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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. 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.

282.26 0.85 +0.30%
Market cap
$75.3B
P/E
17.3×
Fwd P/E
16.3×
Dividend yield
1.95%
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

Insider Decisions trades per month

Total sells 631.04
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — 10 — — — — 1 — — —
Insider Ownership 6.70%

Capital & Financial Ratios $m

Market Cap 75,260.00
Revenue 18,682.00
Net Income 4,427.00
Free Cash Flow (416.00)
Net Debt 21,961.00
Current Ratio 0.21 (below 1: weak)
Debt/Equity 2.18 (above 2: weak)
P/E ratio 17.35
Fwd P/E 16.30
P/S ratio 4.05
P/B ratio 7.23 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 13.67%
Next Y EPS Growth 14.29%
Next Y revenue growth (93.45%) (below 0%: weak)
Next 5Y EPS Growth 14.20%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.2×, 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 56.75%
10-year low 10-year high
P/S against its own 10 years 75.92%
10-year low 10-year high
P/B against its own 10 years 83.09%
10-year low 10-year high
EV/Sales against its own 10 years 70.64%
10-year low 10-year high

Dividends

Payout Ratio 0.34
Annual Dividend Rate 5.50
Annual Dividend Yield 1.95%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.33
1.50
1.50
1.50
2025 0.19
0.75
0.75
1.00
1.00
2024 0.95
0.40
0.55
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 0.78
0.78
2019 2.96
0.70
0.70
0.78
0.78
2018 2.60
0.60
0.60
0.70
0.70
2017 2.16
0.48
0.48
0.60
0.60
2016 1.71
0.38
0.38
0.48
0.48
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 64.21 82.72 89.48 91.88 19.25 64.20 31.09 48.68 113.10 164.01

Analyst estimates 2026–2028

Powerpack
High 99.81 133.75 135.65 134.60 135.32 99.24 90.55 130.97 258.70 366.50
People
People Employees 66,100 66,100 77,100 85,400 85,000 85,000 102,500 98,200 106,000 108,000
Revenue/emp, $m 0.13 0.13 0.12 0.13 0.03 0.02 0.09 0.14 0.16 0.17
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
Gross margin, % 40.97 44.22 44.57 44.64 (25.19) (78.79) 25.16 44.06 47.51 49.36
EBT 1,283 1,625 1,816 1,908 (5,775) (5,260) (2,156) 1,711 2,941 4,373
EBT margin, % 15.11 18.51 19.13 17.42 (261.46) (343.34) (24.39) 12.31 17.84 24.38
Net income 1,283 1,625 1,816 1,908 (5,775) (5,260) (2,156) 1,704 2,896 4,291
Depreciation 948 997 1,087 1,310 1,435 1,542 1,570 1,564 1,698 1,815
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
Earnings 5.96 7.57 8.60 8.97 (27.05) (20.89) (8.45) 6.63 11.00 15.75
Cash flow 11.68 13.39 16.52 17.75 (17.41) (7.45) 1.89 17.49 20.17 23.86
Capex (11.58) (1.56) (17.38) (14.44) (9.04) (8.15) (10.63) (15.22) (12.52) (19.30)
Free cash flow 0.10 11.84 (0.86) 3.30 (26.45) (15.60) (8.74) 2.27 7.65 4.56
Book value 42.35 49.87 52.74 58.09 40.87 20.18 11.25 19.14 29.64 37.80
Shares, m 215 215 211 209 214 252 255 256 261 271
Valuation, ×
Valuation, × P/E 14.03 15.88 11.34 14.88 0.00 0.00 0.00 18.12 20.97 17.73
P/S 2.13 2.94 2.17 2.55 7.25 12.65 1.41 2.21 3.65 4.21
P/B 1.98 2.41 1.85 2.30 1.83 3.81 4.33 6.28 7.78 7.38
EV/Sales 3.22 3.79 3.27 3.54 14.33 24.65 3.83 3.72 4.85 5.36
EV/FCF 1,223.62 13.09 (171.83) 56.02 (5.58) (9.61) (15.20) 89.16 40.01 77.76
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
Capex (2,494) (334) (3,660) (3,025) (1,937) (2,054) (2,710) (3,897) (3,268) (5,229)
Free cash flow 22 2,540 (181) 692 (5,669) (3,932) (2,229) 580 1,997 1,236
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)
Total debt 9,387 7,539 10,778 11,035 19,329 21,090 23,391 21,452 20,076 21,345
Net debt 9,255 7,419 10,490 10,791 15,645 18,389 21,456 20,955 19,688 20,520
Shareholders’ equity 9,121 10,702 11,105 12,164 8,761 5,086 2,869 4,899 7,735 10,245
Returns, %
Returns, % ROA 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
ROE 14.94 16.40 16.61 16.15 (55.41) (75.98) (54.21) 43.69 45.54 47.47
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $120.2B 17.7× 15.9× +8.15% (above 0%: growing) +130.57% (above 0%: growing) +16.13% (above 0%: growing) 100.00% 34.00% Compare
ABNB Airbnb, Inc. $97.7B 37.2× 26.3× +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. $75.3B 17.3× 16.3× +6.48% (above 0%: growing) −5.39% (below 0%: shrinking) −196.37% (below 0%: shrinking) 47.29% 27.07%
VIK Viking Holdings Ltd. $36.4B 26.9× 27.3× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
CCL Carnival Corporation $35.1B 11.4× 12.3× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $32.4B 16.4× 14.4× +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 $24.7B 7.5× 12.8× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $7.1B 9.3× 12.6× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76% Compare
MMYT MakeMyTrip Limited $4.1B 128× 82.6× +6.22% (above 0%: growing) −60.87% (below 0%: shrinking) −36.17% (below 0%: shrinking) 74.55% 15.30% Compare
Median of peers $33.8B 17.0× 15.2× +9.77% +33.33% +6.44% 77.18% 19.78%

All 18 Travel Services stocks →

RCL metrics, ten years each

Royal Caribbean Cruises Ltd. (RCL) key facts

  • Strength: Royal Caribbean Cruises Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $17.9 billion, up 8.80% from fiscal 2024.
  • Strength: Net income was $4.3 billion, or $15.75 per share (basic), a net margin of 23.8%.
  • Royal Caribbean Cruises Ltd. (RCL) is a Travel Services company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, RCL traded at $282.26, a market capitalization of $75.3 billion.
  • At that price the stock trades at 17.3× trailing-twelve-month earnings and 4.0× sales; its P/E is higher than 57% of its own readings over the past ten years.
  • Royal Caribbean Cruises Ltd. pays an annual dividend of $5.50 per share, a yield of 1.95%, with a payout ratio of 34.0%.
  • Return on equity was 47.5% and debt-to-equity 2.18.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.18 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Royal Caribbean Cruises Ltd. (RCL) Latest News

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