financial statements

The full income statement, balance sheet, and cash-flow statement for Royal Caribbean Cruises Ltd. (RCL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	17.9B YoY+8.8%	16.5B YoY+18.6%	13.9B YoY+57.2%	8.84B YoY+477.0%	1.53B YoY-30.6%
Cost of revenue	9.08B YoY+5.0%	8.65B YoY+11.3%	7.78B YoY+17.5%	6.62B YoY+141.5%	2.74B YoY-0.9%
Selling, general & administrative	2.22B YoY+4.6%	2.13B YoY+18.6%	1.79B YoY+13.2%	1.58B YoY+15.5%	1.37B YoY+14.2%
Operating income	4.91B YoY+19.6%	4.11B YoY+42.7%	2.88B YoY+475.7%	-766M YoY+80.2%	-3.87B YoY+15.9%
Interest expense	992M YoY-37.6%	1.59B YoY+13.4%	1.40B YoY+2.8%	1.36B YoY+5.6%	1.29B YoY+53.0%
Net interest income	—	—	—	—	-1.27B YoY-54.9%
Other non-operating income	17.0M YoY-88.6%	149M YoY+7550.0%	-2.00M YoY+98.3%	-119M YoY-695.0%	20.0M YoY+114.6%
Equity-method income	414M YoY+59.2%	260M YoY+30.0%	200M YoY+250.9%	57.0M YoY+142.2%	-135M YoY+36.7%
Pre-tax income	4.37B YoY+48.7%	2.94B YoY+71.9%	1.71B	—	—
Income tax	82.0M YoY+78.3%	46.0M YoY+666.7%	6.00M YoY+50.0%	4.00M YoY+108.9%	-45.0M
	4.27B YoY+48.3%	2.88B YoY+69.5%	1.70B YoY+178.7%	-2.16B YoY+59.0%	-5.26B YoY+9.3%
Net income to non-controlling interest	23.0M YoY+27.8%	18.0M YoY+157.1%	7.00M	0.00	0.00 YoY-100.0%
Net income to common	4.27B YoY+48.3%	2.88B YoY+69.5%	1.70B YoY+178.7%	-2.16B YoY+59.0%	-5.26B YoY+9.3%
	$15.61 YoY+42.7%	$10.94 YoY+73.4%	$6.31 YoY+174.7%	-$8.45 YoY+59.6%	-$20.89 YoY+22.8%
EPS (basic)	$15.75 YoY+43.2%	$11.00 YoY+65.9%	$6.63 YoY+178.5%	-$8.45 YoY+59.6%	-$20.89 YoY+22.8%
Weighted-avg shares (basic)	271M YoY+3.8%	261M YoY+2.0%	256M YoY+0.4%	255M YoY+1.2%	252M YoY+17.6%
Weighted-avg shares (diluted)	274M YoY-1.8%	279M YoY-1.4%	283M YoY+11.0%	255M YoY+1.2%	252M YoY+17.6%
Dividends per share	$3.50 YoY+268.4%	$0.95	$0.00	$0.00	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.21B YoY+29.7%	1.71B YoY-4.9%	1.79B YoY-44.1%	3.21B YoY-11.0%	3.60B YoY-16.5%
Cash & equivalents	825M YoY+112.6%	388M YoY-21.9%	497M YoY-74.3%	1.94B YoY-28.4%	2.70B YoY-26.7%
Accounts receivable	317M YoY-14.6%	371M YoY-8.4%	405M YoY-23.7%	531M YoY+30.1%	408M YoY+43.6%
Inventory	264M YoY-0.4%	265M YoY+6.9%	248M YoY+10.7%	224M YoY+49.1%	150M YoY+26.6%
Prepaid expenses	690M YoY+3.0%	670M YoY+8.6%	617M YoY+35.3%	456M YoY+59.4%	286M YoY+85.3%
	41.6B YoY+12.3%	37.1B YoY+5.5%	35.1B YoY+4.0%	33.8B YoY+4.7%	32.3B YoY-0.6%
Property, plant & equipment	35.7B YoY+12.1%	31.8B YoY+5.7%	30.1B YoY+9.3%	27.5B YoY+6.3%	25.9B YoY+2.6%
