Financials Royal Caribbean Cruises Ltd.

Stocks

RCL

LR0008862868

Hotels, Motels & Cruise Lines

Market Closed - NYSE Other stock markets 21:00:02 16/06/2026 BST			After hours 01:00:00
312.84 ^USD	-0.26%		278.06	-11.12%

06-16	Citigroup Adjusts PT on Royal Caribbean Group to $362 From $348, Maintains Buy Rating	MT
06-10	Royal Caribbean Group and Alaska Railroad Company Open Dale R. and Carol Ann Lindsey Alaska Railroad Terminal in Seward, Alaska	CI

Projected Income Statement: Royal Caribbean Cruises Ltd.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,532	8,841	13,900	16,484	17,935	19,634	21,077	22,936
Change	-	477.01%	57.23%	18.59%	8.8%	9.48%	7.35%	8.82%
EBITDA ¹	-2,150	711.6	4,544	5,971	7,025	7,662	8,450	9,242
Change	-	133.1%	538.57%	31.4%	17.65%	9.07%	10.28%	9.38%
EBIT ¹	-3,443	-695.1	3,089	4,106	4,910	5,471	6,084	6,767
Change	-	79.81%	544.4%	32.92%	19.58%	11.44%	11.2%	11.21%
Interest Paid ¹	-1,292	-1,364	-1,402	-1,590	-992	-1,051	-1,031	-1,053
Earnings before Tax (EBT) ¹	-5,260	-2,156	1,697	2,896	4,373	4,779	5,481	6,164
Change	-	59.02%	178.71%	70.65%	51%	9.27%	14.7%	12.46%
Net income ¹	-5,260	-2,156	1,697	2,877	4,268	4,637	5,305	5,925
Change	-	59.02%	178.71%	69.53%	48.35%	8.64%	14.41%	11.69%
Announcement Date	04/02/22	07/02/23	01/02/24	28/01/25	29/01/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	50.91	457	982.2	1,059	2,184	2,993	2,604	2,885	3,523	4,160	3,331	3,728	4,110	4,886	3,761	3,999	4,538	5,139	4,259	4,452	4,822	5,676	4,692	4,785	5,445	5,938	5,019	4,836
Change	-	797.51%	114.95%	7.84%	106.21%	37.03%	-13%	10.8%	22.11%	18.09%	-19.94%	11.92%	10.25%	18.88%	-23.02%	6.33%	13.48%	13.24%	-17.12%	4.53%	8.3%	17.72%	-17.34%	1.97%	13.81%	9.04%	-15.47%	-3.65%
EBITDA ¹	-640	-505.1	-559.2	-517	109.7	742.3	409.3	641.7	1,173	1,728	1,002	1,174	1,553	2,148	1,098	1,402	1,851	2,293	1,481	1,702	1,798	2,476	1,685	1,796	2,105	2,741	1,858	1,925
Change	-	21.08%	-10.72%	7.55%	121.22%	576.77%	-44.86%	56.79%	82.76%	47.36%	-42.02%	17.17%	32.28%	38.31%	-48.88%	27.69%	32.03%	23.88%	-35.41%	14.92%	5.61%	37.72%	-31.93%	6.57%	17.19%	30.25%	-32.21%	3.61%
EBIT ¹	-963.4	-831	-892.6	-856.4	-228.7	313.2	48.71	271.6	771.6	1,265	634	750	1,099	1,634	624	945	1,329	1,702	933	1,162	1,265	1,890	1,115	1,236	1,513	2,127	1,264	1,372
Change	-	13.75%	-7.41%	4.05%	73.3%	236.95%	-84.45%	457.61%	184.07%	63.96%	-49.89%	18.3%	46.53%	48.68%	-61.81%	51.44%	40.63%	28.07%	-45.18%	24.54%	8.9%	49.38%	-41.01%	10.83%	22.45%	40.57%	-40.59%	8.56%
Charge d'intérêts ¹	-304.8	-430.7	-283.8	-277.7	-302.7	-352.2	-431.6	-359.4	-355.5	-340.6	-346	-424	-298	-603	-266	-249	-228	-248	-267	-278	-244.6	-256.7	-260.4	-251.7	-246	-249.6	-250.3	-236
Earnings before Tax (EBT) ¹	-1,347	-1,425	-1,357	-1,167	-521.6	32.97	-500.2	-47.91	462.3	1,011	278	364	858	1,115	559	736	1,214	1,579	777	976	1,096	1,760	943.8	1,119	1,432	1,984	1,139	1,210
Change	-	-5.74%	4.74%	13.99%	55.31%	106.32%	-1,617.25%	90.42%	1,064.89%	118.63%	-72.49%	30.94%	135.71%	29.95%	-49.87%	31.66%	64.95%	30.07%	-50.79%	25.61%	12.25%	60.64%	-46.37%	18.56%	27.97%	38.55%	-42.59%	6.23%
