Screener / SEC EDGAR /CIK 0000884887 /10-K filed Feb 11, 2026, compared with Feb 14, 2025 /Numbers from the XBRL of the 10-Ks
Consumer discretionary peers:
NYSE Consumer discretionary · Cruise Lines & Shipping

Royal Caribbean Group RCL

We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). 10-K, Item 1

Headquarters
Miami, FL
CEO
Mr. Jason Liberty
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $17.9B through the costs to a net profit of $4.3B · income statement of the 10-K

27% operating margin
Revenue to Gross profit: $8.9BRevenue to Cost of revenue: $9.1BGross profit to Operating profit: $4.9BGross profit to Operating expenses: $3.9BOperating profit to Net profit: $4.3BOperating profit to Tax & other: $642.0M Revenue: $17.9B REVENUE $17.9B +9% Y/Y Gross profit: $8.9B · 49% margin GROSS PROFIT $8.9B 49% margin Cost of revenue: $9.1B · 51% of revenue COST OF REVENUE $9.1B 51% of revenue Operating profit: $4.9B · 27% margin OPERATING PROFIT $4.9B 27% margin · +20% Y/Y Operating expenses: $3.9B · 22% of revenue OPERATING EXPENSES $3.9B 22% of revenue Net profit: $4.3B · 24% margin NET PROFIT $4.3B 24% margin · +48% Y/Y Tax & other: $642.0M · 4% of revenue TAX & OTHER $642.0M 4% of revenue
Gross profit $8.9B 49% margin
Operating profit $4.9B 27% margin · +20% Y/Y
Net profit $4.3B 24% margin · +48% Y/Y
The full income statement, year by year

RCL among Consumer discretionary peers

Six ratios from the latest 10-K. Each corner is the share of 46 peers the company is above, not a score.

Compare
Revenue growth: 8.8%, above 70% of 46 peers (their median 5.2%) REVENUE GROWTH 8.8% · above 70% Gross margin: 49.1%, above 60% of 30 peers (their median 40.7%) GROSS MARGIN 49.1% · above 60% Operating margin: 27.6%, above 90% of 39 peers (their median 15.8%) OPERATING MARGIN 27.6% · above 90% Net margin: 23.8%, above 91% of 46 peers (their median 10.8%) NET MARGIN 23.8% · above 91% FCF margin: 7.9%, above 34% of 44 peers (their median 9.5%) FCF MARGIN 7.9% · above 34% Return on capital: 14.1%, above 29% of 24 peers (their median 22.8%) RETURN ON CAPITAL 14.1% · above 29%
RCL Peer median Below the median

What changed

9 new risk paragraphs. 10-K filed Feb 11, 2026 against Feb 14, 2025.

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables -14.6% vs revenue +8.8% (-23.4 pts)
  • Cash from operations $6.5B vs net income $4.3B (FY ending Dec 31, 2025)
  • Inventory -0.4% vs revenue +8.8% (-9.2 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Impairment Assessments - Silversea Reporting Unit Goodwill and Trade Name
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

9 paragraphs in Risk Factors that were not in the 10-K filed Feb 14, 2025. Quoted as filed.

All 9 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
    We opportunistically seek to grow our business through, among other things, expansion into new destinations or source markets and establishment of new ventures complementary to our current offerings. We have also invested, and may in the future continue to opportunistically invest, either directly or indirectly through joint ventures…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
    There can be no assurance that we will declare or pay dividends in the future or that we will repurchase shares pursuant to our share repurchase program consistent with historical amounts or at all. Although we currently pay a quarterly cash dividend and we have adopted a share repurchase program, we are not obligated to pay cash…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
    The Company depends on technology and automated systems, including emerging technologies, such as artificial intelligence (“AI”), to operate its business, including but not limited to, computerized reservation systems, ship operations and crew scheduling systems, shipboard internet services, cloud-based technologies, technical and…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
    As global technology‑related regulatory frameworks continue to evolve, our use of these technologies may subject us to additional compliance obligations, including restrictions on the usage of certain technologies or additional requirements on data usage and transparency. Compliance with these regulations could increase our compliance…

New risk paragraphs, against peers

Latest 10-K of each, Consumer discretionary companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$8.8B$13.9B$16.5B$17.9B
Net income−$2.2B$1.7B$2.9B$4.3B
Operating cash flow$481.0M$4.5B$5.3B$6.5B
Free cash flow−$2.2B$580.0M$2.0B$1.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$17.9B ▲ 8.8% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Royal Caribbean Group, Miami, FL · from the 10-K filed Feb 11, 2026

We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC"), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025.

Headquarters
Miami, FL
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 27, 2026

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Sources

The 10-K filed Feb 11, 2026 (open at SEC), compared with the 10-K filed Feb 14, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/RCL/export.csv") into a cell.