Filing Flows › Royal Caribbean Cruises (RCL) › Q3 2026 › vs Q3 2025
Royal Caribbean Cruises (RCL) Q3 2026 vs Q3 2025 (year over year)
Royal Caribbean Cruises's revenue rose $452M (+9%) from $5.1B in Q3 2025 to $5.6B in Q3 2026. The biggest changes: Passenger ticket revenues +$248M (+7%); Onboard and other revenues +$204M (+14%). Operating margin 33.5% against 33.1% (+0.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 33.5% | 33.1% | +0.3 pts |
| Net margin | 30.9% | 30.6% | +0.3 pts |
| Free cash flow margin | 16.8% | -19.2% | +36.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Passenger ticket revenues | $3.9B | $3.6B | $248M | +7% |
| Onboard and other revenues | $1.7B | $1.5B | $204M | +14% |
| Revenue | $5.6B | $5.1B | $452M | +9% |
| Operating profit | $1.9B | $1.7B | $169M | +10% |
| Costs & expenses | $3.7B | $3.4B | $283M | +8% |
| Pre-tax earnings | $1.8B | $1.6B | $150M | +9% |
| Other expense, net | $109M | $90.0M | $19.0M | +21% |
| Cost of revenue | $2.7B | $2.5B | $232M | +9% |
| SG&A | $519M | $522M | −$3.0M | -0.6% |
| Other operating costs | $490M | $436M | $54.0M | +12% |
| Net earnings | $1.7B | $1.6B | $153M | +10% |
| Minority interests | $7.0M | $4.0M | $3.0M | +75% |
| Income tax | $27.0M | $34.0M | −$7.0M | -21% |
| Depreciation & amortization | $490M | $435M | $55.0M | +13% |
| Share-based compensation | $26.0M | $44.0M | −$18.0M | -41% |
| Working capital & other | $664M | $585M | $79.0M | +14% |
| Operating cash flow | $1.6B | $1.5B | $111M | +8% |
| Free cash flow (OCF − capex) | $937M | −$989M | $1.9B | — |
| Capital expenditures | $643M | $2.5B | −$1.8B | -74% |
Questions
How much did Royal Caribbean Cruises's revenue grow year over year in Q3 2026?
Royal Caribbean Cruises's revenue rose $452M (+9%) from $5.1B in Q3 2025 to $5.6B in Q3 2026.
What drove Royal Caribbean Cruises's revenue change in Q3 2026?
Passenger ticket revenues +$248M (+7%); Onboard and other revenues +$204M (+14%).