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Royal Caribbean (RCL) delivered a record FY2025, with revenue rising 8.8% to $17.9B, net income surging 48.3% to $4.3B, and operating cash flow hitting $6.5B, reflecting strong demand for cruise vacations and disciplined cost management.
营业收入
$17.93B
同比 ++8.80%
每股收益（基本）
$15.75
同比 ++43.18%
营业利润
$4.91B
同比 ++19.58%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Royal Caribbean Cruises (RCL) FY2025 营收 $17.93B，同比增长 8.8%。 净利润 $4.27B，同比增长 48.3%，稀释每股收益 $15.61。
RCL grew total revenue by 8.8% year-over-year to $17.94B in FY2025, up from $16.48B in the prior year, reflecting robust consumer demand for cruise travel and higher onboard spending per passenger.
来源: Source: 10-K Income Statement
Operating margin expanded by approximately 2.5 percentage points to 27.4%, while net margin reached 23.8%, as revenue growth outpaced cost increases — cost of revenue rose only 5.0% versus revenue growth of 8.8%.
来源: Source: 10-K Income Statement & Key Ratios
Net income jumped from $2.88B to $4.27B, a 48.3% increase, driven by operating leverage, improved pricing power, and likely reduced interest expense or favorable below-the-line items relative to the prior year.
来源: Source: 10-K Income Statement
Operating cash flow grew 22.8% to $6.47B, enabling RCL to invest $5.01B in capital expenditures (likely new ship deliveries), pay $824M in dividends (up 670% YoY), and repurchase $1.16B in shares — signaling management's confidence in the business.
来源: Source: 10-K Cash Flow Statement
Total assets grew 12.3% to $41.6B, while stockholders' equity rose 32.7% to $10.0B; however, debt-to-equity remains elevated at 3.13x and the current ratio is very low at 0.18, reflecting the capital-intensive, advance-deposit-funded nature of the cruise business.
来源: Source: 10-K Balance Sheet & Key Ratios
RCL's current ratio stands at just 0.18, meaning current liabilities of $12.1B vastly exceed current assets of $2.2B. While this is partly structural (cruise companies hold large customer deposits as current liabilities), it leaves limited buffer against sudden revenue disruptions such as a pandemic or geopolitical event.
来源: Source: 10-K Balance Sheet
With a debt-to-equity ratio of 3.13x and total liabilities of $31.4B, RCL carries significant debt, much of it tied to ship financing. Rising interest rates or a deterioration in operating performance could strain debt service capacity and limit financial flexibility.
来源: Source: 10-K Balance Sheet & Key Ratios
Investing cash outflows reached $5.0B in FY2025, a 45.4% increase from the prior year, reflecting ongoing fleet expansion. New ship orders require multi-year commitments, exposing RCL to demand uncertainty and cost overruns if market conditions shift.
来源: Source: 10-K Cash Flow Statement
RCL paid $824M in dividends (up 670% YoY) and repurchased $1.16B in shares in FY2025, totaling nearly $2B in shareholder returns. If operating cash flows were to decline materially, maintaining these distributions while servicing debt could become challenging.
来源: Source: 10-K Cash Flow Statement
Cruise vacations are a discretionary purchase, making RCL's revenue highly sensitive to economic downturns, consumer confidence, and employment trends. A recession or significant rise in fuel costs could rapidly compress booking volumes and pricing power.
来源: Source: 10-K Income Statement
FY2025 实际 EPS $2.80，分析师一致预期 $2.83，不及预期 -0.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $17.93B | $16.48B | +8.80% |
营业成本 | $9.08B | $8.65B | +4.98% |
营业利润 | $4.91B | $4.11B | +19.58% |
净利润 | $4.27B | $2.88B | +48.35% |
每股收益（基本） | $15.75 | $11.00 | +43.18% |
每股收益（稀释） | $15.61 | $10.94 | +42.69% |
销售及管理费用 | $2.22B | $2.13B | +4.61% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $41.62B | $37.07B | +12.27% |
流动资产 | $2.21B | $1.71B | +29.68% |
总负债 | $31.37B | $29.34B | +6.95% |
流动负债 | $12.05B | $9.82B | +22.80% |
股东权益 | $10.04B | $7.56B | +32.71% |
现金及等价物 | $825M | $388M | +112.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $6.46B | $5.26B | +22.79% |
投资活动现金流 | $-5.01B | $-3.45B | -45.44% |
筹资活动现金流 | $-1.02B | $-1.92B | +47.03% |
股息支出 | $824M | $107M | +670.09% |
股票回购 | $1.16B | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 27.4% | 24.9% | +2.47% |
净利率 | 23.8% | — | — |
净资产收益率 | 42.5% | — | — |
总资产收益率 | 10.3% | — | — |
流动比率 | $0.183 | — | — |
资产负债率 | $3.126 | — | — |
Hotels, Resorts & Cruise Lines 行业其他公司
RCL delivered a record FY2025 with revenue of $17.94B (up 8.8%), net income of $4.27B (up 48.3%), and diluted EPS of $15.61 (up 42.7%). Operating cash flow hit $6.47B, reflecting strong cruise demand and expanding margins.
RCL's net income surged 48.3% to $4.27B in FY2025, driven by revenue growing faster than costs (8.8% vs. 5.0% for cost of revenue), significant operating leverage, and likely improvements in interest expense or other below-the-line items compared to the prior year.
Yes — RCL paid $824M in dividends in FY2025, a dramatic 670% increase from $107M in the prior year, and also repurchased $1.16B in shares (versus zero in the prior year), returning nearly $2B to shareholders in total.
RCL's most significant risks include its very low current ratio of 0.18 (current liabilities of $12.1B far exceed current assets of $2.2B) and high debt-to-equity of 3.13x, reflecting heavy ship financing. Additionally, as a discretionary consumer business, RCL is vulnerable to economic downturns that could reduce cruise bookings and pricing power.
RCL's investing cash outflows totaled $5.01B in FY2025, up 45.4% from $3.45B in the prior year, reflecting significant capital expenditures likely tied to new ship deliveries and fleet expansion as part of its long-term growth strategy.