Royal Caribbean Cruises Ltd.

RCLNYSEConsumer Cyclical● Active

$272.00

$-8.00(-2.86%)

Market Cap$72.9B

P/E Ratio—

52W High$366.5

52W Low$232.1

Avg Volume2.8M

Open$278.50

Beta1.78

Free Cash Flow Financials Revenue

Royal Caribbean Cruises Ltd. (RCL) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

RCL · free cash flow · updated Jun 8, 2026

Core FCF metrics

RCL · FCF · TTM · margin & CAGR

Free cash flow was $1.24B for FY2025 (fiscal year ending 2025-12-31), down 38.1% year-over-year The FCF margin was 6.9%.

FY2025 Free Cash Flow$1.24B▼ -38.1% YoY

Trailing 12M (TTM)$1.37Btrailing 4 quarters sum

FCF Margin6.9%$1.24B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

RCL · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$6.46B(5.23B)$1.24B▼ 38.1%6.9%

FY2024$5.26B(3.27B)$2.00B▲ +244.3%12.1%

FY2023$4.48B(3.90B)$580.0M▲ +126.0%4.2%

FY2022$481.0M(2.71B)−$2.23B▲ +45.7%-25.2%

FY2021−$1.88B(2.23B)−$4.11B▲ +27.9%-268.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

RCL · P/FCF · FCF yield · FCF per share

Royal Caribbean Cruises Ltd. (RCL) trades at a FCF yield of 1.85% and a price-to-free-cash-flow ratio of 53.8x. FCF per share stands at $5.06, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.85%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.06

TTM FCF ÷ Shares Outstanding

Price / FCF

x53.8

Share Price ÷ FCF per Share

EV / FCF (TTM)

x69.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

RCL · cash flow statement · operating / investing / financing

For FY2025, Royal Caribbean Cruises Ltd. generated $6.46B in operating cash flow and spent 5.23B in capital expenditures, yielding $1.24B in free cash flow.

Operating Activities

+$6.46B

Cash from core business operations

2025-12-31

Investing Activities

−$5.01B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.02B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($6.46B) − |CapEx| (5.23B) = FCF ($1.24B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

RCL vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Royal Caribbean Cruises Ltd.YOU

RCL

$1.24B-38.1%6.9%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Royal Caribbean Cruises Ltd. (RCL) reported free cash flow of $1.24B for FY2025 (fiscal year ending 2025-12-31), down 38.1% year-over-year. The FCF margin was 6.9%.

Based on available data, Royal Caribbean Cruises Ltd. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $2.31B in FY2017.

Royal Caribbean Cruises Ltd.'s FCF yield is 1.85% and price-to-FCF ratio is 53.8x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

RCL free cash flow · 8 questions

Royal Caribbean Cruises Ltd. free cash flow was $1.24B for FY2025, down 38.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.37B.

RCL free cash flowRCL FCFRCL FCF 2025RCL free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Royal Caribbean Cruises Ltd. · Royal Caribbean Cruises Ltd. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026