Income StatementBalance SheetCash FlowSegments
Royal Caribbean Group logo

Royal Caribbean Group Income Statement

Revenue, expenses, and profitability over time

Royal Caribbean Group generated $18.4B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $4.5B with a 24.36% net margin. Gross margin stands at 49.69% and operating margin at 27.88%. Diluted EPS is $16.39, which grew 0.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$18.4BGross Profit (TTM)$9.1BOperating Income (TTM)$5.1BNet Income (TTM)$4.5BEps Diluted (TTM)$16.41
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$68.7B
P/E Ratio15.33
ROE50.41%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Capital Expenditures$552.0M$428.0M$836.0M$2.5B$1.5B$500.0M
Change in Deferred Revenue$173.0M$838.0M$45.0M—$135.0M$809.0M
Tax Withholding for Share-Based Payments—$60.0M———$185.0M
Common Stock Dividends Per Share$0.6$0.8$0.8$1.0$1.0$1.5
Comprehensive Income Including Noncontrolling Interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Other Comprehensive Income (Loss), Net of Tax-$49.0M$107.0M$176.0M——$219.0M
OCI Attributable to Noncontrolling Interest$6.0M$6.0M$5.0M$4.0M$8.0M$8.0M
Dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
OCI - Cash flow hedge, net of tax-$75.0M$128.0M$181.0M-$5.0M—$221.0M
OCI - Defined benefit plan, net of tax-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
Other comprehensive income (loss), net of tax-$75.0M$128.0M$181.0M-$5.0M—$221.0M
Reclassifications Net of Tax$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M
Comprehensive Income Attributable to Parent$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Other Comprehensive Income (Loss)-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
OCI Cash Flow Hedge Gain (Loss)-$75.0M$128.0M$181.0M-$5.0M—$221.0M
OCI Attributable to Parent-$49.0M$107.0M$176.0M——$219.0M
OCI Cash Flow Hedge Before Reclassification and Tax-$74.0M$133.0M$177.0M-$6.0M—$239.0M
Comprehensive Income Including Noncontrolling Interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
OCI Defined Benefit Plan Net of Tax-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
Unrealized Gains (Losses) on Hedge Instruments-$75.0M$128.0M$181.0M-$5.0M—$221.0M
Dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Interest Paid, Net$212.0M$279.0M$164.0M$266.0M$155.0M$320.0M
Comprehensive income (loss), including noncontrolling interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Convertible notes settlement—$7.0M-$14.0M———
Advertising costs$153.0M$173.3M$173.3M$173.3M$173.3M—
Pre-tax stock-based compensation cost$66.8M$43.8M$43.8M$43.8M$43.8M—
Amortization Of Financing Costs And Discounts$22.0M$23.0M$23.0M$26.0M$25.0M$53.0M
Stock options excluded as their inclusion would be anti-dilutive (in shares)000000
Capital investments accrued but not yet paid—$42.0M$19.0M$22.0M—$145.0M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation-$30.0M-$2.0M$349.0M—$393.0M-$313.0M
Dividends declared (in dollars per share)$0.6$0.8$0.8$1.0$1.0$1.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$504.0M$837.0M$1.4B$1.6B$678.0M$1.2B
Less: comprehensive income attributable to noncontrolling interest$6.0M$6.0M$5.0M$4.0M$8.0M$8.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Deferred Other Tax Expense Benefit-$15.0M-$1.0M$5.0M$11.0M$3.0M-$1.0M
Non-elective annual employer contribution, percentage of participants' eligible earnings0.8%0.8%0.8%0.8%0.8%—
Derivative instrument, credit risk exposure—$78.0M$149.0M——$294.0M
Dividends, Common Stock, Cash$147.0M$203.0M$205.0M$276.0M$272.0M$406.0M
Dividends received$7.5M$66.0M$66.0M$66.0M$66.0M—
Effect of exchange rate changes on cash, cash equivalents and restricted cash-$4.0M$2.0M$5.0M——-$1.0M
Effective tax rates—$0.0$0.0$0.0$0.0—
Income taxes at U.S. statutory rate of 21%—$0.1$0.1$0.1$0.1—
US source of shipping income not exempt under Section 883 of the Internal Revenue Code—$9.3M$9.3M$9.3M$9.3M—
Shipping income exempt—$50.0M$50.0M$50.0M$50.0M—
US source of shipping income not exempt under Section 883 of the Internal Revenue Code—0.3%0.3%0.3%0.3%—
Purchase price for each share of common stock as percentage of the average of the market price21.3%21.3%21.3%21.3%21.3%—
Gain (Loss) On Extinguishment Of Debt And Inducement Expense-$7.0M-$10.0M——-$6.0M-$60.0M
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount—$247.5M$247.5M$247.5M$247.5M—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount—-$250.0K-$250.0K-$250.0K-$250.0K—
Accounts payable$67.0M$22.0M$2.0M-$124.0M$127.0M-$8.0M
Increase in accrued expenses and other liabilities$142.0M-$151.0M$130.0M$40.0M$197.0M-$279.0M
Increase (decrease) in contract liabilities and current deferred income$173.0M$838.0M$45.0M—$135.0M$809.0M
Increase (Decrease) in Inventories—-$9.0M-$8.0M$21.0M-$4.0M$7.0M
Increase (Decrease) in Other Operating Assets and Liabilities, Net$108.0M$85.0M———-$32.0M
Increase (Decrease) in Prepaid Expense and Other Assets$27.0M$112.0M$30.0M—$58.0M$25.0M
Add - Incremental shares under stock-based compensation plans (in shares)—1M1M1M—1M
Interest income and other, net$3.0M$2.0M$12.0M$3.0M$7.0M$5.0M
Interest capitalized$15.8M$21.3M$21.3M$21.3M$21.3M—
Add convertible notes interest and inducement expense$6.0M$15.0M$1.0M$0.0$0.0$0.0
Interest Paid, Excluding Capitalized Interest, Operating Activity$212.0M$279.0M$164.0M$266.0M$155.0M$320.0M
Long-term material purchase obligations$1.9B$7.9B$4.2B—$1.6B$16.2B
Plaintiff amount$31.0M—————
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$852.0M-$1.2B-$696.0M——-$1.6B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$641.0M-$440.0M-$706.0M-$2.4B-$1.5B-$529.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$1.5B$1.6B$1.7B$1.5B$1.6B$1.8B
Net Income Loss Attributable To Noncontrolling Interest$6.0M$6.0M$5.0M$4.0M$8.0M$8.0M
Noncash Derivative Instruments Not Designated As Hedging Instruments, Gain (Loss), Net-$69.0M$2.0M$54.0M—$4.0M-$8.0M
