A Business at a Glance
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ROYAL CARIBBEAN CRUISES LTD
RCL
$80.3B
Mkt Cap
$293.54
+3.57%
ROYAL CARIBBEAN CRUISES LTD (RCL) has a current P/E ratio of 18.8, compared to its historical median P/E of 14.9. The stock is currently considered Expensive based on its historical valuation range.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a 5-year average return on invested capital (ROIC) of 2.6%. This is below average and may indicate limited pricing power.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a market capitalization of $89.2B. It is classified as a large-cap stock.
Yes, ROYAL CARIBBEAN CRUISES LTD (RCL) pays a dividend with a trailing twelve-month yield of 1.06%. The company also returns capital through share buybacks, with a buyback yield of 1.97%.
Based on historical P/E analysis, ROYAL CARIBBEAN CRUISES LTD (RCL) appears expensive. The current P/E of 18.8 is 26% above its historical median of 14.9. The estimated fair value CAGR (P/E method) is 2.4%.
ROYAL CARIBBEAN CRUISES LTD (RCL) operates in the Water Transportation industry, within the Industrials sector.
Royal Caribbean Group is a global vacation industry leader operating three primary cruise brands—Royal Caribbean, Celebrity Cruises, and Silversea—alongside a 50% joint venture interest in TUI Cruises GmbH, which operates German brands TUI Cruises and Hapag-Lloyd Cruises. The company's combined fleet comprises 69 ships with approximately 179,720 berths offering itineraries to more than 1,000 destinations across all seven continents, supplemented by a growing portfolio of private land-based destinations including Perfect Day and Royal Beach Club collections. Royal Caribbean competes in the contemporary family and premium vacation segments, Celebrity Cruises targets the premium segment with upscale accommodations and elevated hospitality, and Silversea serves the ultra-luxury and expedition travel market with smaller ships and exotic itineraries; the company's competitive differentiation rests on fleet innovation, exceptional onboard service, private destination experiences, diverse global itineraries, and technology deployment. The business model centers on selling cruise vacations with varying lengths and price points across multiple brands to appeal to diverse consumer preferences, generating revenue from ticket sales and onboard spending, while the company strategically manages its brands as a unified business to maximize shareholder value. The company operates in well-established vacation markets in North America, Europe, and Australia, with developing opportunities in emerging markets such as Asia-Pacific, and benefits from industry tailwinds including low market penetration rates and growing consumer preference for experiences over goods.
【Strong demand momentum continuing】 Management expects another year of double-digit revenue and earnings growth in 2026, supported by a strong advance booking position and robust cash flow generation. The company anticipates net yield growth of 1.5%–3.5% driven by new ship deliveries, like-for-like hardware improvements, and strategic private destination investments, with yield growth expected to be higher in the second half of the year as new ships ramp and private destinations contribute. Management remains focused on cost discipline and operational efficiency, expecting net cruise costs excluding fuel to be flat to up 1%, while leveraging technology and AI to identify sustainable efficiencies without compromising guest experience. The company is advancing strategic initiatives including the expansion of private destinations—Royal Beach Club Cozumel expected to open in early 2028 and Perfect Day Mexico in late 2027—and the introduction of new ship classes designed to strengthen market leadership and drive long-term shareholder value creation.
