Royal Caribbean Cruises (RCL) FY2019 results: revenue $11.0 billion, up 15.3% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $11.0 billion for fiscal 2019, the year ended 31 December 2019, up 15.3% on the year before. Net income was $1.9 billion, up 3.7%, and diluted earnings per share $8.95. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$11.0 billion
+15.3% on the year
FY2012FY2019
Operating margin
19.0%
20.0% a year earlier
FY2012FY2019
Net income
$1.9 billion
+3.7% on the year
FY2012FY2019
Diluted EPS
$8.95
+4.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
10,951
9,494
8,778
+15.3%
Cost of revenue
6,063
5,262
4,897
+15.2%
Gross profit
4,888
4,232
3,881
+15.5%
Gross margin
44.6%
44.6%
44.2%
Selling, general and administrative
1,559
1,303
1,186
+19.7%
Operating income
2,083
1,895
1,744
+9.9%
Operating margin
19.0%
20.0%
19.9%
Interest expense
409
334
300
+22.4%
Net income
1,879
1,811
1,625
+3.7%
Net margin
17.2%
19.1%
18.5%
Diluted EPS
$8.95
$8.56
$7.53
+4.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,716
3,479
2,875
+6.8%
Capital expenditure
3,025
3,660
564
-17.4%
Free cash flow
692
-181
2,310
Free cash flow margin
6.3%
-1.9%
26.3%
Cash from investing
-3,091
-4,489
-214
Cash from financing
-670
1,198
-2,676
Depreciation and amortisation
1,246
1,034
951
+20.5%
Share-based compensation
75.9
46.1
69.5
+64.8%
Buybacks
99.6
575
225
-82.7%
Dividends paid
603
527
437
+14.3%
Dividend per share
$2.96
$2.60
$2.16
+13.8%
Diluted shares, weighted
210m
212m
216m
-0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
12,164
11,105
10,702
+9.5%
Redeemable equity
570
542
0.0
+5.2%
Debt
11,035
10,778
7,539
+2.4%
Operating lease liabilities
602
n/a
n/a
Finance lease liabilities
197
n/a
n/a
Other liabilities
5,753
5,273
4,119
+9.1%
Total liabilities and equity
30,320
27,698
22,361
+9.5%
Fixed assets
25,467
23,466
19,735
+8.5%
Goodwill
1,386
1,378
289
+0.5%
Intangible assets
489
502
n/a
-2.7%
Cash and equivalents
244
288
120
-15.3%
Receivables
306
325
319
-5.8%
Inventory
162
154
111
+5.6%
Other assets
2,268
1,586
1,787
+43.0%
Total assets
30,320
27,698
22,361
+9.5%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.