Company file · RCL

Royal Caribbean Group

Royal Caribbean Group's revenue rose 8.8% in FY2025, to $17.9B, and net income rose 48.3% to $4.3B

Revenue rose 8.8% to $17.9B in FY2025, from $16.5B in FY2024. Net income rose 48.3% to $4.3B. Cruise Itinerary was the largest product or service, at 95% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026) · Data pulled Oct 30, 2026

Key facts

Royal Caribbean Group (NYSE: RCL) reported revenue of $17.9B for fiscal 2025, the year ended Dec 31, 2025, up 8.8% from fiscal 2024. Net income was $4.3B, up 48.3%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $5.6B, up 8.8% from the same quarter a year earlier, and net income was $1.7B. The largest piece by product or service was Cruise Itinerary, at 95% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).

Revenue$17.9BFY2025 · +8.8% vs FY2024

Net income$4.3BFY2025 · +48.3% vs FY2024

Operating cash flow$6.5BFY2025 · +22.8% vs FY2024

Cash & equivalents$851Mat Sep 30, 2026 · +3.2% vs FY2025 end

Total debt$22.4Bat Sep 30, 2026 · +4.7% vs FY2025 end

Diluted shares274MFY2025 avg · −1.8% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Cruise Itinerary$17.1B95%+8.8%
Other Products and Services$864M5%+9.6%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Cruise Itinerary (95%) and Other Products and Services (5%), as shares of total revenue. Total revenue was $17.9B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

95%

FY2024

95%

FY2025

95%

Cruise ItineraryOther Products and Services

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$5.6B Q3 2026

$5.1B Q3 2025

8.8% increase

Net income

$1.7B Q3 2026

$1.6B Q3 2025

9.7% increase

Source: Royal Caribbean Group 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

By product or service

Cruise Itinerary

$5.3B Q3 2026

$4.9B Q3 2025

8.8% increase

Other Products and Services

$288M Q3 2026

$266M Q3 2025

8.3% increase

Source: Royal Caribbean Group 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

Cash & equivalents $851M at Sep 30, 2026, vs $825M at FY2025 end.
Total debt $22.4B at Sep 30, 2026, vs $21.3B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $5.3B vs $4.8B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 8.8% in FY2025 to $17.9B, from $16.5B a year earlier. 10-K, FY2025
Net income rose 48.3% in FY2025 to $4.3B, from $2.9B. 10-K, FY2025
Operating cash flow rose 22.8% in FY2025 to $6.5B. 10-K, FY2025
Diluted shares fell 1.8% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Total debt rose 6.3% in FY2025 to $21.3B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Royal Caribbean Group is in the hotels, resorts & cruise lines industry, part of the consumer discretionary sector. The SEC files it under Water Transportation.

The full description of Royal Caribbean Group's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the hotels, resorts & cruise lines industry. They are not a summary of Royal Caribbean Group’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$13.9B	$16.5B	$17.9B
Net income	$1.7B	$2.9B	$4.3B
Operating cash flow	$4.5B	$5.3B	$6.5B
Cash & equivalents (year end)	$497M	$388M	$825M
Total debt (year end)	$21.5B	$20.1B	$21.3B
Diluted shares	283M	279M	274M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 27, 2026	Sep 30, 2026
10-Q	Jul 28, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Apr 17, 2026	May 28, 2026
10-K	Feb 11, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Royal Caribbean Group

How does Royal Caribbean Group make money?

Royal Caribbean Group's revenue was $17.9B in fiscal 2025. By product or service in FY2025: Cruise Itinerary (95%) and Other Products and Services (5%), as shares of total revenue. Total revenue was $17.9B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was Royal Caribbean Group's revenue in fiscal 2025?

$17.9B of revenue for the fiscal year ended Dec 31, 2025, up 8.8% from $16.5B in fiscal 2024. Fiscal 2023 was $13.9B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is Royal Caribbean Group profitable?

Royal Caribbean Group reported net income of $4.3B for fiscal 2025, up 48.3% from $2.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $1.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did Royal Caribbean Group report in its latest quarterly filing?

Revenue was $5.6B in the quarter ended Sep 30, 2026, up 8.8% from $5.1B a year earlier. Net income was $1.7B, up 9.7% from $1.6B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.

How much cash and debt does Royal Caribbean Group have?

Royal Caribbean Group had $851M in cash and cash equivalents and $22.4B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 27, 2026.

What are the main risks Royal Caribbean Group faces?

Royal Caribbean Group's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the hotels, resorts & cruise lines industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Royal Caribbean Group numbers come from?

From Royal Caribbean Group's own SEC filings: the 10-K for fiscal 2025 (filed Feb 11, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in RCL: The editor holds no position in Royal Caribbean Group (RCL). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell RCL from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold RCL, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Royal Caribbean GroupRCL	FY2025	$17.9B	+8.8%	$4.3B
Booking HoldingsBKNG	FY2025	$26.9B	+13.4%	$5.4B
Marriott InternationalMAR	FY2025	$26.2B	+4.3%	$2.6B
AirbnbABNB	FY2025	$12.2B	+10.3%	$2.5B
Hilton WorldwideHLT	FY2025	$12.0B	+7.7%	$1.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.