Sales up 8.8%, free cash flow down to $1.2B
The latest figures
All key numbers (38) From EDGAR
| EPS (ttm) | 16.90 | Sales (ttm) | 19.1B | Net income (ttm) | 4.6B | Sales growth | +8.8% | EPS growth | +42.7% | Sales Q/Q | +8.8% |
| Free cash flow | 1.5B | Gross margin | 49.1% | Oper. margin | 27.6% | Net margin | 23.8% | FCF margin | 7.9% | ROE | 38.9% |
| ROA | 10.2% | R&D / sales | - | Dividend | 3.50 | Debt/Eq | 1.91 | Curr. ratio | 0.22 | Cash | 851.0M |
| Op. cash flow (ttm) | 6.9B | EBITDA | 6.6B | EBITDA margin | 37.0% | Net debt | 21.5B | Quick ratio | 0.19 | Interest cover | 4.95 |
| ROIC | 14.1% | Payout ratio | 22.4% | Tax rate | 1.9% | Stock pay / sales | 1.0% | Shares out. | 267.5M | Shares Y/Y | -1.8% |
| Book / share | 43.79 | Cash / share | 3.18 | Sales / share | 71.54 | Asset turnover | 0.43 | Inventory turns | 34.41 | Days sales out. | 6 |
| Sales 3Y CAGR | +26.6% | Sales 5Y CAGR | +52.0% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Free cash flow fell 38%$2.0B → $1.2B · Cash from operations − capital expenditure · 10-K ↗
-
Revenue growth slowed to +8.8%+18.6% → +8.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
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Operating margin widened to 27.4%24.9% → 27.4% · Operating income / revenue · 10-K ↗
RCL against Consumer discretionary peers
Ten years, side by side → · All 47 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| RCL Royal Caribbean Group | $19.1B | +8.8% | 49.1% | 23.8% | 38.9% | 7.9% | 1.91 |
| APTV Aptiv | $20.6B | +3.5% | 19.0% | 3.7% | 8.8% | 1.9% | 0.61 |
| AZO AutoZone | $20.3B | +7.4% | 52.3% | 12.6% | - | 8.9% | - |
| ORLY O'Reilly Automotive | $19.0B | +6.4% | 51.8% | 14.3% | - | 11.1% | - |
| MGM MGM Resorts | $17.7B | +1.7% | - | 3.9% | 27.7% | 7.9% | 2.26 |
| DASH DoorDash | $17.1B | +27.9% | - | 6.2% | 9.9% | 15.8% | - |
From $13.9B of sales to $1.7B of profit
FY2023, from the 10-K income statementSwipe sideways for the whole flow →
From $16.5B of sales to $2.9B of profit
FY2024, from the 10-K income statementSwipe sideways for the whole flow →
From $17.9B of sales to $4.3B of profit
FY2025, from the 10-K income statementSwipe sideways for the whole flow →
Where each $100 of sales went
- Cost of revenue
- Sales, admin & other
- Tax & other
- Net profit
Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →
Profitability
2 of 3- ✓Net margin above the peer median23.8% vs 10.8%
- ✓Return on equity above 15%38.9%
- !A profit in 7 of 10 years
Balance sheet
0 of 4- !Interest covered less than 5 timesOperating income is 4.9× interest expense
- !Debt larger than equityDebt / equity 1.91 on the latest balance sheet (peer median 0.73)
- !Current ratio below 1Current ratio 0.22
- !Net debt over 3 years of free cash flow$21.5B net debt, 14.2 years
Cash and shareholders
2 of 4- !Free cash flow positive in 6 of 10 years$1.2B last year
- !Share count up over 5 years+27.8%
- ✓Dividend per share up over 5 years$0.78 → $3.50
- ✓Cash from operations above net income$6.5B vs $4.3B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
$7.8B of principal due, schedule of Sep 30, 2026
From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.
