Royal Caribbean Cruises (RCL) FY2016 results: revenue $8.5 billion, up 2.4% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $8.5 billion for fiscal 2016, the year ended 31 December 2016, up 2.4% on the year before. Net income was $1.3 billion, up 92.8%, and diluted earnings per share $5.93. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2017.
Revenue
$8.5 billion
+2.4% on the year
FY2009FY2016
Operating margin
17.4%
10.5% a year earlier
FY2009FY2016
Net income
$1.3 billion
+92.8% on the year
FY2009FY2016
Diluted EPS
$5.93
+96.4% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
8,496
8,299
8,074
+2.4%
Cost of revenue
5,016
5,099
5,306
-1.6%
Gross profit
3,481
3,200
2,768
+8.8%
Gross margin
41.0%
38.6%
34.3%
Selling, general and administrative
1,109
1,087
1,049
+2.0%
Operating income
1,477
875
942
+68.8%
Operating margin
17.4%
10.5%
11.7%
Interest expense
307
278
258
+10.7%
Net income
1,283
666
764
+92.8%
Net margin
15.1%
8.0%
9.5%
Diluted EPS
$5.93
$3.02
$3.43
+96.4%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,517
1,946
1,744
+29.3%
Capital expenditure
2,494
1,613
1,811
+54.6%
Free cash flow
22.3
333
-67.6
-93.3%
Free cash flow margin
0.3%
4.0%
-0.8%
Cash from investing
-2,725
-1,743
-1,770
Cash from financing
244
-254
17.5
Depreciation and amortisation
895
827
772
+8.2%
Share-based compensation
32.7
36.1
26.1
-9.5%
Buybacks
300
200
236
+50.0%
Dividends paid
346
280
199
+23.7%
Dividend per share
$1.71
n/a
n/a
Diluted shares, weighted
216m
221m
223m
-2.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
9,121
8,063
8,284
+13.1%
Debt
9,387
8,527
8,444
+10.1%
Other liabilities
3,801
4,192
3,985
-9.3%
Total liabilities and equity
22,310
20,782
20,713
+7.4%
Fixed assets
20,161
18,778
18,194
+7.4%
Goodwill
288
287
287
+0.6%
Intangible assets
n/a
0.0
0.0
Cash and equivalents
133
122
189
+9.1%
Receivables
292
239
261
+22.1%
Inventory
114
121
123
-6.0%
Other assets
1,322
1,236
1,658
+7.0%
Total assets
22,310
20,782
20,713
+7.4%
10-K for the year ended 31 December 2016, filed 23 February 2017: the filing.