NYSE: RCL
Royal Caribbean Group
Consumer Discretionary · Water Transportation
52-week range
$222.22$356.39
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$71.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $17.6B |
| FY2017, ended Dec 31, 2017 | $25.5B |
| FY2018, ended Dec 31, 2018 | $20.5B |
| FY2019, ended Dec 31, 2019 | $27.9B |
| FY2020, ended Dec 31, 2020 | $17.7B |
| FY2021, ended Dec 31, 2021 | $19.6B |
| FY2022, ended Dec 31, 2022 | $12.6B |
| FY2023, ended Dec 31, 2023 | $33.2B |
| FY2024, ended Dec 31, 2024 | $62.1B |
| FY2025, ended Dec 31, 2025 | $75.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $71.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$19.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.50B |
| FY2017, ended Dec 31, 2017 | $8.78B |
| FY2018, ended Dec 31, 2018 | $9.49B |
| FY2019, ended Dec 31, 2019 | $11.0B |
| FY2020, ended Dec 31, 2020 | $2.21B |
| FY2021, ended Dec 31, 2021 | $1.53B |
| FY2022, ended Dec 31, 2022 | $8.84B |
| FY2023, ended Dec 31, 2023 | $13.9B |
| FY2024, ended Dec 31, 2024 | $16.5B |
| FY2025, ended Dec 31, 2025 | $17.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $19.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.28B | $22.3M |
| FY2017, ended Dec 31, 2017 | $1.63B | $2.31B |
| FY2018, ended Dec 31, 2018 | $1.81B | −$181M |
| FY2019, ended Dec 31, 2019 | $1.88B | $692M |
| FY2020, ended Dec 31, 2020 | −$5.80B | −$5.70B |
| FY2021, ended Dec 31, 2021 | −$5.26B | −$4.11B |
| FY2022, ended Dec 31, 2022 | −$2.16B | −$2.23B |
| FY2023, ended Dec 31, 2023 | $1.70B | $580M |
| FY2024, ended Dec 31, 2024 | $2.88B | $2.00B |
| FY2025, ended Dec 31, 2025 | $4.27B | $1.24B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.55B | $1.51B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$851M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $133M |
| FY2017, ended Dec 31, 2017 | $120M |
| FY2018, ended Dec 31, 2018 | $288M |
| FY2019, ended Dec 31, 2019 | $244M |
| FY2020, ended Dec 31, 2020 | $3.68B |
| FY2021, ended Dec 31, 2021 | $2.70B |
| FY2022, ended Dec 31, 2022 | $1.94B |
| FY2023, ended Dec 31, 2023 | $497M |
| FY2024, ended Dec 31, 2024 | $388M |
| FY2025, ended Dec 31, 2025 | $825M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $851M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$22.9B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.39B |
| FY2017, ended Dec 31, 2017 | $7.54B |
| FY2018, ended Dec 31, 2018 | $10.8B |
| FY2019, ended Dec 31, 2019 | $11.0B |
| FY2020, ended Dec 31, 2020 | $19.3B |
| FY2021, ended Dec 31, 2021 | $21.1B |
| FY2022, ended Dec 31, 2022 | $23.4B |
| FY2023, ended Dec 31, 2023 | $21.5B |
| FY2024, ended Dec 31, 2024 | $20.1B |
| FY2025, ended Dec 31, 2025 | $21.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $22.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 24.5% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.267M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 215M |
| FY2017, ended Dec 31, 2017 | 214M |
| FY2018, ended Dec 31, 2018 | 209M |
| FY2019, ended Dec 31, 2019 | 209M |
| FY2020, ended Dec 31, 2020 | 238M |
| FY2021, ended Dec 31, 2021 | 255M |
| FY2022, ended Dec 31, 2022 | 255M |
| FY2023, ended Dec 31, 2023 | 257M |
| FY2024, ended Dec 31, 2024 | 269M |
| FY2025, ended Dec 31, 2025 | 271M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 267M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.41B more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $300M | $32.7M | — |
| FY2017, ended Dec 31, 2017 | $225M | $69.5M | — |
| FY2018, ended Dec 31, 2018 | $575M | $46.1M | — |
| FY2019, ended Dec 31, 2019 | $99.6M | $75.9M | — |
| FY2020, ended Dec 31, 2020 | $0 | $39.8M | $609M |
| FY2021, ended Dec 31, 2021 | $0 | $64.0M | — |
| FY2022, ended Dec 31, 2022 | — | $36.0M | — |
| FY2023, ended Dec 31, 2023 | $0 | $126M | — |
| FY2024, ended Dec 31, 2024 | $0 | $267M | — |
| FY2025, ended Dec 31, 2025 | $1.16B | $175M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.54B | $133M | — |
Revenue (TTM)
$19.1B
+9.7% YoY
Net income (TTM)
$4.55B
+12.0% YoY
Cash
$851M
+97.0% YoY
Total debt
$22.9B
+9.7% YoY
Valuation
At current price- Market Cap
- $82.2B
- P/E
- 18.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.3×
- Price / Book
- 7.0×
- EV / EBITDA
- 14.6×
Growth
Trailing 12 months- Revenue (TTM)
- $19.1B
- Revenue Growth YoY
- 9.7%
- Revenue CAGR 3Y
- 26.6%
- Revenue CAGR 5Y
- 52.0%
- EPS Growth YoY
- 13.7%
- Net Income Growth YoY
- 12.0%
Profitability
Trailing 12 months- Gross Margin
- 49.1%
- Operating Margin
- 27.6%
- Net Margin
- 23.8%
- FCF Margin
- 7.9%
- Return on Equity
- 41.8%
Earnings
Trailing 12 months- Net Income
- $4.55B
- EPS (diluted)
- $16.90
- EBITDA
- $7.14B
- Operating Income
- $5.27B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $851M
- Total Debt
- $22.9B
- Net Debt
- $22.0B
- Total Assets
- $44.8B
- Total Liabilities
- $32.9B
- Shareholders' Equity
- $11.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.90B
- Capital Expenditure
- $5.39B
- Free Cash Flow
- $1.51B
Dividends and risk
Last 12 months- Dividend Yield
- 1.8%
- Dividend / Share
- $5.50
- Beta (5Y)
- 1.81
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.7% year over year, at $19.1B.