Noncontrolling Interest, Increase (Decrease) From Other Activity$13.0M-$4.0M-$4.0M-$1.0M-$4.0M-$2.0M
Number of revolving credit facilities amendments——2.00——2.00
Other comprehensive income/(loss) before reclassifications-$46.0M$112.0M$172.0M——$237.0M
Cash flow hedges-$74.0M$133.0M$177.0M-$6.0M—$239.0M
Unrealized gains (losses) on hedge instruments-$75.0M$128.0M$181.0M-$5.0M—$221.0M
Foreign currency translation gains (losses)$17.0M-$17.0M-$9.0M-$2.0M$0.0$0.0
Other comprehensive income (loss)-$49.0M$107.0M$176.0M-$9.0M—$220.0M
Other comprehensive income/(loss)-$49.0M$107.0M$176.0M——$219.0M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
Payments For Derivative Instrument Investing Activities$69.0M$2.0M$9.0M$1.0M$12.0M$3.0M
Payment for (Proceeds from) Other Investing Activity$5.0M-$12.0M—-$15.0M—$5.0M
Payments for Repurchase of Common Stock$0.0$241.0M$0.0$414.0M$504.0M$836.0M
Payments of Debt Issuance Costs$13.0M$3.0M$25.0M$72.0M$18.0M$21.0M
Payments of Dividends$107.0M$148.0M$200.0M$204.0M$272.0M$270.0M
Payment, Tax Withholding, Share-Based Payment Arrangement—$60.0M———$185.0M
Payments To Acquire Interest In Subsidiaries And Affiliates$20.0M$26.0M$51.0M$17.0M$12.0M$38.0M
Payments to Acquire Property, Plant, and Equipment$552.0M$428.0M$836.0M$2.5B$1.5B$500.0M
Proceeds From Collection Of Advance To Affiliate$5.0M$4.0M$66.0M$56.0M$0.0$0.0
Realized gains on translated earnings contracts and other$0.0$0.0$111.0M$33.0M$56.0M$17.0M
Debt issued (Note 13)$960.0M$480.0M$250.0M$2.4B$1.5B$2.8B
Financing — other-$8.0M$2.0M-$55.0M$0.0-$2.0M-$28.0M
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent$3.0M$5.0M-$4.0M-$4.0M-$7.0M$18.0M
Repayments of Long-Term Debt$1.7B$1.2B$724.0M$1.1B$459.0M$3.1B
Revenue From Contract With Customer Excluding Assessed Tax$3.8B$4.0B$4.5B$5.1B$4.3B$4.5B
Stock-based compensation$158.0M$53.0M$39.0M$44.0M$39.0M$38.0M
Employee Stock Purchase Plan, number of shares purchased by employees25.7K15.3K15.3K15.3K15.3K—
Activity related to employee stock plans$162.0M$8.0M$42.0M$47.0M$42.0M-$97.0M
Number of shares purchased (in shares)—————2.9M
Treasury stock, value, acquired—$252.0M$0.0$414.0M$504.0M$884.0M
Comprehensive Income (Loss), Total$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Unrealized Gain (Loss) on Derivatives, Net-$74.0M$133.0M$177.0M-$6.0M—$239.0M
Comprehensive Income Attributable to Noncontrolling Interests$6.0M$6.0M$5.0M$4.0M$8.0M$8.0M
Comprehensive Income, Including Noncontrolling Interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
OCI Before Reclassifications, Net of Tax-$46.0M$112.0M$172.0M——$237.0M
Reclassification from AOCI, Net of Tax$3.0M$5.0M-$4.0M-$4.0M-$7.0M$18.0M
Foreign Currency Translation Adjustment, Net of Tax$17.0M-$17.0M-$9.0M-$2.0M$0.0$0.0
OCI Defined Benefit Plan, After Tax-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
Other Comprehensive Income (Loss)$504.0M$837.0M$1.4B$1.6B$678.0M$1.2B
OCI Pension Adjustments-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Comprehensive Income Including Noncontrolling Interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent-$49.0M$107.0M$176.0M——$219.0M
Total Comprehensive Income$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Comprehensive Income, Noncontrolling Interest$6.0M$6.0M$5.0M$4.0M$8.0M$8.0M
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
OCI Net of Tax, Parent-$49.0M$107.0M$176.0M——$219.0M
OCI Pension Reclassification Adjustment, Pre-tax-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share (Declared)$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Basic earnings per share$2.02$2.71$4.45$5.79$2.78$3.49
Diluted earnings per share$2.03$2.70$4.41$5.74$2.78$3.48
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Incremental Shares from Convertible Debt—$6.0M$2.0M$1.0M—$0.0
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common stock dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Dividends per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common stock dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common Stock Dividends Per Share Declared$0.6$0.8$0.8$1.0$1.0$1.5
Common stock dividends per share declared$0.6$0.8$0.8$1.0$1.0$1.5
Weighted-average shares, basic2M269M272M272M—270M
Weighted-average shares, diluted—276M275M274M—271M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate Statutory Reconciliation—$0.1$0.1$0.1$0.1—
Effective Tax Rate (Continuing Operations)—$0.0$0.0$0.0$0.0—
Effective Tax Rate—$0.0$0.0$0.0$0.0—
Current income tax expense (benefit)—$16.0M$16.0M$16.0M$16.0M—
Effective Tax Rate, Continuing Operations—$0.0$0.0$0.0$0.0—
Income Tax at U.S. Statutory Rate—$247.5M$247.5M$247.5M$247.5M—
Tax Reconciliation: Other Adjustments—$0.0$0.0$0.0$0.0—
Effective Income Tax Rate, Continuing Operations—$0.0$0.0$0.0$0.0—
Tax Reconciliation, Federal Statutory Amount—$247.5M$247.5M$247.5M$247.5M—
Tax Reconciliation, Other Items—$0.0$0.0$0.0$0.0—
Effective Tax Rate—$0.0$0.0$0.0$0.0—
Effective Tax Rate (Continuing Operations)—$0.0$0.0$0.0$0.0—
Income tax expense$11.5M$16.0M———$26.0M
Effective Tax Rate (Continuing Operations)—$0.0$0.0$0.0$0.0—
Tax Reconciliation at Federal Statutory Rate—$0.1$0.1$0.1$0.1—
Current Income Tax Expense—$16.0M$16.0M$16.0M$16.0M—
Tax Reconciliation - Federal Statutory Rate—$0.1$0.1$0.1$0.1—
Effective Tax Rate (Continuing Operations)—$0.0$0.0$0.0$0.0—
Deferred Other Tax Expense (Benefit)-$15.0M-$1.0M$5.0M$11.0M$3.0M-$1.0M
Effective Income Tax Rate—$0.0$0.0$0.0$0.0—
Statutory Federal Income Tax Rate—$0.1$0.1$0.1$0.1—
Tax Reconciliation: Other Adjustments—-$250.0K-$250.0K-$250.0K-$250.0K—
Effective Tax Rate, Continuing Operations—$0.0$0.0$0.0$0.0—
Effective Tax Rate Continuing Operations—$0.0$0.0$0.0$0.0—
Tax Reconciliation Federal Statutory Rate—$0.1$0.1$0.1$0.1—
Tax Reconciliation Other Adjustments—$0.0$0.0$0.0$0.0—

