Latest revenue
$4.45B
as of 2026-03-31
Latest net income
$941.0M
as of 2026-03-31
Net margin
21.1%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $68.68B
- Enterprise value
- $89.29B
- P/E (trailing)
- 16.1×
- Forward P/E
- —
- P/B
- 7.00×
- Dividend yield
- 1.7%
- 52-wk high
- $366.50
- 52-wk low
- $232.10
- Beta
- —
- Shares out
- 268.2M
5-year trend
What this company does
Royal Caribbean operates a global cruise vacation business through three owned brands—Royal Caribbean, Celebrity, and Silversea—plus a 50% stake in TUI Cruises, running a combined 69 ships across 1,000+ destinations. Revenue comes primarily from passenger ticket sales (about two-thirds) with the rest from onboard spending like dining, excursions, and beverages. Demand is running hot: Q1 2026 revenue rose 11% to $4.45 billion, net income jumped 29% to $941 million, customer deposits hit a record $6.5 billion, and management doubled the dividend while accelerating buybacks.
Key risks
- High leverage: $21.1B total debt vs $10B equity; Q1 interest expense $278M and $1.45B current debt maturities pressure refinancing.
- Liquidity tightening: cash fell to $512M from $825M after $836M buybacks and $270M dividends; customer deposits ($6.5B) are key funding source.
- Fuel and FX exposure: $265M fuel cost and $221M cash-flow hedge gains show earnings sensitivity to commodity/currency swings.
Profitability
Operating margin
27.4%
9.9%Net margin
23.8%
36.3%Return on equity
42.5%
11.8%Return on assets
10.3%
32.1%Leverage
Debt / equity
3.15×
19.3%Long-term debt / equity
1.81×
25.9%Debt / assets
75.9%
4.7%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $4.45B | +11.3% | $941.0M | +28.9% | 21.1% |
Q4 2025 2025-12-31 | $4.26B | +13.3% | $753.0M | +36.4% | 17.7% |
Q3 2025 2025-09-30 | $5.14B | +5.2% | $1.57B | +41.8% | 30.6% |
Q2 2025 2025-06-30 | $4.54B | +10.4% | $1.21B | +41.7% | 26.7% |
Q1 2025 2025-03-31 | $4.00B | +7.3% | $730.0M | +102.8% | 18.3% |
Q4 2024 2024-12-31 | $3.76B | — | $552.0M | — | 14.7% |
Q3 2024 2024-09-30 | $4.89B | +17.5% | $1.11B | +10.1% | 22.7% |
Q2 2024 2024-06-30 | $4.11B | +16.7% | $854.0M | +107.9% | 20.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Water Transportation · SIC 4400
Your notes
Keep private notes on RCL — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$638.6M
Net activity
−$638.6M
Distinct insiders
10
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns RCL
Institutional value
$17.36B
Total shares held
65.1M
Distinct holders
774
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 16.1M | $4.43B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 12.3M | $3.38B | — | New |
| 3 | Invesco Ltd. | 2.4M | $660.7M | — | New |
| 4 | PRIMECAP MANAGEMENT CO/CA/ | 2.3M | $645.8M | — | New |
| 5 | DIMENSIONAL FUND ADVISORS LP | 2.0M | $538.4M | — | New |
| 6 | UBS Group AG | 1.5M | $406.3M | — | New |
| 7 | VANGUARD FIDUCIARY TRUST CO | 1.4M | $397.8M | — | New |
| 8 | Legal & General Group Plc | 1.4M | $378.4M | — | New |
| 9 | Bank of New York Mellon Corp | 1.3M | $351.6M | — | New |
| 10 | CITIGROUP INC | 1.2M | $334.0M | — | New |
| 11 | National Pension Service | 999.8K | $275.1M | — | New |
| 12 | Nuveen, LLC | 937.2K | $257.9M | — | New |
| 13 | DEUTSCHE BANK AG\ | 828.3K | $227.9M | — | New |
| 14 | Swiss National Bank | 760.3K | $209.2M | — | New |
| 15 | FEDERATED HERMES, INC. | 640.4K | $176.2M | — | New |
| 16 | Voya Investment Management LLC | 585.8K | $161.2M | — | New |
| 17 | Mitsubishi UFJ Asset Management Co., Ltd. | 571.7K | $157.3M | — | New |
| 18 | WELLS FARGO & COMPANY/MN | 566.6K | $155.9M | — | New |
| 19 | Vanguard Global Advisers, LLC | 553.1K | $152.2M | — | New |
| 20 | Sumitomo Mitsui Trust Group, Inc. | 544.6K | $149.9M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Customer deposits jumped to $6.55B—what specific 2026/2027 booking curve and pricing trends underpin that, and where are you seeing softness?
- 2
Net debt rose with cash falling to $512M while you repurchased $836M of stock—justify buybacks over deleveraging at this leverage.
- 3
Interest expense climbed to $278M plus $60M extinguishment loss; what's the refinancing pipeline and weighted cost on the $2.8B raised?