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Royal Caribbean Group (RCL) stock

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NYSE: RCL NYSE Hotels, Resorts & Cruise Lines Next results ~January 26, 2027

B Fundamentals grade

Royal Caribbean Group is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 72% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 72% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Royal Caribbean Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Royal Caribbean Group files

10-Q filed October 27: Royal Caribbean

Revenue for the twelve months to September 2026 was $19.1bn, up 9.7% on a year earlier, faster than the 8.7% growth a quarter earlier. Free-cash-flow margin fell to 7.9% from 11.7% a year earlier. The diluted share count is down 3.3% on a year earlier, which lifts each remaining share.

Our model value for Royal Caribbean Group is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Royal Caribbean

Revenue for the twelve months to June 2026 reached $19.1bn, up 9.7% on a year earlier. That marks an acceleration from the 8.7% growth recorded a quarter earlier. Cash generation moved the other way, with the free-cash-flow margin slipping to 7.9% from 11.7% a year ago. Share count tells a steadier story. The diluted figure is down 3.3% on a year earlier, which lifts the claim each remaining share holds on the business. Taken together, these shifts lift the fundamentals grade from C to B.

10-Q on SEC EDGAR

Where Royal Caribbean stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $18.7bn, up 8.7% on a year earlier, slower than 9.7% a quarter earlier. Free-cash-flow margin fell to -2.2% from 20.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 3 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Royal Caribbean Group's trailing-twelve-month revenue grew 9.7% year on year, with a free-cash-flow margin of 7.9%. Where it stands out: stock pay as % of revenue of 0.7% ranks 2 of 24 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$70–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 25.8% while net income grew 11.9%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 27.6% of revenue is left as operating profit, against a median of 16.0% for hotels, resorts & cruise lines companies we cover.
  • Shrinking share count. Diluted shares fell 3.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 1.7 against the S&P 500.
  • Insiders selling. 8 insiders sold $631M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 33% of net income over the last 12 months.
  • Short interest rising. Shares sold short rose 20% in a month to 6.7% of tradable shares.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$6.57 against an average estimate of $6.38: beat by 3.0%
Revenue
$5.59bn, up 8.8% on a year earlier
Share reaction
+6.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted EPS $17.73 to $17.87 (Full Year 2026); adjusted EPS $6.26 to $6.36 (Third Quarter 2026)
Next report
January 26, 2027; average EPS estimate $3.60

Royal Caribbean Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week+14.4%
  • 1 month+15.6%
  • This year+17.0%
  • 1 year+14.2%
  • 5 years+270.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.1B
Operating margin
27.6%
Net margin
23.8%
EPS (TTM, diluted)
$16.89

Growth

Revenue growth
+9.7%
Change in growth rate
+1.0 pts
Share count change
−3.3%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
7.9%
Stock pay % of revenue
0.7%

Earnings

Last results
October 27, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Our research
  4. Announcement
  5. Agreement
  6. Agreement
  7. Insider trade
  8. Results
  9. Guidance
  10. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Royal Caribbean Group valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 72% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Royal Caribbean Group as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$300 ~$250–$450 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$78–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$98 ~$86–$110 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Royal Caribbean Group with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$88.62$73.47$108.89$91.32$127.80$72.21$74.34$47.79$125.18$224.06$274.38$321.07
Market value$19.6bn$15.9bn$23.5bn$19.3bn$26.8bn$15.5bn$18.7bn$12.2bn$35.4bn$62.5bn$75.2bn$86.5bn
+ Net debt (− = net cash)$8.4bn$9.3bn$7.4bn$10.5bn$10.8bn$15.6bn$18.4bn$21.5bn$21.0bn$19.7bn$20.5bn$22.0bn
Enterprise value$28.0bn$25.1bn$30.9bn$29.8bn$37.6bn$31.1bn$37.1bn$33.6bn$56.4bn$82.2bn$95.7bn$108.5bn
Multiples
Price / sales 2.4x1.9x2.7x2.0x2.5x7.0x12.2x1.4x2.5x3.8x4.2x4.5x
Price / earnings 29.4x12.4x14.5x10.7x14.3x———20.9x21.7x17.6x19.0x
Price / free cash flow 58.7xn/m10.2x—38.8x———61.1x31.3x60.8x57.3x
EV / EBITDA 16.4x10.6x11.5x10.2x11.3x——52.5x13.0x14.4x14.4x15.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Royal Caribbean Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.2% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 44.3%, moving by 74.5 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 20.0%; its worst year was -660.1%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 4.2% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 10.3% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, before the open. Analysts expect revenue of $4.7bn and EPS of $3.60 (range $3.50 to $3.72) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.85 +14% $19.6bn +9%
Next $20.44 +15% $21.0bn +7%

