ROYAL CARIBBEAN CRUISES LTD FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $17.9B |
| Gross margin | 49.4% |
| Operating income | $4.9B |
| Net income | $4.3B |
| Diluted EPS | $15.61 |
| Cash & equivalents | $825.0M |
| Total assets | $41.6B |
| Long-term debt | $18.2B |
Key takeaway
Royal Caribbean Group operated 69 ships across Royal Caribbean, Celebrity Cruises, and Silversea brands plus a 50%-owned TUI Cruises joint venture, carrying a share of the 37 million global cruise guests in 2025.
🔒 4 more takeaways in the full analysis
Beneath the surface
Cash of $825 million versus total debt of $21.345 billion (DebtLongtermAndShorttermCombinedAmount) leaves a large net debt position of roughly $20.5 billion, far higher leverage than the headline net income figure suggests.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for RCL.
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