Royal Caribbean Group (RCL) financials
NYSE · Consumer Cyclical · Travel Services · 107,975 employees · CEO Jason T. Liberty
- Price
- $307.18 -1.08%
- Market cap
- $82.2B
- Enterprise value
- $104B
- Last report
- Q3 '26 filed 2026-10-27
- Next report
- 2027-02-04 EPS est. $3.59
Revenue (TTM)$19.1B+9.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)27.6%+1.2 pp vs a year agoOperating income $5.27B
Net income (TTM)$4.55B+11.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.51B-25.8% vs a year agoCapex $5.39B
Diluted EPS (TTM)$16.89+13.7% vs a year agoSum of the last 4 quarters
Net cash-$22.3B-9.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $82.2B EV $104B
- Revenue
- $19.1B Trailing 12 months
- Revenue growth
- +9% FY2026 consensus
- Profit margin
- 23.8% Net income / revenue, TTM
- P/E
- 18.1× Forward 17.2× (FY2026)
- P/S
- 4.3× Price / sales, TTM
- EV / EBITDA
- 13.7× TTM
- Free cash flow
- $1.51B Trailing 12 months
- Net income
- $4.55B Trailing 12 months
- Revenue estimate
- $19.5B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $4.67B
- Dividend
- $5.00 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue in line, EPS beat by 3.0%Revenue $5.59B vs $5.61B expected (-0.3%); EPS $6.57 vs $6.38 (+3.0%).
- Revenue growth steady: 8.8% year on yearQ3 '26 revenue $5.59B, against an average of 9.1% over the four quarters before.
- Operating margin 27.6% (TTM), +1.2 pp on a year agoOperating income grew 14.6% while revenue grew 9.7%.
- 13.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.67B vs operating income $5.27B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 28.2% of revenue (a year ago 24.5%)$5.39B invested in the last 4 quarters (+26.0% on a year earlier). Free cash flow $1.51B = 33.2% of net income.
- Returned $2.33B to shareholders = 154.0% of free cash flowBuybacks $1.54B (a year earlier $655M), dividends $787M, stock-based pay $133M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 2.2% in a year268M diluted shares in Q3 '26, 274M a year earlier.
- Net debt $22.3BCash + short-term investments $851M, debt incl. leases $23.2B; a year ago net debt $20.3B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.59B | $5.14B | +8.8% |
| Gross margin | 51.5% | 51.8% | -0.2 pp |
| Operating income | $1.87B | $1.7B | +9.9% |
| Operating margin | 33.5% | 33.1% | +0.3 pp |
| Net income | $1.73B | $1.58B | +9.4% |
| Diluted EPS | $6.45 | $5.74 | +12.4% |
| Operating cash flow | $1.58B | $1.47B | +7.6% |
| Capex | $643M | $2.46B | -73.8% |
| Free cash flow | $937M | -$989M | +194.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $26M | $44M | -40.9% |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.59B | $5.61B | -0.3% |
| EPS (as estimated) | $6.57 | $6.38 | +3.0% |
From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cruise Itinerary | $5.3B | +8.8% | 94.8% | $18.2B | +9.8% | |
| Other Products And Services | $288M | +8.3% | 5.2% | $934M | +9.2% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $3.22B | +6.3% | 60.7% | $12.3B | +9.9% | |
| Europe | $1.8B | +18.2% | 33.9% | $3.37B | – | |
| Asia Pacific | $198M | -6.6% | 3.7% | $1.71B | +4.1% | |
| Other Region | $89M | -19.8% | 1.7% | $814M | -7.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $6.9B
- Capex
- -$5.39B
- Buybacks
- -$1.54B
- Dividends
- -$787M
- Acquisitions
- -$12M
- Net debt issued
- $878M
- Stock-based compensation
- $133M
- Free cash flow
- $1.51B
- Returned to shareholders / FCF
- 154.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 18.1× | 19.4× 3 of 5 years | 17.7× – 21.0× |
| EV / EBITDA | 13.7× | 23.9× 4 of 5 years | 12.0× – 56.4× |
| EV / Sales | 5.5× | 8.6× | 3.9× – 25.0× |
| Price / FCF | 54.4× | 49.5× 3 of 5 years | 30.2× – 61.2× |
| Price / Book | 7.0× | 6.1× | 3.8× – 8.0× |
| FCF yield | 1.8% | -6.4% | -21.2% – 3.3% |
| Return on invested capital | 14.5% | 4.5% | -14.2% – 14.9% |
| Return on equity | 43.6% | -12.4% | -103.4% – 42.6% |
Analysts
Consensus target $346.50 (+12.8%)
range $298.00 – $415.00 · rating Buy
Strong buy0
Buy29
Hold19
Sell6
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $19.5B | +9.0% | $17.88 | +14.5% | 17.2× | 14 |
| FY2027 | $21B | +7.3% | $20.36 | +13.9% | 15.1× | 15 |
| FY2028 | $22.8B | +8.9% | $23.16 | +13.8% | 13.3× | 5 |
| FY2029 | $24.8B | +8.4% | $26.46 | +14.2% | 11.6× | 1 |
| FY2030 | $26.8B | +8.4% | $31.38 | +18.6% | 9.8× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 216 figures Royal Caribbean Cruises Ltd. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $979M | $828M | +18.2% | $953M | $919M | +3.7% |
| Accrued Liabilities, Current | $1.98B | $1.85B | +7.4% | $2.03B | $1.64B | +23.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $17B2025-12-31 | $15.3B | +10.9% | $17B | $15.3B | +10.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$384M | -$528M | +27.3% | -$604M | -$802M | +24.7% |
