— Know what they know.
/
Not Investment Advice

RCL

NYSE · USD
Royal Caribbean Cruises Ltd.
Consumer Cyclical · Travel Services
CEO Jason T. Liberty Employees 108,000 R&D / revenue 0.0%
Last price
$277.62−0.85%last session
Market cap
$74.3B
P/E (TTM)
17.1x
From 52w high
−22.1%
From 52w low
+24.9%
1-year return
−7.0%
RSI 14 · vs SMA200
54.9 · −3.0%
IS score
54.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

RCL   SPY   XLY (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97RCL 93

Score DNA

Each bar is a 0-100 score within the scored universe
80
Profitability
66
Growth
47
Value
89
Momentum
50
Risk (safety)
70
Quality
29
Balance sheet
86
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Negative free cash flow
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 2.3Beta 1.753 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $4.0M
Form 144 notices (12m): 10, $720.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-07-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+56
168 new holders, 97 closed
1,229 filers hold 88.8% · 441 added, 453 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+173
466 funds adding shares
293 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
57.6%
20-day avg 57.4%, 50-day avg 53.4%
Latest 0.2 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$17.9B
Revenue growth YoY+8.8%
Gross margin46.8%
Operating income$4.9B
Operating margin27.4%
Net income$4.3B
Net margin23.8%
EPS (diluted)$15.61
Cash flow
Operating cash flow$6.5B
Capital expenditure$5.2B
Free cash flow$1.2B
FCF conversion (FCF / OCF)19.1%
Stock-based compensation$0
FCF less SBC$1.2B
Buybacks$1.2B
Dividends$264.0M
Balance sheet & returns
Cash & short-term investments$940.0M
Total debt$22.0B
Net debt$21.1B
Shareholders' equity$10.2B
Goodwill & intangibles$808.0M
Debt / equity2.30
ROE (TTM)43.8%
ROIC (TTM)14.6%
Operating margin by fiscal year
-252.6%FY2021-8.6%FY202220.7%FY202324.9%FY202427.4%FY2025
Revenue $1.5B (FY2021) to $17.9B (FY2025), a 85.0% CAGR.

Valuation

P/E (TTM)17.1x
EV / EBITDA13.2x
Price / sales3.97x
Price / FCFn/m
FCF yield-0.56%
Buyback yield1.56%
SBC / revenue0.8%
Price / book7.30x
Forward P/E FY202615.6x
Forward P/E FY202713.7x
Forward P/E FY202812.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $346.40 across 10 analysts last quarter is theirs, not ours.

RCL vs industry median

44 companies in Travel Services
Gross margin 46.6% 40.8% Operating margin 27.3% 8.3% Net margin 23.6% 3.2% ROIC 14.6% 10.1%
RCL (TTM)Industry median Asset turnover 0.42 vs industry 0.61 · financial leverage 4.36

Earnings delivery

Next report 2026-10-27 · consensus EPS $6.38
92%
beat rate, 11 of 12 quarters
+9.6%
median EPS surprise
10
longest beat streak
+17+11+11+33+17+3+9+6+7+1+0+11
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
RCL Royal Caribbean Cruises Ltd. $74.3B17.1x43.8%23.6%+8.8% −7.0%
ABNB Airbnb, Inc. $104.0B39.3x34.5%22.6%+13.6% +41.3%
BKNG Booking Holdings Inc. $122.8B18.0x-82.7%26.5%+12.9% −16.7%
VIK Viking Holdings Ltd $37.2B27.5x139.8%26.8%+20.0% +38.7%
CCL Carnival Corporation & plc $34.8B11.2x24.0%22.8%+5.2% −8.2%
EXPE Expedia Group, Inc. $33.1B17.3x199.1%20.3%+12.0% —
SABRP Sabre Corporation $23.6B19.4x-38.0%1.1%−4.1% —
GM General Motors Company $73.7B42.0x3.0%2.7%−1.1% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-09-23Other Events; Exhibits
2026-08-20Material Agreement; Financial Obligation; Exhibits
2026-08-07Material Agreement; Exhibits
2026-07-28Earnings Release; Exhibits
2026-07-20Officer/Director Change; Regulation FD; Exhibits
2026-05-28Shareholder Vote

