R

ROYAL CARIBBEAN CRUISES LTD

RCL · CIK 0000884887

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$17.93B8.8%
FY2025
Net income (FY)
$4.27B48.3%
FY2025
Free cash flow (FY)
$1.24B38.1%
FY2025
Diluted EPS (FY)
$15.6142.7%
FY2025
The story, charted

The shape of the business

FY2008–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10BFY2008 · Revenue $6.53B · Net income $573.7M · 0001193125-11-045435 · filed 2011-02-24FY08Revenue $6.53BNet income $573.7M0001193125-11-045435 · filed 2011-02-24FY2009 · Revenue $5.89B · Net income $152.5M · 0001193125-12-087322 · filed 2012-02-29FY09Revenue $5.89BNet income $152.5M0001193125-12-087322 · filed 2012-02-29FY2010 · Revenue $6.75B · Net income $515.7M · 0001047469-13-001567 · filed 2013-02-25FY10Revenue $6.75BNet income $515.7M0001047469-13-001567 · filed 2013-02-25FY2011 · Revenue $7.54B · Net income $607.4M · 0000884887-14-000023 · filed 2014-02-20FY11Revenue $7.54BNet income $607.4M0000884887-14-000023 · filed 2014-02-20FY2012 · Revenue $7.69B · Net income $18.3M · 0000884887-15-000025 · filed 2015-02-23FY12Revenue $7.69BNet income $18.3M0000884887-15-000025 · filed 2015-02-23FY2013 · Revenue $7.96B · Net income $473.7M · 0000884887-16-000126 · filed 2016-02-22FY13Revenue $7.96BNet income $473.7M0000884887-16-000126 · filed 2016-02-22FY2014 · Revenue $8.07B · Net income $764.1M · 0000884887-17-000020 · filed 2017-02-23FY14Revenue $8.07BNet income $764.1M0000884887-17-000020 · filed 2017-02-23FY2015 · Revenue $8.30B · Net income $665.8M · 0000884887-18-000017 · filed 2018-02-21FY15Revenue $8.30BNet income $665.8M0000884887-18-000017 · filed 2018-02-21FY2016 · Revenue $8.50B · Net income $1.28B · 0000884887-19-000017 · filed 2019-02-22FY16Revenue $8.50BNet income $1.28B0000884887-19-000017 · filed 2019-02-22FY2017 · Revenue $8.78B · Net income $1.63B · 0000884887-20-000009 · filed 2020-02-25FY17Revenue $8.78BNet income $1.63B0000884887-20-000009 · filed 2020-02-25FY2018 · Revenue $9.49B · Net income $1.81B · 0000884887-21-000006 · filed 2021-02-26FY18Revenue $9.49BNet income $1.81B0000884887-21-000006 · filed 2021-02-26FY2019 · Revenue $10.95B · Net income $1.88B · 0000884887-22-000008 · filed 2022-03-01FY19Revenue $10.95BNet income $1.88B0000884887-22-000008 · filed 2022-03-01FY2020 · Revenue $2.21B · Net income −$5.80B · 0000884887-23-000006 · filed 2023-02-23FY20Revenue $2.21BNet income −$5.80B0000884887-23-000006 · filed 2023-02-23FY2021 · Revenue $1.53B · Net income −$5.26B · 0000884887-24-000075 · filed 2024-02-21FY21Revenue $1.53BNet income −$5.26B0000884887-24-000075 · filed 2024-02-21FY2022 · Revenue $8.84B · Net income −$2.16B · 0000884887-25-000050 · filed 2025-02-14FY22Revenue $8.84BNet income −$2.16B0000884887-25-000050 · filed 2025-02-14FY2023 · Revenue $13.90B · Net income $1.70B · 0000884887-26-000007 · filed 2026-02-11FY23Revenue $13.90BNet income $1.70B0000884887-26-000007 · filed 2026-02-11FY2024 · Revenue $16.48B · Net income $2.88B · 0000884887-26-000007 · filed 2026-02-11FY24Revenue $16.48BNet income $2.88B0000884887-26-000007 · filed 2026-02-11FY2025 · Revenue $17.93B · Net income $4.27B · 0000884887-26-000007 · filed 2026-02-11FY25Revenue $17.93BNet income $4.27B0000884887-26-000007 · filed 2026-02-11FY25Revenue $17.93BNet income $4.27B0000884887-26-000007 · filed 2026-02-11FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 2.7× since FY2008 · net margin 8.8% → 23.8%

