Royal Caribbean Cruises annual operating margin
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2025
Royal Caribbean Cruises Operating Margin Growth & History (RCL)
Royal Caribbean Cruises's operating margin was 27.38% for fiscal 2025.
View full Royal Caribbean Cruises company overviewRoyal Caribbean Cruises annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 27.38% | +2.47 pp |
| 2024 | 2024-12-31 | 24.91% | +4.20 pp |
| 2023 | 2023-12-31 | 20.71% | +29.37 pp |
| 2022 | 2022-12-31 | −8.67% | +243.95 pp |
| 2021 | 2021-12-31 | −252.61% | −44.28 pp |
| 2020 | 2020-12-31 | −208.33% | −227.35 pp |
| 2019 | 2019-12-31 | 19.02% | −0.94 pp |
| 2018 | 2018-12-31 | 19.96% | +0.09 pp |
| 2017 | 2017-12-31 | 19.87% | +2.48 pp |
| 2016 | 2016-12-31 | 17.39% | +6.84 pp |
| 2015 | 2015-12-31 | 10.54% | −1.12 pp |
| 2014 | 2014-12-31 | 11.67% | +1.64 pp |
| 2013 | 2013-12-31 | 10.03% | +4.78 pp |
| 2012 | 2012-12-31 | 5.24% | −7.12 pp |
| 2011 | 2011-12-31 | 12.36% | +0.47 pp |
| 2010 | 2010-12-31 | 11.89% | +3.59 pp |
| 2009 | 2009-12-31 | 8.29% | −4.44 pp |
| 2008 | 2008-12-31 | 12.74% | — |
Royal Caribbean Cruises quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 27.05% | −2.24 pp |
| Q1 2026 | 2026-03-31 | 26.10% | +2.47 pp |
| Q4 2025 | 2025-12-31 | 21.93% | +5.36 pp |
| Q3 2025 | 2025-09-30 | 33.12% | −0.32 pp |
| Q2 2025 | 2025-06-30 | 29.29% | +2.55 pp |
| Q1 2025 | 2025-03-31 | 23.63% | +3.51 pp |
| Q4 2024 | 2024-12-31 | 16.57% | −0.54 pp |
| Q3 2024 | 2024-09-30 | 33.44% | +3.03 pp |
| Q2 2024 | 2024-06-30 | 26.74% | +4.85 pp |
| Q1 2024 | 2024-03-31 | 20.12% | +10.69 pp |
| Q4 2023 | 2023-12-31 | 17.11% | +16.60 pp |
| Q3 2023 | 2023-09-30 | 30.41% | +20.44 pp |
| Q2 2023 | 2023-06-30 | 21.88% | +31.89 pp |
| Q1 2023 | 2023-03-31 | 9.42% | +90.54 pp |
| Q4 2022 | 2022-12-31 | 0.52% | +105.54 pp |
| Q3 2022 | 2022-09-30 | 9.97% | +230.08 pp |
| Q2 2022 | 2022-06-30 | −10.01% | +2000.31 pp |
| Q1 2022 | 2022-03-31 | −81.12% | +1844.98 pp |
| Q4 2021 | 2021-12-31 | −105.02% | +2872.74 pp |
| Q3 2021 | 2021-09-30 | −220.11% | +510.21 pp |
| Q2 2021 | 2021-06-30 | −2,010.32% | −1946.05 pp |
| Q1 2021 | 2021-03-31 | −1,926.10% | −1937.99 pp |
| Q4 2020 | 2020-12-31 | −2,977.76% | −3005.72 pp |
| Q2 2020 | 2020-06-30 | −730.32% | −750.76 pp |
| Q1 2020 | 2020-03-31 | −64.27% | −77.34 pp |
| Q4 2019 | 2019-12-31 | 11.89% | −3.71 pp |
| Q3 2019 | 2019-09-30 | 27.95% | −0.65 pp |
| Q2 2019 | 2019-06-30 | 20.44% | +0.89 pp |
| Q1 2019 | 2019-03-31 | 13.07% | −0.45 pp |
| Q4 2018 | 2018-12-31 | 15.61% | +0.27 pp |
| Q3 2018 | 2018-09-30 | 28.60% | −0.10 pp |
| Q2 2018 | 2018-06-30 | 19.55% | +0.43 pp |
| Q1 2018 | 2018-03-31 | 13.52% | −0.40 pp |
| Q4 2017 | 2017-12-31 | 15.33% | −0.21 pp |
| Q3 2017 | 2017-09-30 | 28.70% | +0.03 pp |
| Q2 2017 | 2017-06-30 | 19.12% | +5.71 pp |
| Q1 2017 | 2017-03-31 | 13.92% | +5.41 pp |
| Q4 2016 | 2016-12-31 | 15.54% | +2.41 pp |
| Q3 2016 | 2016-09-30 | 28.67% | +18.44 pp |
| Q2 2016 | 2016-06-30 | 13.41% | +0.71 pp |
| Q1 2016 | 2016-03-31 | 8.51% | +2.69 pp |
| Q4 2015 | 2015-12-31 | 13.14% | +6.57 pp |
| Q3 2015 | 2015-09-30 | 10.23% | −11.94 pp |
| Q2 2015 | 2015-06-30 | 12.69% | +2.82 pp |
| Q1 2015 | 2015-03-31 | 5.82% | +0.66 pp |
| Q4 2014 | 2014-12-31 | 6.57% | +2.52 pp |
| Q3 2014 | 2014-09-30 | 22.16% | +2.95 pp |
| Q2 2014 | 2014-06-30 | 9.88% | +3.86 pp |
| Q1 2014 | 2014-03-31 | 5.16% | −3.50 pp |
| Q4 2013 | 2013-12-31 | 4.04% | +19.62 pp |
| Q3 2013 | 2013-09-30 | 19.22% | −1.09 pp |
| Q2 2013 | 2013-06-30 | 6.02% | +0.70 pp |
| Q1 2013 | 2013-03-31 | 8.67% | +1.29 pp |
| Q4 2012 | 2012-12-31 | −15.57% | −21.55 pp |
| Q3 2012 | 2012-09-30 | 20.31% | −1.56 pp |
| Q2 2012 | 2012-06-30 | 5.32% | −4.19 pp |
| Q1 2012 | 2012-03-31 | 7.38% | −1.56 pp |
| Q4 2011 | 2011-12-31 | 5.98% | −1.61 pp |
| Q3 2011 | 2011-09-30 | 21.87% | +0.25 pp |
| Q2 2011 | 2011-06-30 | 9.51% | +0.54 pp |
| Q1 2011 | 2011-03-31 | 8.94% | +2.77 pp |
| Q4 2010 | 2010-12-31 | 7.58% | +1.91 pp |
| Q3 2010 | 2010-09-30 | 21.62% | +4.22 pp |
| Q2 2010 | 2010-06-30 | 8.97% | +4.89 pp |
| Q1 2010 | 2010-03-31 | 6.18% | +2.84 pp |
| Q4 2009 | 2009-12-31 | 5.67% | — |
| Q3 2009 | 2009-09-30 | 17.40% | — |
| Q2 2009 | 2009-06-30 | 4.08% | — |
| Q1 2009 | 2009-03-31 | 3.34% | — |
Royal Caribbean Cruises operating margin trends
Over the last five reported fiscal years, Royal Caribbean Cruises's operating margin increased from −208.33% to 27.38%, a change of +235.70 percentage points. The latest reported quarter, Q2 2026, shows 27.05%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Royal Caribbean Cruises filings at SEC.gov ↗