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RCL

Royal Caribbean Cruises Ltd.

RCL

Royal Caribbean Cruises Ltd. • NYSE
$265.96 ▲ 0.09% (+0.25)
Market Cap $72.53 B
52w High $366.50
52w Low $164.01
Dividend Yield 4.00%
P/E 17.89
Volume 625.82K
Outstanding Shares 272.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.139B ▲ $958M ▲ $1.579B ▲ 30.726% ▲ $5.79 ▲ $2.258B ▲
Q2-2025 $4.538B ▲ $926M ▼ $1.21B ▲ 26.664% ▲ $4.45 ▲ $1.86B ▲
Q1-2025 $3.999B ▲ $976M ▼ $730M ▲ 18.255% ▲ $2.71 ▲ $1.398B ▲
Q4-2024 $3.761B ▼ $1.085B ▲ $552M ▼ 14.677% ▼ $2.02 ▼ $1.236B ▼
Q3-2024 $4.886B $861M $1.111B 22.738% $4.22 $2.128B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $641M ▼ $40.109B ▲ $29.821B ▲ $10.092B ▲
Q2-2025 $735M ▲ $38.542B ▲ $29.182B ▼ $9.169B ▲
Q1-2025 $386M ▼ $37.452B ▲ $29.31B ▼ $7.96B ▲
Q4-2024 $388M ▼ $37.07B ▲ $29.335B ▼ $7.563B ▲
Q3-2024 $418M $37.067B $29.843B $7.045B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.579B ▲ $1.469B ▼ $-2.387B ▼ $615M ▲ $-303M ▼ $-989M ▼
Q2-2025 $1.214B ▲ $1.746B ▲ $-706M ▼ $-696M ▲ $349M ▲ $910M ▼
Q1-2025 $736M ▲ $1.627B ▲ $-440M ▲ $-1.191B ▼ $-2M ▲ $1.199B ▲
Q4-2024 $559M ▼ $1.467B ▲ $-641M ▼ $-852M ▼ $-30M ▼ $915M ▲
Q3-2024 $1.115B $897M $-311M $-559M $27M $563M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cruise Itinerary
Cruise Itinerary
 $3.59Bn ▲$3.80Bn ▲$4.32Bn ▲$4.87Bn ▲
Other Products And Services
Other Products And Services
 $170.00M ▲$200.00M ▲$220.00M ▲$270.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Royal Caribbean’s income statement shows a clear turnaround story. After very deep losses during the pandemic, the company has returned to strong revenue growth and solid profitability over the last three years. Sales have climbed steadily as ships returned to full service and pricing firmed up, and profit margins have moved from heavily negative to comfortably positive. Operating profits and net income now look healthy, suggesting better cost control and strong demand for its products. That said, results remain tied to discretionary travel spending, fuel costs, and pricing power, so earnings could be sensitive if the economy weakens or competition intensifies.

Balance Sheet

Balance Sheet The balance sheet reflects both the scars of the pandemic and the recovery. Total assets have grown gradually as new ships and destinations have been added, but this has been funded with a sizable debt load. Debt remains high by any normal standard, though it has started to edge down as profitability improves. Shareholders’ equity, which was compressed during the crisis, has been rebuilt meaningfully in the last two years, a sign of balance sheet healing. Cash on hand is now much lower than at the peak of the pandemic liquidity build, but that is partly because the business is again generating solid cash from operations rather than relying on emergency reserves. Financial leverage is still a key risk to monitor, especially in a higher interest rate environment.

Cash Flow

Cash Flow Cash flow has shifted from survival mode back to a more normal pattern. During the pandemic, operating cash flow was deeply negative and free cash flow was heavily pressured by both weak demand and ongoing investment commitments. Since then, operating cash flow has improved dramatically, turning strongly positive as ships sail full and onboard spending recovers. Free cash flow has moved from clearly negative to solidly positive recently, even while the company continues to invest heavily in new ships and destinations. This suggests that current operations are now capable of funding much of the growth pipeline, though cash flows will likely remain somewhat lumpy due to the large, periodic payments associated with new vessels and projects.

Competitive Edge

Competitive Edge Royal Caribbean holds a leading position in the global cruise industry with a recognizable portfolio of brands targeting different customer segments, from mass-market families to premium and luxury travelers. Its scale provides cost advantages in shipbuilding, procurement, and marketing, which helps it compete effectively on both experience and price. The company’s focus on “wow” experiences, large and distinctive ships, and exclusive private destinations like CocoCay and upcoming beach clubs gives it differentiated offerings that can support pricing and loyalty. Nonetheless, it operates in a highly competitive, price-sensitive, and cyclical market, with rivals offering aggressive promotions and similar itineraries, and it faces ongoing regulatory and environmental scrutiny that can affect costs and operations.

Innovation and R&D

Innovation and R&D Innovation is a core part of Royal Caribbean’s strategy and a major contributor to its moat. The company has been early in adopting guest-facing technology such as mobile apps, wearables, and facial recognition to streamline boarding and onboard spending, while also using data and artificial intelligence behind the scenes to optimize staffing, crowd flows, and energy use. Its ships are designed around unique neighborhoods, high-tech entertainment venues, and headline-grabbing attractions that are hard for competitors to copy quickly. On the sustainability side, it is investing in more efficient ship designs, LNG and methanol-capable engines, fuel cells, and shore power connections as part of a long-term net-zero plan. Many of these efforts are embedded in capital spending rather than reported as traditional R&D, but they collectively support higher guest satisfaction, better pricing power, and lower unit costs over time.

Summary

Royal Caribbean’s recent financials tell a story of a company that has moved from crisis to renewed strength. Revenues and profits have rebounded sharply from pandemic lows, margins are now robust, and cash generation has improved enough to support ongoing investment in new ships and destinations. At the same time, the balance sheet still carries heavy debt, and the business remains exposed to swings in travel demand, fuel and interest costs, and regulatory requirements. Its competitive edge rests on brand strength, scale, exclusive destinations, and a sustained focus on innovation and guest experience, supported by a visible pipeline of new products and sustainability initiatives. Overall, RCL now looks more like a growth and capital-intensive recovery story than a turnaround in distress, with future outcomes closely tied to the health of the consumer, effective management of its large investment program, and disciplined handling of its leverage.

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