Context

Shares outstanding267,452,096
Free float93.5%
Institutional ownership88.8%
Beta1.75
Dividend yield1.98%
Last dividend$1.50 on 2026-09-17
50 / 200-day average$275.37 / $286.53
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where RCL sits among 12 scored companies in Travel Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureRCLIndustry medianIndustry percentileSector median
P/E (TTM) 16.9x 17.0x
40th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 4.0x 2.9x
64th		 1.0x
Price / book 7.3x 5.0x
57th		 2.4x
Price / tangible book 9.1x 7.1x
60th		 4.2x
Price / free cash flow —
Price / operating cash flow 10.9x 11.7x
45th		 10.2x
Enterprise value $96.9B $26.7B
91st		 $5.6B
EV / sales 5.2x 3.3x
82nd		 1.4x
EV / EBITDA 13.4x 13.4x
55th		 11.4x
EV / EBIT 17.6x 17.0x
55th		 16.0x
EV / free cash flow —
Earnings yield 5.9% 4.7%
64th		 4.8%
FCF yield -0.6% 5.0%
9th		 5.9%
Operating cash flow yield 9.1% 8.6%
55th		 9.3%
Graham number (per share) $117.93 $23.73
100th		 $33.39

Profitability (TTM)

MeasureRCLIndustry medianIndustry percentileSector median
Gross margin 46.6% 45.9%
55th		 34.2%
EBITDA margin 38.6% 25.1%
100th		 11.7%
Operating margin 27.3% 16.1%
91st		 8.7%
EBIT margin 29.5% 16.9%
91st		 8.2%
Net margin 23.6% 9.7%
91st		 4.9%
NOPAT margin 27.0% 14.4%
100th		 6.8%
FCF margin -2.2% 13.0%
9th		 6.5%
Operating cash flow margin 36.3% 22.9%
91st		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 12.0% 26.2%
0th		 17.2%
Stock comp / revenue 0.8% 1.3%
18th		 0.6%
Effective tax rate 1.2% 21.7%
9th		 22.4%

Returns on capital

MeasureRCLIndustry medianIndustry percentileSector median
ROE (on average equity) 45.4% 35.6%
71st		 12.8%
ROA 10.6% 5.1%
82nd		 4.4%
ROIC 15.3% 9.2%
73rd		 9.3%
ROCE 16.7% 12.2%
64th		 9.9%
Return on tangible assets 13.2% 8.5%
82nd		 7.4%
Cash ROIC (OCF / invested capital) 20.6% 20.6%
50th		 14.4%
Gross profitability (GP / assets) 19.5% 27.4%
27th		 31.6%
ROIC, 3-yr average 12.4% 7.5%
71st		 7.4%
ROIC, 5-yr average 3.8% 1.0%
75th		 9.1%
ROE, 5-yr average -1.9% -0.3%
40th		 15.8%
Incremental ROIC 30.6% -35.4%
64th		 11.2%

Growth

MeasureRCLIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 8.7% 8.7%
50th		 6.0%
Revenue growth (QoQ) 8.5% 20.8%
9th		 6.6%
Revenue CAGR, 3 yr 15.9% 12.7%
78th		 3.0%
Revenue CAGR, 5 yr 188.6% 37.4%
89th		 5.9%
Gross profit CAGR, 3 yr 24.6% 12.9%
89th		 3.3%
Operating income CAGR, 3 yr 55.5% 25.4%
71st		 2.1%
Net income growth (TTM YoY) 22.2% 5.8%
70th		 4.7%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 24.4% 1.2%
80th		 7.6%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 28.0% 18.6%
62nd		 6.7%
Book value CAGR, 3 yr 47.0% 23.7%
80th		 8.1%
Dividend CAGR, 3 yr 10.6% — 3.2%
Sustainable growth rate 39.3% 35.6%
71st		 12.2%

