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Royal Caribbean Group RCL Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$4.5B+11.3%
Gross profit$2.2B+14.8%
Operating income$1.2B+23.0%
Net income$941.0M+28.9%
EPS (diluted)$3.48+28.9%

Balance sheet

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Cash & equivalents$512.0M+32.6%
Total debt$678.0M-19.9%
Total equity$9.8B+23.2%
Total assets$42.0B+12.1%

Cash flow

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Operating cash flow$1.8B+12.7%
CapEx$500.0M+16.8%
Free cash flow$1.3B+11.3%

Valuation

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Market cap$83.81B+34.6%
Enterprise value$83.98B+33.8%
P/E18.7×-0.5×
P/S4.6×+0.8×

Profitability

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Gross margin49.7%+1.5pp
Operating margin27.9%+2.2pp
Net margin24.4%+5.0pp
FCF margin20.9%—

Returns & leverage

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Return on equity50.4%+0.9pp
Debt / equity0.1×0.0×
Current ratio0.2×0.0×

Where this comes from

Calculated from Royal Caribbean Group’s reported figures.

$678.0Mtotal debt−$512.0Mcash and equivalents=$166M

The official record: Royal Caribbean Group’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Royal Caribbean Group's net debt?
Royal Caribbean Group (RCL) reported net debt of $166M in Q1 2026.
How has Royal Caribbean Group's net debt changed year-over-year?
Royal Caribbean Group's net debt decreased by 63.9% year-over-year, from $460M to $166M.
What is the long-term trend for Royal Caribbean Group's net debt?
Over 5 years (2020 to 2025), Royal Caribbean Group's net debt has grown at a -61.4% compound annual growth rate (CAGR), from -$2.8B to $24M.
What does net debt mean?
Debt left over after using all the company's cash to pay it down.
How do you interpret net debt?
A negative value means net cash — more cash than debt, a position of strength. The numerator of net-debt/EBITDA, the most common leverage yardstick.
How does net debt compare across companies?
Most informative as net-debt/EBITDA; cash-rich balance sheets can show large total debt yet little or negative net debt.