Royal Caribbean Cruises annual free cash flow
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2025
Royal Caribbean Cruises Free Cash Flow (FCF) History (RCL)
Royal Caribbean Cruises reported $1.24B in free cash flow for fiscal 2025, a decrease of 38.11% from the previous fiscal year, with a free cash flow margin of 6.89%.
View full Royal Caribbean Cruises company overviewRoyal Caribbean Cruises free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $1.24B | −$761.0M | −38.11% | +6.89% |
| 2024 | 2024-12-31 | $2.00B | $1.42B | +244.31% | +12.11% |
| 2023 | 2023-12-31 | $580.0M | $2.81B | — | +4.17% |
| 2022 | 2022-12-31 | −$2.23B | $1.88B | — | −25.21% |
| 2021 | 2021-12-31 | −$4.11B | $1.59B | — | −268.15% |
| 2020 | 2020-12-31 | −$5.70B | −$6.39B | — | −257.91% |
| 2019 | 2019-12-31 | $691.7M | $872.6M | — | +6.32% |
| 2018 | 2018-12-31 | −$180.9M | −$2.49B | — | −1.91% |
| 2017 | 2017-12-31 | $2.31B | $2.29B | +10248.13% | +26.32% |
| 2016 | 2016-12-31 | $22.3M | −$310.7M | −93.30% | +0.26% |
| 2015 | 2015-12-31 | $333.0M | $400.7M | — | +4.01% |
| 2014 | 2014-12-31 | −$67.6M | −$715.9M | — | −0.84% |
| 2013 | 2013-12-31 | $648.3M | $558.1M | +618.45% | +8.14% |
| 2012 | 2012-12-31 | $90.2M | −$191.9M | −68.01% | +1.17% |
| 2011 | 2011-12-31 | $282.1M | $806.3M | — | +3.74% |
| 2010 | 2010-12-31 | −$524.2M | $1.11B | — | −7.76% |
| 2009 | 2009-12-31 | −$1.63B | −$480.4M | — | −27.72% |
| 2008 | 2008-12-31 | −$1.15B | — | — | −17.64% |
Royal Caribbean Cruises quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$877.0M | −$1.79B | — | −18.15% |
| Q1 2026 | 2026-03-31 | $1.33B | $135.0M | +11.26% | +29.96% |
| Q4 2025 | 2025-12-31 | $116.0M | −$799.0M | −87.32% | +2.72% |
| Q3 2025 | 2025-09-30 | −$989.0M | −$1.55B | — | −19.24% |
| Q2 2025 | 2025-06-30 | $910.0M | $1.48B | — | +20.05% |
| Q1 2025 | 2025-03-31 | $1.20B | $113.0M | +10.41% | +29.98% |
| Q4 2024 | 2024-12-31 | $915.0M | $2.37B | — | +24.34% |
| Q3 2024 | 2024-09-30 | $563.0M | $185.0M | +48.94% | +11.52% |
| Q2 2024 | 2024-06-30 | −$567.0M | −$1.16B | — | −13.80% |
| Q1 2024 | 2024-03-31 | $1.09B | $28.0M | +2.65% | +29.13% |
| Q4 2023 | 2023-12-31 | −$1.45B | −$1.86B | — | −43.59% |
| Q3 2023 | 2023-09-30 | $378.0M | $648.1M | — | +9.09% |
| Q2 2023 | 2023-06-30 | $596.0M | $1.07B | — | +16.92% |
| Q1 2023 | 2023-03-31 | $1.06B | $2.95B | — | +36.66% |
| Q4 2022 | 2022-12-31 | $409.0M | $1.19B | — | +15.71% |
| Q3 2022 | 2022-09-30 | −$270.1M | $501.3M | — | −9.02% |
| Q2 2022 | 2022-06-30 | −$476.0M | $208.8M | — | −21.79% |
| Q1 2022 | 2022-03-31 | −$1.89B | −$21.1M | — | −178.61% |
| Q4 2021 | 2021-12-31 | −$781.0M | $436.3M | — | −79.52% |
| Q3 2021 | 2021-09-30 | −$771.3M | $267.5M | — | −168.79% |
| Q2 2021 | 2021-06-30 | −$684.9M | $1.70B | — | −1345.12% |
| Q1 2021 | 2021-03-31 | −$1.87B | −$817.0M | — | −4452.98% |
| Q4 2020 | 2020-12-31 | −$1.22B | −$1.14B | — | −3565.79% |
| Q3 2020 | 2020-09-30 | −$1.04B | −$1.47B | — | — |
| Q2 2020 | 2020-06-30 | −$2.39B | −$2.11B | — | −1359.23% |
| Q1 2020 | 2020-03-31 | −$1.05B | −$1.66B | — | −51.84% |
