Saturday 17 October 2026
Export RCL’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 6.48%, EPS fell 5.39%, free cash flow fell 196.4% and total debt rose 20.1%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, revenue growth for three, operating cash flow growth for five.
277.68
2.33
−0.83%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
14.03 | 15.88 | 11.34 | 14.88 | 0.00 | 0.00 | 0.00 | 18.12 | 20.97 | 17.73 |
Piotroski F-Score |
6 | 8 | 5 | 6 | 2 | 2 | 5 | 7 | 7 | 7 |
P/S ratio |
2.13 | 2.94 | 2.17 | 2.55 | 7.25 | 12.65 | 1.41 | 2.21 | 3.65 | 4.21 |
Altman Z-Score |
1.70 | 2.32 | 1.58 | 1.78 | 0.24 | (0.04) | 0.17 | 1.06 | 1.88 | 2.18 |
Altman Z″-Score (non-manufacturers) |
1.23 | 1.65 | 0.98 | 0.93 | (0.05) | (1.33) | (1.26) | (0.70) | (0.18) | 0.05 |
P/FCF ratio |
809.11 | 10.17 | 0.00 | 40.42 | 0.00 | 0.00 | 0.00 | 53.03 | 30.15 | 61.15 |
P/Operating CF |
35.03 | 61.52 | 28.12 | 45.89 | (19.40) | (94.42) | 21.57 | 27.56 | 41.04 | 46.57 |
Beneish M-Score |
(2.52) | (2.59) | (2.61) | (2.75) | — | — | (1.35) | (2.95) | (2.82) | (2.86) |
P/B ratio |
1.98 | 2.41 | 1.85 | 2.30 | 1.83 | 3.81 | 4.33 | 6.28 | 7.78 | 7.38 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 57 |
Price to Tangible BV |
2.05 | 2.48 | 2.12 | 2.59 | 2.01 | 4.53 | 6.03 | 7.52 | 8.69 | 8.01 |
EV/Sales |
3.22 | 3.79 | 3.27 | 3.54 | 14.33 | 24.65 | 3.83 | 3.72 | 4.85 | 5.36 |
EV/EBITDA |
11.27 | 12.13 | 10.42 | 11.42 | 0.00 | 0.00 | 42.14 | 11.64 | 13.76 | 14.29 |
EV/Operating CF |
10.86 | 11.57 | 8.93 | 10.43 | (8.48) | (20.11) | 70.43 | 11.55 | 15.18 | 14.87 |
EV/FCF |
1,223.62 | 13.09 | (171.83) | 56.02 | (5.58) | (9.61) | (15.20) | 89.16 | 40.01 | 77.76 |
Quick Ratio |
0.10 | 0.09 | 0.09 | 0.07 | 0.87 | 0.43 | 0.29 | 0.10 | 0.08 | 0.09 |
Current Ratio |
0.17 | 0.19 | 0.17 | 0.15 | 0.95 | 0.49 | 0.37 | 0.19 | 0.17 | 0.18 |
Net Debt/EBITDA |
3.82 | 2.71 | 3.52 | 3.18 | (4.94) | (7.90) | 26.69 | 4.72 | 3.39 | 3.05 |
Debt/Assets |
42.08% | 33.72% | 38.91% | 36.39% | 59.54% | 65.38% | 69.25% | 61.06% | 54.16% | 51.29% |
Debt/Equity |
1.03 | 0.70 | 0.97 | 0.91 | 2.21 | 4.15 | 8.15 | 4.38 | 2.60 | 2.08 |
Asset Turnover |
0.39 | 0.39 | 0.38 | 0.38 | 0.07 | 0.05 | 0.27 | 0.40 | 0.46 | 0.46 |
Operating CF/Net income |
1.96 | 1.77 | 1.92 | 1.98 | 0.64 | 0.36 | (0.22) | 2.64 | 1.83 | 1.51 |
Capex/Depreciation |
(2.63) | (0.34) | (3.37) | (2.31) | (1.35) | (1.33) | (1.73) | (2.49) | (1.92) | (2.88) |
Interest Coverage |
4.81 | 5.81 | 5.68 | 5.10 | (5.45) | (3.00) | (0.56) | 2.05 | 2.58 | 4.95 |
| 14.94% | 16.40% | 16.61% | 16.15% | (55.41%) | (75.98%) | (54.21%) | 43.69% | 45.54% | 47.47% | |
| 5.96% | 7.28% | 7.24% | 6.48% | (18.47%) | (16.25%) | (6.53%) | 4.93% | 7.97% | 10.85% | |
ROIC |
5.02% | 6.02% | 5.48% | 5.67% | (11.78%) | (10.30%) | (1.97%) | 6.96% | 9.36% | 9.98% |
Return on Tangible Assets |
7.79% | 10.29% | 10.29% | 10.06% | (23.17%) | (23.67%) | (9.72%) | 7.54% | 12.13% | 16.51% |
Average Days of Receivables |
12.54 | 13.25 | 12.48 | 10.19 | 46.96 | 97.22 | 21.92 | 10.63 | 8.21 | 6.45 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
13.05% | 13.51% | 13.73% | 14.24% | 54.31% | 89.43% | 17.91% | 12.89% | 12.89% | 12.39% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.05 | 0.05 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 |
Share Based Compensation of Revenue |
0.38% | 0.79% | 0.49% | 0.69% | 1.80% | 4.18% | 0.41% | 0.91% | 1.62% | 0.98% |
