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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%
Market cap
$74.9B
P/E
17.1×
Fwd P/E
16.3×
Dividend yield
1.98%
F-score
7/9
Altman Z
2.18
Beneish M
−2.86
Dividend safety
57/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Royal Caribbean Cruises Ltd. (RCL) Gross margin

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Royal Caribbean Cruises Ltd.'s gross margin over the twelve months to 30 June 2026 was 49.1%, down 0.3 percentage points from fiscal 2025 (49.4%). Over the past ten years it has ranged from −78.8% (fiscal 2021) to 49.4% (fiscal 2025) — the current reading is the highest in ten years. That is below the Travel Services industry median of 76.8% and above the Consumer Cyclical sector median of 35.0%.

Gross margin, annual

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Annual newest first

Period Gross margin Change (points)
FY2025 49.4% 1.85
FY2024 47.5% 3.45
FY2023 44.1% 18.90
FY2022 25.2% 103.95
FY2021 −78.8% (53.60)
FY2020 −25.2% (69.83)
FY2019 44.6% 0.07
FY2018 44.6% 0.35
FY2017 44.2% 3.25
FY2016 41.0% 2.42

Quarterly newest first

Period Gross margin Change (points)
Jun 2026 47.3% (2.24)
Mar 2026 49.5% 2.17
Dec 2025 47.4% (4.38)
Sep 2025 51.7% 2.05
42 more quarters

Against its own ten years

Low −78.8% High 49.4%
Ten-year median 44.1%
Current reading's percentile 95

Gross margin against peers

Company Gross margin
BKNG Booking Holdings Inc. compare 100.0%
EXPE Expedia Group, Inc. compare 90.4%
ABNB Airbnb, Inc. compare 82.9%
TCOM Trip.com Group Limited Sponsored ADR compare 80.1%
MMYT MakeMyTrip Limited compare 76.8%
RCL Royal Caribbean Cruises Ltd. 49.1%
VIK Viking Holdings Ltd. compare 43.2%
NCLH Norwegian Cruise Line Holdings Ltd. compare 42.5%
CCL Carnival Corporation compare 39.5%
Travel Services industry median 76.8%
Consumer Cyclical sector median 35.0%
Market median 46.2%

What Gross margin is

Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.

Gross Profit ÷ Revenue

The full definition of Gross margin →

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