MarginsNet marginFCF margin
-200%0%FY2008 · Net margin 8.8% · FCF margin -17.6%FY08Net margin 8.8%FCF margin -17.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 2.6% · FCF margin -27.7%FY09Net margin 2.6%FCF margin -27.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 7.6% · FCF margin -7.8%FY10Net margin 7.6%FCF margin -7.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 8.1% · FCF margin 3.7%FY11Net margin 8.1%FCF margin 3.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 0.2% · FCF margin 1.2%FY12Net margin 0.2%FCF margin 1.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 6.0% · FCF margin 8.1%FY13Net margin 6.0%FCF margin 8.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 9.5% · FCF margin -0.8%FY14Net margin 9.5%FCF margin -0.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 8.0% · FCF margin 4.0%FY15Net margin 8.0%FCF margin 4.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 15.1% · FCF margin 0.3%FY16Net margin 15.1%FCF margin 0.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 18.5% · FCF margin 26.3%FY17Net margin 18.5%FCF margin 26.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 19.1% · FCF margin -1.9%FY18Net margin 19.1%FCF margin -1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 17.2% · FCF margin 6.3%FY19Net margin 17.2%FCF margin 6.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -262.5% · FCF margin -257.9%FY20Net margin -262.5%FCF margin -257.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin -343.3% · FCF margin -268.1%FY21Net margin -343.3%FCF margin -268.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -24.4% · FCF margin -25.2%FY22Net margin -24.4%FCF margin -25.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 12.2% · FCF margin 4.2%FY23Net margin 12.2%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 17.5% · FCF margin 12.1%FY24Net margin 17.5%FCF margin 12.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 23.8% · FCF margin 6.9%FY25Net margin 23.8%FCF margin 6.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 23.8%FCF margin 6.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 23.8% · free cash flow 6.9% of revenue

Cash engineOperating cash flowFree cash flow
−$5B$0$5BFY2008 · OCF $1.07B · FCF −$1.15B · 0001193125-11-045435 · filed 2011-02-24FY08OCF $1.07BFCF −$1.15B0001193125-11-045435 · filed 2011-02-24FY2009 · OCF $844.9M · FCF −$1.63B · 0001193125-12-087322 · filed 2012-02-29FY09OCF $844.9MFCF −$1.63B0001193125-12-087322 · filed 2012-02-29FY2010 · OCF $1.66B · FCF −$524.2M · 0001047469-13-001567 · filed 2013-02-25FY10OCF $1.66BFCF −$524.2M0001047469-13-001567 · filed 2013-02-25FY2011 · OCF $1.46B · FCF $282.1M · 0000884887-14-000023 · filed 2014-02-20FY11OCF $1.46BFCF $282.1M0000884887-14-000023 · filed 2014-02-20FY2012 · OCF $1.38B · FCF $90.2M · 0000884887-15-000025 · filed 2015-02-23FY12OCF $1.38BFCF $90.2M0000884887-15-000025 · filed 2015-02-23FY2013 · OCF $1.41B · FCF $648.3M · 0000884887-16-000126 · filed 2016-02-22FY13OCF $1.41BFCF $648.3M0000884887-16-000126 · filed 2016-02-22FY2014 · OCF $1.74B · FCF −$67.6M · 0000884887-17-000020 · filed 2017-02-23FY14OCF $1.74BFCF −$67.6M0000884887-17-000020 · filed 2017-02-23FY2015 · OCF $1.95B · FCF $333.0M · 0000884887-18-000017 · filed 2018-02-21FY15OCF $1.95BFCF $333.0M0000884887-18-000017 · filed 2018-02-21FY2016 · OCF $2.52B · FCF $22.3M · 0000884887-19-000017 · filed 2019-02-22FY16OCF $2.52BFCF $22.3M0000884887-19-000017 · filed 2019-02-22FY2017 · OCF $2.87B · FCF $2.31B · 0000884887-20-000009 · filed 2020-02-25FY17OCF $2.87BFCF $2.31B0000884887-20-000009 · filed 2020-02-25FY2018 · OCF $3.48B · FCF −$180.9M · 0000884887-21-000006 · filed 2021-02-26FY18OCF $3.48BFCF −$180.9M0000884887-21-000006 · filed 2021-02-26FY2019 · OCF $3.72B · FCF $691.7M · 0000884887-22-000008 · filed 2022-03-01FY19OCF $3.72BFCF $691.7M0000884887-22-000008 · filed 2022-03-01FY2020 · OCF −$3.73B · FCF −$5.70B · 0000884887-23-000006 · filed 2023-02-23FY20OCF −$3.73BFCF −$5.70B0000884887-23-000006 · filed 2023-02-23FY2021 · OCF −$1.88B · FCF −$4.11B · 0000884887-24-000075 · filed 2024-02-21FY21OCF −$1.88BFCF −$4.11B0000884887-24-000075 · filed 2024-02-21FY2022 · OCF $481.0M · FCF −$2.23B · 0000884887-25-000050 · filed 2025-02-14FY22OCF $481.0MFCF −$2.23B0000884887-25-000050 · filed 2025-02-14FY2023 · OCF $4.48B · FCF $580.0M · 0000884887-26-000007 · filed 2026-02-11FY23OCF $4.48BFCF $580.0M0000884887-26-000007 · filed 2026-02-11FY2024 · OCF $5.26B · FCF $2.00B · 0000884887-26-000007 · filed 2026-02-11FY24OCF $5.26BFCF $2.00B0000884887-26-000007 · filed 2026-02-11FY2025 · OCF $6.46B · FCF $1.24B · 0000884887-26-000007 · filed 2026-02-11FY25OCF $6.46BFCF $1.24B0000884887-26-000007 · filed 2026-02-11FY25OCF $6.46BFCF $1.24B0000884887-26-000007 · filed 2026-02-11’09’13’17’21’25