| Metric | Target | Period |
|---|---|---|
| Revenue | double-digit growth year-over-year | FY2026 |
| Net Yield | 1.5%-3.5% | FY2026 |
| Adjusted Earnings Per Share | $17.70-$18.10 | FY2026 |
| Adjusted EBITDA | a little shy of $8 billion | FY2026 |
| Adjusted EBITDA Margin | just over 40% | FY2026 |
| Capital Expenditure | $5 billion | FY2026 |
| Fuel Expense | $1.17 billion | FY2026 |
| Net Cruise Costs ex-fuel | flat to up 1% | FY2026 |
| Capacity Growth | 6.7% | FY2026 |
Revenue (FY2026): “Revenue is expected to increase, double-digit year-over-year”
Net Yield (FY2026): “resulting in full-year net yield growth in the range of 1.5%-3.5%”
Adjusted Earnings Per Share (FY2026): “Full-year adjusted earnings per share is expected to be in the range of $17.70-$18.10, a 14% year-over-year increase”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 18.4B | 17.9B | 16.5B | 13.9B | 8.8B | - |
| Net Income | 4.5B | 4.3B | 2.9B | 1.7B | -2.2B | -5.3B |
| EPS | $14.80 | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 |
| Free Cash Flow | 1.4B | 1.2B | 2.0B | 580M | -2.2B | -4.1B |
| ROIC | 15.6% | 16.5% | 15.1% | 11.3% | -9.0% | -20.8% |
| Gross Margin | - | 49.4% | 47.5% | 44.1% | 25.2% | - |
| Debt/Equity | 2.15 | 2.20 | 2.75 | 4.68 | 8.36 | 4.27 |
| Dividends/Share | $3.11 | $3.50 | $0.41 | $0.00 | $0.00 | $0.00 |
| Operating Income | 5.1B | 4.9B | 4.1B | 2.9B | -766M | -3.9B |
| Operating Margin | 27.9% | 27.4% | 24.9% | 20.7% | -8.7% | - |
| ROE | 45.7% | 48.5% | 46.8% | 44.7% | -54.2% | -76.0% |
| Shares Outstanding | 304M | 273M | 263M | 269M | 255M | 252M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.1B | 8.3B | 8.5B | 8.8B | 9.5B | 11.0B | N/A | N/A | 8.8B | 13.9B | 16.5B | 17.9B | 18.4B |
| Gross Margin | 34.3% | 38.6% | 41.0% | 44.2% | 44.6% | 44.6% | N/A | N/A | 25.2% | 44.1% | 47.5% | 49.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.6B | 1.2B | 1.4B | 1.6B | 1.8B | 2.1B | 2.2B | 2.2B |
| EBIT | 942M | 875M | 1.5B | 1.7B | 1.9B | 2.1B | -4.6B | -3.9B | -766M | 2.9B | 4.1B | 4.9B | 5.1B |
| Op. Margin | 11.7% | 10.5% | 17.4% | 19.9% | 20.0% | 19.0% | N/A | N/A | -8.7% | 20.7% | 24.9% | 27.4% | 27.9% |
| Net Income | 764M | 666M | 1.3B | 1.6B | 1.8B | 1.9B | -5.8B | -5.3B | -2.2B | 1.7B | 2.9B | 4.3B | 4.5B |
| Net Margin | 9.5% | 8.0% | 15.1% | 18.5% | 19.1% | 17.2% | N/A | N/A | -24.4% | 12.2% | 17.5% | 23.8% | 24.4% |
| Non-Recurring | -13M | 411M | 8.5M | 31M | 0 | 12M | 507M | 0 | 576M | 576M | 576M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.7% | 5.3% | 8.5% | 9.6% | 9.5% | 9.2% | -24.5% | -20.8% | -9.0% | 11.3% | 15.1% | 16.5% | 15.6% |
| ROE | 8.9% | 8.1% | 14.9% | 16.4% | 16.6% | 16.1% | -55.4% | -76.0% | -54.2% | 44.7% | 46.8% | 48.5% | 45.7% |
| ROA | 3.7% | 3.2% | 6.0% | 7.3% | 7.2% | 6.5% | -18.5% | -16.3% | -6.5% | 4.9% | 8.0% | 10.8% | 10.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.7B | 1.9B | 2.5B | 2.9B | 3.5B | 3.7B | -3.7B | -1.9B | 481M | 4.5B | 5.3B | 6.5B | 6.7B |
| Free Cash Flow | -68M | 333M | 22M | 2.3B | -181M | 692M | -5.7B | -4.1B | -2.2B | 580M | 2.0B | 1.2B | 1.4B |
| Owner Earnings | 945M | 1.1B | 1.6B | 1.9B | 2.4B | 2.4B | -5.1B | -3.2B | -962M | 2.9B | 3.4B | 4.6B | -10.5B |
| CapEx | 1.8B | 1.6B | 2.5B | 564M | 3.7B | 3.0B | 2.0B | 2.2B | 2.7B | 3.9B | 3.3B | 5.2B | 5.3B |
| Maint. CapEx | 772M | 827M | 895M | 951M | 1.0B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.7B | 17.0B |
| Growth CapEx | 1.0B | 786M | 1.6B | 0 | 2.6B | 1.8B | 686M | 937M | 1.3B | 2.4B | 1.7B | 3.5B | 0 |
| D&A | 772M | 827M | 895M | 951M | 1.0B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.7B | 17.0B |