Next year's EPS estimate has moved +0.7% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 4 analysts raised Royal Caribbean Group's forecast and 2 cut it.

Consensus EPS forecast Royal Caribbean Group, last 90 days
$17.00 $18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.74 Current fiscal year, 60 days ago: $17.80 Current fiscal year, 30 days ago: $17.79 Current fiscal year, 7 days ago: $17.83 Current fiscal year, Now: $17.85 $17.85 Next fiscal year, 90 days ago: $20.29 Next fiscal year, 60 days ago: $20.29 Next fiscal year, 30 days ago: $20.28 Next fiscal year, 7 days ago: $20.39 Next fiscal year, Now: $20.44 $20.44

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.74$20.29
60 days ago $17.80$20.29
30 days ago $17.79$20.28
7 days ago $17.83$20.39
Now $17.85$20.44

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $6.38 $6.57 +3.0%
Jun 2026 $3.98 $4.21 +5.7%
Mar 2026 $3.20 $3.60 +12.6%
Dec 2025 $2.80 $2.80 +0.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Revenue Full Year 2026 about 9% growth
    “Revenue is expected to grow 9% year over year.” source
  • Total revenue growth Third Quarter 2026 about 8% growth
    “Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.” source
  • Adjusted EPS Full Year 2026 $17.73 to $17.87 Non-GAAP Raised
    “The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87.” source
  • Adjusted EPS Third Quarter 2026 $6.26 to $6.36 Non-GAAP
    “Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.” source
  • Net Yields (as-reported) Full Year 2026 2.35% growth to 2.85% growth Non-GAAP
    “Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency.” source
  • Net Yields (Constant Currency) Full Year 2026 1.75% growth to 2.25% growth Non-GAAP
    “Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency.” source
Show 22 more items
  • NCC, excluding Fuel, per APCD (as-reported) Full Year 2026 about 0.4% growth Non-GAAP
    “NCC, exclud ing Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency.” source
  • Net Cruise Costs per APCD (as-reported) Full Year 2026 about 1.7% growth Non-GAAP
    “Net Cruise Costs per APCD vs. 2025 Approximately 1.7% Approximately 1.4%” source
  • Net Cruise Costs per APCD (Constant Currency) Full Year 2026 about 1.4% growth Non-GAAP
    “Net Cruise Costs per APCD vs. 2025 Approximately 1.7% Approximately 1.4%” source
  • APCDs Full Year 2026 about 56.9m
    “APCDs 14.9 million 56.9 million” source
  • Capacity change vs. 2025 Full Year 2026 about 6.6% growth
    “Capacity change vs. 2025 8.5% 6.6%” source
  • Depreciation and amortization Full Year 2026 $1,905m to $1,915m
    “Depreciation and amortization $485 to $495 million $1,905 to $1,915 million” source
  • Net Interest, excluding loss on extinguishment of debt Full Year 2026 $980m to $990m
    “Net Interest, excluding loss on extinguishment of debt $255 to $265 million $980 to $990 million” source
  • Capital expenditures full year 2026 about $4.7bn
    “Capital expenditures for the full year 2026 are expected to be approximately $4.7 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book and land-based destination initiatives.” source
  • Non-new ship related capital expenditures full year 2026 about $1.6bn
    “Non-new ship related capital expenditures are expected to be $1.6 billion.” source
  • Capacity change vs. prior year 2027 about 4% growth
    “Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.” source
  • Capacity change vs. prior year 2028 about 6% growth
    “Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.” source
  • Capacity change vs. prior year 2029 about 7% growth
    “Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.” source
  • Fuel Expenses Full Year 2026 about $1,338m
    “Fuel Expenses $362 million $1,338 million” source
  • Net Cruise Costs per APCD (as-reported) Third Quarter 2026 0.3% growth to 0.8% growth Non-GAAP
    “Net Cruise Costs per APCD vs. 2025 0.3% to 0.8% 0.4% to 0.9%” source
  • Net Cruise Costs per APCD (Constant Currency) Third Quarter 2026 0.4% growth to 0.9% growth Non-GAAP
    “Net Cruise Costs per APCD vs. 2025 0.3% to 0.8% 0.4% to 0.9%” source
  • Net Cruise Costs per APCD ex. Fuel (as-reported) Third Quarter 2026 -1.7% growth to -1.2% growth Non-GAAP
    “Net Cruise Costs per APCD ex. Fuel vs. 2025 (1.7)% to (1.2)% (1.6)% to (1.1)%” source
  • Net Cruise Costs per APCD ex. Fuel (Constant Currency) Third Quarter 2026 -1.6% growth to -1.1% growth Non-GAAP
    “Net Cruise Costs per APCD ex. Fuel vs. 2025 (1.7)% to (1.2)% (1.6)% to (1.1)%” source
  • APCDs Third Quarter 2026 about 14.9m
    “APCDs 14.9 million 56.9 million” source
  • Capacity change vs. 2025 Third Quarter 2026 about 8.5% growth
    “Capacity change vs. 2025 8.5% 6.6%” source
  • Depreciation and amortization Third Quarter 2026 $485m to $495m
    “Depreciation and amortization $485 to $495 million $1,905 to $1,915 million” source
  • Net Interest, excluding loss on extinguishment of debt Third Quarter 2026 $255m to $265m
    “Net Interest, excluding loss on extinguishment of debt $255 to $265 million $980 to $990 million” source
  • Fuel expense third quarter about $362m
    “Based on current fuel prices, the company has included $362 million of fuel expense in its third quarter guidance at a forecasted consumption of 441,000 metric tons, which is 58% hedged via swaps.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