Revenue and net income, FY2016 to FY2025
Revenue 17.9B Net income 4.3BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Income statement, balance sheet and cash flow
RCL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Cruise itinerary | 17.1B | 95.2% | +8.8% |
| Passenger ticket revenues | 12.5B | 69.8% | +8.8% |
| Port Costs | 1.3B | 7.2% | +18.2% |
| Other Revenues | 864.0M | 4.8% | +9.6% |
10-K 0000884887-26-000007, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8.5B | 8.8B | 9.5B | 11.0B | 2.2B | 1.5B | 8.8B | 13.9B | 16.5B | 17.9B |
| Cost of revenue | 5.0B | 4.9B | 5.3B | 6.1B | 2.8B | 2.7B | 6.6B | 7.8B | 8.7B | 9.1B |
| SG&A | 1.1B | 1.2B | 1.3B | 1.6B | 1.2B | 1.4B | 1.6B | 1.8B | 2.1B | 2.2B |
| Operating income | 1.5B | 1.7B | 1.9B | 2.1B | -4.6B | -3.9B | -766.0M | 2.9B | 4.1B | 4.9B |
| Interest expense | 307.4M | 300.0M | 333.7M | 408.5M | 844.2M | 1.3B | 1.4B | 1.4B | 1.6B | 992.0M |
| Pretax income | - | - | - | - | - | - | - | 1.7B | 2.9B | 4.4B |
| Income tax | - | - | - | - | - | -45.0M | 4.0M | 6.0M | 46.0M | 82.0M |
| Net income | 1.3B | 1.6B | 1.8B | 1.9B | -5.8B | -5.3B | -2.2B | 1.7B | 2.9B | 4.3B |
| EPS (diluted) | 5.93 | 7.53 | 8.56 | 8.95 | -27.05 | -20.89 | -8.45 | 6.31 | 10.94 | 15.61 |
| Diluted shares | 216.3M | 215.7M | 211.6M | 209.9M | 214.3M | 252.0M | 255.0M | 283.0M | 279.0M | 274.0M |
| Depreciation & amortization | 894.9M | 951.2M | 1.0B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.7B |
| EBITDA | 2.4B | 2.7B | 2.9B | 3.3B | -3.3B | -2.6B | 641.0M | 4.3B | 5.7B | 6.6B |
| Operating margin | 17.4% | 19.9% | 20.0% | 19.0% | -208.3% | -252.6% | -8.7% | 20.7% | 24.9% | 27.4% |
| Net margin | 15.1% | 18.5% | 19.1% | 17.2% | -262.5% | -343.3% | -24.4% | 12.2% | 17.5% | 23.8% |
| Revenue growth | - | +3.3% | +8.2% | +15.3% | -79.8% | -30.6% | +477% | +57.2% | +18.6% | +8.8% |
| EPS growth | - | +27.0% | +13.7% | +4.6% | -402% | - | - | - | +73.4% | +42.7% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 132.6M | 120.1M | 287.9M | 243.7M | 3.7B | 2.7B | 1.9B | 497.0M | 388.0M | 825.0M |
| Receivables | 291.9M | 318.6M | 324.5M | 305.8M | 284.1M | 408.1M | 531.0M | 405.0M | 371.0M | 317.0M |
| Inventory | 114.1M | 111.4M | 153.6M | 162.1M | 118.7M | 150.2M | 224.0M | 248.0M | 265.0M | 264.0M |
| Current assets | 748.3M | 907.6M | 1.2B | 1.2B | 4.3B | 3.6B | 3.2B | 1.8B | 1.7B | 2.2B |
| Property & equipment | 20.2B | 19.7B | 23.5B | 25.5B | 25.2B | 25.9B | 27.5B | 30.1B | 31.8B | 35.7B |
| Goodwill | 288.4M | 288.5M | 1.4B | 1.4B | 809.5M | 809.4M | 809.0M | 809.0M | 808.0M | 808.0M |