| CapEx/OCF | 103.9% | 82.9% | 99.1% | 19.6% | 105.2% | 81.4% | N/A | N/A | 563.4% | 87.0% | 62.1% | 80.9% | 79.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 199M | 280M | 346M | 437M | 527M | 603M | 326M | 0 | 0 | 0 | 107M | 824M | 946M |
| Dividend Yield | 1.7% | 1.7% | 2.3% | 2.0% | 2.3% | 2.6% | 2.3% | N/A | N/A | N/A | 0.3% | 1.1% | 1.1% |
| Share Buybacks | 236M | 200M | 300M | 225M | 575M | 100M | 0 | 0 | 0 | 0 | 0 | 1.2B | 1.8B |
| Buyback Yield | 1.5% | 1.0% | 1.8% | 0.9% | 3.0% | 0.4% | N/A | N/A | N/A | N/A | N/A | 1.5% | 2.0% |
| Stock-Based Comp | 26M | 36M | 33M | 69M | 46M | 76M | 40M | 64M | 36M | 126M | 267M | 175M | 160M |
| Debt Repayment | 3.7B | 4.1B | 6.4B | 7.8B | 7.0B | 4.1B | 3.8B | 2.3B | 7.7B | 9.6B | 11.7B | 3.5B | 3.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 8.3B | 8.4B | 9.3B | 7.4B | 10.5B | 11.5B | 16.3B | 19.0B | 22.1B | 21.6B | 20.4B | 21.2B | 20.6B |
| Cash & Equiv. | 189M | 122M | 133M | 120M | 288M | 244M | 3.7B | 2.7B | 1.9B | 497M | 388M | 825M | 512M |
| Long-Term Debt | 7.6B | 7.6B | 8.1B | 6.4B | 8.4B | 8.4B | 18.0B | 18.8B | 21.3B | 19.7B | 18.5B | 18.2B | 19.7B |
| Debt/Equity | 1.02 | 1.06 | 1.03 | 0.70 | 0.97 | 0.96 | 2.28 | 4.27 | 8.36 | 4.68 | 2.75 | 2.20 | 2.15 |
| Interest Coverage | 3.6 | 3.2 | 4.8 | 5.8 | 5.7 | 5.1 | -5.5 | -3.0 | -0.6 | 2.1 | 2.6 | 4.9 | 18.1 |
| Equity | 8.3B | 8.1B | 9.1B | 10.7B | 11.1B | 12.2B | 8.8B | 5.1B | 2.9B | 4.7B | 7.6B | 10.0B | 9.8B |
| Total Assets | 20.7B | 20.8B | 22.3B | 22.4B | 27.7B | 30.3B | 32.5B | 32.3B | 33.8B | 35.1B | 37.1B | 41.6B | 42.0B |
| Total Liabilities | 12.4B | 12.7B | 13.2B | 11.7B | 16.1B | 17.6B | 23.7B | 27.2B | 30.9B | 30.2B | 29.3B | 31.4B | 32.0B |
| Intangibles | 0 | 0 | N/A | N/A | 502M | 489M | 445M | 435M | 426M | 418M | 404M | 390M | 390M |
| Retained Earnings | 6.6B | 6.9B | 7.9B | 9.0B | 10.3B | 11.5B | 5.6B | 302M | -1.7B | -10M | 2.6B | 5.9B | 6.5B |
| Working Capital | -3.0B | -3.5B | -3.7B | -3.9B | -5.9B | -6.8B | -225M | -3.7B | -5.4B | -7.6B | -8.1B | -9.8B | -8.9B |
| Current Assets | 801M | 837M | 748M | 908M | 1.2B | 1.2B | 4.3B | 3.6B | 3.2B | 1.8B | 1.7B | 2.2B | 2.2B |
| Current Liabilities | 3.8B | 4.3B | 4.4B | 4.9B | 7.1B | 8.0B | 4.5B | 7.3B | 8.6B | 9.4B | 9.8B | 12.1B | 11.1B |
| Per Share Data | |||||||||||||
| EPS | 3.43 | 3.02 | 5.93 | 7.53 | 8.56 | 8.95 | -27.05 | -20.89 | -8.45 | 6.31 | 10.94 | 15.61 | 14.80 |
| Owner EPS | 4.24 | 4.91 | 7.34 | 8.59 | 11.34 | 11.41 | -23.57 | -12.85 | -3.77 | 10.77 | 12.92 | 16.72 | -34.60 |
| Book Value | 37.19 | 36.57 | 42.15 | 49.59 | 52.49 | 57.94 | 40.88 | 20.20 | 11.24 | 17.57 | 28.76 | 36.71 | 32.29 |
| Cash Flow/Share | 7.83 | 8.83 | 11.63 | 13.32 | 16.44 | 17.70 | -17.41 | -7.46 | 1.89 | 16.65 | 20.02 | 23.65 | 70.78 |
| Dividends/Share | 0.89 | 1.27 | 1.71 | 2.16 | 2.60 | 2.96 | 1.52 | 0.00 | 0.00 | 0.00 | 0.41 | 3.50 | 3.11 |
| Shares Out. | 222.8M | 220.5M | 216.4M | 215.8M | 211.6M | 209.9M | 214.3M | 251.8M | 255.1M | 268.9M | 263.0M | 273.4M | 303.8M |
| Valuation | |||||||||||||
| P/E Ratio | 21.0 | 29.6 | 12.7 | 14.9 | 10.7 | 14.5 | N/A | N/A | N/A | 20.2 | 21.0 | 18.3 | 19.8 |
| P/FCF | N/A | 59.1 | 732.6 | 10.5 | N/A | 39.4 | N/A | N/A | N/A | 59.2 | 30.3 | 63.2 | 65.1 |
| EV/EBIT | 26.5 | 33.0 | 18.1 | 18.1 | 15.6 | 18.1 | N/A | N/A | N/A | 19.6 | 19.8 | 20.6 | 21.4 |
| Price/Book | 1.9 | 2.4 | 1.8 | 2.3 | 1.7 | 2.2 | 1.8 | 3.8 | 4.2 | 7.3 | 8.0 | 7.8 | 9.1 |
| Price/Sales | 1.4 | 2.0 | 1.7 | 2.5 | 2.4 | 2.1 | N/A | N/A | 1.7 | 1.6 | 2.6 | 4.1 | 4.9 |
| FCF Yield | -0.4% | 1.7% | 0.1% | 9.5% | -0.9% | 2.5% | -37.1% | -21.2% | -18.5% | 1.7% | 3.3% | 1.6% | 1.5% |
