Filing Flows › Royal Caribbean Cruises (RCL) › Q2 2026 › vs Q1 2026
Royal Caribbean Cruises (RCL) Q2 2026 vs Q1 2026 (quarter over quarter)
Royal Caribbean Cruises's revenue rose $380M (+9%) from $4.5B in Q1 2026 to $4.8B in Q2 2026. The biggest changes: Passenger ticket revenues +$323M (+11%); Onboard and other revenues +$57.0M (+4%). Operating margin 27.0% against 26.1% (+0.9 pts).
Royal Caribbean Cruises, Q2 2026: revenue $4.8B (+6% year over year), operating margin 27.0%, net earnings $1.1B, operating cash flow $1.9B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 27.0% | 26.1% | +0.9 pts |
| Net margin | 23.3% | 21.1% | +2.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Passenger ticket revenues | $3.3B | $3.0B | $323M | +11% |
| Onboard and other revenues | $1.5B | $1.4B | $57.0M | +4% |
| Revenue | $4.8B | $4.5B | $380M | +9% |
| Operating profit | $1.3B | $1.2B | $145M | +12% |
| Costs & expenses | $3.5B | $3.3B | $235M | +7% |
| Pre-tax earnings | $1.1B | $976M | $174M | +18% |
| Other expense, net | $157M | $186M | −$29.0M | -16% |
| Cost of revenue | $2.5B | $2.2B | $300M | +13% |
| SG&A | $513M | $582M | −$69.0M | -12% |
| Other operating costs | $465M | $461M | $4.0M | +0.9% |
| Net earnings | $1.1B | $941M | $187M | +20% |
| Minority interests | $8.0M | $9.0M | −$1.0M | -11% |
| Income tax | $14.0M | $26.0M | −$12.0M | -46% |
| Depreciation & amortization | $464M | $461M | $3.0M | +0.7% |
| Share-based compensation | $30.0M | $38.0M | −$8.0M | -21% |
| Working capital & other | $238M | $394M | −$156M | -40% |
| Operating cash flow | $1.9B | $1.8B | $26.0M | +1% |
| Capital expenditures | $2.7B | $500M | $2.2B | +447% |
| Negative free cash flow (OCF − capex) | $877M | −$1.3B | $2.2B | — |
Questions
How much did Royal Caribbean Cruises's revenue grow quarter over quarter in Q2 2026?
Royal Caribbean Cruises's revenue rose $380M (+9%) from $4.5B in Q1 2026 to $4.8B in Q2 2026.
What drove Royal Caribbean Cruises's revenue change in Q2 2026?
Passenger ticket revenues +$323M (+11%); Onboard and other revenues +$57.0M (+4%).