Filing Flows › Royal Caribbean Cruises (RCL) › Q3 2026 › vs Q2 2026
Royal Caribbean Cruises (RCL) Q3 2026 vs Q2 2026 (quarter over quarter)
Royal Caribbean Cruises's revenue rose $759M (+16%) from $4.8B in Q2 2026 to $5.6B in Q3 2026. The biggest changes: Passenger ticket revenues +$541M (+16%); Onboard and other revenues +$218M (+15%). Operating margin 33.5% against 27.0% (+6.4 pts).
Royal Caribbean Cruises, Q3 2026: revenue $5.6B (+9% year over year), operating margin 33.5%, net earnings $1.7B, operating cash flow $1.6B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 33.5% | 27.0% | +6.4 pts |
| Net margin | 30.9% | 23.3% | +7.6 pts |
| Free cash flow margin | 16.8% | -18.1% | +34.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Passenger ticket revenues | $3.9B | $3.3B | $541M | +16% |
| Onboard and other revenues | $1.7B | $1.5B | $218M | +15% |
| Revenue | $5.6B | $4.8B | $759M | +16% |
| Operating profit | $1.9B | $1.3B | $564M | +43% |
| Costs & expenses | $3.7B | $3.5B | $195M | +6% |
| Pre-tax earnings | $1.8B | $1.1B | $612M | +53% |
| Other expense, net | $109M | $157M | −$48.0M | -31% |
| Cost of revenue | $2.7B | $2.5B | $164M | +6% |
| SG&A | $519M | $513M | $6.0M | +1% |
| Other operating costs | $490M | $465M | $25.0M | +5% |
| Net earnings | $1.7B | $1.1B | $600M | +53% |
| Minority interests | $7.0M | $8.0M | −$1.0M | -12% |
| Income tax | $27.0M | $14.0M | $13.0M | +93% |
| Depreciation & amortization | $490M | $464M | $26.0M | +6% |
| Share-based compensation | $26.0M | $30.0M | −$4.0M | -13% |
| Working capital & other | $664M | −$238M | $902M | — |
| Operating cash flow | $1.6B | $1.9B | −$280M | -15% |
| Free cash flow (OCF − capex) | $937M | −$877M | $1.8B | — |
| Capital expenditures | $643M | $2.7B | −$2.1B | -77% |
Questions
How much did Royal Caribbean Cruises's revenue grow quarter over quarter in Q3 2026?
Royal Caribbean Cruises's revenue rose $759M (+16%) from $4.8B in Q2 2026 to $5.6B in Q3 2026.
What drove Royal Caribbean Cruises's revenue change in Q3 2026?
Passenger ticket revenues +$541M (+16%); Onboard and other revenues +$218M (+15%).