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Royal Caribbean Cruises (RCL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Royal Caribbean Cruises (RCL) Q3 2026 earnings results →

Q3 2026 Revenue up 9% year over year to $5.6B · 31¢ of every $1 of revenue kept as net profit · operating margin 33.5%

Royal Caribbean Cruises made $5.6B in Q3 2026 (+9% Y/Y): Passenger ticket revenues $3.9B, Onboard and other revenues $1.7B. Operating margin 33.5%, net earnings $1.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$5.6B
Year over year+9%
Operating margin33.5%
Net earnings$1.7B
Operating cash flow$1.6B

Drawing the Sankey…

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Royal Caribbean Cruises Q3 2026 revenue breakdown: Sankey diagram of revenue (Passenger ticket revenues, Onboard and other revenues), costs, profit and cash flow
Royal Caribbean Cruises Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $5.6B in Q3 2026, up 9% year over year and up 16% from the previous quarter. Passenger ticket revenues was the largest line at 69% of revenue. Passenger ticket revenues added $0.25B year over year (up 7%), 55% of the total change.

Operating profit was $1.9B, a 33.5% margin (up 0.3 points year over year). Of the extra revenue versus Q3 2025, 37% reached operating profit, above the 33% margin then. Total costs grew 8% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $1.7B, up 10% year over year. The effective tax rate was 1.5%.

Operating cash flow was $1.6B (up 8% year over year), 91% of net earnings. Non-cash charges added back $0.49B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.67B. Capital expenditures of $0.64B left free cash flow of $0.94B.

Quarterly history

Royal Caribbean Cruises revenue by quarterRoyal Caribbean Cruises revenue by quarter$4.0BQ1 2025$4.5BQ2 2025$5.1BQ3 2025$4.3BQ4 2025$4.5BQ1 2026$4.8BQ2 2026$5.6BQ3 2026
Royal Caribbean Cruises net earnings by quarterRoyal Caribbean Cruises net earnings by quarter$730MQ1 2025$1.2BQ2 2025$1.6BQ3 2025$754MQ4 2025$941MQ1 2026$1.1BQ2 2026$1.7BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$5.6B+9%33.5%$1.7B$1.6B
Q2 202610-QJul 28, 2026$4.8B+6%27.0%$1.1B$1.9B
Q1 202610-QApr 30, 2026$4.5B+11%26.1%$941M$1.8B
Q4 202510-KFeb 11, 2026$4.3B+13%21.9%$754M$1.6B
Q3 202510-QOct 28, 2025$5.1B+5%33.1%$1.6B$1.5B
Q2 202510-QJul 29, 2025$4.5B+10%29.3%$1.2B$1.7B
Q1 202510-QApr 29, 2025$4.0B+7%23.6%$730M$1.6B

Charts

Royal Caribbean Cruises: revenue growth, year over year and quarter over quarterRoyal Caribbean Cruises: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q1 2025+10%+13%Q2 2025+5%+13%Q3 2025+13%-17%Q4 2025+11%+5%Q1 2026+6%+9%Q2 2026+9%+16%Q3 2026
Latest (Q3 2026): Y/Y +9%, Q/Q +16%.
Royal Caribbean Cruises: where the cash came from (+) and went (−), TTM to Q3 2026Royal Caribbean Cruises: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$6.9BCapital spending−$5.4BNet borrowing (+) / repaid (−)$2.0BBuybacks−$1.5BDividends−$1.3BCash drawn (+) / kept (−)−$419MOther financing−$316MOther investing$76.0MExchange rates−$6.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Royal Caribbean Cruises: profit against cash, quarter by quarterRoyal Caribbean Cruises: profit against cash, quarter by quarterNet incomeOperating cash flow$559M$1.5BQ4 2024$736M$1.6BQ1 2025$1.2B$1.7BQ2 2025$1.6B$1.5BQ3 2025$762M$1.6BQ4 2025$950M$1.8BQ1 2026$1.1B$1.9BQ2 2026$1.7B$1.6BQ3 2026
Latest (Q3 2026): Net income $1.7B, Operating cash flow $1.6B.
Royal Caribbean Cruises: diluted shares by fiscal yearRoyal Caribbean Cruises: diluted shares by fiscal year214MFY2020252MFY2021255MFY2022283MFY2023279MFY2024274MFY2025
+27.8% since FY2020: more shares outstanding (issuance, stock pay).
Royal Caribbean Cruises: long-term debt falling due (FY2025)Royal Caribbean Cruises: long-term debt falling due (FY2025)$3.2B2026$2.6B2027$3.2B2028$1.1B2029$1.1B2030$10.6BLater
Cash $825M, short-term investments —, long-term debt — at 2025-12-31.
Royal Caribbean Cruises in its industry: growth against margin (9 companies, SIC 4400)Royal Caribbean Cruises in its industry: growth against margin (9 companies, SIC 4400)revenue growth, year over year →↑ operating marginmedian +9%median 21%CCLNCLHNCL Corp Ltd.MATXKEXINSWTDWOMEXRCL (+9%, 34%)
Water Transportation; dot size is quarterly revenue; dashed lines are the industry's medians.

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Royal Caribbean Cruises

We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC"), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents. We also own a growing portfolio of private land-based destinations, including our Perfect Day and Royal Beach Club collections.

In its own words, from its 10-K, filed Feb 11, 2026.

Royal Caribbean Cruises against its Water Transportation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +12%. Operating margin: 33.5% against the peers' median 22.9%.

CompanyQuarterRevenueY/YOp. margin
RCL Royal Caribbean CruisesQ3 2026$5.6B+9%33.5%
CCL CarnivalQ3 FY26$8.4B+4%26.3%
NCLH Norwegian Cruise Line HoldingsQ3 2026$2.9B+0.3%21.2%
MATX MatsonQ3 2026$1.1B+26%22.9%
KEX KirbyQ3 2026$977M+12%15.4%
INSW International SeawaysQ3 2026$483M+146%72.7%
TDW TidewaterQ2 2026$342M+0.3%18.3%
OMEX Odyssey Marine ExplorationQ3 2026$109K+79%n/m

Source: Royal Caribbean Cruises 10-Q on SEC EDGAR · CIK 884887 · Water Transportation

Guidance and outlook

Royal Caribbean Cruises: what its forward-looking statements are about (10-Q filed 2026-10-27)Royal Caribbean Cruises: what its forward-looking statements are about (10-Q filed 2026-10-27)Demand3Other1Legal & regulation1
5 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
Royal Caribbean Cruises: outlook statements against the filing beforeRoyal Caribbean Cruises: outlook statements against the filing beforeNew1Updated2

More on RCL

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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