RCLROYAL CARIBBEAN CRUISES LTD
Water Transportation
- Revenue
- $17.9B
- 8.8% YoY
- Operating margin
- 27.4%
- 9.9% YoY
- EBITDA
- $6.6B
- 16% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.2×
- $21.5B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear151% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear2% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.5B | $8.8B | $13.9B | $16.5B | $17.9B | 8.8% |
| Operating income | −$3.9B | −$766M | $2.9B | $4.1B | $4.9B | 20% |
| Net income | −$5.3B | −$2.2B | $1.7B | $2.9B | $4.3B | 48% |
| Operating cash flow | −$1.9B | $481M | $4.5B | $5.3B | $6.5B | 23% |
| Capex | $2.2B | $2.7B | $3.9B | $3.3B | $5.2B | 60% |
| Stock-based comp | $64M | $36M | $126M | $267M | $175M | 34% |
| Buybacks | $0 | — | $0 | $0 | $1.2B | |
| Dividends | $0 | $0 | $0 | $107M | $824M | 670% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $150M · 27
- Net
- −$150M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 380 | 152 |
| FY2024 | — | — | 310 | 141 |
| FY2023 | — | — | 173 | 121 |
| FY2022 | — | — | 66 | 89 |
| FY2021 | — | — | 103 | 111 |