Filing Flows › Royal Caribbean Cruises (RCL) › Q2 2026
Royal Caribbean Cruises (RCL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
Royal Caribbean Cruises (RCL) reported revenue of $4.8B for the second quarter 2026 (Q2 2026), +6% from a year earlier and +9% from the quarter before. Operating margin was 27.0%, net earnings $1.1B (23.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.8B | +9% | +6% |
| Operating profit | $1.3B | +12% | -2% |
| Net earnings | $1.1B | +20% | -7% |
| Operating cash flow | $1.9B | +1% | +7% |
What changed
Revenue was $4.8B in Q2 2026, up 6% year over year and up 9% from the previous quarter. Passenger ticket revenues was the largest line at 69% of revenue. Onboard and other revenues added $0.15B year over year (up 11%), 51% of the total change.
Operating profit was $1.3B, a 27.0% margin (down 2.2 points year over year). Operating profit fell $0.02B even though revenue rose $0.29B versus Q2 2025, so costs grew faster than sales. Total costs grew 10% against revenue growth of 6%. The fastest-growing cost line was Cost of revenue (+12%). Net earnings were $1.1B, down 7% year over year. The effective tax rate was 1.2%.
Operating cash flow was $1.9B (up 7% year over year), 164% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.23B. Capital expenditures of $2.7B exceeded it, leaving free cash flow of −$0.88B.
Questions
What was Royal Caribbean Cruises' revenue in the second quarter 2026?
Royal Caribbean Cruises (RCL) reported revenue of $4.8B for the second quarter 2026 (Q2 2026), +6% from a year earlier and +9% from the quarter before.
Was Royal Caribbean Cruises profitable in the second quarter 2026?
Operating profit was $1.3B (27.0% of revenue) and net earnings $1.1B.