Filing Flows › Royal Caribbean Cruises (RCL) › Q1 2025
Royal Caribbean Cruises (RCL) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
Royal Caribbean Cruises (RCL) reported revenue of $4.0B for the first quarter 2025 (Q1 2025), +7% from a year earlier and +6% from the quarter before. Operating margin was 23.6%, net earnings $730M (18.3% of revenue).
Royal Caribbean Cruises, Q1 2025: revenue $4.0B (+7% year over year), operating margin 23.6%, net earnings $730M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | +6% | +7% |
| Operating profit | $945M | +51% | +26% |
| Net earnings | $730M | +32% | +103% |
| Operating cash flow | $1.6B | +11% | +23% |
| Free cash flow | $1.2B | +31% | +10% |
What changed
Revenue was $4.0B in Q1 2025, up 7% year over year and up 6% from the previous quarter. Passenger ticket revenues was the largest line at 69% of revenue. Passenger ticket revenues added $0.20B year over year (up 8%), 75% of the total change.
Operating profit was $0.94B, a 23.6% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 72% reached operating profit, above the 20% margin then. Total costs grew 3% against revenue growth of 7%. Net earnings were $0.73B, up 103% year over year. The effective tax rate was 2.1%.
Operating cash flow was $1.6B (up 23% year over year), 221% of net earnings. Non-cash charges added back $0.41B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.43B. Capital expenditures of $0.43B left free cash flow of $1.2B.
Questions
What was Royal Caribbean Cruises' revenue in the first quarter 2025?
Royal Caribbean Cruises (RCL) reported revenue of $4.0B for the first quarter 2025 (Q1 2025), +7% from a year earlier and +6% from the quarter before.
Was Royal Caribbean Cruises profitable in the first quarter 2025?
Operating profit was $945M (23.6% of revenue) and net earnings $730M.