Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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Royal Caribbean Cruises Ltd., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The financial data reveals distinctive patterns and notable fluctuations throughout the covered quarters. Passenger ticket revenues and onboard and other revenues exhibit a seasonal pattern with peaks generally observed in the third quarter of each year, followed by declines in the fourth quarter and the first quarter of the following year. A substantial increase in revenues was recorded up to the fourth quarter of 2019, followed by a precipitous drop starting in the first quarter of 2020, aligning with global disruptions. A gradual recovery trend appears from the first quarter of 2021 through mid-2022, though revenue levels have not yet returned to pre-2020 figures.
Operating expenses on cruises exhibit a somewhat steady increase through the first quarters up to 2019, after which a sharp reduction is observed in 2020, reflecting lowered operational activity. Expenses start to increase again from the second quarter of 2021 onwards, mirroring the partial recovery in operations. Payroll and related costs, as well as fuel and food costs, follow similar patterns. However, the food cost reduction in 2020 is more pronounced and prolonged.
Gross profit shows a growth trend until 2019, with strong seasonal peaks in the third quarter, but turns negative beginning in the first quarter of 2020 and remains negative or very low throughout most of 2020 and 2021, indicating significant losses. An improvement in gross profit is apparent starting in early 2022, though it remains below historical highs.
Marketing, selling, and administrative expenses fluctuate without a clear seasonal pattern but fall noticeably in 2020, consistent with overall downsizing or cost-cutting measures. Depreciation and amortization expenses remain relatively stable throughout the period, suggesting consistent capital asset amortization irrespective of operating conditions.
Impairment and credit losses emerge prominently in 2020, with significant charges, likely reflecting asset write-downs or credit issues due to the operational downturn. This area experiences a volatile pattern during the pandemic years before diminishing somewhat in 2022.
Operating income follows the pattern of gross profit, with notable profits up to the end of 2019, abruptly shifting to large operating losses beginning in the first quarter of 2020. Losses persist through 2020 and 2021, with some reduction in magnitude in 2022 but without full recovery to previous profitability levels.
Interest income remains relatively low and stable, whereas interest expense shows an increasing trend, peaking during the pandemic period. This likely reflects increased debt or borrowing costs in response to financial stress.
Equity investment income is positive and rising until 2019 but exhibits losses in 2020 and 2021, indicating deteriorating performance of associated investments during the crisis with some volatility continuing into 2022.
Other income (expense) lines alternate between income and expenses, showing high volatility and negative spikes during the pandemic years, which further impacted profitability.
Net income mirrors operating income trends with substantial profits until 2019 followed by drastic losses beginning in 2020, reflecting the severe impact on overall profitability. No income tax expense is reported. Losses remain large in 2021 and somewhat diminish in early 2022, consistent with the partial operational recovery observed.
- Revenue Trends
- Seasonal highs in Q3 with steady growth until late 2019; sharp decline in 2020 followed by partial recovery into 2022.
- Operating Expenses
- Increasing trend until 2019, dramatic drops in 2020, gradual rise resumed in 2021–2022.
- Gross Profit and Operating Income
- Strong positive margins until 2019, large losses from 2020 onwards, with limited recovery signs in 2022.
- Impairment and Credit Losses
- Significant impact starting in 2020, contributing to negative operating results.
- Interest and Investment Income
- Stable but small interest income; rising interest expenses during crisis period; investment income turning negative amid pandemic-related challenges.
- Net Income
- Positive through 2019, severely negative from 2020, indicative of pandemic impact with gradual improvement in 2022.