Graham Net Nets |
(0.69) | (0.42) | (0.75) | (0.61) | (1.21) | (1.22) | (2.23) | (0.92) | (0.46) | (0.39) |
Graham Number |
75.48 | 92.22 | 101.14 | 108.28 | 0.00 | 0.00 | 0.00 | 53.43 | 85.64 | 115.67 |
Earnings Yield |
7.13% | 6.30% | 8.81% | 6.72% | (36.31%) | (27.14%) | (17.37%) | 5.52% | 4.77% | 5.64% |
Free Cash Flow Yield |
0.12% | 9.83% | (0.88%) | 2.47% | (35.41%) | (20.29%) | (17.95%) | 1.89% | 3.32% | 1.64% |
Revenue per Share |
39.45 | 40.90 | 45.09 | 52.29 | 10.31 | 6.08 | 34.67 | 54.30 | 63.16 | 66.18 |
Operating CF per Share |
11.68 | 13.39 | 16.52 | 17.75 | (17.41) | (7.45) | 1.89 | 17.49 | 20.17 | 23.86 |
Capex per Share |
(11.58) | (1.56) | (17.38) | (14.44) | (9.04) | (8.15) | (10.63) | (15.22) | (12.52) | (19.30) |
Free Cash Flow per Share |
0.10 | 11.84 | (0.86) | 3.30 | (26.45) | (15.60) | (8.74) | 2.27 | 7.65 | 4.56 |
Cash per Share |
0.62 | 0.56 | 1.37 | 1.16 | 17.19 | 10.72 | 7.59 | 1.94 | 1.49 | 3.04 |
Shareholders Equity per Share |
42.35 | 49.87 | 52.74 | 58.09 | 40.87 | 20.18 | 11.25 | 19.14 | 29.64 | 37.80 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
42.35 | 49.87 | 52.74 | 58.09 | 40.87 | 20.18 | 11.25 | 19.14 | 29.64 | 37.80 |
Free Cash Flow |
22.33 | 2,540.43 | (180.89) | 691.70 | (5,668.99) | (3,932.00) | (2,229.00) | 580.00 | 1,997.00 | 1,236.00 |
Working Capital |
(3,693.30) | (3,947.24) | (5,870.12) | (6,790.27) | (225.37) | (3,685.41) | (5,368.00) | (7,609.00) | (8,112.00) | (9,844.00) |
Capital Expenditures |
(2,494.36) | (334.14) | (3,660.03) | (3,024.66) | (1,937.33) | (2,054.00) | (2,710.00) | (3,897.00) | (3,268.00) | (5,229.00) |
Net Current Asset Value |
(12,440.60) | (10,750.98) | (15,350.77) | (16,993.81) | (19,392.77) | (23,572.53) | (27,702.00) | (28,440.00) | (27,630.00) | (29,163.00) |
EV/EBIT |
18.49 | 19.07 | 16.40 | 18.61 | 0.00 | 0.00 | 0.00 | 17.97 | 19.45 | 19.57 |
Capex to Sales |
0.29 | 0.04 | 0.39 | 0.28 | 0.88 | 1.34 | 0.31 | 0.28 | 0.20 | 0.29 |
Price to Operating Income |
12.23 | 14.81 | 10.87 | 13.42 | 0.00 | 0.00 | 0.00 | 10.69 | 14.66 | 15.39 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 |
Cash ROIC |
0.12% | 13.84% | (0.82%) | 2.95% | (17.84%) | (13.62%) | (7.91%) | 2.16% | 7.08% | 3.81% |
Accounts Receivable Turnover |
32.01 | 28.75 | 29.52 | 34.75 | 7.49 | 4.43 | 18.83 | 29.70 | 42.48 | 52.14 |
Accounts Payable Turnover |
16.52 | 14.72 | 12.41 | 11.53 | 6.03 | 6.09 | 11.09 | 10.81 | 10.11 | 9.70 |
Inventory Turnover |
42.61 | 43.43 | 39.72 | 38.41 | 19.69 | 20.37 | 35.36 | 32.94 | 33.73 | 34.34 |
Average Days of Payables |
22.22 | 26.84 | 33.86 | 33.94 | 46.65 | 72.76 | 35.69 | 37.18 | 38.77 | 38.30 |
Days of Inventory on Hand |
8.30 | 8.30 | 10.65 | 9.76 | 15.67 | 20.02 | 12.36 | 11.64 | 11.18 | 10.61 |
Average Receivables |
265.44 | 305.27 | 321.57 | 315.16 | 294.99 | 346.11 | 469.53 | 468.00 | 388.00 | 344.00 |
Average Payables |
303.69 | 332.71 | 424.16 | 525.96 | 458.56 | 449.70 | 596.49 | 719.50 | 855.50 | 936.00 |
Average Inventory |
117.71 | 112.74 | 132.48 | 157.84 | 140.41 | 134.46 | 187.11 | 236.00 | 256.50 | 264.50 |
Average Assets |
21,546.18 | 22,335.63 | 25,029.60 | 29,009.28 | 31,392.74 | 32,361.78 | 33,017.18 | 34,453.50 | 36,100.50 | 39,344.50 |
Average Common Equity |
8,592.23 | 9,911.86 | 10,903.88 | 11,634.66 | 10,462.26 | 6,923.11 | 3,977.28 | 3,884.00 | 6,317.00 | 8,990.00 |
Columns are period end dates