Royal Caribbean

RCL · Consumer Discretionary · Market cap $85.6B

Q1 FY26 Jan 1 – Mar 31, 2026 reported Jul 28, 2026

Revenue$4.5B +11% year over year

Gross profit$2.2B

Operating profit$1.2B

Net profit$0.9B 21% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	4.5	100%	+11%
North America	3.1	69%	+7%
Europe	1	22%
Other Revenues	0.2	4%	+7%
All other countries	0.2	4%
Cost of revenue	−2.2	49%
Gross profit	2.2	50% margin	+2pp
SG&A	−0.5	13%	−1pp
Other	−0.5	10%	+0pp
Operating profit	1.2	26% margin	+2pp
Interest & other costs	−0.3
Net profit	0.9	21%	+3pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	4.3	100%	+13%
Passenger	2.9	67%	+13%
Product and Service Other	1.3	30%	+14%
Cost of revenue	−2.2	51%
Gross profit	2	47% margin	+2pp
SG&A	−0.6	15%	−3pp
Other	−0.5	11%	+0pp
Operating profit	0.9	22% margin	+5pp
Interest & other costs	−0.1
Net profit	0.8	18%	+3pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	5.1	100%	+5%
Passenger	3.6	71%	+5%
Product and Service Other	1.5	29%	+6%
Cost of revenue	−2.5	49%
Gross profit	2.7	52% margin	+1pp
SG&A	−0.5	10%	+1pp
Other	−0.4	8%	+0pp
Operating profit	1.7	33% margin	+0pp
Interest & other costs	−0.1
Net profit	1.6	31%	+8pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	4.5	100%	+10%
Passenger	3.2	71%	+11%
Product and Service Other	1.3	29%	+9%
Cost of revenue	−2.3	51%
Gross profit	2.3	50% margin	+2pp
SG&A	−0.5	11%	+0pp
Other	−0.4	9%	+0pp
Operating profit	1.3	29% margin	+3pp
Interest & other costs	−0.1
Net profit	1.2	27%	+6pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY26	Jan 1 – Mar 31, 2026	Jul 28, 2026	$4.5B	+11%	27%	$0.9B	21%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 11, 2026	$4.3B	+13%	21%	$0.8B	18%
Q3 FY25	Jul 1 – Sep 30, 2025	Oct 28, 2025	$5.1B	+5%	33%	$1.6B	31%
Q2 FY25	Apr 1 – Jun 30, 2025	Jul 29, 2025	$4.5B	+10%	29%	$1.2B	27%