Margin history & stability

MeasureRCLIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 47.2% 47.7%
40th		 34.9%
Operating margin, 3-yr average 25.9% 15.4%
90th		 8.0%
Net margin, 3-yr average 20.3% 9.3%
80th		 4.8%
FCF margin, 3-yr average 5.0% 13.1%
10th		 5.7%
Revenue stability (0-1) 0.92 0.92
60th		 0.80
Earnings stability (0-1) 0.93 0.83
90th		 0.43
Margin stability (0-1) 0.00 0.92
0th		 0.92

Liquidity (latest quarter)

MeasureRCLIndustry medianIndustry percentileSector median
Cash & short-term investments $875.0M $859.1M
55th		 $278.1M
Net cash (− = net debt) −$22.6B −$1.6B
9th		 −$1.2B
Working capital −$9.2B −$141,500
0th		 $298.0M
Current ratio 0.21 0.97
9th		 1.49
Quick ratio 0.19 0.97
9th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.08 0.48
9th		 0.31
Defensive interval (days) 133 days 421 days
9th		 290 days

Leverage & solvency (latest quarter)

MeasureRCLIndustry medianIndustry percentileSector median
Total debt $23.5B $5.7B
91st		 $1.8B
Debt / equity 2.30 2.04
57th		 1.04
Net debt / equity 2.21 0.86
86th		 0.78
Debt / assets 52.7% 51.0%
55th		 39.7%
Debt / capital 69.7% 66.8%
57th		 51.0%
Debt / EBITDA 3.26 3.36
45th		 3.26
Net debt / EBITDA 3.14 2.43
55th		 2.42
Interest coverage (EBIT / interest) 5.4x 4.3x
64th		 5.1x
Cash interest coverage 6.6x 6.2x
55th		 6.0x
Debt payback (years of OCF) 3.5 yrs 3.6 yrs
45th		 3.8 yrs
Liabilities / assets 76.6% 88.6%
36th		 68.1%
IS credit model rating BB+ — —
Implied credit spread (bps) 400 438
45th		 275

Efficiency

MeasureRCLIndustry medianIndustry percentileSector median
Asset turnover 0.45 0.55
18th		 1.00
Fixed asset turnover 0.48 1.65
0th		 3.73
Inventory turnover 38.8 36.3
67th		 5.3
Receivables turnover 42.8 25.0
80th		 19.9
Days sales outstanding 9 days 12 days
27th		 18 days
Days inventory outstanding 9 days 10 days
33rd		 68 days
Days payables outstanding 38 days 26 days
70th		 42 days
Cash conversion cycle (days) −20 days −11 days
40th		 44 days
Capex / revenue 38.6% 6.6%
100th		 3.1%
Capex / depreciation 4.21 1.27
90th		 0.89
Operating expense ratio 20.2% 35.2%
18th		 24.8%

Cash flow & earnings quality

MeasureRCLIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.54 2.17
10th		 1.76
FCF / net income −0.09 1.32
20th		 1.18
FCF / operating cash flow -6.1% 57.6%
20th		 70.1%
Capex / operating cash flow 106.1% 42.4%
80th		 29.9%
Accruals ratio -5.7% -7.5%
82nd		 -5.7%
Sloan accruals ratio -6.8% -1.4%
18th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureRCLIndustry medianIndustry percentileSector median
Dividend yield 2.0% 0.0%
91st		 0.8%
Dividend per share (TTM) $5.50 $0.00
100th		 $0.40
Payout ratio (dividends / net income) 13.4% 0.0%
70th		 17.8%
Dividends / FCF —
Dividend growth (YoY) 32.1% -31.7%
60th		 4.8%
Buyback yield 2.6% 2.9%
40th		 1.6%
Shareholder yield (dividends + buybacks) 3.4% 3.4%
50th		 3.7%
Share count change (YoY) -1.8% -2.4%
60th		 -0.9%
Buybacks, last 5 years $5.8B $584.8M
73rd		 $198.3M

Scores & forensic checks

MeasureRCLIndustry medianIndustry percentileSector median
IS score 54 52
64th		 50
IS profitability 80 62
73rd		 38
IS growth 66 54
70th		 53
IS value 47 42
55th		 50
IS momentum 89 80
70th		 72
IS risk (safety) 50 40
55th		 65
IS quality 70 68
64th		 63
IS balance sheet 29 45
18th		 48
IS earnings quality 86 77
91st		 77
IS cash flow 25 56
0th		 56
Piotroski F-score (0-9) 6 6
18th		 6
Altman Z-score 2.3 2.0
64th		 2.8
Beneish M-score −2.65 −2.88
82nd		 −2.69
Ohlson O-score −6.67 −6.02
27th		 −6.83
IS credit score 47 46
55th		 58

