85K
Q3 22	$35.2K	85K
Q4 22	$25.4K	103K
Q1 23	$28.2K	103K
Q3 23	$40.6K	103K
Q2 24	$41.9K	98K
Q3 24	$49.8K	98K
Q2 25	$42.8K	106K
Q3 25	$48.5K	106K

Revenue / Employee