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Royal Caribbean Cruises (RCL) FY2025 results: revenue $17.9 billion, up 8.8% on the year

Royal Caribbean Cruises Ltd. (RCL) reported revenue of $17.9 billion for fiscal 2025, the year ended 31 December 2025, up 8.8% on the year before. Net income was $4.3 billion, up 48.3%, and diluted earnings per share $15.61. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$17.9 billion
+8.8% on the year
FY2018FY2025
Operating margin
27.4%
24.9% a year earlier
FY2018FY2025
Net income
$4.3 billion
+48.3% on the year
FY2018FY2025
Diluted EPS
$15.61
+42.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 19 new, 2 kept.

  • Full-year Adjusted EPS came in at $15.64: Full-year Adjusted EPS was $15.64 and diluted EPS $15.61. The prior release gave a 2025 Adjusted EPS range of $15.58 to $15.63.
  • Fourth-quarter Adjusted EPS rose to $2.80: Fourth-quarter Adjusted EPS was $2.80 against $1.63 a year earlier. Diluted EPS was $2.76 against $2.02.
  • Fourth-quarter Net Yields up 3.1%: Fourth-quarter Net Yields rose 3.1% as-reported and 2.5% in Constant Currency. Gross Margin Yields rose 9.2% as-reported.
  • Fourth-quarter costs per APCD fell: Net cruise costs excluding fuel per APCD fell 5.8% as-reported and 6.3% in Constant Currency. Gross Cruise Costs per APCD fell 4.5%.
  • Two-thirds of 2026 capacity booked: About two-thirds of 2026 capacity is booked at record rates, within historical ranges. Close-in bookings remain elevated.
Read the Q4 FY2025 earnings call summary

From this 10-K

Royal Caribbean Cruises owns and operates cruise brands and, increasingly, the private beach destinations its ships call at. Three brands are its own: Royal Caribbean, Celebrity Cruises and Silversea. It also holds a 50 percent interest in a joint venture, TUI Cruises GmbH, which runs the German brands TUI Cruises and Hapag-Lloyd Cruises and is accounted for by the equity method. Between them the owned and partner brands ran 69 ships with capacity of approximately 179,720 berths at the end of 2025, on itineraries calling at more than 1,000 destinations across all seven continents. The business was founded in 1968 as a partnership; the present parent company was incorporated on 23 July 1985 in Liberia.

Royal Caribbean Cruises Ltd., the 10-K for 2025

Royal Caribbean Cruises owns and operates cruise brands and, increasingly, the private beach destinations its ships call at. Three brands are its own: Royal Caribbean, Celebrity Cruises and Silversea. It also holds a 50 percent interest in a joint venture, TUI Cruises GmbH, which runs the German brands TUI Cruises and Hapag-Lloyd Cruises and is accounted for by the equity method. Between them the owned and partner brands ran 69 ships with capacity of approximately 179,720 berths at the end of 2025, on itineraries calling at more than 1,000 destinations across all seven continents. The business was founded in 1968 as a partnership; the present parent company was incorporated on 23 July 1985 in Liberia.

Royal Caribbean

The largest brand, competing in both the contemporary family market and the premium segment. It operates 29 ships with capacity of approximately 111,000 berths, on itineraries from three to 14 nights covering Alaska, Asia, Australia, the Bahamas, Bermuda, Canada, the Caribbean, Europe, the Panama Canal and New Zealand. Four ships were on order at the end of 2025, with capacity of approximately 22,500 berths: the third Icon-class ship, Legend of the Seas, for delivery in 2026, the fourth and fifth Icon-class ships for 2027 and 2028, and the seventh Oasis-class ship for 2028. A memorandum of understanding covers two ships of a new Discovery-class generation, expected to enter service in 2029 and 2032. The brand runs three exclusive private destinations under the Perfect Day and Royal Beach Club collections, with a stated plan to reach seven by 2028.

