Royal Caribbean Group (RCL) financial statements: income statement, balance sheet and cash flow
Royal Caribbean Group's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Royal Caribbean Group reported revenue of $17.9B (+8.8% year on year) and net income of $4.3B (+48.2% year on year).
Income statement
Royal Caribbean Group income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$17.9B
$16.5B
$13.9B
$8.8B
Total cruise operating expenses
$9.1B
$8.7B
$7.8B
$6.6B
Marketing, selling and administrative expenses
$2.2B
$2.1B
$1.8B
$1.6B
Depreciation and amortization expenses
$1.7B
$1.6B
$1.5B
$1.4B
Operating Income
$4.9B
$4.1B
$2.9B
($764.0M)
Interest income
$24.0M
$16.0M
$36.0M
$35.9M
Interest expense, net of interest capitalized
($992.0M)
($1.6B)
($1.4B)
($1.4B)
Equity investment income
$414.0M
$260.0M
$200.0M
$56.7M
Other income (expense)
$17.0M
$103.0M
($8.0M)
($120.4M)
Income before income taxes
$4.4B
—
—
—
Provision for income taxes
($82.0M)
—
—
—
Less: Net Income attributable to noncontrolling interest
$23.0M
$18.0M
$7.0M
$0
Net Income attributable to Royal Caribbean Cruises Ltd.
$4.3B
$2.9B
$1.7B
($2.2B)
Basic (in dollars per share)
$15.75
$11.00
$6.63
-$8.45
Diluted (in dollars per share)
$15.61
$10.94
$6.31
-$8.45
Net Income
$4.3B
$2.9B
$1.7B
($2.2B)
Foreign currency translation adjustments
($26.0M)
$17.0M
($9.0M)
$10.3M
Change in defined benefit plans
($4.0M)
$12.0M
$6.0M
$48.9M
Gain (loss) on cash flow derivative hedges
$228.0M
($157.0M)
($27.0M)
$8.5M
Total other comprehensive income (loss)
$198.0M
($128.0M)
($30.0M)
$67.7M
Comprehensive Income
$4.5B
$2.8B
$1.7B
($2.1B)
Less: Comprehensive Income attributable to noncontrolling interest
$23.0M
$18.0M
$7.0M
$0
Comprehensive Income attributable to Royal Caribbean Cruises Ltd.
$4.5B
$2.8B
$1.7B
($2.1B)
Royal Caribbean Group income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$4.8B
$4.5B
$5.1B
$4.5B
Total cruise operating expenses
$2.5B
$2.2B
$2.5B
$2.3B
Marketing, selling and administrative expenses
$513.0M
$582.0M
$522.0M
$508.0M
Depreciation and amortization expenses
$464.0M
$461.0M
$435.0M
$417.0M
Operating Income
$1.3B
$1.2B
$1.7B
$1.3B
Interest income
$5.0M
$5.0M
$3.0M
$12.0M
Interest expense, net of interest capitalized
($236.0M)
($278.0M)
($248.0M)
($228.0M)
Equity investment income
$67.0M
$84.0M
$158.0M
$107.0M
Other income
$7.0M
$2.0M
($36.0M)
($6.0M)
Income before income taxes
$1.1B
$976.0M
—
—
Provision for income taxes
($14.0M)
($26.0M)
—
—
Less: Net Income attributable to noncontrolling interest
$8.0M
$8.0M
$4.0M
$5.0M
Net Income attributable to Royal Caribbean Cruises Ltd.
$1.1B
$941.0M
$1.6B
$1.2B
Basic (in dollars per share)
$4.21
$3.49
$5.79
$4.45
Diluted (in dollars per share)
$4.20
$3.48
$5.74
$4.41
Basic (in shares)
268.0M
270.0M
272.0M
272.0M
Diluted (in shares)
268.0M
271.0M
274.0M
275.0M
Net Income
$1.1B
$950.0M
$1.6B
$1.2B
Foreign currency translation adjustments
$0
$0
($2.0M)
($9.0M)
Change in defined benefit plans
$6.0M
($2.0M)
($2.0M)
$4.0M
(Loss) gain on cash flow derivative hedges
($137.0M)
$221.0M
($5.0M)
$181.0M
Total other comprehensive (loss) income
($131.0M)
$220.0M
($9.0M)
$176.0M
Comprehensive Income
$1.0B
$1.2B
$1.6B
$1.4B
Less: Comprehensive Income attributable to noncontrolling interest
$8.0M
$8.0M
$4.0M
$5.0M
Comprehensive Income attributable to Royal Caribbean Cruises Ltd.
