Income StatementBalance SheetCash FlowSegments
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Royal Caribbean Group Cash Flow Statement

Operating, investing, and financing cash movements

Royal Caribbean Group generated $6.7B in operating cash flow over the trailing twelve months. After $5.3B in capital expenditures, free cash flow was $3.6B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$6.7BNet Cash From Investing (TTM)-$5.1BNet Cash From Financing (TTM)-$3.3BCapital Expenditures (TTM)$5.3BDepreciation And Amortization Cf (TTM)$1.8BNet Change In Cash (TTM)-$335.0M
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$68.7B
P/E Ratio15.33
ROE50.42%

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid—$42.0M$19.0M$22.0M—$145.0M
Interest paid$212.0M$279.0M$164.0M$266.0M$155.0M$320.0M
Capital expenditures incurred but not yet paid—$42.0M$19.0M$22.0M—$145.0M
Capital Expenditures Incurred but Not Yet Paid—$42.0M$19.0M$22.0M—$145.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Payments to acquire interest in subsidiaries and affiliates$20.0M$26.0M$51.0M$17.0M$12.0M$38.0M
Capital expenditures$552.0M$428.0M$836.0M$2.5B$1.5B$500.0M
Payments for Derivative Instruments (Investing)$69.0M$2.0M$9.0M$1.0M$12.0M$3.0M
Payments for Hedge, Investing Activities$69.0M$2.0M$9.0M$1.0M$12.0M$3.0M
Proceeds from Derivative Instrument Investing Activities$0.0$0.0$111.0M$33.0M$56.0M$17.0M
Payment for (Proceeds from) Other Investing Activity$5.0M-$12.0M—-$15.0M—$5.0M
Proceeds From Collection Of Advance To Affiliate$5.0M$4.0M$66.0M$56.0M$0.0$0.0
Net cash from investing activities-$641.0M-$440.0M-$706.0M-$2.4B-$1.5B-$529.0M
Investing Cash Flows from Derivatives$0.0$0.0$111.0M$33.0M$56.0M$17.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share of Profits (Losses) of Related Party$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Change in accounts payable$67.0M$22.0M$2.0M-$124.0M$127.0M-$8.0M
Change in deferred revenue$173.0M$838.0M$45.0M—$135.0M$809.0M
Change in inventories—-$9.0M-$8.0M$21.0M-$4.0M$7.0M
Other working capital changes$108.0M$85.0M———-$32.0M
Change in receivables-$65.0M$77.0M———$173.0M
Depreciation and amortization$410.0M$412.0M$417.0M$435.0M$453.0M$461.0M
Income (Loss) from Equity Method Investments$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Income (Loss) from Equity Method Investments$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Income (Loss) from Equity Method Investments$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Net cash from operating activities$1.5B$1.6B$1.7B$1.5B$1.6B$1.8B
Net income$559.0M$736.0M$1.2B$1.6B$762.0M$950.0M
Non-cash interest expense$22.0M$23.0M$23.0M$26.0M$25.0M$53.0M
Net deferred income tax benefit-$15.0M-$1.0M$5.0M$11.0M$3.0M-$1.0M
Gain (Loss) On Extinguishment Of Debt And Inducement Expense-$7.0M-$10.0M——-$6.0M-$60.0M
Equity in earnings (losses) of equity method investees$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Accrued expenses and other liabilities$142.0M-$151.0M$130.0M$40.0M$197.0M-$279.0M
Increase (Decrease) in Prepaid Expense and Other Assets$27.0M$112.0M$30.0M—$58.0M$25.0M
Noncash Derivative Instruments Not Designated As Hedging Instruments, Gain (Loss), Net-$69.0M$2.0M$54.0M—$4.0M-$8.0M
Income (Loss) from Equity Method Investments$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Stock-based compensation$158.0M$53.0M$39.0M$44.0M$39.0M$38.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$960.0M$480.0M$250.0M$2.4B$1.5B$2.8B
Repayments of debt$1.7B$1.2B$724.0M$1.1B$459.0M$3.1B
Dividends paid$107.0M$148.0M$200.0M$204.0M$272.0M$270.0M
Payments Of Debt Issuance Costs$13.0M$3.0M$25.0M$72.0M$18.0M$21.0M
Other, net-$8.0M$2.0M-$55.0M$0.0-$2.0M-$28.0M
Payment of Deferred Purchase Consideration-$8.0M$2.0M-$55.0M$0.0-$2.0M-$28.0M
Noncontrolling interest transactions and other-$8.0M$2.0M-$55.0M$0.0-$2.0M-$28.0M
Net cash from financing activities-$852.0M-$1.2B-$696.0M——-$1.6B
Noncontrolling Interests Activity and Other-$8.0M$2.0M-$55.0M$0.0-$2.0M-$28.0M
Repurchases of common stock$0.0$241.0M$0.0$414.0M$504.0M$836.0M
Taxes paid for net share settlement—$60.0M———$185.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$915.0M$1.2B$910.0M—$116.0M$1.3B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$4.0M$2.0M$5.0M——-$1.0M
Net increase (decrease) in cash-$30.0M-$2.0M$349.0M—$393.0M-$313.0M