FY2025: $6.46B operating cash − $5.23B capex = $1.24B free cash flow

Returns on capitalReturn on equityReturn on assets
-100%-50%0%50%FY2009 · ROE 2.0% · ROA 0.8%FY09ROE 2.0%ROA 0.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 6.5% · ROA 2.6%FY10ROE 6.5%ROA 2.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 7.2% · ROA 3.1%FY11ROE 7.2%ROA 3.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 0.2% · ROA 0.1%FY12ROE 0.2%ROA 0.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 5.4% · ROA 2.4%FY13ROE 5.4%ROA 2.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 9.2% · ROA 3.7%FY14ROE 9.2%ROA 3.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 8.3% · ROA 3.2%FY15ROE 8.3%ROA 3.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 14.1% · ROA 5.8%FY16ROE 14.1%ROA 5.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 15.2% · ROA 7.3%FY17ROE 15.2%ROA 7.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 16.3% · ROA 6.5%FY18ROE 16.3%ROA 6.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 15.4% · ROA 6.2%FY19ROE 15.4%ROA 6.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -66.2% · ROA -17.9%FY20ROE -66.2%ROA -17.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE -103.4% · ROA -16.3%FY21ROE -103.4%ROA -16.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -75.1% · ROA -6.4%FY22ROE -75.1%ROA -6.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 35.9% · ROA 4.8%FY23ROE 35.9%ROA 4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 38.0% · ROA 7.8%FY24ROE 38.0%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 42.5% · ROA 10.3%FY25ROE 42.5%ROA 10.3%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 42.5%ROA 10.3%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 2% (FY2009) → 43% (FY2025) · on assets 10.3%

Balance sheetLiabilitiesEquity
$0$20B$40BFY2017 · Liabilities $11.66B · Equity $10.70BFY17Liabilities $11.66BEquity $10.70B0000884887-19-000017 · filed 2019-02-22FY2018 · Liabilities $16.05B · Equity $11.11BFY18Liabilities $16.05BEquity $11.11B0000884887-20-000009 · filed 2020-02-25FY2019 · Liabilities $17.59B · Equity $12.16BFY19Liabilities $17.59BEquity $12.16B0000884887-21-000006 · filed 2021-02-26FY2020 · Liabilities $23.70B · Equity $8.76BFY20Liabilities $23.70BEquity $8.76B0000884887-22-000008 · filed 2022-03-01FY2021 · Liabilities $27.17B · Equity $5.09BFY21Liabilities $27.17BEquity $5.09B0000884887-23-000006 · filed 2023-02-23FY2022 · Liabilities $30.91B · Equity $2.87BFY22Liabilities $30.91BEquity $2.87B0000884887-24-000075 · filed 2024-02-21FY2023 · Liabilities $30.23B · Equity $4.72BFY23Liabilities $30.23BEquity $4.72B0000884887-25-000050 · filed 2025-02-14FY2024 · Liabilities $29.34B · Equity $7.56BFY24Liabilities $29.34BEquity $7.56B0000884887-26-000007 · filed 2026-02-11FY2025 · Liabilities $31.37B · Equity $10.04BFY25Liabilities $31.37BEquity $10.04B0000884887-26-000007 · filed 2026-02-11FY25Liabilities $31.37BEquity $10.04B0000884887-26-000007 · filed 2026-02-11’17’19’21’23’25

FY2025: $41.62B assets · $31.37B liabilities · $10.04B equity

The receipts