$997.0M
$1.2B
$1.6B
$1.4B
Balance sheet
Royal Caribbean Group balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$825.0M
$388.0M
$497.0M
$1.9B
Trade and other receivables, net
$317.0M
$371.0M
$405.0M
$531.1M
Inventories
$264.0M
$265.0M
$248.0M
$224.0M
Prepaid expenses and other assets
$690.0M
$670.0M
$617.0M
$455.8M
Derivative financial instruments
$115.0M
$11.0M
$25.0M
$59.1M
Total current assets
$2.2B
$1.7B
$1.8B
$3.2B
Property and equipment, net
$35.7B
$31.8B
$30.1B
$27.5B
Operating lease right-of-use assets
$620.0M
$677.0M
$611.0M
$537.6M
Goodwill
$808.0M
$808.0M
$809.0M
$809.3M
Other assets
$2.3B
$2.0B
$1.8B
$1.7B
Total assets
$41.6B
$37.1B
$35.1B
$33.8B
Current portion of long-term debt
$3.2B
$1.6B
$1.7B
$2.1B
Current portion of operating lease liabilities
$90.0M
$74.0M
$65.0M
$79.8M
Accounts payable
$953.0M
$919.0M
$792.0M
$646.7M
Accrued expenses and other liabilities
$2.0B
$1.6B
$1.5B
$1.1B
Derivative financial instruments
$67.0M
$90.0M
$35.0M
$131.3M
Customer deposits
$5.7B
$5.5B
$5.3B
$4.2B
Total current liabilities
$12.1B
$9.8B
$9.4B
$8.6B
Long-term debt
$18.2B
$18.5B
$19.7B
$21.3B
Long-term operating lease liabilities
$600.0M
$670.0M
$613.0M
$523.0M
Other long-term liabilities
$554.0M
$375.0M
$486.0M
$507.6M
Total liabilities
$31.4B
$29.3B
$30.2B
$30.9B
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
0
0
0
0
Common stock ($0.01 par value; 500,000,000 shares authorized; 303,054,848 and 297,368,235 shares issued, December 31, 2025 and December 31, 2024, respectively)
3.0M
3.0M
3.0M
2.8M
Paid-in capital
$8.0B
$7.8B
$7.5B
$7.3B
Retained earnings
$5.9B
$2.6B
($10.0M)
($1.7B)
Accumulated other comprehensive loss
($604.0M)
($802.0M)
($674.0M)
($643.2M)
Treasury stock (32,631,826 and 28,468,430 common shares at cost, December 31, 2025 and December 31, 2024, respectively)
-3.3B
-2.1B
-2.1B
-2.1B
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.
$10.0B
$7.6B
$4.7B
$2.9B
Noncontrolling Interest
$208.0M
$172.0M
$175.0M
—
Total shareholders' equity
$10.2B
$7.7B
$4.9B
—
Total liabilities and shareholders’ equity
$41.6B
$37.1B
$35.1B
$33.8B
Royal Caribbean Group balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$875.0M
$512.0M
$432.0M
$735.0M
Trade and other receivables, net
$441.0M
$479.0M
$356.0M
$431.0M
Inventories
$267.0M
$271.0M
$269.0M
$247.0M
Prepaid expenses and other assets
$803.0M
$719.0M
$652.0M
$785.0M
Derivative financial instruments
$47.0M
$223.0M
$178.0M
$252.0M
Total current assets
$2.4B
$2.2B
$1.9B
$2.5B
Property and equipment, net
$38.3B
$35.9B
$34.6B
$32.4B
Operating lease right-of-use assets
$618.0M
$611.0M
$628.0M
$656.0M
Goodwill
$808.0M
$808.0M
$808.0M
$808.0M
Other assets
$2.5B
$2.5B
$2.2B
$2.3B
Total assets
$44.6B
$42.0B
$40.1B
$38.5B
Current portion of long-term debt
$1.6B
$1.4B
$3.1B
$1.4B
Current portion of operating lease liabilities
$71.0M
$79.0M
$85.0M
$84.0M
Accounts payable
$1.1B
$1.0B
$828.0M
$959.0M
Accrued expenses and other liabilities
$2.2B
$2.0B
$1.8B
$1.7B
Derivative financial instruments
$17.0M
$12.0M
$31.0M
$48.0M
Customer deposits
$6.7B
$6.5B
$5.6B
$6.4B
Total current liabilities
$11.7B
$11.1B
$11.5B
$10.6B
Long-term debt
$21.3B
$19.7B
$17.2B
$17.6B
Long-term operating lease liabilities
$611.0M
$599.0M
$613.0M
$639.0M
Other long-term liabilities
$654.0M
$632.0M
$536.0M
$358.0M
Total liabilities
$34.2B
$32.0B
$29.8B
$29.2B
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
0
0
0
0
Common stock ($0.01 par value; 500,000,000 shares authorized; 303,877,626 and 303,054,848 shares issued, June 30, 2026 and December 31, 2025, respectively)
3.0M
3.0M
3.0M
3.0M
Paid-in capital
$7.9B
$7.9B
$7.9B
$7.9B
Retained earnings
$7.2B
$6.5B
$5.4B
$4.1B
Accumulated other comprehensive loss
($516.0M)
($385.0M)
($528.0M)
($519.0M)
Treasury stock (36,429,278 and 32,631,826 common shares at cost, at June 30, 2026 and December 31, 2025, respectively)
-4.3B
-4.1B
-2.7B
-2.3B
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.