Per share

MeasureRCLIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $16.30 $2.65
91st		 $2.05
Book value per share $37.91 $5.58
100th		 $14.46
Tangible book per share $35.88 $1.45
100th		 $3.70
Revenue per share $69.19 $21.03
91st		 $46.29
FCF per share −$1.54 $2.08
9th		 $2.72
Operating cash flow per share $25.13 $5.31
91st		 $4.86
Cash per share $3.24 $6.01
27th		 $3.59

Size (TTM)

MeasureRCLIndustry medianIndustry percentileSector median
Market cap $74.3B $20.0B
82nd		 $3.6B
Revenue $18.7B $8.6B
82nd		 $3.9B
EBITDA $7.2B $2.3B
82nd		 $442.3M
Net income $4.4B $1.1B
91st		 $178.6M
Free cash flow −$416.0M $412.0M
9th		 $206.3M
Total assets $44.6B $18.9B
91st		 $4.4B
Shareholders' equity $10.2B $935.8M
91st		 $957.6M
Employees 107,975 14,500
91st		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-07-31Bunch Tara
Director
 Award / grant 683——683
2026-07-29Bayley Michael W
Pres&CEO, Royal Caribbean Intl
 Open-market sale 12,811$315.99$4.0M45,297
2026-05-28Wiernicki Christopher J
Director
 Award / grant 571——922
2026-05-28Ofer Eyal
Director
 Award / grant 831——43,756
2026-05-28Moore Ann S
Director
 Tax withholding 78$276.62$21,57628,925
2026-05-28Montiel Maritza Gomez
Director
 Tax withholding 78$276.62$21,57612,771
2026-05-28Montiel Maritza Gomez
Director
 Award / grant 831——13,602
2026-05-28Mcpherson Amy
Director
 Tax withholding 408$276.62$112,85910,164
2026-05-28Mcpherson Amy
Director
 Award / grant 831——10,995
2026-05-28Leavitt Michael O
Director
 Tax withholding 78$276.62$21,5768,102
2026-05-28Leavitt Michael O
Director
 Award / grant 831——8,933
2026-05-28Howe Stephen R. Jr.
Director
 Tax withholding 78$276.62$21,57614,219

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJul

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1310,395—
Open-market saleDisposed112,811$4.0M
Tax withholdingDisposed91,047$289,616
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 10 notices · 2,249,633 shares · $720.7M
FiledFilerShares proposedEst. proceeds
2026-08-03Bayley Michael W12,811$4.0M
2026-02-17Laura Bethge7,854$2.6M
2026-02-17Maritza Montiel1,385$453,137
2026-02-13Naftali Holtz45,781$15.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (4 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-07-07Ro KhannaHousePurchase$1,001 - $15,0002026-08-12
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2018-05-17Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002018-06-09
2018-05-17Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002018-06-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
Capital Research Global Investors34,256,274$10.9B12.81%
Capital International Investors24,493,815$7.8B9.16%
BlackRock, Inc.20,626,151$6.5B7.71%
Capital World Investors18,670,920$5.9B6.98%
VANGUARD CAPITAL MANAGEMENT LLC16,027,157$5.1B5.99%
VANGUARD PORTFOLIO MANAGEMENT LLC12,248,670$3.9B4.58%
OSIRIS HOLDINGS INC.11,708,700$3.7B4.38%
STATE STREET CORP10,689,134$3.4B4.00%
GEODE CAPITAL MANAGEMENT, LLC6,945,690$2.2B2.60%
JPMORGAN CHASE & CO3,475,582$1.1B1.30%
Sanders Capital, LLC2,603,252$826.6M0.97%
Invesco Ltd.2,279,929$723.9M0.85%
DIMENSIONAL FUND ADVISORS LP2,136,996$678.7M0.80%
PRIMECAP MANAGEMENT CO/CA/2,109,421$669.8M0.79%
NORTHERN TRUST CORP1,925,776$611.5M0.72%

