# Royal Caribbean Cruises Ltd. (RCL)

> Source: Nexqual · https://nexqual.com/RCL · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Royal Caribbean Cruises Ltd. (RCL), nexqual.com/RCL" · informational, not investment advice.

**Price:** USD 286.13 (-0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 288.45 · day 283.91–291.05 · 52w 222.22–356.39 · market cap $76.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.7B, net income $4.40B (23.5% margin), free cash flow -$416M (SEC filings).
- Valuation: P/E 17.4x (avg 20.6x at the last 3 fiscal year-ends), EV/EBITDA 14.3x, net debt $22.5B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $4.0M; 1 not under a Rule 10b5-1 plan ($4.0M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.07 on a 1–5 scale) (29 analysts), mean target USD 350.11 (range 262–425).
- Total return with dividends: 1Y -7.9% vs S&P 500 +14.9%; 5Y +249.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 6.38, revenue estimate $5.61B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.53B | $8.84B | $13.9B | $16.5B | $17.9B | $18.7B |
| Gross profit | -$1.21B | $2.22B | $6.13B | $7.83B | $8.85B | — |
| Operating income | -$3.87B | -$766M | $2.88B | $4.11B | $4.91B | $5.10B |
| Net income | -$5.26B | -$2.16B | $1.70B | $2.88B | $4.27B | $4.40B |
| EPS (diluted) | -$20.89 | -$8.45 | $6.31 | $10.94 | $15.61 | — |
| Free cash flow | -$4.11B | -$2.23B | $580M | $2.00B | $1.24B | -$416M |
| Gross margin | -78.8% | 25.2% | 44.1% | 47.5% | 49.4% | — |
| Operating margin | -252.6% | -8.7% | 20.7% | 24.9% | 27.4% | 27.3% |
| Net margin | -343.3% | -24.4% | 12.2% | 17.5% | 23.8% | 23.5% |
| Revenue growth | -30.6% | +477.0% | +57.2% | +18.6% | +8.8% | — |
| Cash + short-term investments | $2.70B | $1.94B | $497M | $388M | $825M | — |
| Total debt | $21.1B | $23.4B | $21.5B | $20.1B | $21.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.4x · P/S 4.1x · EV/EBITDA 14.3x · EV/Sales 5.3x · P/B 7.5x · FCF yield -0.54% · Earnings yield 5.75% · Dividend yield (paid, TTM) 1.50% · Buyback yield (TTM) 2.55% · Net debt $22.5B · EV $99.1B
P/E at fiscal year-ends: Dec 2025 17.9x, Dec 2024 22.4x, Dec 2023 21.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-29 | Bayley Michael W | Pres&CEO, Royal Caribbean Intl | 12,811 | $4.0M | 22% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 29 analysts; mean target USD 350.11 (low 262, high 425).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | TD Cowen | Target raised | Buy | $337 → $340 |
| 2026-10-20 | Susquehanna | Target lowered | Positive | $372 → $355 |
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $388 → $358 |
| 2026-10-08 | Jefferies | Upgrade | Hold → Buy | $305 → $330 |
| 2026-10-07 | Barclays | Target lowered | Overweight | $340 → $337 |
| 2026-09-28 | Tigress Financial | Maintained | Buy | $425 |
| 2026-09-28 | Deutsche Bank | Upgrade | Hold → Buy | $299 |
| 2026-09-24 | Truist Securities | Target raised | Hold | $297 → $298 |
| 2026-09-24 | JP Morgan | Target raised | Overweight | $345 → $394 |
| 2026-09-23 | BMO Capital | Reiterated | Outperform | $370 |
| 2026-07-30 | Morgan Stanley | Target raised | Equal-Weight | $280 → $300 |
| 2026-07-29 | Stifel | Target raised | Buy | $410 → $415 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -7.9% | +249.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.9% | +28.4% |
| Volatility (annualized) | 47.3% | 48.0% |
| Max drawdown | -32.7% (Feb 2026→Sep 2026) | -66.1% (Nov 2021→Jul 2022) |

## Peers (Travel Services)
ABNB (Airbnb, Inc.) USD 175.76 +1.19% · BKNG (Booking Holdings Inc. Common St) USD 161.1 +1.72% · VIK (Viking Holdings Ltd) USD 85 -1.96% · CCL (Carnival Corporation Ltd.) USD 27.08 -0.81% · EXPE (Expedia Group, Inc.) USD 298.49 +4.50% · TCOM (Trip.com Group Limited) USD 39.57 +0.66%

## More
Full page: https://nexqual.com/RCL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RCL's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/884887/000088488726000007/rcl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | TUI Cruises | "Throughout this Annual Report on Form 10-K, we also refer to our partner brands in which we hold an ownership interest, including "TUI Cruises," and "Hapag-Lloyd Cruises." However, because these partner brands are uncons…" |
| Partner | TUI | "TUIC is a joint venture owned 50% by us and 50% by TUI AG, a German tourism company, which is designed to serve the contemporary and premium segments of the German cruise market by offering products tailored for German g…" |
| Partner | Infrastructure Partners VI | "For instance, through our partnership agreement with iCON Infrastructure Partners VI, L.P. ("iCON"), we own, develop, and manage cruise terminal facilities and infrastructure in key ports of call, initially including sev…" |
| Partner | SpaceX | "Our entire fleet is equipped with Starlink through our partnership with SpaceX, bringing the next generation in shipboard connectivity and unlocking an improved guest experience." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cruise Itinerary | $4.61B | 95.5% | +6.8% |
| Passenger ticket revenues | $3.34B | 69.2% | +4.5% |
| Onboard and other revenues | $1.49B | 30.8% | +11.1% |
| Port Costs | $354.0M | 7.3% | +11.3% |
| Other Revenues | $218.0M | 4.5% | +0.5% |
| Total revenue | $4.83B | 100% | — |
The lines above cover 207.3% of total revenue.

## Company outlook (8-K filed 2026-07-28)

- "Outlook: • Revenue is expected to grow 9% year over year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.38 | $6.26 | +1.8% | $5.61B | 23 |
| Next quarter (ends 2026-12-31) | $3.66 | $3.46 | +5.8% | $4.69B | 23 |
| Current fiscal year (ends 2026-12-31) | $17.83 | $17.33 | +2.9% | $19.58B | 29 |
| Next fiscal year (ends 2027-12-31) | $20.39 | $19.99 | +2.0% | $21.00B | 29 |