Royal Caribbean GroupRCLEarnings & Financial Report
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
Revenue
$4.5B
Gross Profit
$2.3B
Operating Profit
$1.3B
Net Profit
$1.2B
Gross Margin
49.7%
Operating Margin
29.3%
Net Margin
26.7%
YoY Growth
10.4%
EPS
$4.41
Royal Caribbean Group Q2 FY2025 Financial Summary
Royal Caribbean Group reported revenue of $4.5B (up 10.4% YoY) for Q2 FY2025, with a net profit of $1.2B (up 41.7% YoY) (26.7% margin). Cost of goods sold was $2.3B, operating expenses totaled $926.0M.
Key Financial Metrics
| Total Revenue | $4.5B |
|---|---|
| Net Profit | $1.2B |
| Gross Margin | 49.7% |
| Operating Margin | 29.3% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
Royal Caribbean Group Q2 FY2025 revenue of $4.5B breaks down across 3 segments, led by Cruise Itinerary at $2.8B (62.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Cruise Itinerary | $2.8B | 62.6% |
| Other | $1.3B | 29.5% |
| Port Costs | $318.0M | 7.0% |
Royal Caribbean Group Revenue by Segment — Quarterly Trend
Royal Caribbean Group revenue by segment across the last 4 reported quarters, showing how each business line (such as Cruise Itinerary and Other) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Cruise Itinerary | — | — | $3.0B | $2.8B |
| Other | — | $1.3B | $1.5B | $1.3B |
| Port Costs | — | — | $371.0M | $318.0M |
Royal Caribbean Group Annual Revenue by Year
Royal Caribbean Group annual revenue history includes year-by-year totals (for example, 2025 revenue was $17.9B).
| Year | Annual Revenue |
|---|---|
| 2025 | $17.9B |
| 2024 | $16.5B |
| 2023 | $13.9B |
| 2022 | $8.8B |
Royal Caribbean Group Quarterly Revenue & Net Profit History
Royal Caribbean Group results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $4.5B | +11.3% | $950.0M | 21.3% |
| Q4 FY2025 | $4.3B | +13.3% | $753.0M | 17.7% |
| Q3 FY2025 | $5.1B | +5.2% | $1.6B | 30.6% |
| Q2 FY2025 | $4.5B | +10.4% | $1.2B | 26.7% |
| Q1 FY2025 | $4.0B | +7.3% | $730.0M | 18.3% |
| Q4 FY2024 | $3.8B | +12.9% | $552.0M | 14.7% |
| Q3 FY2024 | $4.9B | +17.4% | $1.1B | 22.7% |
| Q2 FY2024 | $4.1B | +16.7% | $854.0M | 20.8% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.11B | $4.89B | $3.76B | $4.00B | $4.54B | $5.14B | $4.26B | $4.45B |
| YoY Growth | 16.7% | 17.4% | 12.9% | 7.3% | 10.4% | 5.2% | 13.3% | 11.3% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $36.97B | $37.07B | $37.07B | $37.45B | $38.54B | $40.11B | $41.62B | $41.99B |
| Liabilities | $30.79B | $29.84B | $29.34B | $29.31B | $29.18B | $29.82B | $31.37B | $31.96B |
| Equity | $6.01B | $7.04B | $7.56B | $7.96B | $9.17B | $10.09B | $10.04B | $10.03B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $1.57B | $897.0M | $1.47B | $1.63B | $1.75B | $1.47B | $1.62B | $1.83B |