Operating lease right-of-use	620M YoY-8.4%	677M YoY+10.8%	611M YoY+13.6%	538M YoY-0.8%	542M YoY-9.6%
Goodwill	808M YoY+0.0%	808M YoY-0.1%	809M YoY+0.0%	809M YoY-0.0%	809M YoY-0.0%
Intangible assets	390M YoY-3.5%	404M YoY-3.3%	418M YoY-1.9%	426M YoY-2.0%	435M YoY-2.3%
Other non-current assets	2.28B YoY+11.5%	2.05B YoY+13.5%	1.80B YoY+7.6%	1.68B YoY+20.0%	1.40B YoY-6.6%
	12.1B YoY+22.8%	9.82B YoY+4.4%	9.40B YoY+9.7%	8.57B YoY+17.7%	7.29B YoY+60.6%
Accounts payable	953M YoY+3.7%	919M YoY+16.0%	792M YoY+22.4%	647M YoY+18.5%	546M YoY+54.5%
Accrued liabilities	2.03B YoY+23.9%	1.64B YoY+10.6%	1.48B YoY+1.3%	1.46B YoY+64.4%	888M YoY+44.1%
Deferred revenue	5.74B YoY+4.4%	5.50B YoY+3.5%	5.31B YoY+27.4%	4.17B YoY+31.9%	3.16B YoY+77.1%
Short-term & current debt	3.18B YoY+98.4%	1.60B YoY-6.8%	1.72B YoY-17.6%	2.09B YoY-6.9%	2.24B YoY+63.6%
Current lease liability	90.0M YoY+21.6%	74.0M YoY+13.8%	65.0M YoY-18.8%	80.0M YoY+16.1%	68.9M YoY-32.9%
	31.4B YoY+7.0%	29.3B YoY-3.0%	30.2B YoY-2.2%	30.9B YoY+13.7%	27.2B YoY+14.6%
Long-term debt	6.20B YoY+0.0%	6.20B YoY+0.0%	6.20B YoY+0.0%	6.20B YoY+0.0%	6.20B YoY+0.0%
Non-current lease liability	600M YoY-10.4%	670M YoY+9.3%	613M YoY+17.2%	523M YoY-2.2%	535M YoY-5.2%
Other non-current liabilities	554M YoY+47.7%	375M YoY-22.8%	486M YoY-4.3%	508M YoY+0.6%	505M YoY-21.7%
	10.0B YoY+32.7%	7.56B YoY+60.1%	4.72B YoY+64.7%	2.87B YoY-43.6%	5.09B YoY-42.0%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+6.1%	2.83M YoY+6.6%
Additional paid-in capital	7.96B YoY+1.7%	7.83B YoY+4.8%	7.47B YoY+2.6%	7.29B YoY-3.6%	7.56B YoY+26.0%
Retained earnings	5.92B YoY+126.8%	2.61B YoY+26220.0%	-10.0M YoY+99.4%	-1.71B YoY-664.7%	302M YoY-94.6%
Treasury stock	3.25B YoY+56.2%	2.08B YoY+0.6%	2.07B YoY+0.0%	2.07B YoY+0.1%	2.07B YoY+0.1%
Accumulated other comprehensive income	-604M YoY+24.7%	-802M YoY-19.0%	-674M YoY-4.7%	-644M YoY+9.4%	-711M YoY+3.8%
Non-controlling interest	208M YoY+20.9%	172M YoY-1.7%	175M	0.00	—
Total equity incl. non-controlling	10.2B YoY+32.4%	7.74B YoY+57.9%	4.90B YoY+70.8%	2.87B YoY-43.6%	5.09B YoY-41.9%
Total liabilities & equity	41.6B YoY+12.3%	37.1B YoY+5.5%	35.1B YoY+4.0%	33.8B YoY+4.7%	32.3B YoY-0.6%
Common shares issued	303M YoY+1.9%	297M YoY+4.5%	285M YoY+0.5%	283M YoY+0.2%	283M YoY+6.6%
Shares outstanding (cover)	273M YoY+1.4%	269M YoY+4.9%	256M YoY+0.4%	255M YoY+0.2%	255M YoY+13.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.46B YoY+22.8%	5.26B YoY+17.6%	4.48B YoY+830.8%	481M YoY+125.6%	-1.88B YoY+49.7%
