ROYAL CARIBBEAN CRUISES LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ROYAL CARIBBEAN CRUISES LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,496	8,778	9,494	10,951	2,209	1,532	8,840	13,900	16,484	17,935
Cost of revenue	5,016	4,897	5,262	6,063	2,765	2,739	6,616	7,775	8,652	9,083
Gross profit	3,481	3,881	4,232	4,888	-556	-1,207	2,224	6,125	7,832	8,852
Selling, general and administrative	1,109	1,186	1,303	1,559	1,200	1,370	1,583	1,792	2,125	2,223
Operating income	1,477	1,744	1,895	2,083	-4,602	-3,870	-766	2,878	4,106	4,910
Interest expense	307	300	334	409	844	1,292	1,364	1,402	1,590	992
Other non-operating income	-194	-119	-79	-175	-1,174	-1,390	-1,390	-1,174	-1,210	17
Pre-tax income								1,711	2,941	4,373
Income tax						-45	4	6	46	82
Net income to minority interests	0	0	4.75	28.7	22.3	0	0	7	18	23
Net income	1,283	1,625	1,811	1,879	-5,797	-5,260	-2,156	1,697	2,877	4,268
EBITDA	2,372	2,695	2,928	3,329	-3,322	-2,577	641	4,333	5,706	6,628
EPS, basic	5.96	7.57	8.60	8.97	-27.05	-20.89	-8.45	6.63	11.00	15.75
EPS, diluted	5.93	7.53	8.56	8.95	-27.05	-20.89	-8.45	6.31	10.94	15.61
Shares, basic (weighted)	215	215	211	209	214	252	255	256	261	271
Shares, diluted (weighted)	216	216	212	210	214	252	255	283	279	274
Dividend per share	1.71	2.16	2.60	2.96	0.78		0.00	0.00	0.95	3.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	133	120	288	244	3,684	2,702	1,935	497	388	825
Receivables	292	319	325	306	284	408	531	405	371	317
Inventory	114	111	154	162	119	150	224	248	265	264
Other current assets	210	258	457	429	154	286	456	617	670	690
Total current assets	748	908	1,242	1,163	4,312	3,600	3,205	1,792	1,705	2,211
Property, plant and equipment	20,161	19,735	23,466	25,467	25,247	25,908	27,546	30,114	31,831	35,696
Lease right-of-use assets				688	600	542	538	611	677	620
Goodwill	288	289	1,378	1,386	809	809	809	809	808	808
Intangible assets			502	489	445	435	426	418	404	390
Other non-current assets	1,112	1,430	1,612	1,618	1,497	1,399	1,678	1,805	2,049	2,284
Total assets	22,310	22,361	27,698	30,320	32,465	32,258	33,776	35,131	37,070	41,619
Accounts payable	305	360	488	564	353	546	647	792	919	953
Accrued liabilities	692	903	900	1,078	616	888	1,459	1,478	1,635	2,026
Deferred revenue		2,308	3,149	3,428	1,785	3,161	4,168	5,311	5,496	5,739
Short-term debt	1,286	1,189	2,422	2,621	1,371	2,243	2,088	1,720	1,603	3,180
Total current liabilities	4,442	4,855	7,112	7,953	4,537	7,286	8,573	9,401	9,817	12,055
Long-term debt	8,102	6,351	8,355	8,414	17,958	18,847	21,303	19,732	18,473	18,165
Lease liabilities				602	564	535	523	613	670	600
Other non-current liabilities	646	453	583	618	646	505	508	486	375	554
Total liabilities	13,189	11,659	16,051	17,586	23,705	27,173	30,907	30,232	29,335	31,374
Total debt	9,387	7,539	10,002	9,601	18,920	21,090	23,391	21,452	20,076	21,345
Paid-in capital	3,329	3,390	3,421	3,494	5,999	7,557	7,285	7,474	7,831	7,964
Retained earnings	7,860	9,022	10,263	11,523	5,563	302	-1,707	-10	2,612	5,925
Treasury stock	-1,153	-1,378	-1,953	-2,058	-2,064	-2,066	-2,068	-2,069	-2,081	-3,251
Other comprehensive income	-916	-334	-628	-798	-739	-711	-644	-674	-802	-604
Shareholders' equity	9,121	10,702	11,105	12,164	8,761	5,086	2,869	4,724	7,563	10,037
Minority interests							0	175	172	208
Total equity	9,121	10,702	11,105	12,164	8,761	5,087	2,869	4,899	7,735	10,245
Total liabilities and equity	22,310	22,361	27,698	30,320	32,465	32,258	33,776	35,131	37,070	41,619

