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Royal Caribbean Cruises cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$937M in Q3 2026 · $1.5B over twelve months

Operating cash flow$1.6B
Capital spending−$643M
Free cash flow+$937M
Cash / net income0.9×
Cash conversion cycle-18 days

Analysis

In Q3 2026, Royal Caribbean Cruises generated $1.6B of operating cash flow and spent $643M on capital projects, leaving free cash flow of $937M. That is $1.9B more than in Q3 2025 (−$989M).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.9B; the largest uses were capital spending ($5.4B), buybacks ($1.5B), dividends ($1.3B); besides operations, cash came from net borrowing (+) / repaid (−) ($2.0B), other investing ($76.0M); the cash balance rose by $419M.

Operating cash flow was $1.6B against net income of $1.7B — 0.9× profit, roughly in line with earnings. The largest differences: deferred revenue −$701M, depreciation & amortization +$490M, accrued liabilities −$113M.

Its cash conversion cycle was -18 days (receivables 7 + inventory 10 − payables 35): suppliers fund its working capital.

Free cash flow

Royal Caribbean Cruises: free cash flow by quarterRoyal Caribbean Cruises: free cash flow by quarter$915MQ4 2024$1.2BQ1 2025$910MQ2 2025−$989MQ3 2025$116MQ4 2025$1.3BQ1 2026−$877MQ2 2026$937MQ3 2026
Operating cash flow less capital spending.
Royal Caribbean Cruises: operating cash flow against capital spendingRoyal Caribbean Cruises: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$552MQ4 2024$1.6B$428MQ1 2025$1.7B$836MQ2 2025$1.5B$2.5BQ3 2025$1.6B$1.5BQ4 2025$1.8B$500MQ1 2026$1.9B$2.7BQ2 2026$1.6B$643MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $643M.

Capital allocation, year by year

Royal Caribbean Cruises: where the cash came from (up) and went (down), by fiscal yearRoyal Caribbean Cruises: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow −$1.9BFY2021: Net borrowing $1.7BFY2021: Shares issued $1.6BFY2021: Asset sales $176MFY2021: Capital spending −$2.2B$3.5BFY2021FY2022: Operating cash flow $481MFY2022: Net borrowing $2.0BFY2022: Capital spending −$2.7B$2.5BFY2022FY2023: Operating cash flow $4.5BFY2023: Net borrowing −$2.0BFY2023: Asset sales $13.0MFY2023: Capital spending −$3.9B$4.5BFY2023FY2024: Operating cash flow $5.3BFY2024: Net borrowing −$1.6BFY2024: Capital spending −$3.3BFY2024: Dividends −$107M$5.3BFY2024FY2025: Operating cash flow $6.5BFY2025: Net borrowing $1.1BFY2025: Capital spending −$5.2BFY2025: Buybacks −$1.2BFY2025: Dividends −$824M$7.6BFY2025
Over these 5 years operating cash flow totalled $14.8B; the largest uses were capital spending ($17.3B) and net borrowing ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$851M
Debt$22.9B
Net debt$22.0B
Due within a year$3.2B

Royal Caribbean Cruises funds itself: free cash flow was $1.5B over the last twelve months, and $851M of cash and investments stands against $22.9B of debt ($3.2B due within a year, 0.3× covered by cash).

Royal Caribbean Cruises: debt maturities by year (FY2025)Royal Caribbean Cruises: debt maturities by year (FY2025)$3.2BYear 1$2.6BYear 2$3.2BYear 3$1.1BYear 4$1.1BYear 5$10.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $851M of cash and investments now.

Where the cash came from and went

Royal Caribbean Cruises: sources (+) and uses (−) of cash, Q3 2026Royal Caribbean Cruises: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.6BCapital spending−$643MNet borrowing (+) / repaid (−)−$532MDividends−$401MOther financing−$41.0MCash drawn (+) / kept (−)$24.0MOther investing$13.0M
Royal Caribbean Cruises: sources (+) and uses (−) of cash, TTM to Q3 2026Royal Caribbean Cruises: sources (+) and uses (−) of cash, 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 profit to cash

Royal Caribbean Cruises: net income to operating cash flow, Q3 2026Royal Caribbean Cruises: net income to operating cash flow, Q3 2026Net income$1.7BDepreciation & amortization$490MStock-based pay$26.0MReceivables$29.0MInventory−$37.0MPayables−$66.0MAccrued liabilities−$113MDeferred revenue−$701MPrepaid and other assets$21.0MOther operating capital$24.0MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202671035-18
Q2 202691038-19
Q1 202681139-21
Q4 202571137-18
Q3 202571033-17
Q2 202591038-20
Q1 202591141-20
Q4 2024101240-18

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$643M—−$401M−$532M$24.0M$937M
Q2 2026$1.9B−$2.7B−$199M−$404M$1.8B−$363M−$877M
Q1 2026$1.8B−$500M−$836M−$270M−$277M$313M$1.3B
Q4 2025$1.6B−$1.5B−$504M−$272M$1.0B−$393M$116M
Q3 2025$1.5B−$2.5B−$414M−$204M$1.3B$303M−$989M
Q2 2025$1.7B−$836M—−$200M−$476M−$349M$910M
Q1 2025$1.6B−$428M−$241M−$148M−$742M$2.0M$1.2B
Q4 2024$1.5B−$552M—−$107M−$955M$30.0M$915M

Royal Caribbean Cruises: income statement and cash flow

Royal Caribbean Cruises, Q3 2026: revenue $5.6B (+9% year over year), operating margin 33.5%. The chart follows the revenue to costs, profit and cash.

Royal Caribbean Cruises: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.