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Royal Caribbean Cruises (RCL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 27, 2026
Royal Caribbean Cruises (RCL) reported revenue of $5.6B for the third quarter 2026 (Q3 2026), +9% from a year earlier and +16% from the quarter before. Operating margin was 33.5%, net earnings $1.7B (30.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6B | +16% | +9% |
| Operating profit | $1.9B | +43% | +10% |
| Net earnings | $1.7B | +53% | +10% |
| Operating cash flow | $1.6B | -15% | +8% |
| Free cash flow | $937M | — | — |
What changed
Revenue was $5.6B in Q3 2026, up 9% year over year and up 16% from the previous quarter. Passenger ticket revenues was the largest line at 69% of revenue. Passenger ticket revenues added $0.25B year over year (up 7%), 55% of the total change.
Operating profit was $1.9B, a 33.5% margin (up 0.3 points year over year). Of the extra revenue versus Q3 2025, 37% reached operating profit, above the 33% margin then. Total costs grew 8% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $1.7B, up 10% year over year. The effective tax rate was 1.5%.
Operating cash flow was $1.6B (up 8% year over year), 91% of net earnings. Non-cash charges added back $0.49B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.67B. Capital expenditures of $0.64B left free cash flow of $0.94B.
Questions
What was Royal Caribbean Cruises' revenue in the third quarter 2026?
Royal Caribbean Cruises (RCL) reported revenue of $5.6B for the third quarter 2026 (Q3 2026), +9% from a year earlier and +16% from the quarter before.
Was Royal Caribbean Cruises profitable in the third quarter 2026?
Operating profit was $1.9B (33.5% of revenue) and net earnings $1.7B.