# ROYAL CARIBBEAN CRUISES LTD (RCL) · Edgar & Edgarette company card

> Royal Caribbean Cruises (RCL) grew revenue 8.8% in FY2025 to $17.9 billion, operating margin 27.4% against a 18.9% median for water transportation, equity 24.1% of assets, and dividend per share up 2 years running. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 884887 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/RCL) · [JSON](https://www.pops4.com/boards/company/RCL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $17.9B |
| Revenue growth, 1 year | 8.8% |
| Revenue growth per year | 85.0% |
| Operating margin | 27.4% (prior year 24.9%) |
| Net margin | 23.9% |
| Operating cash flow | $6.5B |
| Capital spending | $5.2B |
| Free cash flow | $1.2B |
| Cash | $825M |
| Long-term debt | $21.3B |
| Total assets | $41.6B |
| Total equity | $10.0B |
| Equity ÷ assets | 24.1% |
| Return on equity | 42.8% |
| Dividend per share | $3.5 |
| Dividend years rising | 2 |

## Readings, computed from those figures

- Altman Z: 0.04 (distress zone)
- Piotroski F: 8 of 9 (strong)
- Beneish M: -2.86 (below the −1.78 line)
- Health Harbor boat: New ship · no warning signs
- Cash Compass: Cash cow later · growing fast, and already turning revenue into cash

## Edgarette's reading

Exposure: revenue $17.9B (FY2025), total debt $21.3B. Experience: revenue up 8.8% on the year, up 85.0% a year over 4 years; operating margin 27.4%, up from 24.9%. Soundness: equity 24.1% of assets, return on equity 42.8%, payout 19.2% of profit, dividend per share up 2 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $17.0B and $24.3B next year (method v4.1: its own 3-year record of growth weighed at 40% against $10B+ filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $14.5B to $28.1B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, water transportation): operating margin 27.4% against a 18.9% median; growth 8.8% against 1.8%.

Range logged 2026-09-26, receipt 0ee307ef32580a95, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-07-20 ([filing](https://www.sec.gov/Archives/edgar/data/884887/000110465926085080/0001104659-26-085080-index.htm))

## Recent filings

- 10-Q · filed 2026-10-27 · [filing](https://www.sec.gov/Archives/edgar/data/884887/000088488726000044/0000884887-26-000044-index.htm)
- 8-K · filed 2026-10-27 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/884887/000088488726000042/0000884887-26-000042-index.htm)
- 8-K · filed 2026-09-23 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/884887/000110465926109755/0001104659-26-109755-index.htm)
- 8-K · filed 2026-08-20 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/884887/000110465926099245/0001104659-26-099245-index.htm)
- 8-K · filed 2026-08-07 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/884887/000110465926092371/0001104659-26-092371-index.htm)
- 10-Q · filed 2026-07-28 · [filing](https://www.sec.gov/Archives/edgar/data/884887/000088488726000038/0000884887-26-000038-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000884887.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=884887

## Cite

POPS4, Edgar & Edgarette: ROYAL CARIBBEAN CRUISES LTD (RCL) company card, from the company's own SEC filings, accessed 2026-11-10, https://www.pops4.com/boards/company/RCL. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.