Royal Caribbean Group

Consumer Discretionary Hotels, Resorts & Cruise Lines Miami, Florida Last filing Feb 11, 2026 · FY2025

                    Revenue
                    FY2025
                
$17.9B
                    3y CAGR +26.6%
                    
                    P91
                    
                    +8.8%
                    
                    Net income
                    FY2025
                
$4.3B
                    Net margin +23.8%
                    
                    P98
                    
                    +48.3%
                    
                    Total assets
                    FY2025
                
$41.6B
                    ROA +10.3%
                    
                    P56
                    
                    +12.3%
                    
                    Operating cash flow
                    FY2025
                
$6.5B
                    FCF margin +6.9%
                    
                    P30
                    
                    +22.8%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $41.6B

Total liabilities $31.4B

Shareholders equity $10.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	2.0%	1.0%	1.4%
Accounts Receivable	0.8%	1.0%	1.2%
Inventory	0.6%	0.7%	0.7%
Prepaid Expenses	1.7%	1.8%	1.8%
Other Current Assets	1.7%	1.8%	1.8%
Total Current Assets	5.3%	4.6%	5.1%
Property,Plant and Equipment	85.8%	85.9%	85.7%
Operating Lease Assets	1.5%	1.8%	1.7%
Goodwill	1.9%	2.2%	2.3%
Intangible Assets	0.0%	1.1%	1.2%
Other Noncurrent Assets	5.5%	5.5%	5.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.3%	2.5%	2.3%
Accrued Liabilities	4.9%	4.4%	4.2%
Deferred Revenue	13.8%	14.8%	15.1%
Current Portion of Long Term Debt	7.6%	4.3%	4.9%
Operating Lease Liabilities	0.2%	0.2%	0.2%
Other Current Liabilities	1.3%	1.0%	1.4%
Total Current Liabilities	29.0%	26.5%	26.8%
Long Term Debt	51.3%	54.2%	61.1%
Operating Lease Liabilities Noncurrent	1.4%	1.8%	1.7%
Other Noncurrent Liabilities	1.3%	1.0%	1.4%
Total Liabilities	75.4%	79.1%	86.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	19.1%	21.1%	21.3%
Retained Earnings	14.2%	7.0%	-0.0%
Treasury Stock	2.8%	0.0%	0.0%
Accumulated Other Comprehensive Income	-1.5%	-2.2%	-1.9%
Noncontrolling Interest	0.5%	0.5%	0.5%
Total Stockholders Equity	24.1%	20.4%	13.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $17.9B

Operating income $4.9B

Net income $4.3B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	43.1%	44.5%	39.6%
Expenses Cost of Revenue	21.8%	23.3%	22.1%
Expenses Selling,General and Administrative	5.3%	5.7%	5.1%
Expenses Depreciation and Amortization	4.1%	4.3%	4.1%
Expenses Share Based Compensation	0.4%	0.7%	0.4%
Other Income Expense Operating Income	11.8%	11.1%	8.2%
Other Income Expense Interest Expense	0.0%	0.1%	4.0%
Other Income Expense Other Income/expense	0.0%	0.4%	-0.0%
Other Income Expense Income Before Tax	10.5%	7.9%	4.9%
Income Tax Income Tax Expense	0.2%	0.1%	0.0%
net Income net Income	10.3%	7.8%	4.8%
net Income Comprehensive Income	10.7%	7.4%	4.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.7%	0.7%	0.7%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.8%	0.8%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $6.5B

Investing cash flow $-5.0B

Financing cash flow $-1.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	10.3%	7.8%	4.8%
Operating Activities Depreciation and Amortization	4.1%	4.3%	4.1%
Operating Activities Stock Based Compensation	0.4%	0.7%	0.4%
Operating Activities Deferred Income Taxes	0.0%	—	—
Operating Activities Changes In Operating Assets and Liabilities	0.9%	1.2%	4.2%
Operating Activities net Cash From Operating Activities	15.5%	14.2%	12.7%
Investing Activities Capital Expenditures	12.6%	8.8%	11.1%
Investing Activities Other Investing Activities	-0.1%	0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-12.0%	-9.3%	-11.2%
Financing Activities Proceeds From Debt	11.2%	27.8%	21.8%
Financing Activities Repayment of Debt	8.5%	31.4%	27.2%
Financing Activities Repurchase of Common Stock	2.8%	0.0%	0.0%
Financing Activities Dividends Paid	2.0%	0.3%	0.0%
Financing Activities Other Financing Activities	-0.1%	-0.2%	-0.0%
Financing Activities net Cash From Financing Activities	-2.4%	-5.2%	-5.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	1.1%	-0.3%	-4.1%
Cash Reconciliation Cash At Beginning of Period	2.0%	1.0%	1.4%
Cash Reconciliation Cash At End of Period	2.0%	1.0%	1.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+49.4%	+47.5%	+44.1%
Operating margin	+27.4%	+24.9%	+20.7%
Net margin	+23.8%	+17.5%	+12.2%
FCF margin	+6.9%	+12.1%	+4.2%
Growth
Revenue CAGR (3y)	+26.6%	+120.8%	+84.6%
Returns
ROE	+42.5%	+38.0%	+35.9%
ROA	+10.3%	+7.8%	+4.8%
ROIC	+14.3%	+14.0%	+10.5%
Liquidity
Current ratio	0.18x	0.17x	0.19x
Quick ratio	0.09x	0.08x	0.10x
Leverage
D/E	3.13x	3.88x	6.40x
Interest coverage	613.75x	136.87x	2.05x
Efficiency
Asset turnover	0.43x	0.44x	0.40x
Cash conversion cycle	-21d	-19d	-15d

Valuation

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FY2025 fundamentals · no price

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Royal Caribbean Group

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