| Additional Paid in Capital, Common Stock | $7.92B | $7.92B | -0.1% | $7.96B | $7.83B | +1.7% |
| Advertising Expense | – | – | – | $693M | $612M | +13.2% |
| Amortization of Debt Issuance Costs and Discounts | $2M | $26M | -92.3% | $97M | $98M | -1.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 0 | – |
| Assets | $44.8B | $40.1B | +11.7% | $41.6B | $37.1B | +12.3% |
| Assets, Current | $2.47B | $1.89B | +31.1% | $2.21B | $1.71B | +29.7% |
| Capital Expenditures Incurred but Not yet Paid | -$111M | $22M | -604.5% | $72M | $47M | +53.2% |
| Cash and Cash Equivalents, at Carrying Value | $851M | $432M | +97.0% | $825M | $388M | +112.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $851M | $432M | +97.0% | $825M | $388M | +112.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$24M | -$303M | +92.1% | $437M | -$109M | +500.9% |
| Common Stock, Dividends, Per Share, Cash Paid | – | – | – | $0.002023-12-31 | – | – |
| Common Stock, Dividends, Per Share, Declared | $1.50 | $1.00 | +50.0% | $3.50 | $0.95 | +268.4% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 500M | 500M | 0.0% | 500M | 500M | 0.0% |
| Common Stock, Shares, Issued | 304M | 303M | +0.3% | 303M | 297M | +1.9% |
| Common Stock, Value, Issued | $3M | $3M | 0.0% | $3M | $3M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $7M | $4M | +75.0% | $23M | $18M | +27.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.86B | $1.57B | +18.8% | $4.47B | $2.75B | +62.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.87B | $1.57B | +19.0% | $4.49B | $2.77B | +62.2% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $241M | $184M | +31.0% | $187M | $161M | +16.1% |
| Contract with Customer, Liability | $3B | $2.8B | +7.1% | $3.1B | $2.8B | +10.7% |
| Contract with Customer, Liability, Current | $6.03B | $5.6B | +7.7% | $5.74B | $5.5B | +4.4% |
| Cost of Goods and Services Sold | $2.71B | $2.48B | +9.4% | $9.08B | $8.65B | +5.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $64M | – | – |
| Debt, Current | $2.24B | $3.07B | -27.2% | $3.18B | $1.6B | +98.4% |
| Debt, Long-term and Short-term, Combined Amount | $22.4B | $20.3B | +10.2% | $21.3B | $20.1B | +6.3% |
| Debt, Weighted Average Interest Rate | 4.7% | 4.7% | +1.3% | 4.7% | 4.8% | -1.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $18M | – | – |
| Deferred Other Tax Expense (Benefit) | -$3M | $11M | -127.3% | $18M | $0 | – |
| Deferred Tax Assets, Gross | $53M2025-12-31 | $63M | -15.9% | $53M | $63M | -15.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $25M2025-12-31 | $32M | -21.9% | $25M | $32M | -21.9% |
| Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $9M2025-12-31 | $5M | +80.0% | $9M | $5M | +80.0% |
| Deferred Tax Assets, Tax Credit Carryforwards | $15M2025-12-31 | $19M | -21.1% | $15M | $19M | -21.1% |
| Deferred Tax Assets, Valuation Allowance | $25M2025-12-31 | $21M | +19.0% | $25M | $21M | +19.0% |
| Deferred Tax Liabilities, Gross | $153M2025-12-31 | – | – | $153M | – | – |
| Defined Contribution Plan, Cost | – | – | – | $25M | $23M | +8.7% |
| Depreciation, Depletion and Amortization, Nonproduction | $490M | $435M | +12.6% | $1.72B | $1.6B | +7.4% |
| Derivative Asset | – | – | – | $204M2022-12-31 | $69.8M | +191.9% |
| Derivative Asset, Current | $160M | $178M | -10.1% | $115M | $11M | +945.5% |
| Derivative Asset, Fair Value, Gross Asset | $289M | $212M | +36.3% | $144M | $71M | +102.8% |
| Derivative Asset, Fair Value, Gross Liability | $68M | $46M | +47.8% | $59M | $52M | +13.5% |
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $4M | -$10M | +140.0% | $51M | -$77M | +166.2% |
| Derivative Liability | – | – | – | $136M2022-12-31 | $201M | -32.4% |
| Derivative Liability, Current | $107M | $31M | +245.2% | $67M | $90M | -25.6% |
| Derivative Liability, Fair Value, Gross Asset | $68M | $46M | +47.8% | $59M | $52M | +13.5% |
| Derivative Liability, Fair Value, Gross Liability | $178M | $64M | +178.1% | $124M | $139M | -10.8% |
| Derivative, Collateral, Obligation to Return Cash | $0 | $0 | – | $0 | $0 | – |
| Derivative, Collateral, Right to Reclaim Cash | $0 | $0 | – | $0 | $0 | – |
| DerivativeAssetFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement | $221M | $166M | +33.1% | $85M | $19M | +347.4% |
| DerivativeLiabilityFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement | $110M | $18M | +511.1% | $65M | $87M | -25.3% |
| Dividends, Common Stock, Cash | $403M | $276M | +46.0% | $955M | $255M | +274.5% |
| Earnings Per Share, Basic | $6.46 | $5.79 | +11.6% | $15.75 | $11.00 | +43.2% |
| Earnings Per Share, Diluted | $6.45 | $5.74 | +12.4% | $15.61 | $10.94 | +42.7% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $0 | $0 | – | $2M | -$6M | +133.3% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $990M | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 25.0% | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01