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$158.0M$53.0M$39.0M$44.0M$39.0M$38.0M
Total stock-based compensation$66.8M$43.8M$43.8M$43.8M$43.8M—
Share-Based Compensation Expense$158.0M$53.0M$39.0M$44.0M$39.0M$38.0M
Defined Contribution Plan Cost$5.8M$6.3M$6.3M$6.3M$6.3M—
Stock-Based Compensation Expense (Pre-tax)$66.8M$43.8M$43.8M$43.8M$43.8M—
Depreciation and amortization$410.0M$412.0M$417.0M$435.0M$453.0M$461.0M
Allocated Share-Based Compensation Expense$66.8M$43.8M$43.8M$43.8M$43.8M—
Defined Contribution Plan Cost$5.8M$6.3M$6.3M$6.3M$6.3M—
Defined Contribution Plan Cost$5.8M$6.3M$6.3M$6.3M$6.3M—
Share-Based Compensation (Operating)$66.8M$43.8M$43.8M$43.8M$43.8M—
Share-Based Compensation Expense Before Income Taxes$66.8M$43.8M$43.8M$43.8M$43.8M—
Stock-based compensation expense$158.0M$53.0M$39.0M$44.0M$39.0M$38.0M
Selling, general and administrative$673.0M$562.0M$508.0M$522.0M$630.0M$582.0M
Share-Based Compensation$158.0M$53.0M$39.0M$44.0M$39.0M$38.0M
Stock-Based Compensation (Before Tax)$66.8M$43.8M$43.8M$43.8M$43.8M—