29 analysts, Oct 2026
Buy2379%
Hold621%
Sell00%

Monthly trend

  1. Oct 2026419629
  2. Sep 2026418729
  3. Aug 2026316928
  4. Jul 2026415828

Counts of recommendations published by analysts covering Royal Caribbean Group, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.7%
of tradable shares
Days to cover
3.94
at average volume
Short interest, 1 month
+20%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
6.2%
of shares
Employees
107,950
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.2%

$281.20 on October 31, 2025 to $321.07

ThenNowEffect
Revenue (last 12 months) $17.2bn $18.7bn +8.7%
Net margin 21.0% 23.5% +12.3%
P/E multiple 21.6x 19.8x −8.2%
Share count 276m 271m +1.9%

Biggest factor: net margin.

Last 3 years +259.6%

$89.29 on November 3, 2023 to $321.07

ThenNowEffect
Revenue (last 12 months) $12.0bn $18.7bn +55.6%
P/S multiple 1.9x 4.7x +139.2%
Share count 262m 271m −3.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RCL+3%−36%+162%+79%+23%+17%
Industry peers (median)+28%−23%+45%+24%+6%+21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RCL50%58%67%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RCL−34%−65%−27%−19%−35%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 83% from January 17, 2020 to March 18, 2020. Getting back needed a 499% gain, reached on March 20, 2024, 1463 days after the low.

