Royal Caribbean Cruises Ltd. (RCL) Income Statement
RCL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRCL revenue and net income
Where RCL's revenue goes
2025Each bar shows an amount and its share of revenue. RCL kept 23.8% of revenue as net income.
RCL profit margins
RCL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.8% | +26.6% | +52.0% | +8.0% |
| Gross profit | +7.2% | +55.7% | — | +10.1% |
| Operating income | +19.6% | — | — | +18.8% |
| Net income | +48.5% | — | — | +20.4% |
| EPS (diluted) | +32.4% | — | — | +12.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RCL quarterly EPS vs estimates
Royal Caribbean beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $6.37).
RCL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B | $2.21B | $10.95B | $9.49B | $8.78B | $8.50B |
| Cost of revenue | $9.54B | $8.65B | $7.78B | $6.62B | $2.74B | $2.77B | $6.06B | $5.26B | $4.90B | $5.02B |
| Gross profit | $8.40B | $7.83B | $6.12B | $2.22B | −$1.21B | −$556.3M | $4.89B | $4.23B | $3.88B | $3.48B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $2.21B | $2.12B | $1.98B | $1.58B | $1.37B | $1.20B | $1.56B | $1.69B | $1.55B | $1.10B |
| Total operating expenses | $3.49B | $3.73B | $3.25B | $2.99B | $2.66B | $4.05B | $2.81B | $2.34B | $2.14B | $2.00B |
| Operating income | $4.91B | $4.11B | $2.88B | −$766.0M | −$3.87B | −$4.60B | $2.08B | $1.89B | $1.74B | $1.48B |
| Interest income | $538.0M | $16.0M | $46.0M | $1.18B | $16.8M | $1.04B | $26.9M | $32.8M | $30.1M | $20.9M |
| Interest expense | $992.0M | $1.59B | $1.40B | $1.36B | $1.29B | $844.2M | $408.5M | $333.7M | $300.0M | $307.4M |
| Income before taxes | $4.30B | $2.90B | $1.70B | −$2.16B | −$5.26B | −$5.78B | $1.91B | $1.82B | $1.63B | $1.28B |
| Income taxes | $15.0M | −$18.0M | $6.0M | −$56.1M | $1.31B | $729.5M | $412.7M | $254.7M | $294.7M | $271.7M |
| Net income | $4.27B | $2.88B | $1.70B | −$2.16B | −$5.26B | −$5.80B | $1.88B | $1.81B | $1.63B | $1.28B |
| EBITDA | $7.01B | $6.09B | $4.56B | $615.0M | −$2.67B | −$3.65B | $3.56B | $3.18B | $2.88B | $2.49B |
| EPS (diluted) | $15.64 | $11.81 | $6.69 | −$7.51 | −$19.19 | −$18.25 | $9.54 | $8.87 | $7.53 | $6.09 |
| Gross margin | 46.8% | 47.5% | 44.1% | 25.2% | −78.8% | −25.2% | 44.6% | 44.6% | 44.2% | 41.0% |
| Operating margin | 27.4% | 24.9% | 20.7% | −8.7% | −252.6% | −208.3% | 19.0% | 20.0% | 19.9% | 17.4% |
| Net margin | 23.8% | 17.5% | 12.2% | −24.4% | −343.3% | −262.5% | 17.2% | 19.1% | 18.5% | 15.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.83B | $4.45B | $4.26B | $5.14B | $4.54B | $4.00B | $3.76B | $4.89B | $4.11B | $3.73B | $3.33B | $4.16B |
| Cost of revenue | $2.55B | $2.25B | $2.69B | $2.48B | $2.28B | $2.08B | $2.05B | $2.39B | $2.15B | $2.06B | $1.89B | $2.14B |
| Gross profit | $2.29B | $2.21B | $1.56B | $2.66B | $2.25B | $1.92B | $1.71B | $2.50B | $1.96B | $1.67B | $1.44B | $2.02B |
| Sales, general & admin | $513.0M | $582.0M | $629.0M | $522.0M | $508.0M | $562.0M | $673.0M | $451.0M | $466.0M | $535.0M | $509.0M | $393.0M |
