Royal Caribbean Cruises Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	17,934	16,485	13,900	8,840	1,532
Other Revenue	1	-	-	-	-
Revenue	17,935	16,485	13,900	8,840	1,532
Revenue Growth (YoY)	8.80%	18.60%	57.24%	477.02%	-30.64%
Cost of Revenue	9,083	8,430	7,570	6,467	2,697
Gross Profit	8,852	8,055	6,330	2,373	-1,165
Selling, General & Admin	2,215	2,337	1,981	1,720	1,410
Operating Expenses	3,933	3,937	3,436	3,127	2,703
Operating Income	4,919	4,118	2,894	-754	-3,868
Interest Expense	-976	-1,127	-1,281	-1,270	-1,292
Interest & Investment Income	24	16	36	36	17
Earnings From Equity Investments	414	260	200	57	-135
Currency Exchange Gain (Loss)	-	-12	-24	-9	-7
Other Non Operating Income (Expenses)	5	35	22	24	45
EBT Excluding Unusual Items	4,386	3,290	1,847	-1,916	-5,240
Merger & Restructuring Charges	-8	-10	-5	-12	-2
Gain (Loss) on Sale of Assets	11	-	-	-	-
Asset Writedown	-	-	-11	-	-
Legal Settlements	-	124	-	-130	-
Other Unusual Items	-16	-463	-121	-94	-63
Pretax Income	4,373	2,941	1,710	-2,152	-5,305
Income Tax Expense	82	46	6	4	-45
Earnings From Continuing Operations	4,291	2,895	1,704	-2,156	-5,260
Minority Interest in Earnings	-23	-18	-7	-	-
Net Income	4,268	2,877	1,697	-2,156	-5,260
Net Income to Common	4,268	2,877	1,697	-2,156	-5,260
Net Income Growth	48.35%	69.53%	-	-	-
Shares Outstanding (Basic)	271	261	256	255	252
Shares Outstanding (Diluted)	274	279	283	255	252
Shares Change (YoY)	-1.79%	-1.41%	10.98%	1.19%	17.57%
EPS (Basic)	15.75	11.02	6.63	-8.45	-20.87
EPS (Diluted)	15.64	10.94	6.31	-8.45	-20.89
EPS Growth	42.93%	73.43%	-	-	-
Free Cash Flow	1,236	1,997	580	-2,229	-4,108
Free Cash Flow Per Share	4.51	7.16	2.05	-8.74	-16.30
Dividend Per Share	3.500	0.950	-	-	-
Dividend Growth	268.42%	-	-	-	-
Gross Margin	49.36%	48.86%	45.54%	26.84%	-76.04%
Operating Margin	27.43%	24.98%	20.82%	-8.53%	-252.48%
Profit Margin	23.80%	17.45%	12.21%	-24.39%	-343.34%
Free Cash Flow Margin	6.89%	12.11%	4.17%	-25.21%	-268.15%
EBITDA	6,637	5,718	4,349	653	-2,575
EBITDA Margin	37.01%	34.69%	31.29%	7.39%	-168.08%
D&A For EBITDA	1,718	1,600	1,455	1,407	1,293
EBIT	4,919	4,118	2,894	-754	-3,868
EBIT Margin	27.43%	24.98%	20.82%	-8.53%	-252.48%
Effective Tax Rate	1.88%	1.56%	0.35%	-	-
Revenue as Reported	17,935	16,484	13,900	8,840	1,532
Advertising Expenses	-	612	506	509	392

Source: S&P Global Market Intelligence. Standard template. Financial Sources.