$10.2B
$9.8B
$10.1B
$9.2B
Noncontrolling Interest
$225.0M
$218.0M
$196.0M
$191.0M
Total shareholders’ equity
$10.5B
$10.0B
$10.3B
$9.4B
Total liabilities and shareholders’ equity
$44.6B
$42.0B
$40.1B
$38.5B
Cash flow statement
Royal Caribbean Group cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net Income
$4.3B
$2.9B
$1.7B
($2.2B)
Depreciation and amortization
$1.7B
$1.6B
$1.5B
$1.4B
Net deferred income tax expense (benefit)
$18.0M
$0
($8.0M)
($21.6M)
(Gain) loss on derivative instruments not designated as hedges
($49.0M)
$77.0M
($19.0M)
—
Share-based compensation expense
$175.0M
$267.0M
$126.0M
$36.1M
Equity investment income
($414.0M)
($260.0M)
($200.0M)
($56.7M)
Amortization of debt issuance costs, discounts and premiums
$97.0M
$98.0M
$109.0M
—
Loss on extinguishment of debt and inducement expense
$16.0M
$463.0M
—
—
(Increase) decrease in trade and other receivables
($3.0M)
$52.0M
$99.0M
($234.3M)
Increase in inventories, net
$0
($17.0M)
($24.0M)
($73.8M)
Increase in prepaid expenses and other assets
($100.0M)
($137.0M)
($184.0M)
($153.2M)
Increase in accounts payable
$27.0M
$120.0M
$124.0M
$74.7M
Increase in accrued expenses and other liabilities
$216.0M
$0
$13.0M
—
Increase in customer deposits
$243.0M
$186.0M
$1.1B
$1.0B
Dividends received from unconsolidated affiliates
$264.0M
—
—
—
Other, net
($34.0M)
($80.0M)
$18.0M
($57.1M)
Net cash provided by operating activities
$6.5B
$5.3B
$4.5B
$481.9M
Purchases of property and equipment
($5.2B)
($3.3B)
($3.9B)
($2.7B)
Cash received on settlement of derivative financial instruments
$200.0M
$14.0M
$35.0M
$52.5M
Cash paid on settlement of derivative financial instruments
($24.0M)
($130.0M)
($86.0M)
($355.9M)
Investments in and loans to unconsolidated affiliates
($106.0M)
($67.0M)
($31.0M)
$0
Cash received on loans to unconsolidated affiliates
$126.0M
$18.0M
$40.0M
$18.6M
Other, net
$21.0M
($13.0M)
$3.0M
$6.6M
Net cash used in investing activities
($5.0B)
($3.4B)
($3.9B)
($3.0B)
Debt proceeds
$4.7B
$10.3B
$7.6B
$9.8B
Debt issuance costs
($118.0M)
($133.0M)
($194.0M)
($251.9M)
Repayments of debt
($3.5B)
($11.7B)
($9.6B)
($7.7B)
Premium on repayment of debt
($2.0M)
($292.0M)
($80.0M)
($49.4M)
Repurchase of common stock
($1.2B)
—
—
—
Dividends paid
($824.0M)
($107.0M)
—
$0
Proceeds from sale of noncontrolling interest
$0
$0
$209.0M
—
Other, net
($52.0M)
($57.0M)
($3.0M)
($16.4M)
Net cash used in financing activities
($1.0B)
($1.9B)
($2.0B)
$1.7B
Effect of exchange rate changes on cash and cash equivalents
$2.0M
($6.0M)
$1.0M
($1.8M)
Net increase (decrease) in cash and cash equivalents
$437.0M
($109.0M)
($1.4B)
($766.8M)
Cash and cash equivalents at beginning of year
$388.0M
$497.0M
$1.9B
$2.7B
Cash and cash equivalents at end of year
$825.0M
$388.0M
$497.0M
$1.9B
Interest, net of amount capitalized