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M
Common Dividends Declared (Per Share)$0.6$0.8$0.8$1.0$1.0$1.5
Net Income Allocated to Common (Diluted)$558.0M$745.0M$1.2B$1.6B$754.0M$941.0M
Comprehensive income (loss), including noncontrolling interest$510.0M$842.0M$1.4B$1.6B$686.0M$1.2B
Net earnings to common$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M
Net Income Available to Common Stockholders (Diluted)$558.0M$745.0M$1.2B$1.6B$754.0M$941.0M
Net income attributable to noncontrolling interests$6.0M$6.0M$5.0M$4.0M$8.0M$8.0M
Net Income Available to Common Shareholders$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M
OCI Attributable to Parent-$49.0M$107.0M$176.0M——$219.0M
Net income$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M
Net income attributable to common stock$552.0M$730.0M$1.2B$1.6B$754.0M$941.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$212.0M$279.0M$164.0M$266.0M$155.0M$320.0M
Income from equity method investments$57.0M$48.0M$107.0M$158.0M$101.0M$84.0M
Other Charges$186.0M$5.0M-$6.0M-$36.0M$71.0M$2.0M
Interest expense$266.0M$249.0M$228.0M$248.0M$267.0M$278.0M
Net Change in Cash Flow Hedges-$75.0M$128.0M$181.0M-$5.0M—$221.0M
Change in Accounts Payable$67.0M$22.0M$2.0M-$124.0M$127.0M-$8.0M
Change in Receivables-$65.0M$77.0M———$173.0M
OCI Defined Benefit Plans-$9.0M$4.0M-$4.0M$2.0M$2.0M$2.0M
Interest Costs Capitalized$15.8M$21.3M$21.3M$21.3M$21.3M—

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.7B$1.9B$2.3B$2.7B$2.0B$2.2B
Operating income$624.0M$945.0M$1.3B$1.7B$933.0M$1.2B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$735.3M$751.0M———$976.0M
Income (Loss) from Continuing Operations Before Income Taxes, Domestic$604.3M$852.8M$852.8M$852.8M$852.8M—
Income (Loss) from Continuing Operations Before Income Taxes, Foreign$131.0M$240.5M$240.5M$240.5M$240.5M—

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$2.1B$2.1B$2.3B$2.5B$2.2B$2.2B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$3.8B$4.0B$4.5B$5.1B$4.3B$4.5B