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ROYAL CARIBBEAN CRUISES LTD (RCL) financial health, profit and balance sheet · Scorvest

RCL · NYSE · United States · Water Transportation

ROYAL CARIBBEAN CRUISES LTD

Miami, FL · Fiscal year ends in December · Figures in USD

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In shortROYAL CARIBBEAN CRUISES LTD is profitable, generates cash and carries heavy debt, with revenue growing (+8.8% last year).

Financial health

Mixed

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability100

Operating marginShare of each sale left after running the business, before interest and tax.	27.4%	100/100
Net marginShare of each sale left as profit after every cost, interest and tax.	23.8%	100/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	48.5%	100/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	15.4%	100/100

Weight in the score: 25%

Balance sheet12

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	0.18×	0/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	2.13×	0/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	3.10×	26/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	4.95×	33/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	0.04	0/100

Weight in the score: 25%

Cash generation33

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	6.9%	48/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	0.29×	0/100
Years with positive free cash flow (last 5)	3 of 5	50/100

Weight in the score: 20%

Stability32
Profitable years (last 5) 3 of 5 60/100
Years of revenue decline (last 5) 1 of 5 67/100
Revenue growth volatility 209.6% 0/100
Operating margin volatility 121.0% 0/100
Weight in the score: 20%
Growth100
Revenue growth, 3-year average 26.6% 100/100
EPS growth, 3-year average – n/a
Weight in the score: 10%

Profitable years (last 5)	3 of 5	60/100
Years of revenue decline (last 5)	1 of 5	67/100
Revenue growth volatility	209.6%	0/100
Operating margin volatility	121.0%	0/100

Revenue growth, 3-year average	26.6%	100/100
EPS growth, 3-year average	–	n/a

Fiscal year 2025 · change vs prior year

Revenue: $17.9B; ▲ 8.8%
Net income: $4.3B; ▲ 48.3%
Free cash flow: $1.2B; ▼ 38.1%
Operating margin: 27.4%; +2.5 pts
Cash & investments: $825.0M; –
Total debt: $21.3B; ▲ 6.3%
Diluted EPS: $15.61; ▲ 42.7%
Return on equity: 48.5%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	1,532	8,840	13,900	16,484	17,935
Cost of revenue	2,739	6,616	7,775	8,652	9,083
Gross profit	(1,207)	2,224	6,125	7,832	8,852
Selling, general & admin	1,370	1,583	1,792	2,125	2,223
Operating income	(3,870)	(766)	2,878	4,106	4,910
Interest expense	1,292	1,364	1,402	1,590	992
Pre-tax income	–	–	1,711	2,941	4,373
Income tax	(45)	4	6	46	82
Net income	(5,260)	(2,156)	1,697	2,877	4,268
Diluted EPS	−$20.89	−$8.45	$6.31	$10.94	$15.61
Diluted shares (millions)	252	255	283	279	274

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Quarterly results

The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.

The last 8 quarters of ROYAL CARIBBEAN CRUISES LTD are included in the Investor plan. Try free for 7 days →

Risk checks

Altman Z'' score

0.04 Distress zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: failed

Sources

10-QPeriod ending Jun 30, 2026Filed Jul 28, 2026Open the report ↗
10-QPeriod ending Mar 31, 2026Filed Apr 30, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 11, 2026Open the report ↗
10-QPeriod ending Sep 30, 2025Filed Oct 28, 2025Open the report ↗
10-QPeriod ending Jun 30, 2025Filed Jul 29, 2025Open the report ↗
10-QPeriod ending Mar 31, 2025Filed Apr 29, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 14, 2025Open the report ↗
10-QPeriod ending Sep 30, 2024Filed Oct 29, 2024Open the report ↗