Filing Flows › Royal Caribbean Cruises (RCL) › Q3 2025
Royal Caribbean Cruises (RCL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Royal Caribbean Cruises (RCL) reported revenue of $5.1B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +13% from the quarter before. Operating margin was 33.1%, net earnings $1.6B (30.7% of revenue).
Royal Caribbean Cruises, Q3 2025: revenue $5.1B (+5% year over year), operating margin 33.1%, net earnings $1.6B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.1B | +13% | +5% |
| Operating profit | $1.7B | +28% | +4% |
| Net earnings | $1.6B | +30% | +42% |
| Operating cash flow | $1.5B | -16% | +64% |
What changed
Revenue was $5.1B in Q3 2025, up 5% year over year and up 13% from the previous quarter. Passenger ticket revenues was the largest line at 71% of revenue. Passenger ticket revenues added $0.17B year over year (up 5%), 66% of the total change.
Operating profit was $1.7B, a 33.1% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, below the 33% margin then. Total costs grew 6% against revenue growth of 5%. The fastest-growing cost line was SG&A (+16%). Net earnings were $1.6B, up 42% year over year. The effective tax rate was 2.1%.
Operating cash flow was $1.5B (up 64% year over year), 93% of net earnings. Non-cash charges added back $0.43B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.59B. Capital expenditures of $2.5B exceeded it, leaving free cash flow of −$1.0B.
Questions
What was Royal Caribbean Cruises' revenue in the third quarter 2025?
Royal Caribbean Cruises (RCL) reported revenue of $5.1B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +13% from the quarter before.
Was Royal Caribbean Cruises profitable in the third quarter 2025?
Operating profit was $1.7B (33.1% of revenue) and net earnings $1.6B.