Strength
Keeps 27.6% of revenue as operating profit.
Watch
Net debt is 3.1× EBITDA ($22.0B), a heavy load.
Note
Free cash flow of $1.51B, 7.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K72Good news
72Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 11, 2026 · Read the filing on EDGAR
- Revenue rose 8.8% to $17.9 billion and net income rose 48% to $4.3 billion, helped by new ships, higher prices and 109.7% occupancy.
- The company earned investment-grade ratings from all three major agencies and returned $2.0 billion to shareholders. The quarterly dividend went up to $1.50 a share in February 2026.
- The US Supreme Court agreed to hear the Havana Docks case, which reopens a lawsuit the company had won on appeal.
- Management expects 6.7% capacity growth in 2026 and higher yields, revenue and earnings.
Business momentum
Strong improvement
“Total revenues increased $1.5 billion, or 8.8%, to $17.9 billion in 2025 from $16.5 billion in 2024.”
Outlook
Positive
“Our new ships, deployment, enhanced product offerings are expected to drive growth in Net Yields, total revenues, and earnings.”
Financial stress
Low
“As of December 31, 2025, we had liquidity of $7.2 billion, including cash and cash equivalents of $0.8 billion and $6.4 billion of undrawn revolving credit facility capacity.”
Tone against the previous report
About the same
Red flags
- Minor
Major lawsuit
“The plaintiff petitioned the United States Supreme Court for a writ of certiorari, which was granted on October 3, 2025.”
Positives
Big jump in profit and margins
“Our 2025 Net Income attributable to Royal Caribbean Cruises Ltd. was $4.3 billion, or $15.61 per diluted share, compared to the 2024 Net Income attributable to Royal Caribbean Cruises Ltd. of $2.9 billion”
Investment-grade credit ratings and lower interest costs
“We maintained a strong balance sheet and achieved investment-grade ratings across all three major credit rating agencies.”
Strong cash generation and higher payouts to shareholders
“Net cash provided by operating activities increased by $1.2 billion to $6.5 billion for the year ended December 31, 2025, compared to $5.3 billion in 2024.”
Concerns
Heavy spending on new ships and debt due within a year
“our obligations due through December 31, 2026 primarily consisted of $3.2 billion related to debt maturities, $1.0 billion related to interest on debt and $2.4 billion related to progress payments on our ship orders”
Many new cruise ships coming into the industry
“As of December 31, 2025, a total of 47 new ships with approximately 113,000 berths were on order for delivery through 2029 in the cruise industry”
Price growth slowed compared with capacity growth
“Net Yields increased 3.8% as-reported (3.7% in Constant-Currency), both compared to 2024.”
New risks since the previous report
Supreme Court review of the Havana Docks case
“The plaintiff petitioned the United States Supreme Court for a writ of certiorari, which was granted on October 3, 2025.”
More of the cost of ships on order is now in euros
“Approximately 64.1% and 43.4% of the aggregate cost of the ships under construction was exposed to fluctuations in the Euro exchange rate at December 31, 2025 and 2024, respectively.”
Tariffs and trade disputes affecting supplies
“Major developments in trade relations, including the imposition of new or increased tariffs by the United States and/or other countries, could have a material adverse effect on our business”
Popular ports pushing back against tourist crowds
“including proposed limits on cruise ships and cruise passengers, which could limit the itinerary and destination options we can offer our passengers going forward.”
Dependence on UK tonnage tax rules and the global minimum tax
“From 2026 onwards, substantially all of our ships will be operated by companies that are within the United Kingdom tonnage tax regime (“U.K. tonnage tax”).”
Biggest risks named
- Economic slowdown reducing cruise demand
- Industry capacity growth pressuring prices
- Large debt load and ship purchase commitments
- Fuel, climate-rule and other operating cost increases
- Disease outbreaks, ship incidents or limits on port access
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.2 | |
| New risks | −2 | |
| Score | 72 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 27, 2026 | Pro | |||
| 10-K | Feb 11, 2026 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 14, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 21, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 23, 2023 | 66 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2022 | 49 | Mixed | 1 medium1 minor | |
| 10-K | Feb 26, 2021 | 24 | Sharp deterioration | 3 medium | |
| 10-K | Feb 25, 2020 | 57 | Improving | 1 medium1 minor | |
| 10-K | Feb 22, 2019 | 66 | Improving | 1 minor | |
| 10-K | Feb 21, 2018 | 73 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 27, 2026. View filings on SEC EDGAR