Royal Caribbean Cruises (RCL) FY2017 results: revenue $8.8 billion, up 3.3% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $8.8 billion for fiscal 2017, the year ended 31 December 2017, up 3.3% on the year before. Net income was $1.6 billion, up 26.6%, and diluted earnings per share $7.53. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2018.
Revenue
$8.8 billion
+3.3% on the year
FY2010FY2017
Operating margin
19.9%
17.4% a year earlier
FY2010FY2017
Net income
$1.6 billion
+26.6% on the year
FY2010FY2017
Diluted EPS
$7.53
+27.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
8,778
8,496
8,299
+3.3%
Cost of revenue
4,897
5,016
5,099
-2.4%
Gross profit
3,881
3,481
3,200
+11.5%
Gross margin
44.2%
41.0%
38.6%
Selling, general and administrative
1,186
1,109
1,087
+7.0%
Operating income
1,744
1,477
875
+18.1%
Operating margin
19.9%
17.4%
10.5%
Interest expense
300
307
278
-2.4%
Net income
1,625
1,283
666
+26.6%
Net margin
18.5%
15.1%
8.0%
Diluted EPS
$7.53
$5.93
$3.02
+27.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,875
2,517
1,946
+14.2%
Capital expenditure
564
2,494
1,613
-77.4%
Free cash flow
2,310
22.3
333
+10,248.1%
Free cash flow margin
26.3%
0.3%
4.0%
Cash from investing
-214
-2,725
-1,743
Cash from financing
-2,676
244
-254
Depreciation and amortisation
951
895
827
+6.3%
Share-based compensation
69.5
32.7
36.1
+112.7%
Buybacks
225
300
200
-25.0%
Dividends paid
437
346
280
+26.3%
Dividend per share
$2.16
$1.71
n/a
+26.3%
Diluted shares, weighted
216m
216m
221m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
10,702
9,121
8,063
+17.3%
Redeemable equity
0.0
n/a
n/a
Debt
7,539
9,387
8,527
-19.7%
Other liabilities
4,119
3,801
4,192
+8.4%
Total liabilities and equity
22,361
22,310
20,782
+0.2%
Fixed assets
19,735
20,161
18,778
-2.1%
Goodwill
289
288
287
+0.0%
Intangible assets
n/a
n/a
0.0
Cash and equivalents
120
133
122
-9.4%
Receivables
319
292
239
+9.2%
Inventory
111
114
121
-2.4%
Other assets
1,787
1,322
1,236
+35.2%
Total assets
22,361
22,310
20,782
+0.2%
10-K for the year ended 31 December 2017, filed 21 February 2018: the filing.