$864.0M
$1.2B
$1.4B
$959.9M
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities
$72.0M
$47.0M
$50.0M
$33.9M
Non-cash inducement on convertible notes exchange
$7.0M
$104.0M
—
—
Royal Caribbean Group cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net Income
$2.1B
$950.0M
$3.5B
$1.9B
Depreciation and amortization
$925.0M
$461.0M
$1.3B
$829.0M
Net deferred income tax (benefit) expense
($2.0M)
($1.0M)
$15.0M
$4.0M
Loss (Gain) on derivative instruments not designated as hedges
$8.0M
$8.0M
($45.0M)
($56.0M)
Share-based compensation expense
$68.0M
$38.0M
$136.0M
$92.0M
Equity investment income
($151.0M)
($84.0M)
($313.0M)
($155.0M)
Amortization of debt issuance costs, discounts and premiums
$14.0M
$53.0M
$72.0M
$46.0M
Loss on extinguishment of debt and inducement expense
$60.0M
$60.0M
$10.0M
$10.0M
Increase in trade and other receivables, net
($138.0M)
($173.0M)
($34.0M)
($51.0M)
(Increase) decrease in inventories
($3.0M)
($7.0M)
($4.0M)
$17.0M
Increase in prepaid expenses and other assets
($133.0M)
($25.0M)
($42.0M)
($142.0M)
Increase in accounts payable
$6.0M
($8.0M)
($100.0M)
$24.0M
Decrease in accrued expenses and other liabilities
($107.0M)
($279.0M)
$19.0M
($21.0M)
Increase in customer deposits
$996.0M
$809.0M
$108.0M
$883.0M
Other, net
$65.0M
$32.0M
($37.0M)
($57.0M)
Net cash provided by operating activities
$3.7B
$1.8B
$4.8B
$3.4B
Purchases of property and equipment
($3.2B)
($500.0M)
($3.7B)
($1.3B)
Cash received on settlement of derivative financial instruments
$109.0M
$17.0M
$144.0M
$111.0M
Cash paid on settlement of derivative financial instruments
($18.0M)
($3.0M)
($12.0M)
($11.0M)
Investments in and loans to unconsolidated affiliates
($43.0M)
($38.0M)
($94.0M)
($77.0M)
Cash received on loans from unconsolidated affiliates
$0
$0
$126.0M
$70.0M
Other, net
($13.0M)
($5.0M)
$25.0M
$10.0M
Net cash used in investing activities
($3.2B)
($529.0M)
($3.5B)
($1.1B)
Debt proceeds
$5.7B
$2.8B
$3.2B
$730.0M
Debt issuance costs
($103.0M)
($21.0M)
($100.0M)
($28.0M)
Repayments of debt
($4.2B)
($3.1B)
($3.1B)
($1.9B)
Repurchase of common stock
($1.0B)
($836.0M)
($655.0M)
($241.0M)
Dividends paid
($674.0M)
($270.0M)
($552.0M)
($348.0M)
Payments of withholding tax on stock awards
($191.0M)
($185.0M)
—
—
Other, net
$39.0M
($28.0M)
($50.0M)
($53.0M)
Net cash used in financing activities
($441.0M)
($1.6B)
($1.3B)
($1.9B)
Effect of exchange rate changes on cash and cash equivalents
($1.0M)
($1.0M)
$7.0M
$7.0M
Net increase in cash and cash equivalents
$50.0M
($313.0M)
$44.0M
$347.0M
Cash and cash equivalents at beginning of period
$825.0M
$825.0M
$388.0M
$388.0M
Cash and cash equivalents at end of period
$875.0M
$512.0M
$432.0M
$735.0M
Interest, net of amount capitalized
$431.0M
$320.0M
$709.0M
$443.0M
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities