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

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	$825.0M 112.6%	$388.0M -21.9%	$497.0M
Accounts Receivable	$317.0M -14.6%	$371.0M -8.4%	$405.0M
Inventory	$264.0M -0.4%	$265.0M 6.9%	$248.0M
Prepaid Expenses	$690.0M 3.0%	$670.0M 8.6%	$617.0M
Other Current Assets	$690.0M 3.0%	$670.0M 8.6%	$617.0M
Total Current Assets	$2.2B 29.7%	$1.7B -4.9%	$1.8B
Property,Plant and Equipment	$35.7B 12.1%	$31.8B 5.7%	$30.1B
Operating Lease Assets	$620.0M -8.4%	$677.0M 10.8%	$611.0M
Goodwill	$808.0M 0.0%	$808.0M -0.1%	$809.0M
Intangible Assets	$0 -100.0%	$404.0M -3.3%	$418.0M
Other Noncurrent Assets	$2.3B 11.5%	$2.0B 13.5%	$1.8B
Total Assets	$41.6B 12.3%	$37.1B 5.5%	$35.1B
Liabilities
Accounts Payable	$953.0M 3.7%	$919.0M 16.0%	$792.0M
Accrued Liabilities	$2.0B 23.9%	$1.6B 10.6%	$1.5B
Deferred Revenue	$5.7B 4.4%	$5.5B 3.5%	$5.3B
Current Portion of Long Term Debt	$3.2B 98.4%	$1.6B -6.8%	$1.7B
Operating Lease Liabilities	$90.0M 21.6%	$74.0M 13.8%	$65.0M
Other Current Liabilities	$554.0M 47.7%	$375.0M -22.8%	$486.0M
Total Current Liabilities	$12.1B 22.8%	$9.8B 4.4%	$9.4B
Long Term Debt	$21.3B 6.3%	$20.1B -6.4%	$21.5B
Operating Lease Liabilities Noncurrent	$600.0M -10.4%	$670.0M 9.3%	$613.0M
Other Noncurrent Liabilities	$554.0M 47.7%	$375.0M -22.8%	$486.0M
Total Liabilities	$31.4B 7.0%	$29.3B -3.0%	$30.2B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$3.0M 0.0%	$3.0M 0.0%	$3.0M
Additional Paid In Capital	$8.0B 1.7%	$7.8B 4.8%	$7.5B
Retained Earnings	$5.9B 126.8%	$2.6B 26220.0%	$-10.0M
Treasury Stock	$1.2B 9650.0%	$12.0M 1100.0%	$1.0M
Accumulated Other Comprehensive Income	$-604.0M 24.7%	$-802.0M -19.0%	$-674.0M
Noncontrolling Interest	$208.0M 20.9%	$172.0M -1.7%	$175.0M
Total Stockholders Equity	$10.0B 32.7%	$7.6B 60.1%	$4.7B
Total Liabilitiesand Equity	$41.6B 12.3%	$37.1B 5.5%	$35.1B

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	$17.9B 8.8%	$16.5B 18.6%	$13.9B
Expenses Cost of Revenue	$9.1B 5.0%	$8.7B 11.3%	$7.8B
Expenses Selling,General and Administrative	$2.2B 4.6%	$2.1B 18.6%	$1.8B
Expenses Depreciation and Amortization	$1.7B 7.4%	$1.6B 10.0%	$1.5B
Expenses Share Based Compensation	$175.0M -34.5%	$267.0M 111.9%	$126.0M
Other Income Expense Operating Income	$4.9B 19.6%	$4.1B 42.7%	$2.9B
Other Income Expense Interest Expense	$8.0M -73.3%	$30.0M -97.9%	$1.4B
Other Income Expense Other Income/expense	$17.0M -88.6%	$149.0M 7550.0%	$-2.0M
Other Income Expense Income Before Tax	$4.4B 48.7%	$2.9B 71.9%	$1.7B
Income Tax Income Tax Expense	$82.0M 78.3%	$46.0M 666.7%	$6.0M
net Income net Income	$4.3B 48.3%	$2.9B 69.5%	$1.7B
net Income Comprehensive Income	$4.5B 62.4%	$2.8B 65.0%	$1.7B
Earnings Per Share Basic Eps	$16 43.2%	$11 65.9%	$7
Earnings Per Share Diluted Eps	$16 42.7%	$11 73.4%	$6
Earnings Per Share Weighted Average Shares Basic	$271.0M 3.8%	$261.0M 2.0%	$256.0M
Earnings Per Share Weighted Average Shares Diluted	$274.0M -1.8%	$279.0M -1.4%	$283.0M

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	$4.3B 48.3%	$2.9B 69.5%	$1.7B
Operating Activities Depreciation and Amortization	$1.7B 7.4%	$1.6B 10.0%	$1.5B
Operating Activities Stock Based Compensation	$175.0M -34.5%	$267.0M 111.9%	$126.0M
Operating Activities Deferred Income Taxes	$18.0M	—	—
Operating Activities Changes In Operating Assets and Liabilities	$370.0M -19.6%	$460.0M -68.8%	$1.5B
Operating Activities net Cash From Operating Activities	$6.5B 22.8%	$5.3B 17.6%	$4.5B
Investing Activities Capital Expenditures	$5.2B 60.0%	$3.3B -16.1%	$3.9B
Investing Activities Other Investing Activities	$-21.0M -261.5%	$13.0M 181.3%	$-16.0M
Investing Activities net Cash From Investing Activities	$-5.0B -45.4%	$-3.4B 12.2%	$-3.9B
Financing Activities Proceeds From Debt	$4.7B -54.7%	$10.3B 35.0%	$7.6B
Financing Activities Repayment of Debt	$3.5B -69.7%	$11.7B 21.8%	$9.6B
Financing Activities Repurchase of Common Stock	$1.2B	$0	$0
Financing Activities Dividends Paid	$824.0M 670.1%	$107.0M	$0
Financing Activities Other Financing Activities	$-52.0M 8.8%	$-57.0M -1800.0%	$-3.0M
Financing Activities net Cash From Financing Activities	$-1.0B 47.0%	$-1.9B 3.6%	$-2.0B
Cash Reconciliation Effect of Exchange Rate On Cash	$2.0M 133.3%	$-6.0M -700.0%	$1.0M
Cash Reconciliation net Change In Cash	$437.0M 500.9%	$-109.0M 92.4%	$-1.4B
Cash Reconciliation Cash At Beginning of Period	$825.0M 112.6%	$388.0M -21.9%	$497.0M
Cash Reconciliation Cash At End of Period	$825.0M 112.6%	$388.0M -21.9%	$497.0M

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

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Royal Caribbean Group

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