Filing Flows › Royal Caribbean Cruises (RCL) › Q2 2026 › vs Q2 2025
Royal Caribbean Cruises (RCL) Q2 2026 vs Q2 2025 (year over year)
Royal Caribbean Cruises's revenue rose $294M (+6%) from $4.5B in Q2 2025 to $4.8B in Q2 2026. The biggest changes: Onboard and other revenues +$149M (+11%); Passenger ticket revenues +$145M (+5%). Operating margin 27.0% against 29.3% (-2.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 27.0% | 29.3% | -2.2 pts |
| Net margin | 23.3% | 26.7% | -3.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Passenger ticket revenues | $3.3B | $3.2B | $145M | +5% |
| Onboard and other revenues | $1.5B | $1.3B | $149M | +11% |
| Revenue | $4.8B | $4.5B | $294M | +6% |
| Operating profit | $1.3B | $1.3B | −$22.0M | -2% |
| Costs & expenses | $3.5B | $3.2B | $316M | +10% |
| Pre-tax earnings | $1.1B | $1.2B | −$82.0M | -7% |
| Other expense, net | $157M | $97.0M | $60.0M | +62% |
| Cost of revenue | $2.5B | $2.3B | $264M | +12% |
| SG&A | $513M | $508M | $5.0M | +1% |
| Other operating costs | $465M | $418M | $47.0M | +11% |
| Net earnings | $1.1B | $1.2B | −$82.0M | -7% |
| Minority interests | $8.0M | $4.0M | $4.0M | +100% |
| Income tax | $14.0M | $17.0M | −$3.0M | -18% |
| Depreciation & amortization | $464M | $417M | $47.0M | +11% |
| Share-based compensation | $30.0M | $39.0M | −$9.0M | -23% |
| Working capital & other | $238M | $80.0M | $158M | +198% |
| Operating cash flow | $1.9B | $1.7B | $114M | +7% |
| Capital expenditures | $2.7B | $836M | $1.9B | +227% |
| Negative free cash flow (OCF − capex) | $877M | −$910M | $1.8B | — |
Questions
How much did Royal Caribbean Cruises's revenue grow year over year in Q2 2026?
Royal Caribbean Cruises's revenue rose $294M (+6%) from $4.5B in Q2 2025 to $4.8B in Q2 2026.
What drove Royal Caribbean Cruises's revenue change in Q2 2026?
Onboard and other revenues +$149M (+11%); Passenger ticket revenues +$145M (+5%).