Operating Profit Margin
since 2005
Calculation
Royal Caribbean Cruises Ltd., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | -252.61% | = | 100 | × | (3,870,334) | ÷ | 1,532,133) |
| Dec 31, 2020 | -208.33% | = | 100 | × | (4,601,557) | ÷ | 2,208,805) |
| Dec 31, 2019 | 19.02% | = | 100 | × | 2,082,701) | ÷ | 10,950,661) |
| Dec 31, 2018 | 19.96% | = | 100 | × | 1,894,801) | ÷ | 9,493,849) |
| Dec 31, 2017 | 19.87% | = | 100 | × | 1,744,056) | ÷ | 8,777,845) |
| Dec 31, 2016 | 17.39% | = | 100 | × | 1,477,205) | ÷ | 8,496,401) |
| Dec 31, 2015 | 10.54% | = | 100 | × | 874,902) | ÷ | 8,299,074) |
| Dec 31, 2014 | 11.67% | = | 100 | × | 941,859) | ÷ | 8,073,855) |
| Dec 31, 2013 | 10.03% | = | 100 | × | 798,148) | ÷ | 7,959,894) |
| Dec 31, 2012 | 5.24% | = | 100 | × | 403,110) | ÷ | 7,688,024) |
| Dec 31, 2011 | 12.36% | = | 100 | × | 931,628) | ÷ | 7,537,263) |
| Dec 31, 2010 | 11.89% | = | 100 | × | 802,633) | ÷ | 6,752,504) |
| Dec 31, 2009 | 8.29% | = | 100 | × | 488,511) | ÷ | 5,889,826) |
| Dec 31, 2008 | 12.74% | = | 100 | × | 831,984) | ÷ | 6,532,525) |
| Dec 31, 2007 | 14.66% | = | 100 | × | 901,335) | ÷ | 6,149,139) |
| Dec 31, 2006 | 16.42% | = | 100 | × | 858,446) | ÷ | 5,229,584) |
| Dec 31, 2005 | 17.78% | = | 100 | × | 871,565) | ÷ | 4,903,174) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The operating profit margin exhibited three distinct phases between 2005 and 2021: a period of gradual decline and volatility, a phase of significant expansion, and a sudden, severe contraction.
- Initial Volatility and Decline (2005–2012)
- A general downward trend in profitability is observed during this period, with the operating profit margin falling from 17.78% in 2005 to 8.29% in 2009. While a modest recovery occurred in 2010 and 2011, the margin reached a cyclical low of 5.24% in 2012, reflecting significant pressure on operational efficiency relative to revenue growth.
- Operational Expansion and Optimization (2013–2019)
- A sustained period of margin expansion began in 2013, characterized by a steady increase in profitability. The operating profit margin rose from 10.03% in 2013 to a peak of 19.96% in 2018. This trajectory indicates successful cost management and revenue optimization, as revenues grew from approximately 7.96 billion USD in 2013 to 10.95 billion USD in 2019.
- Severe Contraction (2020–2021)
- A catastrophic reversal in financial performance is evident in the final two years. The operating profit margin collapsed to -208.33% in 2020 and further deteriorated to -252.61% in 2021. This decline was driven by a precipitous drop in revenues, which fell from 10.95 billion USD in 2019 to 1.53 billion USD by 2021, occurring simultaneously with massive operating losses exceeding 3.8 billion USD annually.
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Comparison to Competitors
Royal Caribbean Cruises Ltd., operating profit margin, long-term trends, comparison to competitors
| Royal Caribbean Cruises Ltd. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | -252.61% | 7.17% | 22.78% | 10.67% | -9.25% | 44.59% | 16.77% |
| Dec 31, 2020 | -208.33% | -106.27% | -9.28% | 4.85% | -15.11% | 38.13% | 6.64% |
| Dec 31, 2019 | 19.02% | — | 35.48% | 7.95% | — | 43.03% | 15.38% |
| Dec 31, 2018 | 19.96% | — | 36.77% | 5.31% | — | 41.96% | 15.71% |
| Dec 31, 2017 | 19.87% | — | 35.79% | 6.05% | — | 41.86% | 18.47% |
| Dec 31, 2016 | 17.39% | — | 27.05% | 0.89% | — | 31.45% | 19.57% |
| Dec 31, 2015 | 10.54% | — | 35.33% | 16.96% | — | 28.12% | 18.79% |
| Dec 31, 2014 | 11.67% | — | 36.41% | 17.30% | — | 28.97% | 18.73% |
| Dec 31, 2013 | 10.03% | — | 35.51% | 16.57% | — | 31.18% | -2.19% |
| Dec 31, 2012 | 5.24% | — | 34.78% | 16.69% | — | 31.21% | 15.02% |
| Dec 31, 2011 | 12.36% | — | 32.12% | 15.45% | — | 31.58% | 14.77% |
| Dec 31, 2010 | 11.89% | — | 25.50% | 15.68% | — | 31.04% | 13.26% |
| Dec 31, 2009 | 8.29% | — | 20.14% | 13.42% | — | 30.08% | 5.75% |
| Dec 31, 2008 | 12.74% | — | 15.36% | 9.31% | — | 27.39% | 4.85% |
| Dec 31, 2007 | 14.66% | — | 9.79% | 9.96% | — | 17.02% | 11.20% |
| Dec 31, 2006 | 16.42% | — | 5.52% | 7.53% | — | 20.59% | 11.48% |
| Dec 31, 2005 | 17.78% | — | 3.73% | 4.94% | — | 19.66% | 12.26% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).