Royal Caribbean Cruises (RCL) FY2021 results: revenue $1.5 billion, down 30.6% on the year

Royal Caribbean Cruises Ltd. (RCL) reported revenue of $1.5 billion for fiscal 2021, the year ended 31 December 2021, down 30.6% on the year before. Net income was -$5.3 billion, and diluted earnings per share $-20.89. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$1.5 billion

-30.6% on the year

FY2014FY2021

Operating margin

-252.6%

-208.3% a year earlier

FY2014FY2021

Net income

-$5.3 billion

FY2014FY2021

Diluted EPS

-$20.89

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,532	2,209	10,951	-30.6%
Cost of revenue	2,739	2,765	6,063	-0.9%
Gross profit	-1,207	-556	4,888
Gross margin	-78.8%	-25.2%	44.6%
Selling, general and administrative	1,370	1,200	1,559	+14.2%
Operating income	-3,870	-4,602	2,083
Operating margin	-252.6%	-208.3%	19.0%
Interest expense	1,292	844	409	+53.0%
Income tax	-45.0	n/a	n/a
Net income	-5,260	-5,797	1,879
Net margin	-343.3%	-262.5%	17.2%
Diluted EPS	-$20.89	-$27.05	$8.95

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	-1,878	-3,732	3,716
Capital expenditure	2,230	1,965	3,025	+13.5%
Free cash flow	-4,108	-5,697	692
Free cash flow margin	-268.1%	-257.9%	6.3%
Cash from investing	-2,145	-2,179	-3,091
Cash from financing	3,041	9,350	-670	-67.5%
Depreciation and amortisation	1,293	1,279	1,246	+1.1%
Share-based compensation	64.0	39.8	75.9	+60.9%
Buybacks	0.0	0.0	99.6
Dividends paid	0.0	326	603
Dividend per share	n/a	$0.78	$2.96
Diluted shares, weighted	252m	214m	210m	+17.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	5,086	8,761	12,164	-42.0%
Non-controlling interest	n/a	0.3	n/a
Redeemable equity	n/a	0.0	570
Debt	21,090	19,329	11,035	+9.1%
Operating lease liabilities	535	564	602	-5.2%
Finance lease liabilities	421	162	197	+160.5%
Other liabilities	5,127	3,650	5,753	+40.5%
Total liabilities and equity	32,258	32,465	30,320	-0.6%
Fixed assets	25,908	25,247	25,467	+2.6%
Goodwill	809	809	1,386	-0.0%
Intangible assets	435	445	489	-2.3%
Cash and equivalents	2,702	3,684	244	-26.7%
Receivables	408	284	306	+43.6%
Inventory	150	119	162	+26.6%
Other assets	1,846	1,877	2,268	-1.6%
Total assets	32,258	32,465	30,320	-0.6%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.