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Friday 6 November 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.

Revenue
+8.80%
EPS
+11.6%
Free cash flow
+194.7%
Total debt
+10.2%

Quarter to September 2026, against a year earlier

325.65 2.92 +0.90%
Market cap
$86.3B
P/E
19.0×
Fwd P/E
17.4×
Dividend yield
1.70%
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
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Royal Caribbean Cruises Ltd. (RCL) Debt to equity

Alert me on Debt to equity

Royal Caribbean Cruises Ltd.'s debt to equity at the end of the quarter to 30 September 2026 was 1.9×, down 0.2× from fiscal 2025 (2.1×). Over the past ten years it has ranged from 0.7× (fiscal 2017) to 8.2× (fiscal 2022); the current reading is higher than 55% of that period. That is above the Travel Services industry median of 0.2× and above the Consumer Cyclical sector median of 0.2×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 2.1× (19.73%)
FY2024 2.6× (40.73%)
FY2023 4.4× (46.29%)
FY2022 8.2× 96.60%
FY2021 4.1× 87.97%
FY2020 2.2× 143.20%
FY2019 0.9× (6.52%)
FY2018 1.0× 37.76%
FY2017 0.7× (31.55%)
FY2016 1.0× (2.69%)

Quarterly newest first

Period Debt to equity Change
Sep 2026 1.9× (14.04%)
Jun 2026 2.2× 3.68%
Mar 2026 2.1× 1.06%
Dec 2025 2.1× 5.71%
43 more quarters

Against its own ten years

Low 0.7× High 8.2×
Ten-year median 2.1×
Current reading's percentile 55

Debt to equity against peers

Company Debt to equity
MMYT MakeMyTrip Limited compare −18.1×
BKNG Booking Holdings Inc. compare −1.9×
TCOM Trip.com Group Limited Sponsored ADR compare 0.2×
ABNB Airbnb, Inc. compare 0.3×
CCL Carnival Corporation compare 1.7×
EXPE Expedia Group, Inc. compare 1.9×
RCL Royal Caribbean Cruises Ltd. 1.9×
VIK Viking Holdings Ltd. compare 3.7×
NCLH Norwegian Cruise Line Holdings Ltd. compare 4.8×
Travel Services industry median 0.2×
Consumer Cyclical sector median 0.2×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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