Price behaviour

52-week range
$230.30 – $342.37
From 52-week high
−6.2%
vs 50-day average
+18.1%
vs 200-day average
+13.0%
Volatility (1 year)
48%
Beta vs S&P 500
1.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.3%
After a week
7 up, 4 down
typical move ±8.6%
After a month
7 up, 4 down
typical move ±8.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +6.3% +0.9% — —
July 28, 2026 +6.1% −1.3% +6.8% −4.9%
April 30, 2026 +4.5% +1.3% +10.6% +13.8%
January 29, 2026 +11.3% −0.5% +11.8% +3.2%
October 28, 2025 −12.6% +0.3% −19.6% −17.0%
July 29, 2025 −5.9% −0.4% −11.5% +2.0%
April 29, 2025 −0.6% +0.7% +4.3% +17.6%
January 28, 2025 +13.6% +0.4% +11.3% +0.6%
October 29, 2024 +2.4% −0.1% +3.6% +18.7%
July 25, 2024 −6.7% +0.6% −10.0% −0.9%
April 25, 2024 +2.8% +0.6% +0.5% +8.6%
February 1, 2024 −3.2% +2.4% −5.1% −1.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Royal Caribbean Group in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Royal Caribbean Group
$12B $14B $16B $18B $20B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $13.9B Revenue (TTM), FY24 Q1: $14.7B Revenue (TTM), FY24 Q2: $15.3B Revenue (TTM), FY24 Q3: $16.1B Revenue (TTM), FY24 Q4: $16.5B Revenue (TTM), FY25 Q1: $16.8B Revenue (TTM), FY25 Q2: $17.2B Revenue (TTM), FY25 Q3: $17.4B Revenue (TTM), FY25 Q4: $17.9B Revenue (TTM), FY26 Q1: $18.4B Revenue (TTM), FY26 Q2: $18.7B Revenue (TTM), FY26 Q3: $19.1B $19.1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $13.9B
FY24 Q1 $14.7B
FY24 Q2 $15.3B
FY24 Q3 $16.1B
FY24 Q4 $16.5B
FY25 Q1 $16.8B
FY25 Q2 $17.2B
FY25 Q3 $17.4B
FY25 Q4 $17.9B
FY26 Q1 $18.4B
FY26 Q2 $18.7B
FY26 Q3 $19.1B
Revenue growth, TTM YoY Royal Caribbean Group
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 57.2% Revenue growth, TTM YoY, FY24 Q1: 38.2% Revenue growth, TTM YoY, FY24 Q2: 27.7% Revenue growth, TTM YoY, FY24 Q3: 21.9% Revenue growth, TTM YoY, FY24 Q4: 18.6% Revenue growth, TTM YoY, FY25 Q1: 13.7% Revenue growth, TTM YoY, FY25 Q2: 12.1% Revenue growth, TTM YoY, FY25 Q3: 8.6% Revenue growth, TTM YoY, FY25 Q4: 8.8% Revenue growth, TTM YoY, FY26 Q1: 9.7% Revenue growth, TTM YoY, FY26 Q2: 8.7% Revenue growth, TTM YoY, FY26 Q3: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 57.2%
FY24 Q1 38.2%
FY24 Q2 27.7%
FY24 Q3 21.9%
FY24 Q4 18.6%
FY25 Q1 13.7%
FY25 Q2 12.1%
FY25 Q3 8.6%
FY25 Q4 8.8%
FY26 Q1 9.7%
FY26 Q2 8.7%
FY26 Q3 9.7%
Operating margin (TTM) Royal Caribbean Group
20% 22% 24% 26% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 20.7% Operating margin (TTM), FY24 Q1: 22.8% Operating margin (TTM), FY24 Q2: 24.0% Operating margin (TTM), FY24 Q3: 25.2% Operating margin (TTM), FY24 Q4: 24.9% Operating margin (TTM), FY25 Q1: 25.7% Operating margin (TTM), FY25 Q2: 26.4% Operating margin (TTM), FY25 Q3: 26.4% Operating margin (TTM), FY25 Q4: 27.4% Operating margin (TTM), FY26 Q1: 27.9% Operating margin (TTM), FY26 Q2: 27.3% Operating margin (TTM), FY26 Q3: 27.6% 27.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 20.7%
FY24 Q1 22.8%
FY24 Q2 24.0%
FY24 Q3 25.2%
FY24 Q4 24.9%
FY25 Q1 25.7%
FY25 Q2 26.4%
FY25 Q3 26.4%
FY25 Q4 27.4%
FY26 Q1 27.9%
FY26 Q2 27.3%
FY26 Q3 27.6%
FCF margin (TTM) Royal Caribbean Group
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.2% FCF margin (TTM), FY24 Q1: 4.1% FCF margin (TTM), FY24 Q2: -3.6% FCF margin (TTM), FY24 Q3: -2.3% FCF margin (TTM), FY24 Q4: 12.1% FCF margin (TTM), FY25 Q1: 12.6% FCF margin (TTM), FY25 Q2: 20.9% FCF margin (TTM), FY25 Q3: 11.7% FCF margin (TTM), FY25 Q4: 6.9% FCF margin (TTM), FY26 Q1: 7.5% FCF margin (TTM), FY26 Q2: -2.2% FCF margin (TTM), FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.2%
FY24 Q1 4.1%
FY24 Q2 -3.6%
FY24 Q3 -2.3%
FY24 Q4 12.1%
FY25 Q1 12.6%
FY25 Q2 20.9%
FY25 Q3 11.7%
FY25 Q4 6.9%
FY26 Q1 7.5%
FY26 Q2 -2.2%
FY26 Q3 7.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Royal Caribbean Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17.9B
  2. Cost of revenue $9.1B · 50.6%
  3. Gross profit $8.9B · 49.4%
  4. Selling, general and admin $2.2B · 12.4%
  5. Other operating costs $1.7B · 9.6%
  6. Operating income $4.9B · 27.4%
  7. Interest and other $560M · 3.1%
  8. Net income $4.3B · 23.8%