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,283	1,625	1,816	1,908	-5,775	-5,260	-2,156	1,704	2,896	4,291
Depreciation and amortization	895	951	1,034	1,246	1,279	1,293	1,407	1,455	1,600	1,718
Stock-based compensation	32.7	69.5	46.1	75.9	39.8	64	36	126	267	175
Deferred income tax										18
Change in receivables	4.76	-32	-9.57	-9.9	121	-182	-234	99	52	-3
Change in inventory	-1.68	2.42	-23.8	-8.53	27.1	-35	-74	-24	-17	0
Change in payables	29.6	36.8	91.7	75.3	-134	189	75	124	120	27
Cash from operations	2,517	2,875	3,479	3,716	-3,732	-1,878	481	4,477	5,265	6,465
Capital expenditures	-2,494	-564	-3,660	-3,025	-1,965	-2,230	-2,710	-3,897	-3,268	-5,229
Acquisitions	0	0	-916	0	0
Cash from investing	-2,725	-214	-4,489	-3,091	-2,179	-2,145	-2,987	-3,923	-3,446	-5,012
Debt issued	7,339	5,867	8,591	3,526	13,547	4,468	9,787	7,641	10,318	4,671
Debt repaid	-6,366	-7,835	-6,964	-4,060	-3,845	-2,297	-7,729	-9,566	-11,651	-3,534
Stock issued	2.26	2.53	0	0	1,431	1,622	0	0
Share buybacks	-300	-225	-575	-99.6	0	0		0	0	-1,159
Dividends paid	-346	-437	-527	-603	-326	0	0	0	-107	-824
Cash from financing	244	-2,676	1,198	-670	9,350	3,041	1,741	-1,993	-1,922	-1,018
Exchange rate effect	-24.6	2.33	-20.3	1.3	1.17	-0.73	-2	1	-6	2
Net change in cash	11	-12.5	168	-44.1	3,441	-982	-767	-1,438	-109	437
Free cash flow	22.3	2,310	-181	692	-5,697	-4,108	-2,229	580	1,997	1,236
Interest paid	257	250	252	246	418	834	960	1,442	1,210	864

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $339.85 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.1%	Gross profit / revenue.
Operating margin	27.6%	Operating income / revenue.
EBITDA margin	37.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.4%	Pre-tax income / revenue.
Net margin	23.8%	Net income / revenue.
FCF margin	7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.0%	Cash from operations / revenue.
Effective tax rate	1.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	38.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.2%	Net income / average total assets.
Return on invested capital (ROIC)	15.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	28.2%	Capital expenditures / revenue.
D&A / revenue	9.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	52.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	58.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	19.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	16.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	117.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	48.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	42.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	22.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	137.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-38.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	268.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 5y	35.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	32.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	51.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.22x	Current assets / current liabilities.
Quick ratio	0.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.91x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.9%	Total debt / total assets.
Liabilities / assets	73.4%	Total liabilities / total assets.
Net debt	$21.50B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.01x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.92x	Operating income / interest expense.
Working capital	-$8.94B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.91B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Inventory turnover	32.1x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	46.8x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	37 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-17 days	Days inventory + days sales outstanding - days payables.
FCF conversion	33.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	78.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$71.40	Revenue / diluted weighted shares.
FCF per share	$5.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$25.74	Cash from operations / diluted weighted shares.
Book value per share	$43.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.69	Tangible book value / shares outstanding.
Cash per share	$3.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	89.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	101.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$90.89B	Share price x shares outstanding.
Enterprise value	$112.40B	Market cap + total debt - cash - short-term investments.
P/E	20.0x	Market cap / net income. Only when net income is positive.
P/S	4.75x	Market cap / revenue.
P/B	7.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.34x	Market cap / tangible book value, when positive.
P/FCF	60.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.2x	Market cap / cash from operations, when positive.
EV/Sales	5.87x	Enterprise value / revenue.
EV/EBIT	21.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	74.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.7%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was ROYAL CARIBBEAN CRUISES LTD's revenue in fiscal 2025?

ROYAL CARIBBEAN CRUISES LTD reported revenue of $17.94B for fiscal 2025, 8.8% higher than the year before.

Was ROYAL CARIBBEAN CRUISES LTD profitable in fiscal 2025?

Yes. Net income was $4.27B, a net margin of 23.8%.

How much free cash flow did ROYAL CARIBBEAN CRUISES LTD generate in fiscal 2025?

Cash from operations of $6.47B minus capital expenditures of $5.23B left free cash flow of $1.24B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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