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RCLRoyal Caribbean Cruises Ltd.
$327.16$87.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
RCL logo

Royal Caribbean Cruises Ltd.

RCL
NYSE · Online Travel & Cruises
$327.16
At close - Nov 6, 4:00 PM EST - USD
Market Cap$87.74B
P/E19.3x
52W High$356.39
Volume1.53M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Premium Cruise Margins Outpace Peers Amid Deceleration

RCL has established what appears to be a structurally superior yield-capture model, with gross margin reaching 51.5% in 2026Q3 versus Carnival's 29.6% and Norwegian's 32.0%, and operating margin expanding to 33.5% as SG&A held flat within a $451-673M band while revenue grew from $3.8B to $5.6B over ten quarters.

GrowthDecelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

RCL price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+9% Peers

P/E is 9% above peer median

03

Market leadership

RS 86 · Leader

High momentum (Outperforming 86% of market)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Jan 27
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth decelerated to 8.8% in 2026Q3 from 17.5% in 2024Q3, yet operating margin expanded to 33.5% on flat SG&A, suggesting the demand-recovery tailwind is fading while operating leverage persists.

Analyst Consensus+5.9% target
Buy(54 analysts)
29 Buy19 Hold6 Sell

The Bull Case

Upside Catalysts

Strong business moat

Royal Caribbean has a strong moat, as indicated by its business model and financial snapshot, which supports long-term growth.

High-quality cyclical compounder

RCL is considered a high-quality cyclical compounder with strong demand, expanding margins, and robust adjusted EPS guidance for 2026.

Record demand momentum

The company has achieved record demand, with two-thirds of its 2026 capacity already booked, signaling strong consumer interest.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
RCL+17.09%
S&P 500 (^GSPC)+7.63%
1-Year Return
RCL+31.19%
S&P 500 (^GSPC)+9.69%
3-Year Return
RCL+271.64%
S&P 500 (^GSPC)+71.69%
5-Year Return
RCL+258.67%
S&P 500 (^GSPC)+59.27%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
19.3x
Forward P/EExpansion
18.3x
EV/EBITDA75th %ile
15.3x
FCF YieldCash Flow
1.7%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
19.3x
20.5x
33rd· Fair
EV/EBITDA
15.3x
14.9x
75th· Fair
Price/FCF
58.1x
61.6x
33rd· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$124.96-61.8%
Base (Fair)$247.26-24.4%
Bull$338.30+3.4%
$124.96 Bear$247.26 Base$338.30 Bull
Current Market Price: $327.16
Trades at a 32.3% premium to Base DCF ($247.26)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$17.93B+8.8% YoY
Net income FY25
$4.27B+48.5% YoY
Free cash flow FY25
$1.24B-38.1% YoY
Operating margin FY25
27.4%+2.5 pts YoY
ROIC (FY25)12.2%
Avg ROIC 5Y3.5%
ROE (TTM)42.7%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate3/12 (25%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 27, 2026
$6.57+3.0%
vs $6.38
$5.6B-0.3%
vs $5.6B
Q3 2026
Jul 28, 2026
$4.21+5.8%
vs $3.98
$4.8B+0.3%
vs $4.8B
Q2 2026
Apr 30, 2026
$3.60+11.1%
vs $3.24
$4.5B-0.3%
vs $4.5B
Q1 2026
Jan 29, 2026
$2.80+0.0%
vs $2.80
$4.3B-0.1%
vs $4.3B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
PRNewsWire·2d ago
ROYAL CARIBBEAN ANNOUNCES SUMMER 2028 CARIBBEAN LINEUP ACROSS FOUR ICON CLASS SHIPS AND NEWLY AMPLIFIED VACATIONS

Vacationers can explore tropical Caribbean islands and sun-drenched Mexican beaches on 11 different ships, including the newest ultimate family vacation Hero of the Seas and soon-to-be-amplified Symphony of the Seas MIAMI, Nov. 5, 2026 /PRNewswire/ -- Royal Caribbean has unveiled its boldest lineup of Caribbean and Mexico vacations yet, giving adventurers new ways to explore the region from Florida, Texas, Puerto Rico and the Northeast. From April 2028 through October 2028, adventurers can explore the white sand beaches, turquoise waters and lush landscapes of tropical destinations across 11 game-changing ships, including four Icon Class ships from Florida and Texas and Symphony of the Seas from Miami, which will debut all-new amplified experiences in 2028.

