Name: Royal Caribbean Cruises Ltd. (NYSE:RCL) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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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Royal Caribbean Cruises Ltd., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Passenger ticket revenues	1,418,203)	651,858)	617,393)	280,153)	22,785)	20,844)	17,492)	3,204)	107,022)	1,376,851)	1,784,458)	2,344,779)	2,017,836)	1,709,984)	1,651,591)	2,042,911)	1,672,570)	1,425,644)	1,420,410)	1,893,152)	1,581,385)	1,418,223)
Onboard and other revenues	766,039)	407,373)	364,854)	176,805)	28,129)	21,170)	16,646)	(36,892)	68,583)	655,899)	732,955)	842,071)	788,795)	729,783)	680,710)	753,276)	665,035)	602,112)	584,057)	676,392)	613,889)	590,337)
Revenues	2,184,242)	1,059,231)	982,247)	456,958)	50,914)	42,014)	34,138)	(33,688)	175,605)	2,032,750)	2,517,413)	3,186,850)	2,806,631)	2,439,767)	2,332,301)	2,796,187)	2,337,605)	2,027,756)	2,004,467)	2,569,544)	2,195,274)	2,008,560)
Commissions, transportation and other	(329,859)	(150,343)	(134,645)	(64,780)	(5,188)	(2,949)	(1,993)	3,321)	(28,824)	(317,129)	(377,287)	(488,921)	(426,934)	(363,155)	(354,786)	(430,039)	(358,305)	(290,609)	(302,994)	(409,597)	(340,331)	(310,248)
Onboard and other	(155,570)	(74,439)	(61,164)	(42,703)	(8,598)	(4,481)	(5,880)	(6,036)	(21,579)	(123,718)	(129,527)	(200,656)	(174,429)	(135,170)	(124,550)	(171,028)	(142,240)	(99,537)	(100,080)	(157,041)	(132,437)	(105,994)
Payroll and related	(327,141)	(349,618)	(307,838)	(265,974)	(167,640)	(96,636)	(94,793)	(119,213)	(243,877)	(330,390)	(280,027)	(263,993)	(265,569)	(269,532)	(250,309)	(221,205)	(226,315)	(227,156)	(216,129)	(210,764)	(210,362)	(215,735)
Food	(155,226)	(100,184)	(89,771)	(48,950)	(17,196)	(8,472)	(7,311)	(5,640)	(27,483)	(121,316)	(147,903)	(149,621)	(146,847)	(139,534)	(139,560)	(133,324)	(128,383)	(119,642)	(123,659)	(126,223)	(121,764)	(121,211)
Fuel	(275,179)	(188,480)	(166,264)	(118,127)	(59,109)	(41,822)	(43,740)	(53,815)	(79,192)	(194,268)	(178,190)	(177,677)	(181,924)	(160,171)	(195,552)	(182,415)	(172,309)	(160,341)	(172,204)	(160,752)	(170,748)	(177,414)
Other operating	(447,887)	(321,705)	(375,822)	(273,157)	(167,099)	(129,127)	(111,543)	(127,226)	(279,465)	(423,998)	(368,585)	(342,170)	(348,801)	(346,142)	(295,656)	(273,353)	(286,859)	(278,734)	(230,635)	(253,892)	(281,143)	(245,222)
Cruise operating expenses	(1,690,862)	(1,184,769)	(1,135,504)	(813,691)	(424,830)	(283,487)	(265,260)	(308,609)	(680,420)	(1,510,819)	(1,481,519)	(1,623,038)	(1,544,504)	(1,413,704)	(1,360,413)	(1,411,364)	(1,314,411)	(1,176,019)	(1,145,701)	(1,318,269)	(1,256,785)	(1,175,824)
Gross profit (loss)	493,380)	(125,538)	(153,257)	(356,733)	(373,916)	(241,473)	(231,122)	(342,297)	(504,815)	521,931)	1,035,894)	1,563,812)	1,262,127)	1,026,063)	971,888)	1,384,823)	1,023,194)	851,737)	858,766)	1,251,275)	938,489)	832,736)
Marketing, selling and administrative expenses	(371,425)	(394,030)	(503,055)	(323,422)	(285,558)	(258,041)	(255,533)	(246,779)	(301,418)	(395,890)	(414,707)	(352,725)	(376,874)	(414,947)	(327,693)	(325,167)	(312,923)	(337,361)	(311,059)	(273,637)	(283,855)	(317,465)
Depreciation and amortization expenses	(351,542)	(339,467)	(333,366)	(325,907)	(323,439)	(310,166)	(318,028)	(317,139)	(319,757)	(324,330)	(321,762)	(320,295)	(311,600)	(292,285)	(280,168)	(259,923)	(253,376)	(240,230)	(240,358)	(240,150)	(234,937)	(235,749)
Impairment and credit (losses) recoveries	10,943)	(173)	(42,067)	238)	(40,621)	449)	(211,866)	(89,899)	(156,497)	(1,108,118)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income (loss)	(218,644)	(859,208)	(1,031,745)	(1,005,824)	(1,023,534)	(809,231)	(1,016,549)	(996,114)	(1,282,487)	(1,306,407)	299,425)	890,792)	573,653)	318,831)	364,027)	799,733)	456,895)	274,146)	307,349)	737,488)	419,697)	279,522)
Interest income	6,490)	3,322)	3,456)	3,786)	4,670)	4,861)	5,279)	5,017)	5,206)	5,534)	5,194)	5,625)	6,342)	9,784)	6,138)	5,831)	13,098)	7,733)	13,345)	4,693)	5,811)	6,252)
Interest expense, net of interest capitalized	(302,706)	(277,659)	(283,767)	(430,661)	(304,811)	(272,514)	(273,089)	(259,349)	(218,889)	(92,911)	(94,756)	(102,038)	(111,304)	(100,415)	(97,420)	(86,510)	(81,864)	(67,878)	(69,800)	(73,233)	(76,632)	(80,317)
Equity investment income (loss)	(13,179)	(31,059)	1,575)	(29,085)	(48,088)	(59,871)	(73,028)	(78,013)	(51,853)	(10,392)	60,587)	103,654)	33,045)	33,694)	42,524)	95,169)	44,311)	28,752)	35,888)	85,120)	23,359)	11,880)
Other income (expense)	6,457)	(2,538)	(46,487)	37,230)	24,508)	5,033)	(9,548)	(10,853)	(83,825)	(32,859)	10,024)	(7,668)	(21,781)	(5,088)	5,184)	(3,832)	33,855)	(24,100)	1,257)	(1,226)	(2,709)	(2,611)
Other income (expense)	(302,938)	(307,934)	(325,223)	(418,730)	(323,721)	(322,491)	(350,386)	(343,198)	(349,361)	(130,628)	(18,951)	(427)	(93,698)	(62,025)	(43,574)	10,658)	9,400)	(55,493)	(19,310)	15,354)	(50,171)	(64,796)
Income (loss) before income taxes	(521,582)	(1,167,142)	(1,356,968)	(1,424,554)	(1,347,255)	(1,131,722)	(1,366,935)	(1,339,312)	(1,631,848)	(1,437,035)	280,474)	890,365)	479,955)	256,806)	320,453)	810,391)	466,295)	218,653)	288,039)	752,842)	369,526)	214,726)
Income tax expense	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss)	(521,582)	(1,167,142)	(1,356,968)	(1,424,554)	(1,347,255)	(1,131,722)	(1,366,935)	(1,339,312)	(1,631,848)	(1,437,035)	280,474)	890,365)	479,955)	256,806)	320,453)	810,391)	466,295)	218,653)	288,039)	752,842)	369,526)	214,726)
Net income attributable to noncontrolling interest	—)	—)	—)	—)	—)	—)	—)	(7,444)	(7,444)	(7,444)	(7,338)	(7,125)	(7,125)	(7,125)	(4,750)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) attributable to Royal Caribbean Cruises Ltd.	(521,582)	(1,167,142)	(1,356,968)	(1,424,554)	(1,347,255)	(1,131,722)	(1,366,935)	(1,346,756)	(1,639,292)	(1,444,479)	273,136)	883,240)	472,830)	249,681)	315,703)	810,391)	466,295)	218,653)	288,039)	752,842)	369,526)	214,726)

