ROYAL CARIBBEAN CRUISES LTD (RCL) closed fiscal year 2025 with a gross margin of 49.4 % and a net margin of 23.8 %.
ROYAL CARIBBEAN CRUISES LTD (RCL) closed fiscal year 2025 with a gross margin of 49.4 % and a net margin of 23.8 %. The same year shows an EBITDA margin of 37.0 % and an EBIT margin of 27.4 %. The free cash flow margin was 6.9 %. Against the previous year the gross margin moved +1.8 pp and the net margin +6.3 pp. Across the period the gross margin ranges between -78.8 % in 2021 and 49.4 % in 2025. The series covers 18 fiscal years, from 2008 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 32.59 % | 30.88 % | 33.98 % | 34.42 % | 32.92 % | 33.35 % | 34.28 % | 38.55 % | 40.97 % | 44.22 % | 44.57 % | 44.64 % | -25.19 % | -78.79 % | 25.16 % | 44.06 % | 47.51 % | 49.36 % |
| EBITDA margin (%) | 20.70 % | 17.94 % | 21.42 % | 21.68 % | 14.75 % | 19.51 % | 21.23 % | 20.51 % | 27.92 % | 30.71 % | 30.85 % | 30.40 % | -150.41 % | -168.21 % | 7.25 % | 31.17 % | 34.62 % | 36.96 % |
| EBIT margin (%) | 12.74 % | 8.29 % | 11.89 % | 12.36 % | 5.24 % | 10.03 % | 11.67 % | 10.54 % | 17.39 % | 19.87 % | 19.96 % | 19.02 % | -208.33 % | -252.61 % | -8.67 % | 20.71 % | 24.91 % | 27.38 % |
| Net margin (%) | 8.78 % | 2.59 % | 7.64 % | 8.06 % | 0.24 % | 5.95 % | 9.46 % | 8.02 % | 15.11 % | 18.51 % | 19.08 % | 17.16 % | -262.47 % | -343.34 % | -24.39 % | 12.21 % | 17.45 % | 23.80 % |
| FCF margin (%) | -17.64 % | -27.72 % | -7.76 % | 3.74 % | 1.17 % | 8.14 % | -0.84 % | 4.01 % | 0.26 % | 26.32 % | -1.91 % | 6.32 % | -257.91 % | -268.15 % | -25.21 % | 4.17 % | 12.11 % | 6.89 % |