Institutional ownership by quarter

2023-092026-0688.8%
% of shares held by 13F filers
2023-092026-061,229
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,22988.8%16844145397
2026-03-311,17383.0%146470382148
2025-12-311,19183.1%171439402146
2025-09-301,18581.4%148457393101
2025-06-301,15784.4%214454336102
2025-03-311,05880.8%155447312112
2024-12-311,03679.5%19037731779
2024-09-3094678.2%13233232886
2024-06-3091078.9%14231728664
2024-03-3184576.8%11530326292
2023-12-3183276.2%18424426572
2023-09-3073174.3%8726622696

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-06SCHEDULE 13G/ACapital Research Global Investors6.4%17,152,902
2026-08-12SCHEDULE 13G/ACapital Research Global Investors12.8%34,268,810
2026-05-14SCHEDULE 13G/ACapital International Investors9.5%25,763,011
2026-05-14SCHEDULE 13G/ACapital World Investors7.6%20,614,423
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.2B
VSMPX0.09%$2.2B
VTI0.09%$2.2B
VTSAX0.09%$2.2B
VOO0.10%$1.7B
VFIAX0.10%$1.7B

Share structure

Shares outstanding267,452,096
Float249,988,187
Free float93.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$1.5B$8.8B$13.9B$16.5B$17.9B
Cost of revenue$2.7B$6.6B$7.8B$8.7B$9.5B
Gross profit−$1.2B$2.2B$6.1B$7.8B$8.4B
R&D$0$0$0$0$0
SG&A$1.4B$1.6B$1.8B$2.1B$2.2B
Operating income−$3.9B−$766.0M$2.9B$4.1B$4.9B
EBITDA−$2.7B$615.0M$4.6B$6.1B$6.9B
Pretax income−$5.3B−$2.2B$1.7B$2.9B$4.3B
Income tax$0$0$0$0$15.0M
Net income−$5.3B−$2.2B$1.7B$2.9B$4.3B
EPS, diluted$-20.89$-8.45$6.31$10.94$15.61
Diluted shares251.8M255.0M283.0M279.0M273.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.7B$1.9B$497.0M$388.0M$940.0M
Receivables$408.1M$531.0M$405.0M$371.0M$317.0M
Inventory$150.2M$224.0M$248.0M$265.0M$264.0M
Total current assets$3.6B$3.2B$1.8B$1.7B$2.2B
PP&E, net$26.5B$28.1B$30.7B$32.5B$36.3B
Goodwill & intangibles$1.2B$809.0M$809.0M$808.0M$808.0M
Total assets$32.3B$33.8B$35.1B$37.1B$41.6B
Accounts payable$546.0M$647.0M$792.0M$919.0M$953.0M
Total current liabilities$7.3B$8.6B$9.4B$9.8B$12.1B
Long-term debt$18.8B$21.3B$19.7B$18.5B$18.8B
Total liabilities$27.2B$30.9B$30.2B$29.3B$31.4B
Shareholders' equity$5.1B$2.9B$4.9B$7.7B$10.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$5.3B−$2.2B$1.7B$2.9B$4.3B
Depreciation & amortization$1.3B$1.4B$1.5B$1.6B$1.7B
Stock-based compensation$64.0M$36.0M$126.0M$267.0M$0
Change in working capital$1.5B$973.0M$1.2B$204.0M$349.0M
Operating cash flow−$1.9B$481.0M$4.5B$5.3B$6.5B
Capital expenditure−$2.2B−$2.7B−$3.9B−$3.3B−$5.2B
Free cash flow−$4.1B−$2.2B$580.0M$2.0B$1.2B
Investing cash flow−$2.1B−$3.0B−$3.9B−$3.4B−$5.0B
Net debt issued / repaid$1.6B$2.0B−$2.0B−$1.8B$1.0B
Buybacks$0$0$0$0−$1.2B
Dividends paid$0$0$0−$107.0M−$264.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin-73.5%25.2%44.1%47.5%46.8%
Operating margin-252.6%-8.6%20.7%24.9%27.4%
Net margin-343.3%-24.4%12.2%17.5%23.8%
FCF margin-268.1%-25.2%4.2%12.1%6.9%
ROE-76.0%-54.2%44.7%46.8%48.6%
ROIC-12.7%-2.4%10.9%14.7%15.4%
ROA-16.3%-6.5%4.9%8.0%10.9%
Debt / equity4.278.364.682.752.26
Interest coveragen/mn/m2.2x2.8x5.3x
Current ratio0.490.370.190.170.18
Revenue growth−30.6%+477.0%+57.2%+18.6%+8.8%
EPS growth+20.0%+59.1%+171.7%+71.4%+50.7%
P/E at year endn/mn/m21.1x22.0x17.8x
EV / EBITDA at year endn/m56.1x12.6x13.8x14.2x
FCF yield at year end-21.26%-17.91%1.62%3.15%1.62%
Dividend payout——0.0%3.7%6.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Cruise Itinerary$1.4B$8.4B$13.2B$15.7B$17.1B
Other Products And Services$105.8M$458.2M$668.0M$788.0M$864.0M

