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 revenue.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $41.6B

Total liabilities $31.4B

Shareholders equity $10.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	4.6%	2.4%	3.6%	21.9%	176.4%
Accounts Receivable	1.8%	2.3%	2.9%	6.0%	26.6%
Inventory	1.5%	1.6%	1.8%	2.5%	9.8%
Prepaid Expenses	3.8%	4.1%	4.4%	5.2%	18.7%
Other Current Assets	3.8%	4.1%	4.4%	5.2%	18.7%
Total Current Assets	12.3%	10.3%	12.9%	36.3%	235.0%
Property,Plant and Equipment	199.0%	193.1%	216.6%	311.6%	1691.1%
Operating Lease Assets	3.5%	4.1%	4.4%	6.1%	35.4%
Goodwill	4.5%	4.9%	5.8%	9.2%	52.8%
Intangible Assets	0.0%	2.5%	3.0%	4.8%	28.4%
Other Noncurrent Assets	12.7%	12.4%	13.0%	19.0%	91.3%
Total Assets	232.1%	224.9%	252.7%	382.1%	2105.6%
Liabilities
Accounts Payable	5.3%	5.6%	5.7%	7.3%	35.6%
Accrued Liabilities	11.3%	9.9%	10.6%	12.1%	57.9%
Deferred Revenue	32.0%	33.3%	38.2%	47.1%	206.3%
Current Portion of Long Term Debt	17.7%	9.7%	12.4%	23.6%	146.4%
Operating Lease Liabilities	0.5%	0.4%	0.5%	0.9%	4.5%
Other Current Liabilities	3.1%	2.3%	3.5%	5.7%	33.0%
Total Current Liabilities	67.2%	59.6%	67.6%	97.0%	475.6%
Long Term Debt	119.0%	121.8%	154.3%	264.6%	1376.7%
Operating Lease Liabilities Noncurrent	3.3%	4.1%	4.4%	5.9%	34.9%
Other Noncurrent Liabilities	3.1%	2.3%	3.5%	5.7%	33.0%
Total Liabilities	174.9%	178.0%	217.5%	349.6%	1773.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.2%
Additional Paid In Capital	44.4%	47.5%	53.8%	82.4%	493.3%
Retained Earnings	33.0%	15.8%	-0.1%	-19.3%	19.7%
Treasury Stock	6.5%	0.1%	0.0%	0.0%	134.9%
Accumulated Other Comprehensive Income	-3.4%	-4.9%	-4.8%	-7.3%	-46.4%
Noncontrolling Interest	1.2%	1.0%	1.3%	—	—
Total Stockholders Equity	56.0%	45.9%	34.0%	32.5%	332.0%
Total Liabilitiesand Equity	232.1%	224.9%	252.7%	382.1%	2105.6%

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $17.9B

Operating income $4.9B

Net income $4.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	50.6%	52.5%	55.9%	74.8%	178.8%
Expenses Selling,General and Administrative	12.4%	12.9%	12.9%	17.9%	89.4%
Expenses Depreciation and Amortization	9.6%	9.7%	10.5%	15.9%	84.4%
Expenses Share Based Compensation	1.0%	1.6%	0.9%	0.4%	4.2%
Other Income Expense Operating Income	27.4%	24.9%	20.7%	-8.7%	-252.6%
Other Income Expense Interest Expense	0.0%	0.2%	10.1%	15.4%	84.3%
Other Income Expense Other Income/expense	0.1%	0.9%	-0.0%	-1.3%	1.3%
Other Income Expense Income Before Tax	24.4%	17.8%	12.3%	—	—
Income Tax Income Tax Expense	0.5%	0.3%	0.0%	0.0%	-2.9%
net Income net Income	23.8%	17.5%	12.2%	-24.4%	-343.3%
net Income Comprehensive Income	24.9%	16.7%	12.0%	-23.6%	-341.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	1.5%	1.6%	1.8%	2.9%	16.4%
Earnings Per Share Weighted Average Shares Diluted	1.5%	1.7%	2.0%	2.9%	16.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $6.5B

Investing cash flow $-5.0B

Financing cash flow $-1.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	23.8%	17.5%	12.2%	-24.4%	-343.3%
Operating Activities Depreciation and Amortization	9.6%	9.7%	10.5%	15.9%	84.4%
Operating Activities Stock Based Compensation	1.0%	1.6%	0.9%	0.4%	4.2%
Operating Activities Deferred Income Taxes	0.1%	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	2.1%	2.8%	10.6%	14.8%	117.7%
Operating Activities net Cash From Operating Activities	36.0%	31.9%	32.2%	5.4%	-122.6%
Investing Activities Capital Expenditures	29.2%	19.8%	28.0%	30.7%	145.6%
Investing Activities Other Investing Activities	-0.1%	0.1%	-0.1%	-0.1%	1.4%
Investing Activities net Cash From Investing Activities	-27.9%	-20.9%	-28.2%	-33.8%	-140.0%
Financing Activities Proceeds From Debt	26.0%	62.6%	55.0%	110.7%	291.6%
Financing Activities Repayment of Debt	19.7%	70.7%	68.8%	87.4%	149.9%
Financing Activities Repurchase of Common Stock	6.5%	0.0%	0.0%	—	0.0%
Financing Activities Dividends Paid	4.6%	0.6%	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.3%	-0.3%	-0.0%	-0.2%	0.0%
Financing Activities net Cash From Financing Activities	-5.7%	-11.7%	-14.3%	19.7%	198.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	2.4%	-0.7%	-10.3%	-8.7%	-64.1%
Cash Reconciliation Cash At Beginning of Period	4.6%	2.4%	3.6%	21.9%	176.4%
Cash Reconciliation Cash At End of Period	4.6%	2.4%	3.6%	21.9%	176.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+49.4%	+47.5%	+44.1%	+25.2%	-78.8%
Operating margin	+27.4%	+24.9%	+20.7%	-8.7%	-252.6%
Net margin	+23.8%	+17.5%	+12.2%	-24.4%	-343.3%
FCF margin	+6.9%	+12.1%	+4.2%	-25.2%	-268.1%
Growth
Revenue CAGR (3y)	+26.6%	+120.8%	+84.6%	-6.9%	-45.6%
Returns
ROE	+42.5%	+38.0%	+35.9%	-75.2%	-103.4%
ROA	+10.3%	+7.8%	+4.8%	-6.4%	-16.3%
ROIC	+14.3%	+14.0%	+10.5%	-2.9%	-15.0%
Liquidity
Current ratio	0.18x	0.17x	0.19x	0.37x	0.49x
Quick ratio	0.09x	0.08x	0.10x	0.29x	0.43x
Leverage
D/E	3.13x	3.88x	6.40x	10.77x	5.34x
Interest coverage	613.75x	136.87x	2.05x	-0.56x	-3.00x
Efficiency
Asset turnover	0.43x	0.44x	0.40x	0.26x	0.05x
Cash conversion cycle	-21d	-19d	-15d	-1d	+44d

Valuation

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FY2025 fundamentals · no price

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Royal Caribbean Group

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