Royal Caribbean Cruises Ltd
NYSE: RCL · CONSUMER CYCLICAL · TRAVEL SERVICES
Updated 2026-06-05
Royal Caribbean Cruises Ltd (RCL) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $5.23B | $633.92M | 37.86% | 16.42% | 12.12% |
| 2007 | $6.15B | $603.40M | 35.25% | 14.66% | 9.81% |
| 2008 | $6.53B | $573.72M | 32.59% | 12.74% | 8.78% |
| 2009 | $5.89B | $162.42M | 30.88% | 8.29% | 2.76% |
| 2010 | $6.75B | $515.65M | 33.98% | 11.89% | 7.64% |
| 2011 | $7.54B | $607.42M | 34.42% | 12.36% | 8.06% |
| 2012 | $7.69B | $18.29M | 32.92% | 5.24% | 0.24% |
| 2013 | $7.96B | $473.69M | 33.35% | 10.03% | 5.95% |
| 2014 | $8.07B | $764.15M | 34.28% | 11.67% | 9.46% |
| 2015 | $8.30B | $665.78M | 38.55% | 10.54% | 8.02% |
| 2016 | $8.50B | $1.28B | 40.97% | 17.39% | 15.11% |
| 2017 | $8.78B | $1.63B | 44.22% | 19.87% | 18.51% |
| 2018 | $9.49B | $1.81B | 44.57% | 19.96% | 19.08% |
| 2019 | $10.95B | $1.88B | 44.64% | 19.02% | 17.16% |
| 2020 | $2.21B | $-5.80B | -25.19% | -208.33% | -262.47% |
| 2021 | $1.53B | $-5.26B | -78.79% | -252.61% | -343.34% |
| 2022 | $8.84B | $-2.16B | 25.16% | -8.67% | -24.39% |
| 2023 | $13.90B | $1.70B | 44.06% | 20.71% | 12.21% |
| 2024 | $16.48B | $2.88B | 47.52% | 24.91% | 17.45% |
| 2025 | $17.93B | $4.27B | 46.84% | 27.37% | 23.82% |
Frequently asked questions
What is Royal Caribbean Cruises Ltd's revenue?
Royal Caribbean Cruises Ltd's trailing twelve-month revenue is $18.39B, and consensus projects about $26.20B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is RCL?
In its most recent fiscal year, RCL ran a gross margin of 46.84%, an operating margin of 27.37%, and a net margin of 23.82%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does RCL generate?
RCL produced $1.24B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is RCL's balance sheet healthy?
RCL holds $825.00M in cash and equivalents against $18.16B in long-term debt, on $10.04B of shareholder equity. That debt is best read against the cash flow the business throws off each year.