Royal Caribbean Cruises (RCL) FY2018 results: revenue $9.5 billion, up 8.2% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $9.5 billion for fiscal 2018, the year ended 31 December 2018, up 8.2% on the year before. Net income was $1.8 billion, up 11.4%, and diluted earnings per share $8.56. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$9.5 billion
+8.2% on the year
FY2011FY2018
Operating margin
20.0%
19.9% a year earlier
FY2011FY2018
Net income
$1.8 billion
+11.4% on the year
FY2011FY2018
Diluted EPS
$8.56
+13.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
9,494
8,778
8,496
+8.2%
Cost of revenue
5,262
4,897
5,016
+7.5%
Gross profit
4,232
3,881
3,481
+9.0%
Gross margin
44.6%
44.2%
41.0%
Selling, general and administrative
1,303
1,186
1,109
+9.9%
Operating income
1,895
1,744
1,477
+8.6%
Operating margin
20.0%
19.9%
17.4%
Interest expense
334
300
307
+11.2%
Net income
1,811
1,625
1,283
+11.4%
Net margin
19.1%
18.5%
15.1%
Diluted EPS
$8.56
$7.53
$5.93
+13.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,479
2,875
2,517
+21.0%
Capital expenditure
3,660
564
2,494
+548.8%
Free cash flow
-181
2,310
22.3
Free cash flow margin
-1.9%
26.3%
0.3%
Cash from investing
-4,489
-214
-2,725
Cash from financing
1,198
-2,676
244
Depreciation and amortisation
1,034
951
895
+8.7%
Share-based compensation
46.1
69.5
32.7
-33.7%
Buybacks
575
225
300
+155.6%
Dividends paid
527
437
346
+20.6%
Dividend per share
$2.60
$2.16
$1.71
+20.4%
Diluted shares, weighted
212m
216m
216m
-1.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,105
10,702
9,121
+3.8%
Redeemable equity
542
0.0
n/a
Debt
10,778
7,539
9,387
+43.0%
Other liabilities
5,273
4,119
3,801
+28.0%
Total liabilities and equity
27,698
22,361
22,310
+23.9%
Fixed assets
23,466
19,735
20,161
+18.9%
Goodwill
1,378
289
288
+377.7%
Intangible assets
502
n/a
n/a
Cash and equivalents
288
120
133
+139.7%
Receivables
325
319
292
+1.8%
Inventory
154
111
114
+37.9%
Other assets
1,586
1,787
1,322
-11.3%
Total assets
27,698
22,361
22,310
+23.9%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.