RCL Financials Royal Caribbean Group

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 52.0% per year over the past 5 years.
Operating margin has expanded, at 27.4% in the latest year.

Financial health

Total debt ($21.3B) exceeds cash ($825M); net debt is $20.5B.
Total debt has grown slower than revenue (2.0% vs 52.0% per year).
Operating income covered interest expense 4.9× in the latest year.
Total debt is 3.2× EBITDA.

Shareholder returns

Dividends have been paid for 2 consecutive years, consuming 19.3% of earnings and 66.7% of free cash flow.
The dividend has grown 20.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$17.9B	$4.3B	49.4%	27.4%	$1.2B	$21.3B	$825M
2024	$16.5B	$2.9B	47.5%	24.9%	$2.0B	$20.1B	$388M
2023	$13.9B	$1.7B	44.1%	20.7%	$580M	$21.5B	$497M
2022	$8.8B	-$2.2B	25.2%	-8.7%	-$2.2B	$23.4B	$1.9B
2021	$1.5B	-$5.3B	-78.8%	-252.6%	-$4.1B	$21.1B	$2.7B
2020	$2.2B	-$5.8B	-25.2%	-208.3%	-$5.7B	$19.3B	$3.7B
2019	$11.0B	$1.9B	44.6%	19.0%	$692M	$11.0B	$244M
2018	$9.5B	$1.8B	44.6%	20.0%	-$181M	$10.8B	$288M
2017	$8.8B	$1.6B	44.2%	19.9%	$2.3B	$7.5B	$120M
2016	$8.5B	$1.3B	41.0%	17.4%	$22M	$9.4B	$133M
2015	—	$666M	—	—	$333M	$8.5B	$122M
2014	—	$764M	—	—	-$68M	—	$189M
2013	—	$474M	—	—	$648M	—	$205M
2012	—	$18M	—	—	$90M	—	$195M
2011	—	$607M	—	—	$282M	$8.5B	$262M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$4.5B	$941M	49.5%	26.1%	$1.3B	$21.1B	$512M
Dec '25	$4.3B	$754M	47.4%	21.9%	$116M	$21.3B	$825M
Sep '25	$5.1B	$1.6B	51.8%	33.1%	-$989M	$20.3B	$432M
Jun '25	$4.5B	$1.2B	49.7%	29.3%	$910M	$19.0B	$735M
Mar '25	$4.0B	$730M	48.0%	23.6%	$1.2B	$19.4B	$386M
Dec '24	$3.8B	$552M	45.4%	16.6%	$915M	$20.1B	$388M
Sep '24	$4.9B	$1.1B	51.1%	33.4%	$563M	$20.8B	$418M
Jun '24	$4.1B	$854M	47.6%	26.7%	-$567M	$21.1B	$391M
Mar '24	$3.7B	$360M	44.8%	20.1%	$1.1B	$20.5B	$437M
Dec '23	$3.3B	$277M	43.3%	17.1%	-$1.5B	$21.5B	$497M
Sep '23	$4.2B	$1.0B	48.6%	30.4%	$378M	$20.0B	$600M
Jun '23	$3.5B	$459M	44.5%	21.9%	$596M	$20.4B	$726M
Mar '23	$2.9B	-$48M	37.9%	9.4%	$1.1B	$21.5B	$1.2B
Dec '22	$2.6B	-$500M	31.4%	0.5%	$409M	$23.4B	$1.9B
Sep '22	$3.0B	$33M	34.3%	10.0%	-$270M	$23.3B	$1.6B
Jun '22	$2.2B	-$522M	23.1%	-10.0%	-$476M	$23.2B	$2.1B
Mar '22	$1.1B	-$1.2B	-11.9%	-81.1%	-$1.9B	$22.5B	$2.0B
Dec '21	$982M	-$1.4B	-15.6%	-105.0%	-$780M	$21.1B	$2.7B
Sep '21	$457M	-$1.4B	-78.1%	-220.1%	-$771M	$20.8B	$3.3B
Jun '21	$51M	-$1.3B	-734.4%	-2010.3%	-$685M	$21.0B	$4.3B

Valuation over time

How the market has priced RCL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 20.2× (Jan '24) to 20.3× (Jun '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 4.8× (Jun '26).
The dividend yield has risen from 0.2% (Dec '24) to 1.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is RCL growing its revenue and profit?

Over the past 5 years, Royal Caribbean Group's revenue has grown 52.0% per year. These are computed facts, not advice.

How much debt does RCL have?

As of FY2025, Royal Caribbean Group reported $21.3B of total debt against $825M of cash; operating income covered interest expense 4.9×.

What is RCL's profit margin?

In FY2025, gross margin was 49.4%, operating margin 27.4%, and net margin 23.8%.

What is RCL's P/E ratio?

As of Jun '26, Royal Caribbean Group traded at a price-to-earnings ratio of about 20.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.