The Motley Fool·2d ago
Why Royal Caribbean Stock Crushed it in October

It was buoyed by a strong peak summer sailing season. Both its trailing net income and earnings guidance topped analyst projections.

Zacks Investment Research·3d ago
Is Trending Stock Royal Caribbean Cruises Ltd. (RCL) a Buy Now?

Royal Caribbean (RCL) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.

PRNewsWire·4d ago
CELEBRITY CRUISES OPENS BOOKINGS FOR CELEBRITY XCITE'S DEBUT SEASON

The sixth ship in the award-winning Edge Series will sail the Caribbean in 2028, joining nine other Celebrity Cruises ships sailing to unforgettable island escapes. MIAMI, Nov. 3, 2026 /PRNewswire/ -- The Caribbean is about to get even more "Xcite"-ing.

Filtered for Royal Caribbean Cruises Ltd.More Headlines
04

Compare before deciding

Benchmark RCL against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Royal Caribbean Cruises Ltd. (RCL)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
RCL logoRCLRoyal Caribbean Cruises Ltd.Current
$327.16$87.74B19.278.8%23.78%42.69%0.3%
CCL logoCCLCarnival Corporation & plc
$29.58$40.51B12.906.4%11.37%23.89%—
NCLH logoNCLHNorwegian Cruise Line Holdings Ltd.
$17.92$8.23B9.913.67%8.2%32.15%—
VIK logoVIKViking Holdings Ltd
$87.48$38.86B29.1021.89%19.33%116.02%—
HLT logoHLTHilton Worldwide Holdings Inc.
$370.45$83.38B49.257.74%13.4%—0.16%
MAR logoMARMarriott International, Inc.
$416.47$108.6B41.004.33%9.68%—0.64%

Compare RCL vs Peers

Royal Caribbean Cruises Ltd. (RCL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CCL

Most directly comparable listed peer for RCL.

Scale Benchmark

vs DIS

Larger-name benchmark to compare RCL against a more recognizable public peer.

Peer Set

Compare Top 5

vs CCL, NCLH, VIK, HLT

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

RCL SEC Filings & Documents

Royal Caribbean Cruises Ltd. (RCL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 27, 2026·SEC

Material company update

Jul 28, 2026·SEC

Material company update

Jul 20, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 14, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 27, 2026·SEC

FY 2026

Jul 28, 2026·SEC

FY 2026

Apr 30, 2026·SEC

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RCL Frequently Asked Questions

Royal Caribbean Cruises Ltd. (RCL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Royal Caribbean Cruises Ltd.'s revenue?

Royal Caribbean Cruises Ltd. (RCL) reported $19.13B in revenue over the trailing twelve months. Revenue was $17.93B in fiscal year 2025. That is 1221% more than the $1.36B of fiscal year 1996.

How fast is Royal Caribbean Cruises Ltd. growing?

Royal Caribbean Cruises Ltd. (RCL) grew revenue by 9.7% over the trailing twelve months, compared with the twelve months before.

Is RCL profitable?

Yes. Royal Caribbean Cruises Ltd. (RCL) earned $4.55B in net income over the trailing twelve months (a 23.8% net margin).

Dividend & Returns
Does RCL pay dividends?

Yes. Royal Caribbean Cruises Ltd. (RCL) pays a dividend that yields 0.30% at the current price, a small yield.

What is RCL's return on equity?

Royal Caribbean Cruises Ltd. (RCL) had a return on equity (ROE) of 42.7% over the trailing twelve months. That is well above the market's typical 10-15%.

What is Royal Caribbean Cruises Ltd.'s free cash flow?

Royal Caribbean Cruises Ltd. (RCL) generated $1.51B in free cash flow over the trailing twelve months.

What if you invested $1,000 in RCL back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →