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Royal Caribbean Cruises Ltd.

RCL Consumer Cyclical Travel Services

Royal Caribbean Cruises Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $17.9 billion, up 8.80% from fiscal 2024.

Revenue
+6.48%
EPS
−5.39%
Free cash flow
−196.4%
Total debt
+20.1%

Quarter to June 2026, against a year earlier

307.18 3.36 −1.08%
Market cap
$83.1B
P/E
18.9×
Fwd P/E
17.4×
Dividend yield
1.79%
F-score
7/9
Altman Z
2.18
Beneish M
−2.86
Dividend safety
57/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Filings

Insider Decisions last twelve months

Sold, $m 631.04
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — 10 — — — — 1 — — —
Insider Ownership 6.71%

Capital & Financial Ratios $m

Size
Market Cap 83,060.00
Revenue ttm 18,682.00
Net income ttm 4,427.00
Free cash flow ttm (416.00)
Net debt Q 21,961.00
Valuation
P/E 18.87
Forward P/E 17.40
Price / sales 4.40
Forward P/S Powerpack
Price / FCF 0.00
Price / book 7.86 (above 6: high)
Financial health
Current ratio Q 0.21 (below 1: weak)
Debt / equity Q 2.18 (above 2: weak)
Interest coverage Q 5.54
Growth
Revenue growth Q +6.48% (above 0%: growing)
Operating income growth Q −1.65% (below 0%: shrinking)
EPS, this year +14.32%
EPS, next year A +13.88%
Revenue, next year A −93.44% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +13.98%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.6×, against a ten-year median of 4.0×; over the ten years it ranged from 1.8× in 2020 to 412× in 2021.
P/E against its own 10 years 66.44%
10-year low 10-year high
P/S against its own 10 years 80.87%
10-year low 10-year high
P/B against its own 10 years 90.67%
10-year low 10-year high
EV/Sales against its own 10 years 75.98%
10-year low 10-year high

Dividends

Yield
1.79%
Annual rate
5.50
Payout ratio
34.0%
Growth, 2016–24
−7.08%/yr
  1. 1.71 ’16
  2. 2.16 ’17 +26%
  3. 2.60 ’18 +20%
  4. 2.96 ’19 +14%
  5. 0.78 ’20 −74%
  6. 0.95 ’24 +22%
  7. 0.19 ’25e −80%
  8. 0.33 ’26e +73%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 497 388 825 875
Receivables 405 371 317 441
Inventory 248 265 264 267
Other 25 11 115 47
1,792 1,705 2,211 2,433
2023 2024 2025 Q'26
Payables 792 919 953 1,093
ST’ Debt 1,720 1,603 3,180 1,573
Other 5,346 5,586 5,806 6,753
9,401 9,817 12,055 11,655

Compound Annual Growth %

10y 5y 3y
Sales 8.01% 52.02% 26.59%
Cash Flow 12.75% 0.00% 137.76%
Earnings 20.42% 0.00% 0.00%
Book Value 2.42% 3.18% 52.85%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 6.38 Actual 6.57

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.81 2.80 Miss by 0.01
Q1 FY26 3.20 3.60 Beat by 0.40
Q2 FY26 3.97 4.21 Beat by 0.24
Q3 FY26 6.38 6.57 Beat by 0.19
Q4 FY26 3.59 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.48 4.20 — — —
’25 2.70 4.41 5.74 2.76 15.61
’24 1.35 3.11 4.21 2.02 10.94
’23 (0.19) 1.70 3.65 1.06 6.31
’22 (4.58) (2.05) 0.13 (1.96) (8.45)
’21 (4.66) (5.29) (5.59) (5.33) (20.89)
’20 (6.91) (7.83) (6.29) (6.09) (27.05)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,452 4,832 — — —
’25 3,999 4,538 5,139 4,259 17,935
’24 3,728 4,110 4,886 3,760 16,484
’23 2,886 3,523 4,160 3,331 13,900
’22 1,059 2,184 2,993 2,603 8,840
’21 42 51 457 982 1,532
’20 2,033 176 (34) 34 2,209
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,834 1,860 — — —
’25 1,627 1,746 1,469 1,623 6,465
’24 1,328 1,573 897 1,467 5,265
’23 1,310 1,392 659 1,116 4,477
’22 (529) 479 (45) 576 481
’21 (809) (460) (403) (205) (1,878)
’20 199 (2,248) (857) (825) (3,732)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,334 (877) — — —
’25 1,199 910 (989) 116 1,236
’24 1,086 (567) 563 915 1,997
’23 1,058 596 378 (1,452) 580
’22 (1,892) (476) (270) 409 (2,229)
’21 (1,695) (685) (771) (780) (3,932)
’20 (1,049) (2,387) (1,044) (1,189) (5,669)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,496 8,778 9,494 10,951 2,209 1,532 8,840 13,900 16,484 17,935 18,682 +8.7% 1,176 1,263 1,376 (57.5%)
Gross margin, % 40.97 44.22 44.57 44.64 (25.19) (78.79) 25.16 44.06 47.51 49.36 49.06 +8.4 pt
EBT 1,283 1,625 1,816 1,908 (5,775) (5,260) (2,156) 1,711 2,941 4,373 4,516 +14.6%
EBT margin, % 15.11 18.51 19.13 17.42 (261.46) (343.34) (24.39) 12.31 17.84 24.38 24.17 +9.3 pt
Net income 1,283 1,625 1,816 1,908 (5,775) (5,260) (2,156) 1,704 2,896 4,291 4,427 +14.4%
Per share, $
Per share, $ Revenue 39.45 40.90 45.09 52.29 10.31 6.08 34.67 54.30 63.16 66.18 69.71 +5.9%
Earnings 5.96 7.57 8.60 8.97 (27.05) (20.89) (8.45) 6.63 11.00 15.75 16.27 +11.4%
Cash flow 11.68 13.39 16.52 17.75 (17.41) (7.45) 1.89 17.49 20.17 23.86 25.32 +8.3%
Capex (11.58) (1.56) (17.38) (14.44) (9.04) (8.15) (10.63) (15.22) (12.52) (19.30) (26.87) +5.8%
Free cash flow 0.10 11.84 (0.86) 3.30 (26.45) (15.60) (8.74) 2.27 7.65 4.56 (1.55) +52.3%
Book value 42.35 49.87 52.74 58.09 40.87 20.18 11.25 19.14 29.64 37.80 39.03 (1.3%)
Shares, m 215 215 211 209 214 252 255 256 261 271 270 +2.6%
Valuation, ×
Valuation, × P/E 14.03 15.88 11.34 14.88 0.00 0.00 0.00 18.12 20.97 17.73 18.87 11.3
P/S 2.13 2.94 2.17 2.55 7.25 12.65 1.41 2.21 3.65 4.21 4.40 4.1
P/B 1.98 2.41 1.85 2.30 1.83 3.81 4.33 6.28 7.78 7.38 7.86 4.0
EV/Sales 3.22 3.79 3.27 3.54 14.33 24.65 3.83 3.72 4.85 5.36 5.58 7.1
EV/FCF 1,223.62 13.09 (171.83) 56.02 (5.58) (9.61) (15.20) 89.16 40.01 77.76 (250.56) 129.7
Cash, $m
Cash, $m Operating cash flow 2,517 2,875 3,479 3,716 (3,732) (1,878) 481 4,477 5,265 6,465 6,786 +11.1%
Capex (2,494) (334) (3,660) (3,025) (1,937) (2,054) (2,710) (3,897) (3,268) (5,229) (7,202) +8.6%
Free cash flow 22 2,540 (181) 692 (5,669) (3,932) (2,229) 580 1,997 1,236 (416) +56.2%
Balance, $m
Balance, $m Working capital (3,693) (3,947) (5,870) (6,790) (225) (3,685) (5,368) (7,609) (8,112) (9,844) (9,222) +11.5%
Net debt 9,255 7,419 10,490 10,791 15,645 18,389 21,456 20,955 19,688 20,520 21,961 +9.3%
Shareholders’ equity 9,121 10,702 11,105 12,164 8,761 5,086 2,869 4,899 7,735 10,245 10,461 +1.3%
Returns, %
Returns, % ROA 5.96 7.28 7.24 6.48 (18.47) (16.25) (6.53) 4.93 7.97 10.85 10.57 +4.9 pt
ROIC 5.02 6.02 5.48 5.67 (11.78) (10.30) (1.97) 6.96 9.36 9.98 9.84 +5.0 pt
ROE 14.94 16.40 16.61 16.15 (55.41) (75.98) (54.21) 43.69 45.54 47.47 44.37 +32.5 pt
People
People Employees 66,100 66,100 77,100 85,400 85,000 85,000 102,500 98,200 106,000 108,000 — +5.6%
Revenue/emp, $m 0.13 0.13 0.12 0.13 0.03 0.02 0.09 0.14 0.16 0.17 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Royal Caribbean Cruises is a vacation company that sells cruise vacations through Royal Caribbean, Celebrity Cruises and Silversea. Royal Caribbean serves contemporary family and premium travelers; Celebrity Cruises is aimed at the premium market; and Silversea offers ultra-luxury and expedition travel. Its ships provide lodging, meals, entertainment, activities, shore excursions and visits to destinations as part of a vacation.

The company also owns a 50% interest in TUI Cruises GmbH, which operates TUI Cruises and Hapag-Lloyd Cruises for the German market. Royal Caribbean Cruises and TUI AG each own 50% of that venture, which is accounted for under the equity method.

Royal Caribbean Cruises Ltd. vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BKNG Booking Holdings Inc. $113.0B 16.3× 14.1× +8.15% (above 0%: growing) +130.57% (above 0%: growing) +16.13% (above 0%: growing) 100.00% 34.00% Compare
ABNB Airbnb, Inc. $99.7B 36.8× 30.9× +16.54% (above 0%: growing) +32.69% (above 0%: growing) +30.26% (above 0%: growing) 82.46% 21.01% Compare
RCL Royal Caribbean Cruises Ltd. $83.1B 18.9× 17.4× +6.48% (above 0%: growing) −5.39% (below 0%: shrinking) −196.37% (below 0%: shrinking) 47.29% 27.07%
VIK Viking Holdings Ltd. $40.0B 29.0× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
CCL Carnival Corporation $38.8B 12.5× 13.1× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $33.9B 17.1× 15.2× +13.97% (above 0%: growing) +179.69% (above 0%: growing) +38.87% (above 0%: growing) 90.66% 18.54% Compare
TCOM Trip.com Group Limited Sponsored ADR $25.1B 7.4× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.4B 10.5× 11.1× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76% Compare
TNL Travel + Leisure Co. $4.3B 19.1× 10.4× +4.42% (above 0%: growing) +7.36% (above 0%: growing) 0.00% 51.18% 19.76% Compare
Median of peers $36.4B 16.7× 14.6× +9.77% +33.33% +8.07% 65.50% 20.39%

All 17 Travel Services stocks →

From the latest earnings call

Updated

  • Jason Liberty said Royal Caribbean’s 2026 and 2027 book position was in line with prior years at record pricing, while onboard spending and pre-cruise purchases exceeded prior years.
  • Naftali Holtz said the company expects full-year net yield growth of 1.75% to 2.25% alongside 6.6% capacity growth, while prolonged geopolitical activity reduced its yield outlook for select itineraries.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Oct 20, 2026 Target raised Buy 337.00 → 340.00
Citi Oct 12, 2026 Reiterated Buy —
Jefferies Oct 12, 2026 Upgrade Buy —
Bank of America Oct 2, 2026 Upgrade Hold → Buy —
JPMorgan Oct 2, 2026 Target raised Outperform 345.00 → 394.00
Deutsche Bank Sep 29, 2026 Upgrade Buy —

Royal Caribbean Cruises Ltd. (RCL) Latest News

30 Oct

Impact 3 · · StockStory

29 Oct

Impact 4 · · Business Wire
Impact 3 · · The Motley Fool
Impact 3 · · TIKR

28 Oct

Impact 4 · · Zacks
Impact 4 · · Trefis
Impact 4 · · Simply Wall St.
Impact 3 · · Insider Monkey
Impact 3 · · The Motley Fool

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · Moby
Impact 4 · · The Motley Fool
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Impact 4 · · StockStory
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks earnings
Impact 4 · · InvestorsHub
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Impact 4 · · Investopedia earnings
Impact 4 · · Investing.com
Impact 4 · · Associated Press earnings
Impact 4 · · PR Newswire earnings
Impact 4 · · CNW Group
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks

25 Oct

Impact 3 · · StockStory

24 Oct

Impact 4 · · 24/7 Wall St.

23 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Trefis

RCL metrics, ten years each

stockrow.com/RCL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com