Filing Flows › Royal Caribbean Cruises (RCL) › Q2 2025
Royal Caribbean Cruises (RCL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Royal Caribbean Cruises (RCL) reported revenue of $4.5B for the second quarter 2025 (Q2 2025), +10% from a year earlier and +13% from the quarter before. Operating margin was 29.3%, net earnings $1.2B (26.7% of revenue).
Royal Caribbean Cruises, Q2 2025: revenue $4.5B (+10% year over year), operating margin 29.3%, net earnings $1.2B, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | +13% | +10% |
| Operating profit | $1.3B | +41% | +21% |
| Net earnings | $1.2B | +66% | +42% |
| Operating cash flow | $1.7B | +7% | +11% |
| Free cash flow | $910M | -24% | — |
What changed
Revenue was $4.5B in Q2 2025, up 10% year over year and up 13% from the previous quarter. Passenger ticket revenues was the largest line at 70% of revenue. Passenger ticket revenues added $0.31B year over year (up 11%), 73% of the total change.
Operating profit was $1.3B, a 29.3% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 54% reached operating profit, above the 27% margin then. Total costs grew 7% against revenue growth of 10%. Net earnings were $1.2B, up 42% year over year. The effective tax rate was 1.4%.
Operating cash flow was $1.7B (up 11% year over year), 144% of net earnings. Non-cash charges added back $0.42B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.84B left free cash flow of $0.91B.
Questions
What was Royal Caribbean Cruises' revenue in the second quarter 2025?
Royal Caribbean Cruises (RCL) reported revenue of $4.5B for the second quarter 2025 (Q2 2025), +10% from a year earlier and +13% from the quarter before.
Was Royal Caribbean Cruises profitable in the second quarter 2025?
Operating profit was $1.3B (29.3% of revenue) and net earnings $1.2B.