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 Oct 30, 2026, 11:14 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$17.9B	$4.3B	49.4%	27.4%	42.5%	10.3%	$1.2B	$21.3B	$825M
2024	$16.5B	$2.9B	47.5%	24.9%	38.0%	7.8%	$2.0B	$20.1B	$388M
2023	$13.9B	$1.7B	44.1%	20.7%	35.9%	4.8%	$580M	$21.5B	$497M
2022	$8.8B	-$2.2B	25.2%	-8.7%	-75.1%	-6.4%	-$2.2B	$23.4B	$1.9B
2021	$1.5B	-$5.3B	-78.8%	-252.6%	-103.4%	-16.3%	-$4.1B	$21.1B	$2.7B
2020	$2.2B	-$5.8B	-25.2%	-208.3%	-66.2%	-17.9%	-$5.7B	$19.3B	$3.7B
2019	$11.0B	$1.9B	44.6%	19.0%	15.4%	6.2%	$692M	$11.0B	$244M
2018	$9.5B	$1.8B	44.6%	20.0%	16.3%	6.5%	-$181M	$10.8B	$288M
2017	$8.8B	$1.6B	44.2%	19.9%	15.2%	7.3%	$2.3B	$7.5B	$120M
2016	$8.5B	$1.3B	41.0%	17.4%	14.1%	5.8%	$22M	$9.4B	$133M
2015	—	$666M	—	—	8.3%	3.2%	$333M	$8.5B	$122M
2014	—	$764M	—	—	9.2%	3.7%	-$68M	—	$189M
2013	—	$474M	—	—	5.4%	2.4%	$648M	—	$205M
2012	—	$18M	—	—	0.2%	0.1%	$90M	—	$195M
2011	—	$607M	—	—	7.2%	3.1%	$282M	$8.5B	$262M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Sep '26	$5.6B	$1.7B	51.5%	33.5%	14.8%	3.9%	$937M	$22.4B	$851M
Jun '26	$4.8B	$1.1B	47.3%	27.0%	11.0%	2.5%	-$877M	$22.8B	$875M
Mar '26	$4.5B	$941M	49.5%	26.1%	9.6%	2.2%	$1.3B	$21.1B	$512M
Dec '25	$4.3B	$754M	47.4%	21.9%	7.5%	1.8%	$116M	$21.3B	$825M
Sep '25	$5.1B	$1.6B	51.8%	33.1%	15.6%	3.9%	-$989M	$20.3B	$432M
Jun '25	$4.5B	$1.2B	49.7%	29.3%	13.2%	3.1%	$910M	$19.0B	$735M
Mar '25	$4.0B	$730M	48.0%	23.6%	9.2%	1.9%	$1.2B	$19.4B	$386M
Dec '24	$3.8B	$552M	45.4%	16.6%	7.3%	1.5%	$915M	$20.1B	$388M
Sep '24	$4.9B	$1.1B	51.1%	33.4%	15.8%	3.0%	$563M	$20.8B	$418M
Jun '24	$4.1B	$854M	47.6%	26.7%	14.2%	2.3%	-$567M	$21.1B	$391M
Mar '24	$3.7B	$360M	44.8%	20.1%	7.0%	1.0%	$1.1B	$20.5B	$437M
Dec '23	$3.3B	$277M	43.3%	17.1%	5.9%	0.8%	-$1.5B	$21.5B	$497M
Sep '23	$4.2B	$1.0B	48.6%	30.4%	22.8%	3.1%	$378M	$20.0B	$600M
Jun '23	$3.5B	$459M	44.5%	21.9%	13.6%	1.4%	$596M	$20.4B	$726M
Mar '23	$2.9B	-$48M	37.9%	9.4%	-1.7%	-0.1%	$1.1B	$21.5B	$1.2B
Dec '22	$2.6B	-$500M	31.4%	0.5%	-17.4%	-1.5%	$409M	$23.4B	$1.9B
Sep '22	$3.0B	$33M	34.3%	10.0%	1.0%	0.1%	-$270M	$23.3B	$1.6B
Jun '22	$2.2B	-$522M	23.1%	-10.0%	-15.3%	-1.5%	-$476M	$23.2B	$2.1B
Mar '22	$1.1B	-$1.2B	-11.9%	-81.1%	-29.3%	-3.5%	-$1.9B	$22.5B	$2.0B
Dec '21	$982M	-$1.4B	-15.6%	-105.0%	-26.7%	-4.2%	-$780M	$21.1B	$2.7B

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 20.1× (Jan '24) to 20.1× (Nov '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 4.8× (Nov '26).
The dividend yield has risen from 0.2% (Dec '24) to 1.0% (Nov '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?

Royal Caribbean Group's P/E (TTM) is 18.87 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the RCL stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 20.1× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.