Depreciation & amortization	1.72B YoY+7.4%	1.60B YoY+10.0%	1.46B YoY+3.4%	1.41B YoY+8.8%	1.29B YoY+1.1%
Share-based compensation	175M YoY-34.5%	267M YoY+111.9%	126M YoY+250.0%	36.0M YoY-43.8%	64.0M YoY+60.9%
Deferred income taxes	18.0M	—	—	—	—
Change in inventory	0.00 YoY-100.0%	17.0M YoY-29.2%	24.0M YoY-67.6%	74.0M YoY+111.4%	35.0M YoY+229.3%
Change in payables	27.0M YoY-77.5%	120M YoY-3.2%	124M YoY+65.3%	75.0M YoY-60.3%	189M YoY+241.2%
	-5.01B YoY-45.4%	-3.45B YoY+12.2%	-3.92B YoY-31.3%	-2.99B YoY-39.3%	-2.15B YoY+1.5%
Capital expenditure	5.23B YoY+60.0%	3.27B YoY-16.1%	3.90B YoY+43.8%	2.71B YoY+21.5%	2.23B YoY+13.5%
Proceeds from sale of PP&E	—	—	13.0M	0.00 YoY-100.0%	176M YoY+533.2%
Other investing activities	-21.0M YoY-261.5%	13.0M YoY+181.3%	-16.0M YoY-128.6%	-7.00M YoY-131.8%	22.0M YoY+35.4%
	-1.02B YoY+47.0%	-1.92B YoY+3.6%	-1.99B YoY-214.5%	1.74B YoY-42.7%	3.04B YoY-67.5%
Long-term debt issued	4.67B YoY-54.7%	10.3B YoY+35.0%	7.64B YoY-21.9%	9.79B YoY+119.0%	4.47B YoY-67.0%
Long-term debt repaid	3.53B YoY-69.7%	11.7B YoY+21.8%	9.57B YoY+23.8%	7.73B YoY+236.5%	2.30B YoY-40.3%
Common stock repurchased	1.16B	0.00	0.00	—	0.00
Dividends paid	824M YoY+670.1%	107M	0.00	0.00	0.00 YoY-100.0%
Other financing activities	-52.0M YoY+8.8%	-57.0M YoY-1800.0%	-3.00M YoY+81.3%	-16.0M	0.00 YoY+100.0%
FX effect on cash	2.00M YoY+133.3%	-6.00M YoY-700.0%	1.00M YoY+150.0%	-2.00M YoY-175.1%	-727K YoY-162.3%
Net change in cash	437M YoY+500.9%	-109M YoY+92.4%	-1.44B YoY-87.5%	-767M YoY+21.9%	-982M YoY-128.5%
Interest paid	864M YoY-28.6%	1.21B YoY-16.1%	1.44B YoY+50.2%	960M YoY+15.1%	834M YoY+99.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	76.1B YoY+22.6%	62.0B YoY+86.9%	33.2B YoY+163.0%	12.6B YoY-35.6%	19.6B YoY+16.9%
P/E	17.8× YoY-17.3%	21.6× YoY-40.2%	36.1×	—	—
P/S	4.2× YoY+12.7%	3.8× YoY+49.4%	2.5× YoY+44.2%	1.7× YoY-86.3%	12.8× YoY+68.6%
P/B	7.6× YoY-7.6%	8.2× YoY+9.4%	7.5× YoY+90.7%	3.9× YoY+2.1%	3.9× YoY+101.4%
P/FCF	61.5× YoY+98.1%	31.1× YoY+128.6%	13.6×	—	—
Earnings yield	5.6% YoY+21.0%	4.6% YoY+67.3%	2.8%	—	—
FCF yield	1.6% YoY-49.5%	3.2% YoY-56.2%	7.4%	—	—
Dividend yield	1.3% YoY+204.7%	0.4%	0.0%	0.0%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: RCL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all RCL filings on SEC EDGAR → Not investment advice.

RCL▼ financial statements

About this data

financial statements