Shares of revenue. Source: Royal Caribbean Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.9 6.8 7.5 7.7 8.0 8.1 8.3 8.5 8.8 9.5 11.0 2.2 1.5 8.8 13.9 16.5 17.9 19.1
Gross profit 1.8 2.3 2.6 2.5 2.7 2.8 3.2 3.5 3.9 4.2 4.9 −0.6 −1.2 2.2 6.1 7.8 8.9 9.4
EBITDA 1.1 1.4 1.6 1.1 1.6 1.7 1.7 2.4 2.7 2.9 3.3 −3.3 −2.6 0.6 4.3 5.7 6.6 7.1
Operating income 0.5 0.8 0.9 0.4 0.8 0.9 0.9 1.5 1.7 1.9 2.1 −4.6 −3.9 −0.8 2.9 4.1 4.9 5.3
Net income 0.2 0.5 0.6 0.0 0.5 0.8 0.7 1.3 1.6 1.8 1.9 −5.8 −5.3 −2.2 1.7 2.9 4.3 4.6
Diluted EPS $0.71 $2.37 $2.77 $0.08 $2.14 $3.43 $3.02 $5.93 $7.53 $8.56 $8.95 −$27.05 −$20.89 −$8.45 $6.31 $10.94 $15.61 $16.89
Growth (year on year)
Revenue −9.8% +14.6% +11.6% +2.0% +3.5% +1.4% +2.8% +2.4% +3.3% +8.2% +15.3% −79.8% −30.6% +477.0% +57.2% +18.6% +8.8% +9.7%
EBITDA −21.9% +36.9% +13.0% −30.6% +37.0% +10.4% −0.7% +39.4% +13.6% +8.7% +13.7% −199.8% — — +576.0% +31.7% +16.2% +13.8%
Operating income −41.3% +64.3% +16.1% −56.7% +98.0% +18.0% −7.1% +68.8% +18.1% +8.6% +9.9% −320.9% — — — +42.7% +19.6% +14.6%
Net income −73.4% +238.2% +17.8% −97.0% — +61.3% −12.9% +92.8% +26.6% +11.4% +3.7% −408.6% — — — +69.5% +48.3% +11.9%
Diluted EPS −73.5% +233.8% +16.9% −97.1% — +60.3% −12.0% +96.4% +27.0% +13.7% +4.6% −402.2% — — — +73.4% +42.7% +15.7%
Margins
Gross margin 30.9% 34.0% 34.4% 32.9% 33.4% 34.3% 38.6% 41.0% 44.2% 44.6% 44.6% −25.2% −78.8% 25.2% 44.1% 47.5% 49.4% 49.1%
EBITDA margin 17.9% 21.4% 21.7% 14.7% 19.5% 21.2% 20.5% 27.9% 30.7% 30.8% 30.4% −150.4% −168.2% 7.3% 31.2% 34.6% 37.0% 37.3%
Operating margin 8.3% 11.9% 12.4% 5.2% 10.0% 11.7% 10.5% 17.4% 19.9% 20.0% 19.0% −208.3% −252.6% −8.7% 20.7% 24.9% 27.4% 27.6%
Net margin 2.6% 7.6% 8.1% 0.2% 6.0% 9.5% 8.0% 15.1% 18.5% 19.1% 17.2% −262.5% −343.3% −24.4% 12.2% 17.5% 23.8% 23.8%
Free-cash-flow margin −27.7% −7.8% 3.7% 1.2% 8.1% −0.8% 4.0% 0.3% 26.3% −1.9% 6.3% −257.9% −268.1% −25.2% 4.2% 12.1% 6.9% 7.9%
Cash flow
Cash from operations 0.8 1.7 1.5 1.4 1.4 1.7 1.9 2.5 2.9 3.5 3.7 −3.7 −1.9 0.5 4.5 5.3 6.5 6.9
Capital spending 2.5 2.2 1.2 1.3 0.8 1.8 1.6 2.5 0.6 3.7 3.0 2.0 2.2 2.7 3.9 3.3 5.2 5.4
Free cash flow −1.6 −0.5 0.3 0.1 0.6 −0.1 0.3 0.0 2.3 −0.2 0.7 −5.7 −4.1 −2.2 0.6 2.0 1.2 1.5
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.3 0.2 0.1
Free cash flow after stock pay −1.6 −0.6 0.3 0.1 0.6 −0.1 0.3 −0.0 2.2 −0.2 0.6 −5.7 −4.2 −2.3 0.5 1.7 1.1 1.4
Balance sheet
Cash 0.3 0.4 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.3 0.2 3.7 2.7 1.9 0.5 0.4 0.8 0.9
Total debt 8.4 9.2 8.5 8.5 8.1 8.4 8.5 9.4 7.5 10.8 11.0 19.3 21.1 23.4 21.5 20.1 21.3 22.9
Net debt (negative = net cash) 8.1 8.7 8.2 8.3 7.9 8.3 8.4 9.3 7.4 10.5 10.8 15.6 18.4 21.5 21.0 19.7 20.5 22.0
Diluted shares 215m 218m 219m 219m 221m 223m 221m 216m 216m 212m 210m 214m 252m 255m 283m 279m 274m 270m
Returned to shareholders
Dividends — — 0.0 0.1 0.1 0.2 0.3 0.3 0.4 0.5 0.6 0.3 0.0 0.0 0.0 0.1 0.8 1.3
Buybacks — — — 0.0 0.0 0.2 0.2 0.3 0.2 0.6 0.1 0.0 0.0 — 0.0 0.0 1.2 1.5
Total returned — — 0.0 0.1 0.1 0.4 0.5 0.6 0.7 1.1 0.7 0.3 0.0 0.0 0.0 0.1 2.0 2.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $44.8bn
Short-term assets $2.5bnLonger-term assets $42.3bn
What it owes, and who funded it · $44.6bn
Short-term liabilities $11.4bnLonger-term liabilities $21.5bnShareholders' equity $11.7bn
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $11.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.5bn short-term assets against $21.5bn of longer-dated liabilities.
  • More cash than debt $851m of cash against $22.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 191% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 500% to 191% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.9bn of operating cash flow against $22.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.3bn against $1.1bn of interest.