Revenue by region · FY2025

North America$11.5B · 68%
Europe$3.0B · 17%
Asia Pacific$1.7B · 10%
Other Region$862.0M · 5%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $6.38 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$19.6B$19.5B – $20.0B$17.78$17.72 – $17.871615.6x
2027$21.0B$20.6B – $21.9B$20.27$19.24 – $21.011713.7x
2028$22.9B$22.2B – $24.0B$23.09$20.73 – $25.62612.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-30$3.24$3.60+11.1%$4.5B$4.5B−0.3%
2026-01-29$2.80$2.800.0%$4.3B$4.3B−0.1%
2025-10-28$5.69$5.75+1.1%$5.2B$5.1B−0.5%
2025-07-29$4.09$4.38+7.1%$4.6B$4.5B−0.3%
2025-04-29$2.55$2.71+6.3%$4.0B$4.0B−0.4%
2025-01-28$1.50$1.63+8.7%$3.8B$3.8B−0.0%
2024-10-29$5.03$5.20+3.4%$4.9B$4.9B−0.1%
2024-07-25$2.75$3.21+16.7%$4.0B$4.1B+1.5%
2024-04-25$1.33$1.77+33.1%$3.7B$3.7B+1.0%
2024-02-01$1.13$1.25+10.6%$3.4B$3.3B−0.7%
2023-10-26$3.46$3.85+11.3%$4.0B$4.2B+2.7%
2023-07-27$1.55$1.82+17.4%$4.0B$3.5B−11.6%
2023-05-04$-0.71$-0.23+67.6%$2.8B$2.9B+2.2%
2023-02-07$-1.37$-1.12+18.2%$2.6B$2.6B−0.2%
2022-11-03$0.23$0.26+13.0%$3.0B$3.0B+0.6%
2022-07-28$-2.23$-2.08+6.7%$2.1B$2.2B+3.7%
2022-05-05$-4.68$-4.57+2.4%$1.1B$1.1B−7.6%
2022-02-04$-3.70$-4.78−29.2%$1.0B$982.2M−5.9%
2021-10-29$-4.48$-4.91−9.6%$616.5M$457.0M−25.9%
2021-08-04$-4.26$-5.06−18.8%$50.9M$50.9M0.0%
2021-04-29$-4.54$-4.44+2.2%$37.3M$42.0M+12.7%
2021-02-22$-5.04$-5.02+0.4%$45.5M$34.1M−25.0%
2020-08-10$-4.71$-6.13−30.1%$138.1M$175.6M+27.2%
2020-05-20$-0.81$-1.48−82.7%$1.8B$2.0B+15.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.906-151.406-220.806-290.807-061.107-131.207-201.407-270.808-030.708-100.708-170.508-240.908-31
Week ofNotionalSharesTrades
2026-08-31$921.0M3,452,03288,702
2026-08-24$535.9M1,850,51762,093
2026-08-17$678.1M2,284,02675,022
2026-08-10$728.6M2,362,03876,302
2026-08-03$761.4M2,342,17680,501
2026-07-27$1.4B4,431,312125,773