| Total assets | 22.3B | 22.4B | 27.7B | 30.3B | 32.5B | 32.3B | 33.8B | 35.1B | 37.1B | 41.6B |
| Accounts payable | 305.3M | 360.1M | 488.2M | 563.7M | 353.4M | 546.0M | 647.0M | 792.0M | 919.0M | 953.0M |
| Current liabilities | 4.4B | 4.9B | 7.1B | 8.0B | 4.5B | 7.3B | 8.6B | 9.4B | 9.8B | 12.1B |
| Total debt | 9.4B | 7.5B | 10.8B | 11.0B | 19.3B | 21.1B | 23.4B | 21.5B | 20.1B | 21.3B |
| Total liabilities | - | 11.7B | 16.1B | 17.6B | 23.7B | 27.2B | 30.9B | 30.2B | 29.3B | 31.4B |
| Shareholders' equity | 9.1B | 10.7B | 11.1B | 12.2B | 8.8B | 5.1B | 2.9B | 4.7B | 7.6B | 10.0B |
| Retained earnings | 7.9B | 9.0B | 10.3B | 11.5B | 5.6B | 302.3M | -1.7B | -10.0M | 2.6B | 5.9B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.5B | 2.9B | 3.5B | 3.7B | -3.7B | -1.9B | 481.0M | 4.5B | 5.3B | 6.5B |
| Capital spending | 2.5B | 564.1M | 3.7B | 3.0B | 2.0B | 2.2B | 2.7B | 3.9B | 3.3B | 5.2B |
| Free cash flow | 22.3M | 2.3B | -180.9M | 691.7M | -5.7B | -4.1B | -2.2B | 580.0M | 2.0B | 1.2B |
| Stock-based pay (added back) | 32.7M | 69.5M | 46.1M | 75.9M | 39.8M | 64.0M | 36.0M | 126.0M | 267.0M | 175.0M |
| Dividends paid | 346.5M | 437.5M | 527.5M | 602.7M | 326.4M | 0 | 0 | 0 | 107.0M | 824.0M |
| Buybacks | 300.0M | 225.0M | 575.0M | 99.6M | 0 | 0 | - | 0 | 0 | 1.2B |
| Acquisitions | 0 | 0 | 916.1M | 0 | 0 | - | - | - | - | - |
| Debt raised | 7.3B | 5.9B | 8.6B | 3.5B | 13.5B | 4.5B | 9.8B | 7.6B | 10.3B | 4.7B |
| Debt repaid | 6.4B | 7.8B | 7.0B | 4.1B | 3.8B | 2.3B | 7.7B | 9.6B | 11.7B | 3.5B |
| Investing cash flow | -2.7B | -213.6M | -4.5B | -3.1B | -2.2B | -2.1B | -3.0B | -3.9B | -3.4B | -5.0B |
| Financing cash flow | 243.8M | -2.7B | 1.2B | -670.4M | 9.3B | 3.0B | 1.7B | -2.0B | -1.9B | -1.0B |
| Dividend per share | 1.71 | 2.16 | 2.60 | 2.96 | 0.78 | - | 0.00 | 0.00 | 0.95 | 3.50 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 32.7M | 69.5M | 46.1M | 75.9M | 39.8M | 64.0M | 36.0M | 126.0M | 267.0M | 175.0M |
| Stock-based pay / revenue | 0.4% | 0.8% | 0.5% | 0.7% | 1.8% | 4.2% | 0.4% | 0.9% | 1.6% | 1.0% |
| Operating lease cash paid | - | - | - | 125.3M | 89.2M | 43.0M | 127.0M | 178.0M | 232.0M | 237.0M |
| Finance lease principal paid | - | - | - | 32.1M | 19.8M | 24.0M | 48.0M | 31.0M | 252.0M | 6.0M |
| Right-of-use assets | - | - | - | 687.6M | 600.0M | 542.1M | 538.0M | 611.0M | 677.0M | 620.0M |
| Operating lease liabilities | - | - | - | 698.6M | 666.6M | 603.6M | 603.0M | 678.0M | 744.0M | 690.0M |
| Finance lease liabilities | - | - | - | 230.3M | 213.4M | 472.3M | 351.0M | 369.0M | 117.0M | 159.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.