Royal Caribbean Cruises Ltd. (RCL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.83B | 1.62B | 1.47B | 1.75B | 1.63B | 1.47B | 897M | 1.57B | 1.33B | 1.12B | 659M | 1.39B | 1.31B | 576.6M | -44.53M | 478.64M | -528.85M | -205.05M | -403.21M | -460.37M |
| Operating CF Margin % | 41.2% | 38.11% | 28.59% | 38.48% | 40.69% | 39.01% | 18.36% | 38.27% | 35.62% | 33.5% | 15.84% | 39.51% | 45.39% | 22.14% | -1.49% | 21.91% | -49.93% | -20.88% | -88.24% | -904.21% |
| Operating CF Growth % | 12.72% | 10.63% | 63.77% | 11% | 22.52% | 31.45% | 36.12% | 13% | 1.37% | 93.55% | 1579.77% | 190.82% | 347.71% | 381.2% | 88.96% | 203.97% | 34.64% | 75.16% | 52.97% | 79.52% |
| Net Income | 942M | 762M | 1.58B | 1.21B | 736M | 559M | 1.11B | 858M | 364M | 278.92M | 1.01B | 463M | -48M | -500.21M | 32.97M | -521.58M | -1.17B | -1.36B | -1.42B | -1.35B |
| Depreciation & Amortization | 461M | 453M | 436M | 417M | 412M | 410M | 410M | 393M | 387M | 368.08M | 366M | 361M | 360M | 360.6M | 355.08M | 351.54M | 339.47M | 333.37M | 325.91M | 323.44M |
| Stock-Based Compensation | 38M | 39M | 44M | 39M | 53M | 158M | 26M | 38M | 45M | 46.69M | 13M | 40M | 26M | 11.83M | 14.15M | -12.71M | 22.84M | 8.2M | 19.87M | 16.73M |
| Deferred Taxes | -1M | 0 | -4M | 5M | -1M | -15M | 10M | 5M | 0 | -5.28M | 3M | 5M | -11M | -7.23M | -5.14M | -6.14M | -3.07M | -11.58M | -22.95M | -4.89M |
| Other Non-Cash Items | 36M | 309M | 157M | -110M | -102M | -65M | 251M | 24M | 88M | 5.83M | -7M | -6M | 36M | 65.34M | 28.39M | 84.54M | 65.04M | 93.69M | 234.18M | 98.93M |
| Working Capital Changes | 349M | 60M | -743M | 181M | 529M | 420M | -915M | 255M | 444M | 421.75M | -726M | 529M | 947M | 646.27M | -469.99M | 582.98M | 214.02M | 728.24M | 464.33M | 452.68M |
| Change in Receivables | -173M | 34M | 17M | 26M | -77M | 65M | 3M | 41M | -57M | -32.2M | -1M | 9M | 123M | -60.79M | 28.05M | -169.37M | -32.24M | 43.83M | -44.97M | -108.17M |
| Change in Inventory | -7M | 4M | -21M | 8M | 9M | 0 | -23M | -6M | 12M | -6.49M | -26M | 5M | 3M | 13.17M | -8.08M | -49.64M | -29.24M | -7.82M | -9.52M | -13.48M |
| Change in Payables | -8M | 127M | -124M | 2M | 22M | 67M | 35M | -60M | 78M | 61.99M | 32M | -27M | 57M | -4.59M | -142.5M | 109.32M | 112.43M | 81.3M | 69.14M | 45.57M |
| Cash from Investing | -529M | -1.48B | -2.39B | -706M | -440M | -641M | -311M | -2.2B | -296M | -2.57B | -328M | -787M | -234M | -116.81M | -343.4M | -1.08B | -1.44B | -584.5M | -376.56M | -216.12M |
| Capital Expenditures | -500M | -1.51B | -2.46B | -836M | -428M | -552M | -334M | -2.14B | -242M | -2.57B | -281M | -796M | -252M | -166.8M | -225.52M | -954.66M | -1.36B | -575.43M | -368.1M | -224.48M |