| Total operating expenses | $977.0M | $1.04B | $631.0M | $958.0M | $926.0M | $976.0M | $1.08B | $861.0M | $859.0M | $922.0M | $871.4M | $758.0M |
| Operating income | $1.31B | $1.16B | $933.0M | $1.70B | $1.33B | $945.0M | $624.0M | $1.63B | $1.10B | $750.0M | $569.7M | $1.26B |
| Interest income | $5.0M | $5.0M | $154.0M | $3.0M | $109.0M | $2.0M | $3.0M | $4.0M | $4.0M | $5.0M | $4.1M | $7.5M |
| Interest expense | $236.0M | $278.0M | $267.0M | $248.0M | $228.0M | $249.0M | $266.0M | $603.0M | $298.0M | $424.0M | $346.5M | $340.0M |
| Income before taxes | $1.15B | $976.0M | $777.0M | $1.57B | $1.22B | $737.0M | $560.0M | $1.11B | $858.0M | $364.0M | $278.9M | $1.01B |
| Income taxes | $14.0M | $26.0M | $15.0M | — | — | −$6.0M | $1.0M | −$21.0M | $17.0M | $4.0M | −$1.37B | $334.3M |
| Net income | $1.13B | $941.0M | $754.0M | $1.58B | $1.21B | $730.0M | $552.0M | $1.11B | $854.0M | $360.0M | $277.1M | $1.01B |
| EBITDA | $1.85B | $1.72B | $1.50B | $2.26B | $1.86B | $1.40B | $1.24B | $2.13B | $1.55B | $1.18B | $993.5M | $1.72B |
| EPS (diluted) | $4.21 | $3.60 | $2.80 | $5.75 | $4.38 | $2.71 | $1.63 | $5.20 | $3.21 | $1.77 | $1.25 | $3.85 |
| Gross margin | 47.3% | 49.5% | 36.7% | 51.8% | 49.7% | 48.0% | 45.4% | 51.1% | 47.6% | 44.8% | 43.3% | 48.6% |
| Operating margin | 27.0% | 26.1% | 21.9% | 33.1% | 29.3% | 23.6% | 16.6% | 33.4% | 26.7% | 20.1% | 17.1% | 30.4% |
| Net margin | 23.3% | 21.1% | 17.7% | 30.7% | 26.7% | 18.3% | 14.7% | 22.7% | 20.8% | 9.7% | 8.3% | 24.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RCL's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RCL financial results
In fiscal year 2025 (ended December 31, 2025), Royal Caribbean reported revenue of $17.9 billion, up 8.8% from the year before. It had net income of $4.3 billion (up 48.5%), a net profit margin of 23.8%. Diluted earnings per share came to $15.64. Over five years revenue grew at an average rate of 52.0% a year.
See the RCL stock overview for the latest quote and news, or the RCL chart for price history and technical indicators.
RCL income statement FAQ
What is Royal Caribbean's annual revenue?
Royal Caribbean reported total revenue of $17.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.8% from $16.5 billion the previous year.
Is Royal Caribbean profitable?
Yes. Royal Caribbean reported net income of $4.3 billion in fiscal 2025, a net profit margin of 23.8%; its operating margin was 27.4%.
What is Royal Caribbean's gross margin?
Royal Caribbean's gross margin was 46.8% in fiscal 2025: for every $100 of revenue, Royal Caribbean kept $47 after the direct cost of its products and services.
How fast is Royal Caribbean growing?
Revenue grew 52.0% a year on average over the last five fiscal years, from $2.2 billion to $17.9 billion.
What are Royal Caribbean's earnings per share?
Royal Caribbean earned $15.64 per diluted share in fiscal 2025, compared with $11.81 a year earlier.
When will Royal Caribbean report its next earnings?
Royal Caribbean is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Royal Caribbean's fiscal year end?
Royal Caribbean's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.