From Royal Caribbean Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.5B
Dividends (TTM)
$1.3B
Returned to shareholders
191%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−3.3%
year over year
Total shareholder yield
3.4%
dividends 1.6% + buybacks 1.8% of market value
Dividend payout ratio
30%
of net income paid out
Sales & admin spending
11.7%
of revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated RCL EXPE MAR CCL ABNB BKNG Median
Revenue, last 12 months $19.1bn $15.7bn $27.4bn $27.6bn $13.2bn $28.2bn $5.2bn
Revenue growth, last 12 months 9.7% 12.0% 5.8% 5.2% 13.6% 12.9% 9.7%
Revenue growth, 3-year average 13.3% 8.6% 5.2% 11.3% 13.1% 13.4% 8.0%
Revenue growth, latest quarter 8.8% 14.0% 8.0% 3.5% 16.5% 8.1% 8.1%
Gross margin 49.1% 82.1% — 39.5% 82.9% 98.1% 47.7%
Operating margin 27.6% 16.0% 15.8% 16.0% 20.8% 32.9% 16.0%
Operating margin, 3-year average 26.4% 11.3% 15.6% 15.4% 19.5% 31.4% 15.3%
Net margin 23.8% 13.0% 9.7% 11.4% 20.4% 25.5% 11.4%
Cash from operations / revenue 36.0% 33.2% 14.8% 24.7% 36.9% 34.9% 20.4%
Free-cash-flow margin 7.9% 28.4% 12.7% 11.5% 36.9% 33.8% 12.1%
Free-cash-flow margin, 3-year average 5.8% 19.3% 10.3% 9.2% 38.6% 34.7% 10.3%
Stock pay / revenue 0.7% 2.6% 0.8% 0.4% 13.0% 2.1% 1.3%
Change in share count −3.3% −5.4% −3.9% −2.1% −3.8% −4.6% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 9.7% 9.7% 13 of 25
Change in growth rate Growth +1.0pp -0.5pp 9 of 25
Gross margin Profitability 49.1% 47.7% 6 of 14
Operating margin Profitability 27.6% 16.0% 3 of 22
Net margin Profitability 23.8% 11.4% 3 of 25
Free-cash-flow margin Cash generation 7.9% 12.7% 17 of 24
Stock pay as % of revenue Cash generation 0.7% 1.4% 2 of 24
Long-term debt as % of assets Balance sheet 44.9% 41.9% 16 of 24
Change in share count Balance sheet -3.3% -3.5% 14 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Cruise Itinerary $17.1B ▲ 8.8%
Passenger $12.5B ▲ 8.8%
Other $5.4B ▲ 8.7%
Port Costs $1.3B ▲ 18.2%
Other Products and Services $864M ▲ 9.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Royal Caribbean Group's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$75.4B
Institutions reporting
1,220
Shares held vs prior quarter
▲ 6.2%
Positions opened / closed
148 / 100

