Filing Flows › Royal Caribbean Cruises (RCL) › Q4 2025
Royal Caribbean Cruises (RCL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Royal Caribbean Cruises (RCL) reported revenue of $4.3B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -17% from the quarter before. Operating margin was 21.9%, net earnings $754M (17.7% of revenue).
Royal Caribbean Cruises, Q4 2025: revenue $4.3B (+13% year over year), operating margin 21.9%, net earnings $754M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -17% | +13% |
| Operating profit | $933M | -45% | +50% |
| Net earnings | $754M | -52% | +37% |
| Operating cash flow | $1.6B | +10% | +11% |
| Free cash flow | $116M | — | -87% |
What changed
Revenue was $4.3B in Q4 2025, up 13% year over year and down 17% from the previous quarter. Passenger ticket revenues was the largest line at 69% of revenue.
Operating profit was $0.93B, a 21.9% margin (up 5.3 points year over year). Of the extra revenue versus a year earlier, 62% reached operating profit, above the 17% margin then. Total costs grew 6% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $0.75B, up 37% year over year. The effective tax rate was 1.9%.
Operating cash flow was $1.6B (up 11% year over year), 213% of net earnings. Non-cash charges added back $0.45B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.37B. Capital expenditures of $1.5B left free cash flow of $0.12B.
Questions
What was Royal Caribbean Cruises' revenue in the fourth quarter 2025?
Royal Caribbean Cruises (RCL) reported revenue of $4.3B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -17% from the quarter before.
Was Royal Caribbean Cruises profitable in the fourth quarter 2025?
Operating profit was $933M (21.9% of revenue) and net earnings $754M.