Optional product analytics
With your permission, we use privacy-limited analytics to understand which research journeys work. We do not run advertising trackers or session replay. You can change this choice in Preferences. Read the Privacy Policy.
Royal Caribbean Cruises Ltd.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $72.2B |
|---|
| Revenue (ttm) | 19.1B |
|---|
| Net income (ttm) | 4.6B |
|---|
| EPS (ttm) | $16.9 |
|---|
| Shares out | 267.5M |
|---|
| P/E (trailing) | 17.7x |
|---|
| P/E (forward) | 11.4x |
|---|
| Dividend | $6.00 (2.02%) |
|---|
| Volume | 2,108,247 |
|---|
| Beta | 1.82 |
|---|
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
| Revenue | $1.53B | $8.84B | $13.90B | $16.48B | $17.94B | +85.0% |
| Gross profit | $-1.21B | $2.22B | $6.13B | $7.83B | $8.40B | — |
| Operating income | $-3.87B | $-766.0M | $2.88B | $4.11B | $4.91B | — |
| Net income | $-5.26B | $-2.16B | $1.70B | $2.88B | $4.27B | — |
| EPS (diluted) | $-20.89 | $-8.45 | $6.31 | $10.94 | $15.61 | — |
| EBITDA | $-2.68B | $615.0M | $4.56B | $6.09B | $6.91B | — |
| R&D | — | — | — | — | — | — |
| SG&A | $1.37B | $1.58B | $1.79B | $2.13B | $2.22B | +12.9% |
Recent company headlines from major financial publishers.
In the base case, Royal Caribbean delivers on its guided 6.6% capacity growth and 1.75% to 2.25% net yield growth in FY2026, driving FY2026 revenue to $19,566M and FY2027 revenue to $20,974M. Operating margins remain steady between 27.5% and 28.2% before stabilizing near 27.8% terminal run-rate. Free cash flow expands as reinvestment rates decline from 55% of NOPAT in FY2026 to 28% by FY2030, funding steady balance sheet deleveraging on $22,635M in total debt.
In the bull case, premium destination attach rates (CocoCay and Royal Beach Club expansions) and superior booking momentum drive net yield growth above 3.5%, expanding FY2026 revenue growth toward 11.5% and FY2027 revenue above $21,800M. Unit cost control holds net cruise costs excluding fuel flat to down, driving operating margins above 29.5% and diluted EPS beyond $21.50 in FY2027. Accelerated free cash flow generation enables rapid debt paydown toward net debt of under $18,000M, reducing interest expense and prompting multiple expansion from 11.4x forward P/E toward peer hospitality averages.
| Ke ↓ / g → | 2.0% | 2.3% | 2.5% | 2.8% | 3.0% |
|---|---|---|---|---|---|
| 9.0% | $177 | $180 | $183 | $186 | $189 |
| 9.5% | $170 | $172 | $174 | $177 | $179 |
| 10.0% | $163 | $164 | $165 | $169 | $171 |
| 10.5% | $156 | $158 | $160 | $161 | $163 |
| 11.0% | $150 | $152 | $153 | $155 | $157 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