Top buyers and sellers, Q2 2026: 590 institutions bought and 549 sold ; the biggest buyer was Capital Research Global Investors (+6.0M shares) and the biggest seller Blackrock, Inc (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital Research Global Investors $10.9B 34.3M 14.4% ▲ 21.2%
Capital International Investors $7.8B 24.5M 10.3% ▼ 2.2%
Blackrock, Inc. $6.5B 20.6M 8.7% ▼ 6.5%
Capital World Investors $5.9B 18.7M 7.9% ▼ 6.9%
Vanguard Capital Management LLC $5.1B 16.0M 6.8% ▼ 0.3%
Vanguard Portfolio Management LLC $3.9B 12.2M 5.2% ▼ 0.3%
Osiris Holdings Inc. $3.7B 11.7M 4.9% —
State Street Corp $3.4B 10.7M 4.5% ▲ 2.6%
Geode Capital Management, LLC $2.2B 6.9M 2.9% ▼ 1.5%
Jpmorgan Chase & Co $1.2B 3.8M 1.6% ▲ 9.8%
Morgan Stanley $1B 3.2M 1.3% ▲ 2.6%
Sanders Capital, LLC $827M 2.6M 1.1% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Royal Caribbean Group's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $631M 125 trades by 8 insiders · 0% under pre-set plans
Net ▼ $631M net selling
Insider Date Trade Shares Price Value
Montiel Maritza Gomez Director October 30, 2026 Sell 400 $307.21 $122,884
Lake Robert Alexander SVP, CLO & Secretary October 28, 2026 Sell 1,000 $298.43 $298,430
Bayley Michael W Pres&CEO, Royal Caribbean Intl July 29, 2026 Sell 12,811 $315.99 $4M
Wilhelmsen Arne Alexander Director February 27, 2026 Sell 21,280 $311.22 $6.6M
Wilhelmsen Arne Alexander Director February 27, 2026 Sell 152,515 $310.78 $47.4M
Wilhelmsen Arne Alexander Director February 27, 2026 Sell 31,560 $312.53 $9.9M
Wilhelmsen Arne Alexander Director February 27, 2026 Sell 25,910 $313.48 $8.1M
Wilhelmsen Arne Alexander Director February 27, 2026 Sell 14,211 $314.40 $4.5M
Wilhelmsen Arne Alexander Director February 26, 2026 Sell 7,271 $315.62 $2.3M
Wilhelmsen Arne Alexander Director February 26, 2026 Sell 20,617 $316.92 $6.5M
Wilhelmsen Arne Alexander Director February 26, 2026 Sell 106,947 $317.71 $34M
Wilhelmsen Arne Alexander Director February 26, 2026 Sell 156,628 $318.64 $49.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Royal Caribbean Group shares.

  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded December 31, 2025, filed January 15, 2026
  • Jefferson Shreve(R-IN 6):Sale (full), $50,001 - $100,000, traded May 12, 2025, filed June 22, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 30, 2026
  • January 29, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Royal Caribbean Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Royal Caribbean Group in brief

What does Royal Caribbean Group do?
Royal Caribbean Group is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Royal Caribbean Group's stock ticker?
Royal Caribbean Group trades under the ticker RCL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Royal Caribbean Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Royal Caribbean Group reported revenue of $19.1B, 9.7% higher than a year earlier, according to its SEC filings.
What is Royal Caribbean Group's free cash flow?
Royal Caribbean Group's free-cash-flow margin is 7.9% of revenue over the trailing twelve months, ranking 17 of the 24 hotels, resorts & cruise lines companies we cover.
Who are Royal Caribbean Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital Research Global Investors, Capital International Investors and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Royal Caribbean Group buying back stock, and does it pay a dividend?
Royal Caribbean Group spent $1.5B on share repurchases over the trailing twelve months, and its diluted share count fell 3.3% over the year.
What is Royal Caribbean Group's market cap?
On November 2, 2026, Royal Caribbean Group's market capitalisation was about $86.5B, with a price-to-earnings ratio of 19.0 and net debt of $22B. Market figures come from third-party market data and may be delayed.
Does Royal Caribbean Group pay a dividend?
Yes: Royal Caribbean Group paid $1.3B in dividends over the trailing twelve months, a dividend yield of 1.57% and a payout ratio of 29.6%.
How much debt does Royal Caribbean Group have?
Royal Caribbean Group's debt-to-equity ratio is 190.9%, from its latest balance sheet (500.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Royal Caribbean Group's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Royal Caribbean Group are Expedia Group, Marriott International, Carnival Corporation, Airbnb and Booking Holdings. The side-by-side comparison below sets their revenue, margins and growth against Royal Caribbean Group's.
Are insiders buying or selling Royal Caribbean Group stock?
Over the last 12 months, Royal Caribbean Group's directors and officers reported 0 open-market purchases and 125 sales on Form 4. The insider trading page charts every trade.
When is Royal Caribbean Group's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Royal Caribbean Group announces its own schedule.