| CapEx % of Revenue | 11.23% | 35.38% | 47.83% | 18.42% | 10.7% | 14.68% | 6.84% | 52.07% | 6.49% | 77.09% | 6.75% | 22.59% | 8.73% | 6.41% | 7.53% | 43.71% | 128.69% | 58.58% | 80.55% | 440.91% |
| Acquisitions | 0 | 0 | 62M | -36M | -26M | -20M | -27M | -11M | -9M | -9M | -22M | 0 | 0 | 614K | 0 | -614K | 0 | -144K | 0 | 285K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5M | 40M | -2M | 175M | 16M | 0 | 17M | -2M | -10M | 11.4M | 22M | 4M | 19M | 6.3M | -430K | 27.64M | -7.85M | -6.59M | 9.6M | -6.17M |
| Cash from Financing | -1.62B | 254M | 615M | -696M | -1.19B | -852M | -559M | 580M | -1.09B | 1.35B | -457M | -1.1B | -1.78B | -91.93M | -146.86M | 742.03M | 1.24B | 202.02M | -180.43M | -164.93M |
| Debt Issued (Net) | -298M | -10M | 1.23B | -474M | -746M | -737M | -554M | 584M | -1.05B | 1.49B | -457M | -1.08B | -1.96B | -63.01M | -52.52M | 782.42M | 1.34B | 239.23M | -162.39M | -107.51M |
| Equity Issued (Net) | -836M | -504M | -414M | 0 | -241M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.63M |
| Dividends Paid | -270M | 288M | -204M | -200M | -148M | -107M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -836M | -504M | -414M | 0 | -241M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -213M | 480M | 3M | -22M | -56M | -8M | -5M | -4M | -40M | -140.35M | 0 | -23M | 175M | -28.91M | -94.35M | -40.39M | -104.61M | -37.21M | -18.04M | -62.05M |
| Net Change in Cash | -313M | 393M | -303M | 349M | -2M | -30M | 27M | -46M | -60M | -103.12M | -127M | -501M | -708M | 368.79M | -535.99M | 133.7M | -733.27M | -587.56M | -961.04M | -841.09M |
| Free Cash Flow | 1.33B | 116M | -989M | 910M | 1.2B | 915M | 563M | -567M | 1.09B | -1.45B | 378M | 596M | 1.06B | 409.8M | -270.05M | -476.02M | -1.89B | -780.48M | -771.31M | -684.86M |
| FCF Margin % | 29.96% | 2.72% | -19.25% | 20.05% | 29.98% | 24.33% | 11.52% | -13.8% | 29.13% | -43.6% | 9.09% | 16.92% | 36.66% | 15.74% | -9.02% | -21.79% | -178.61% | -79.46% | -168.79% | -1345.12% |
| FCF Growth % | 11.26% | -87.32% | -275.67% | 260.49% | 10.41% | 163% | 48.94% | -195.13% | 2.65% | -454.41% | 239.97% | 225.2% | 155.92% | 152.51% | 64.99% | 30.49% | -1.13% | 35.88% | 25.75% | 71.31% |
| FCF per Share | 4.92 | 0.42 | -3.61 | 3.31 | 4.34 | 3.30 | 2.13 | -2.02 | 3.86 | -5.19 | 1.34 | 2.11 | 4.15 | 1.61 | -1.06 | -1.87 | -7.42 | -3.06 | -3.03 | -2.69 |
| FCF Conversion (FCF/Net Income) | 1.95x | 2.15x | 0.93x | 1.44x | 2.23x | 2.66x | 0.81x | 1.84x | 3.69x | 4.03x | 0.65x | 3.03x | -27.29x | -1.15x | -1.35x | -0.92x | 0.45x | 0.15x | 0.28x | 0.34x |
| Interest Paid | 0 | -443M | 0 | 164M | 279M | 212M | 377M | 210M | 411M | 377.97M | 504M | 171M | 389M | 207.28M | 327.5M | 199.35M | 225.77M | 203.5M | 248.28M | 153.58M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |