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Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of December 31, 2025, it operated 69 ships. Royal Caribbean Cruises Ltd. was founded in 1968 and is headquartered in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $17.9B | $7.1B | $4.3B | $1.2B | 42.5% | 8.8% | 48.3% |
| 2024 | $16.5B | $6.1B | $2.9B | $2.0B | 38.0% | 18.6% | 69.5% |
| 2023 | $13.9B | $4.6B | $1.7B | $580M | 35.9% | 57.2% | -178.7% |
| 2022 | $8.8B | $615M | $-2.2B | $-2.2B | -75.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,840 | 13,900 | 16,485 | 17,934 |
| Cost Of Revenue | - | 6,616 | 7,775 | 8,652 | 9,083 |
| Gross Profit | - | 2,224 | 6,125 | 7,833 | 8,851 |
| Operating Expense | - | 2,990 | 3,247 | 3,725 | 3,941 |
| Operating Income | - | -766 | 2,878 | 4,108 | 4,910 |
| EBITDA | - | 615 | 4,567 | 6,133 | 7,083 |
| EBIT | - | -792 | 3,112 | 4,533 | 5,365 |
| Pretax Income | - | -2,156 | 1,710 | 2,943 | 4,373 |
| Tax Provision | - | - | 6 | 46 | 82 |
| Net Income | - | -2,156 | 1,697 | 2,877 | 4,268 |
| Net Income Common Stockholders | - | -2,156 | 1,697 | 2,877 | 4,268 |
| Total Expenses | - | 9,606 | 11,022 | 12,377 | 13,024 |
| Interest Expense | - | 1,364 | 1,402 | 1,590 | 992 |
| Interest Income | - | 36 | 36 | 16 | 24 |
| Selling General And Administration | - | 1,583 | 1,792 | 2,125 | 2,223 |
| Normalized EBITDA | - | 615 | 4,567 | 6,133 | 7,083 |
| Normalized Income | - | -2,156 | 1,697 | 2,877 | 4,268 |
| Market Cap | 71,917.25 | 71,917.25 | 71,917.25 | 71,917.25 | 71,917.25 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Royal Caribbean Cruises Ltd.this co. | RCL | $72.1B | 16.85↓ discount | 7.17 | 42.5% | 13.15 |
| MercadoLibre, Inc. | MELI | $93.0B | 46.59 | 13.79 | 29.6% | 26.38 |
| Airbnb, Inc. | ABNB | $87.5B | 34.10 | 10.44 | 30.6% | 31.89 |
| O'Reilly Automotive, Inc. | ORLY | $79.3B | 30.77 | -102.30 | -332.5% | 21.67 |
| Hilton Worldwide Holdings Inc. | HLT |
| - |
| - |
| - |
| - |
| - |
| - |
| $79.1B |
| 52.82 |
| -14.28 |
| -27.0% |
| 31.07 |
| NIKE, Inc. | NKE | $66.3B | 20.56 | 5.01 | 24.4% | 15.46 |
| General Motors Company | GM | $63.2B | 26.09 | 1.15 | 4.4% | 9.81 |
| AutoZone, Inc. | AZO | $60.1B | 23.73 | -17.36 | -73.2% | 16.84 |
| Carvana Co. | CVNA | $56.3B | 41.57 | 17.00 | 40.9% | -560.82 |
| Peer Median | - | 32.43 | 3.08 | 14.4% | 19.25 | |