Royal Caribbean Cruises (RCL) FY2015 results: revenue $8.3 billion, up 2.8% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $8.3 billion for fiscal 2015, the year ended 31 December 2015, up 2.8% on the year before. Net income was $666 million, down 12.9%, and diluted earnings per share $3.02. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2016.
Revenue
$8.3 billion
+2.8% on the year
FY2008FY2015
Operating margin
10.5%
11.7% a year earlier
FY2008FY2015
Net income
$666 million
-12.9% on the year
FY2008FY2015
Diluted EPS
$3.02
-12.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
8,299
8,074
7,960
+2.8%
Cost of revenue
5,099
5,306
5,305
-3.9%
Gross profit
3,200
2,768
2,655
+15.6%
Gross margin
38.6%
34.3%
33.3%
Selling, general and administrative
1,087
1,049
1,045
+3.6%
Operating income
875
942
798
-7.1%
Operating margin
10.5%
11.7%
10.0%
Interest expense
278
258
332
+7.5%
Net income
666
764
474
-12.9%
Net margin
8.0%
9.5%
6.0%
Diluted EPS
$3.02
$3.43
$2.14
-12.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,946
1,744
1,412
+11.6%
Capital expenditure
1,613
1,811
764
-10.9%
Free cash flow
333
-67.6
648
Free cash flow margin
4.0%
-0.8%
8.1%
Cash from investing
-1,743
-1,770
-825
Cash from financing
-254
17.5
-577
Depreciation and amortisation
827
772
755
+7.1%
Share-based compensation
36.1
26.1
21.2
+38.1%
Buybacks
200
236
0.0
-15.3%
Dividends paid
280
199
144
+40.8%
Diluted shares, weighted
221m
223m
221m
-1.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
8,063
8,284
8,808
-2.7%
Debt
8,527
8,444
8,075
+1.0%
Other liabilities
4,192
3,985
3,190
+5.2%
Total liabilities and equity
20,782
20,713
20,073
+0.3%
Fixed assets
18,778
18,194
17,518
+3.2%
Goodwill
287
287
439
-0.1%
Intangible assets
0.0
0.0
n/a
Cash and equivalents
122
189
205
-35.8%
Receivables
239
261
260
-8.6%
Inventory
121
123
151
-1.7%
Other assets
1,236
1,658
1,500
-25.5%
Total assets
20,782
20,713
20,073
+0.3%
10-K for the year ended 31 December 2015, filed 22 February 2016: the filing.