Royal Caribbean Cruises (RCL) FY2024 results: revenue $16.5 billion, up 18.6% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $16.5 billion for fiscal 2024, the year ended 31 December 2024, up 18.6% on the year before. Net income was $2.9 billion, up 69.5%, and diluted earnings per share $10.94. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.
Revenue
$16.5 billion
+18.6% on the year
FY2017FY2024
Operating margin
24.9%
20.7% a year earlier
FY2017FY2024
Net income
$2.9 billion
+69.5% on the year
FY2017FY2024
Diluted EPS
$10.94
+73.4% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
$ 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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
5,265
4,477
482
+17.6%
Capital expenditure
3,268
3,897
2,710
-16.1%
Free cash flow
1,997
580
-2,228
+244.3%
Free cash flow margin
12.1%
4.2%
-25.2%
Cash from investing
-3,446
-3,923
-2,988
Cash from financing
-1,922
-1,993
1,741
Depreciation and amortisation
1,600
1,455
1,407
+10.0%
Share-based compensation
267
126
36.0
+111.9%
Buybacks
0.0
0.0
n/a
Dividends paid
107
0.0
0.0
Dividend per share
$0.95
$0.00
$0.00
Diluted shares, weighted
279m
283m
255m
-1.4%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
7,563
4,724
2,869
+60.1%
Non-controlling interest
172
175
0.0
-1.7%
Debt
20,076
21,452
23,391
-6.4%
Operating lease liabilities
670
613
523
+9.3%
Finance lease liabilities
110
343
317
-67.9%
Other liabilities
8,479
7,824
6,676
+8.4%
Total liabilities and equity
37,070
35,131
33,776
+5.5%
Fixed assets
31,831
30,114
27,546
+5.7%
Goodwill
808
809
809
-0.1%
Intangible assets
404
418
426
-3.3%
Cash and equivalents
388
497
1,935
-21.9%
Receivables
371
405
531
-8.4%
Inventory
265
248
224
+6.9%
Other assets
3,003
2,640
2,304
+13.8%
Total assets
37,070
35,131
33,776
+5.5%
10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.