Filing Flows › Royal Caribbean Cruises (RCL) › Q1 2026
Royal Caribbean Cruises (RCL) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Royal Caribbean Cruises (RCL) reported revenue of $4.5B for the first quarter 2026 (Q1 2026), +11% from a year earlier and +5% from the quarter before. Operating margin was 26.1%, net earnings $941M (21.1% of revenue).
Royal Caribbean Cruises, Q1 2026: revenue $4.5B (+11% year over year), operating margin 26.1%, net earnings $941M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | +5% | +11% |
| Operating profit | $1.2B | +25% | +23% |
| Net earnings | $941M | +25% | +29% |
| Operating cash flow | $1.8B | +13% | +13% |
| Free cash flow | $1.3B | 12× | +11% |
What changed
Revenue was $4.5B in Q1 2026, up 11% year over year and up 5% from the previous quarter. Passenger ticket revenues was the largest line at 68% of revenue. Passenger ticket revenues added $0.28B year over year (up 10%), 61% of the total change.
Operating profit was $1.2B, a 26.1% margin (up 2.5 points year over year). Of the extra revenue versus Q1 2025, 48% reached operating profit, above the 24% margin then. Total costs grew 8% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.94B, up 29% year over year. The effective tax rate was 2.7%.
Operating cash flow was $1.8B (up 13% year over year), 193% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.39B. Capital expenditures of $0.50B left free cash flow of $1.3B.
Questions
What was Royal Caribbean Cruises' revenue in the first quarter 2026?
Royal Caribbean Cruises (RCL) reported revenue of $4.5B for the first quarter 2026 (Q1 2026), +11% from a year earlier and +5% from the quarter before.
Was Royal Caribbean Cruises profitable in the first quarter 2026?
Operating profit was $1.2B (26.1% of revenue) and net earnings $941M.