| Market Cap | 16.1B | 19.7B | 16.4B | 24.2B | 19.3B | 27.2B | 15.4B | 19.4B | 12.0B | 34.4B | 60.4B | 78.1B | 89.2B |
| Avg. Price | 51.19 | 74.54 | 68.41 | 100.82 | 108.37 | 110.54 | 65.28 | 80.65 | 57.67 | 84.63 | 160.22 | 271.17 | 293.54 |
| Year-End Price | 72.09 | 89.30 | 75.57 | 112.18 | 91.17 | 129.74 | 71.63 | 76.90 | 47.17 | 127.73 | 229.76 | 285.67 | 293.54 |
ROYAL CARIBBEAN CRUISES LTD passes 3 of 9 quality checks, indicating weak fundamentals.
ROYAL CARIBBEAN CRUISES LTD trades at 18.8x trailing earnings, compared to its 15-year median P/E of 14.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 64.2x vs a median of 39.4x. The company's 5-year average ROIC is 2.6% with a gross margin of 41.5%. Total shareholder yield (dividends + buybacks) is 3.0%. At current prices, the estimated annualized return to fair value is +30.2%.
ROYAL CARIBBEAN CRUISES LTD (RCL) reported annual revenue of $17.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a net profit margin of 23.8%. This is a strong margin indicating high profitability.
ROYAL CARIBBEAN CRUISES LTD (RCL) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a debt-to-equity ratio of 2.20. This indicates higher leverage, which may increase financial risk.
ROYAL CARIBBEAN CRUISES LTD (RCL) reported earnings per share (EPS) of $15.61 in its most recent fiscal year.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a return on equity (ROE) of 48.5%. This indicates the company generates strong returns for shareholders.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a 5-year average gross margin of 41.5%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for ROYAL CARIBBEAN CRUISES LTD (RCL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ROYAL CARIBBEAN CRUISES LTD (RCL) has a book value per share of $36.71, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects another year of double-digit revenue and earnings growth in 2026, supported by a strong advance booking position and robust cash flow generation. The company anticipates net yield growth of 1.5%–3.5% driven by new ship deliveries, like-for-like hardware improvements, and strategic private destination investments, with yield growth expected to be higher in the second half of the year as new ships ramp and private destinations contribute. Management remains focused on cost discipline and operational efficiency, expecting net cruise costs excluding fuel to be flat to up 1%, while leveraging technology and AI to identify sustainable efficiencies without compromising guest experience. The company is advancing strategic initiatives including the expansion of private destinations—Royal Beach Club Cozumel expected to open in early 2028 and Perfect Day Mexico in late 2027—and the introduction of new ship classes designed to strengthen market leadership and drive long-term shareholder value creation.
Based on recent SEC filings and earnings calls, ROYAL CARIBBEAN CRUISES LTD (RCL) has provided the following forward guidance: Revenue: double-digit growth year-over-year (FY2026); Net Yield: 1.5%-3.5% (FY2026); Adjusted Earnings Per Share: $17.70-$18.10 (FY2026); Adjusted EBITDA: a little shy of $8 billion (FY2026); Adjusted EBITDA Margin: just over 40% (FY2026), plus 4 additional metrics.
Adjusted EBITDA (FY2026): “We expect adjusted EBITDA to be a little shy of $8 billion, a 13% year-over-year growth”
Adjusted EBITDA Margin (FY2026): “adjusted EBITDA margin that is just over 40%”
Capital Expenditure (FY2026): “We expect to invest $5 billion of capital into our key strategic growth initiatives”
Fuel Expense (FY2026): “We anticipate full-year fuel expense of approximately $1.17 billion”
Net Cruise Costs ex-fuel (FY2026): “Full-year net cruise costs, excluding fuel, are expected to be flat to up 1%”