Celebrity Cruises

Positioned in the premium segment, with 15 ships and capacity of approximately 38,900 berths, on itineraries of three to 18 nights to Alaska, Asia, Australia, Bermuda, Canada, the Caribbean, Europe, the Galapagos Islands, Hawaii, New Zealand, the Panama Canal and South America. One Edge-class ship, Celebrity Xcite, was on order for 2028 with capacity of approximately 3,250 berths. In 2025 the company launched Celebrity River Cruises with an initial commitment for 10 ships, and in January 2026 entered commitments for 10 more, taking the planned river fleet to 20 vessels. The first four river ships carry approximately 680 berths between them and include Celebrity Compass and Celebrity Seeker, both for delivery in 2027, with two more in 2028.

Silversea

The ultra luxury and expedition brand: smaller ships, 12 of them, with capacity of approximately 5,500 berths, running itineraries of six to 24 nights to remote places including the Galapagos Islands, Antarctica and the Arctic.

The partner brands

TUI Cruises operates eight ships with capacity of approximately 22,700 berths and had three on order at the end of 2025, approximately 12,300 berths, for delivery in 2026, 2031 and 2032. Hapag-Lloyd Cruises operates two luxury liners and three smaller expedition ships, approximately 1,620 berths in total.

Where the money comes from

Passenger tickets accounted for approximately 70 percent of the total in 2025, as in 2024 and 2023, and onboard and other sources for approximately 30 percent. Alongside the cruise itself the company sells pre- and post-cruise hotel and tour packages to guests of all three owned brands, and vacation protection cover in selected markets for trip cancellation, medical costs and baggage. It also earns from operating certain port facilities and from management services.

Technology and the bonds it has to post

The whole fleet is fitted with Starlink under a partnership with SpaceX, and the private islands carry the same connectivity, letting guests use WiFi and charge food, drink and activities ashore as they would on board. Data analytics and artificial intelligence are being used in revenue management and in planning maintenance. In several jurisdictions the company has to prove it can meet its obligations to guests: in the United Kingdom the Association of British Travel Agents requires performance bonds of up to £179 million during peak season and the Civil Aviation Authority a further £25 million, and bonds are held with the Norwegian Travel Guarantee Fund covering Norway, Finland, Iceland and the Baltics.

From Royal Caribbean's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue17,93516,48413,900+8.8%
Cost of revenue9,0838,6527,775+5.0%
Gross profit8,8527,8326,125+13.0%
Gross margin49.4%47.5%44.1%
Selling, general and administrative2,2232,1251,792+4.6%
Operating income4,9104,1062,878+19.6%
Operating margin27.4%24.9%20.7%
Interest expense9921,5901,402-37.6%
Pre-tax income4,3732,9411,711+48.7%
Income tax82.046.06.0+78.3%
Effective tax rate1.9%1.6%0.4%
Net income4,2682,8771,697+48.3%
Net margin23.8%17.5%12.2%
Diluted EPS$15.61$10.94$6.31+42.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,4655,2654,477+22.8%
Capital expenditure5,2293,2683,897+60.0%
Free cash flow1,2361,997580-38.1%
Free cash flow margin6.9%12.1%4.2%
Cash from investing-5,012-3,446-3,923
Cash from financing-1,018-1,922-1,993
Depreciation and amortisation1,7181,6001,455+7.4%
Share-based compensation175267126-34.5%
Buybacks1,1590.00.0
Dividends paid8241070.0+670.1%
Dividend per share$3.50$0.95$0.00+268.4%
Diluted shares, weighted274m279m283m-1.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,0377,5634,724+32.7%
Non-controlling interest208172175+20.9%
Debt21,34520,07621,452+6.3%
Operating lease liabilities600670613-10.4%
Finance lease liabilities155110343+40.9%
Other liabilities9,2748,4797,824+9.4%
Total liabilities and equity41,61937,07035,131+12.3%
Fixed assets35,69631,83130,114+12.1%
Goodwill8088088090.0%
Intangible assets390404418-3.5%
Cash and equivalents825388497+112.6%
Receivables317371405-14.6%
Inventory264265248-0.4%
Other assets3,3193,0032,640+10.5%
Total assets41,61937,07035,131+12.3%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.