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1557.6%
DateShort shareShort volumeTotal volume
2026-10-1557.6%395,321686,824
2026-10-1454.3%346,855638,885
2026-10-1350.1%291,210581,364
2026-10-1249.0%266,740543,934
2026-10-0961.8%445,032720,633
2026-10-0863.2%543,985861,094
2026-10-0775.2%722,078960,222
2026-10-0657.4%611,8901,066,683
2026-10-0553.9%938,1361,739,235
2026-10-0270.7%1,166,7561,649,476
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.9Jan-1.8Feb+0.0Mar+6.1Apr+0.6May-3.6Jun+2.1Jul+5.5Aug+2.5Sep+4.2Oct+4.7Nov+5.4Dec
MonthAvg returnUp yearsYears
Jan+0.9%60%20
Feb−1.8%40%20
Mar+0.0%52%21
Apr+6.1%45%20
May+0.6%50%20
Jun−3.6%45%20
Jul+2.1%65%20
Aug+5.5%65%20
Sep+2.5%65%20
Oct+4.2%65%20
Nov+4.7%75%20
Dec+5.4%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1454.9
MFI69.5
ADX21.9
Stochastic %K / %D73.3 / 78.3
Williams %R-33.0
CCI63
TSI / signal11.2 / -0.8
Chaikin money flow0.08
ATR$9.31
Bollinger width27.6%
Volume vs 20-day avg0.67x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$265.89 (+4.4%)
SMA 50$274.24 (+1.2%)
SMA 200$286.29 (−3.0%)
EMA 21$272.10 (+2.0%)
EMA 50$274.27 (+1.2%)
EMA 200$281.86 (−1.5%)
Bollinger upper$302.55 (−8.2%)
Bollinger lower$229.24 (+21.1%)
Parabolic SAR$266.11 (+4.3%)
Open the live chart, 110+ indicators

About Royal Caribbean Cruises Ltd.

Royal Caribbean Cruises Ltd. is a prominent global operator within the cruise sector. The company manages several well-known cruise lines, such as Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises. Through these brands, it offers a wide array of voyages that call upon approximately 1,000 different destinations across the globe. As of February 25, 2022, its expansive fleet comprised 61 vessels. Established in 1968, the company's corporate headquarters are situated in Miami, Florida.

https://www.rclinvestor.com

Key executives

NameTitlePayBorn
Jason T. LibertyChief Executive Officer & Chairman$8.2M1976
Michael W. BayleyPresident & CEO of Royal Caribbean$3.9M1959
Naftali HoltzExecutive VP & CFO$3.1M1978
Harri U. KulovaaraExecutive Vice President of Newbuilding$3.1M1953
Laura J. Hodges BethgePresident of Celebrity Cruises$2.8M1975
Dana RitzcovanExecutive Vice President and Chief People & Administrative Officer——
Henry L. PujolSenior Vice President & Chief Accounting Officer—1968
Martha Cecilia PoulterSenior Vice President & Chief Information Officer—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jason T. Liberty President and Chief Executive Officer2025$1.4M$15.8M$5.1M$24.0M
Michael W. Bayley President and CEO, Royal Caribbean2025$1.2M$5.5M$2.4M$9.4M
Naftali Holtz Chief Financial Officer2025$946,769$4.0M$2.1M$7.1M
Laura Hodges Bethge President, Celebrity Cruises2025$893,462$3.2M$1.7M$6.0M
Harri U. Kulovaara EVP, Maritime2025$932,846$1.9M$2.0M$4.9M

Employees

77k201885k20197k202085k2021102k202298k2023106k2024108k2025

Dividends

Ex-dateAmountPaid
2026-09-17$1.52026-10-08
2026-06-03$1.52026-07-02
2026-03-06$1.52026-04-03
2025-12-26$12026-01-14
2025-09-25$12025-10-13
2025-06-04$0.752025-07-03
2025-03-07$0.752025-04-04
2024-12-27$0.552025-01-13

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage53
Intangibles30
Switching costs43
Network effect65
Efficient scale80
Our component scores (0-100) and overall 50.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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