Net income ¹	-1,347	-1,425	-1,357	-1,167	-521.6	32.97	-500.2	-47.91	458.8	1,009	278	360	854	1,111	553	730	1,210	1,575	754	941	1,063	1,712	919.7	1,055	1,354	1,879	1,076	1,131
Change	-	-5.74%	4.74%	13.99%	55.31%	106.32%	-1,617.25%	90.42%	1,057.55%	119.96%	-72.45%	29.5%	137.22%	30.09%	-50.23%	32.01%	65.75%	30.17%	-52.13%	24.8%	12.97%	61.08%	-46.29%	14.74%	28.31%	38.77%	-42.74%	5.11%
Announcement Date	04/08/21	29/10/21	04/02/22	05/05/22	28/07/22	03/11/22	07/02/23	04/05/23	27/07/23	26/10/23	01/02/24	25/04/24	25/07/24	29/10/24	28/01/25	29/04/25	29/07/25	28/10/25	29/01/26	30/04/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Royal Caribbean Cruises Ltd.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	18,963	21,456	20,955	19,688	20,520	21,661	21,218	20,875
Change	-	13.15%	-2.34%	-6.05%	4.23%	5.56%	-2.05%	-1.62%
Announcement Date	04/02/22	07/02/23	01/02/24	28/01/25	29/01/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Royal Caribbean Cruises Ltd.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,230	2,710	3,897	3,268	5,229	4,906	4,386	5,619
Change	-	21.54%	43.8%	-16.14%	60.01%	-6.17%	-10.6%	28.11%
Free Cash Flow (FCF) ¹	-4,108	-2,228	580	1,997	1,236	2,082	3,499	3,530
Change	-	45.75%	126.03%	244.31%	-38.11%	68.45%	68.06%	0.87%
Announcement Date	04/02/22	07/02/23	01/02/24	28/01/25	29/01/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Royal Caribbean Cruises Ltd.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-140.32%	8.05%	32.69%	36.22%	39.17%	39.02%	40.09%	40.3%
EBIT Margin (%)	-224.7%	-7.86%	22.22%	24.91%	27.38%	27.87%	28.87%	29.5%
EBT Margin (%)	-343.34%	-24.39%	12.21%	17.57%	24.38%	24.34%	26%	26.88%
Net margin (%)	-343.34%	-24.39%	12.21%	17.45%	23.8%	23.62%	25.17%	25.83%
FCF margin (%)	-268.09%	-25.2%	4.17%	12.11%	6.89%	10.6%	16.6%	15.39%
FCF / Net Income (%)	78.08%	103.35%	34.18%	69.41%	28.96%	44.9%	65.96%	59.57%
Profitability
ROA	-16.26%	-5.8%	5.3%	8.97%	10.85%	11.51%	12.04%	11%
ROE	-75.98%	-48.11%	48.12%	52.69%	48.5%	41.33%	38.78%	42.13%
Financial Health
Leverage (Debt/EBITDA)	-8.82x	30.15x	4.61x	3.3x	2.92x	2.83x	2.51x	2.26x
Debt / Free cash flow	-4.62x	-9.63x	36.13x	9.86x	16.6x	10.4x	6.06x	5.91x
Capital Intensity
CAPEX / Current Assets (%)	145.53%	30.65%	28.04%	19.83%	29.16%	24.99%	20.81%	24.5%
CAPEX / EBITDA (%)	-103.71%	380.84%	85.76%	54.73%	74.43%	64.03%	51.91%	60.79%
CAPEX / FCF (%)	-54.28%	-121.63%	671.9%	163.65%	423.06%	235.64%	125.35%	159.2%
Items per share
Cash flow per share ¹	-7.457	1.89	15.82	18.87	23.59	30.28	32.09	33.4
Change	-	125.34%	737.03%	19.29%	25.03%	28.34%	5.96%	4.09%
Dividend per Share ¹	-	-	-	0.95	-	4.939	5.45	6.233
Change	-	-	-	-	-	-	10.35%	14.36%
Book Value Per Share ¹	19.96	11.24	18.42	28.98	37.12	44.13	53.64	62.7
Change	-	-43.68%	63.9%	57.29%	28.09%	18.9%	21.55%	16.89%
EPS ¹	-20.89	-8.45	6.31	10.94	15.61	17.15	19.89	22.55
Change	-	59.55%	174.67%	73.38%	42.69%	9.83%	16.03%	13.37%
Nbr of stocks (in thousands)	254,790	255,182	256,235	268,875	272,713	268,195	268,195	268,195
Announcement Date	04/02/22	07/02/23	01/02/24	28/01/25	29/01/26	-	-	-