| Q4 2019 | 2019-12-31 | −$73.5M | $345.3M | — | −2.92% |
| Q3 2019 | 2019-09-30 | $435.8M | −$83.4M | −16.06% | +13.67% |
| Q2 2019 | 2019-06-30 | −$279.0M | −$793.8M | — | −9.94% |
| Q1 2019 | 2019-03-31 | $608.3M | $1.40B | — | +24.93% |
| Q4 2018 | 2018-12-31 | −$418.7M | −$661.9M | — | −17.95% |
| Q3 2018 | 2018-09-30 | $519.2M | −$160.4M | −23.60% | +18.57% |
| Q2 2018 | 2018-06-30 | $514.8M | −$199.2M | −27.90% | +22.02% |
| Q1 2018 | 2018-03-31 | −$796.1M | −$1.47B | — | −39.26% |
| Q4 2017 | 2017-12-31 | $243.2M | −$92.0M | −27.46% | +12.13% |
| Q3 2017 | 2017-09-30 | $679.5M | $216.1M | +46.64% | +26.45% |
| Q2 2017 | 2017-06-30 | $714.0M | $1.72B | — | +32.52% |
| Q1 2017 | 2017-03-31 | $673.7M | $445.7M | +195.43% | +33.54% |
| Q4 2016 | 2016-12-31 | $335.2M | $249.5M | +291.02% | +17.55% |
| Q3 2016 | 2016-09-30 | $463.4M | $104.8M | +29.24% | +18.08% |
| Q2 2016 | 2016-06-30 | −$1.00B | −$771.3M | — | −47.71% |
| Q1 2016 | 2016-03-31 | $228.1M | $106.3M | +87.26% | +11.89% |
| Q4 2015 | 2015-12-31 | $85.7M | $1.05B | — | +4.51% |
| Q3 2015 | 2015-09-30 | $358.6M | −$3.5M | −0.97% | +14.21% |
| Q2 2015 | 2015-06-30 | −$233.1M | −$633.5M | — | −11.32% |
| Q1 2015 | 2015-03-31 | $121.8M | −$16.2M | −11.75% | +6.71% |
| Q4 2014 | 2014-12-31 | −$968.2M | −$920.4M | — | −53.26% |
| Q3 2014 | 2014-09-30 | $362.1M | −$57.3M | −13.65% | +15.16% |
| Q2 2014 | 2014-06-30 | $400.5M | $186.6M | +87.28% | +20.22% |
| Q1 2014 | 2014-03-31 | $138.0M | $75.1M | +119.45% | +7.31% |
| Q4 2013 | 2013-12-31 | −$47.8M | $604.9M | — | −2.58% |
| Q3 2013 | 2013-09-30 | $419.3M | −$62.8M | −13.03% | +18.14% |
| Q2 2013 | 2013-06-30 | $213.8M | −$9.0M | −4.02% | +11.36% |
| Q1 2013 | 2013-03-31 | $62.9M | $24.9M | +65.56% | +3.29% |
| Q4 2012 | 2012-12-31 | −$652.7M | −$692.2M | — | −36.14% |
| Q3 2012 | 2012-09-30 | $482.2M | $754.7M | — | +21.66% |
| Q2 2012 | 2012-06-30 | $222.8M | −$73.3M | −24.75% | +12.23% |
| Q1 2012 | 2012-03-31 | $38.0M | −$181.1M | −82.67% | +2.07% |
| Q4 2011 | 2011-12-31 | $39.5M | $1.07B | — | +2.22% |
| Q3 2011 | 2011-09-30 | −$272.6M | −$619.3M | — | −11.74% |
| Q2 2011 | 2011-06-30 | $296.1M | $379.2M | — | +16.75% |
| Q1 2011 | 2011-03-31 | $219.1M | −$27.4M | −11.12% | +13.11% |
| Q4 2010 | 2010-12-31 | −$1.03B | $109.1M | — | −64.46% |
| Q3 2010 | 2010-09-30 | $346.7M | $855.3M | — | +16.83% |
| Q2 2010 | 2010-06-30 | −$83.2M | −$207.9M | — | −5.19% |
| Q1 2010 | 2010-03-31 | $246.5M | $352.0M | — | +16.59% |
| Q4 2009 | 2009-12-31 | −$1.14B | — | — | −78.76% |
| Q3 2009 | 2009-09-30 | −$508.6M | — | — | −28.84% |
| Q2 2009 | 2009-06-30 | $124.7M | — | — | +9.24% |
| Q1 2009 | 2009-03-31 | −$105.4M | — | — | −7.95% |
Royal Caribbean Cruises free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from −$5.70B to $1.24B, a net increase of $6.93B. Royal Caribbean Cruises's latest reported quarter, Q2 2026, generated −$877.0M in free cash flow, a decrease of $1.79B year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Royal Caribbean Cruises filings at SEC.gov ↗