The financial performance across the analyzed period is characterized by three distinct phases: a period of steady growth and seasonality from 2017 through 2019, a severe contraction beginning in early 2020, and a gradual recovery leading into mid-2022.

Revenue Dynamics: Total revenues exhibited a consistent upward trajectory from 2017 to 2019, with recurring seasonal peaks in the third quarter of each year. This growth was driven by both passenger ticket revenues and onboard spending. A catastrophic decline occurred in the second quarter of 2020, where total revenues dropped to 175.6 million USD, eventually dipping into negative territory in the third quarter of 2020 due to onboard revenue offsets. A recovery phase began in 2021, culminating in the second quarter of 2022, where total revenues returned to 2.18 billion USD, a level comparable to the pre-pandemic baseline.
Operating Cost Structure: Cruise operating expenses showed high variability in correlation with revenue, particularly in fuel and payroll. However, depreciation and amortization expenses remained remarkably rigid, fluctuating narrowly between 230 million USD and 350 million USD per quarter regardless of operational volume. This rigidity indicates a high fixed-cost base that significantly pressured margins during the revenue collapse of 2020 and 2021.
Profitability and Loss Trends: The transition from consistent quarterly net income between 2017 and 2019 to deep net losses starting in 2020 is stark. The most significant impact occurred in the first quarter of 2020, characterized by a 1.1 billion USD impairment charge. Net losses persisted through the first quarter of 2022, frequently exceeding 1 billion USD per quarter. While gross profit returned to positive territory by the second quarter of 2022 at 493.4 million USD, operating income remained negative at 218.6 million USD, reflecting the lingering impact of administrative expenses and depreciation.
Financial Obligations and Other Income: Interest expenses increased substantially during the downturn, rising from an average of approximately 80 million USD per quarter pre-2020 to peaks of over 430 million USD in the third quarter of 2021. This suggests a significant increase in debt levels to sustain operations during the period of zero or minimal revenue. Equity investment income, which was a consistent positive contributor from 2017 to 2019, turned into a recurring loss from 2020 through early 2022.

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Royal Caribbean Cruises Ltd. (NYSE:RCL)

Income StatementQuarterly Data

Income Statement
Quarterly Data