Selected Financial Data
since 2005
Income Statement
Royal Caribbean Cruises Ltd., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) attributable to Royal Caribbean Cruises Ltd. |
|---|---|---|---|
| Dec 31, 2021 | 1,532,133) | (3,870,334) | (5,260,499) |
| Dec 31, 2020 | 2,208,805) | (4,601,557) | (5,797,462) |
| Dec 31, 2019 | 10,950,661) | 2,082,701) | 1,878,887) |
| Dec 31, 2018 | 9,493,849) | 1,894,801) | 1,811,042) |
| Dec 31, 2017 | 8,777,845) | 1,744,056) | 1,625,133) |
| Dec 31, 2016 | 8,496,401) | 1,477,205) | 1,283,388) |
| Dec 31, 2015 | 8,299,074) | 874,902) | 665,783) |
| Dec 31, 2014 | 8,073,855) | 941,859) | 764,146) |
| Dec 31, 2013 | 7,959,894) | 798,148) | 473,692) |
| Dec 31, 2012 | 7,688,024) | 403,110) | 18,287) |
| Dec 31, 2011 | 7,537,263) | 931,628) | 607,421) |
| Dec 31, 2010 | 6,752,504) | 802,633) | 547,467) |
| Dec 31, 2009 | 5,889,826) | 488,511) | 162,421) |
| Dec 31, 2008 | 6,532,525) | 831,984) | 573,722) |
| Dec 31, 2007 | 6,149,139) | 901,335) | 603,405) |
| Dec 31, 2006 | 5,229,584) | 858,446) | 633,922) |
| Dec 31, 2005 | 4,903,174) | 871,565) | 715,956) |
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).
The financial performance from 2005 to 2021 is characterized by a long-term period of steady growth and expansion, followed by a severe and abrupt contraction in both revenue and profitability starting in 2020.
- Revenue Trends
- Between 2005 and 2019, revenues exhibited a consistent upward trajectory, growing from approximately 4.9 billion USD to a peak of 10.95 billion USD. This growth was relatively stable, with a minor exception in 2009. However, this trend reversed sharply in 2020, with revenues plummeting to 2.21 billion USD, and continuing to decline to 1.53 billion USD in 2021, representing a significant reduction from the 2019 peak.
- Operating Income Performance
- Operating income remained relatively stable between 2005 and 2011, typically fluctuating between 488 million USD and 931 million USD. A notable dip occurred in 2012, where operating income fell to 403 million USD. Following this, a period of strong expansion was observed from 2013 to 2019, with operating income reaching a peak of 2.08 billion USD. This growth phase was followed by an extreme reversal in 2020 and 2021, with operating losses of 4.60 billion USD and 3.87 billion USD, respectively.
- Net Income Volatility
- Net income attributable to the company mirrored the movements of operating income but exhibited higher volatility. After a period of fluctuation between 2005 and 2011, net income nearly vanished in 2012, dropping to 18 million USD. A subsequent recovery led to a peak net income of 1.88 billion USD in 2019. The period ended with profound net losses, recording 5.80 billion USD in 2020 and 5.26 billion USD in 2021.
- Profitability Margins and Operational Leverage
- The data indicates high operational leverage. During the expansion phase from 2016 to 2019, operating income grew at a faster rate than revenues, suggesting improving efficiency and margin expansion. Conversely, the collapse in revenue in 2020 and 2021 led to disproportionately large operating and net losses, as fixed costs likely remained high despite the precipitous drop in top-line earnings.
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Balance Sheet: Assets
Royal Caribbean Cruises Ltd., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 3,600,271) | 32,258,355) |
| Dec 31, 2020 | 4,311,747) | 32,465,187) |
| Dec 31, 2019 | 1,162,628) | 30,320,284) |
| Dec 31, 2018 | 1,242,044) | 27,698,270) |
| Dec 31, 2017 | 843,028) | 22,296,317) |
| Dec 31, 2016 | 748,305) | 22,310,324) |
| Dec 31, 2015 | 837,022) | 20,921,855) |
| Dec 31, 2014 | 801,083) | 20,713,190) |
| Dec 31, 2013 | 956,374) | 20,072,947) |
| Dec 31, 2012 | 888,060) | 19,827,930) |
| Dec 31, 2011 | 969,288) | 19,804,405) |
| Dec 31, 2010 | 1,015,071) | 19,694,904) |
| Dec 31, 2009 | 1,026,391) | 18,233,494) |
| Dec 31, 2008 | 977,337) | 16,463,310) |
| Dec 31, 2007 | 992,791) | 14,982,281) |
| Dec 31, 2006 | 501,904) | 13,393,088) |
| Dec 31, 2005 | 377,010) | 11,255,771) |
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).
The asset profile demonstrates a long-term trend of expansion in total capitalization, punctuated by a significant shift in liquidity positioning during the final two years of the period analyzed.
- Total Asset Expansion
- Total assets exhibited a consistent upward trajectory over the sixteen-year period, growing from $11.26 billion in 2005 to $32.26 billion by 2021. A steady growth phase is observed between 2005 and 2017, followed by a more rapid acceleration between 2017 and 2020, where total assets increased from approximately $22.30 billion to a peak of $32.47 billion.
- Current Asset Dynamics
- Current assets remained relatively range-bound for over a decade, oscillating between approximately $748 million and $1.24 billion from 2007 through 2019. A sharp divergence from this pattern occurred in 2020, with current assets surging to $4.31 billion, representing a more than threefold increase over the 2019 level, before slightly receding to $3.60 billion in 2021.
- Structural Balance Sheet Shift
- The composition of the balance sheet shifted markedly in 2020. For the majority of the period, current assets represented a small fraction of total assets. However, the spike in current assets relative to a stabilizing total asset base in 2020 and 2021 indicates a significant increase in short-term liquidity or cash reserves relative to long-term capital investments.
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Balance Sheet: Liabilities and Stockholders’ Equity
Royal Caribbean Cruises Ltd., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 7,285,683) | 27,172,799) | 21,090,340) | 5,085,556) |
| Dec 31, 2020 | 4,537,121) | 23,704,518) | 19,329,043) | 8,760,669) |
| Dec 31, 2019 | 7,952,896) | 17,586,457) | 11,034,876) | 12,163,846) |
| Dec 31, 2018 | 7,112,165) | 16,050,789) | 10,777,699) | 11,105,461) |
| Dec 31, 2017 | 4,790,264) | —) | 7,539,451) | 10,702,303) |
| Dec 31, 2016 | 4,441,601) | —) | 9,387,436) | 9,121,412) |
| Dec 31, 2015 | 4,292,827) | —) | 8,667,055) | 8,063,039) |
| Dec 31, 2014 | 3,849,247) | —) | 8,443,948) | 8,284,359) |
| Dec 31, 2013 | 4,267,010) | —) | 8,074,804) | 8,808,265) |
| Dec 31, 2012 | 4,066,151) | —) | 8,489,947) | 8,308,749) |
| Dec 31, 2011 | 3,067,642) | —) | 8,495,853) | 8,407,823) |
| Dec 31, 2010 | 3,444,498) | —) | 9,150,116) | 7,942,502) |
| Dec 31, 2009 | 2,749,030) | —) | 8,419,770) | 7,499,717) |
| Dec 31, 2008 | 2,674,225) | —) | 7,011,403) | 6,803,012) |
| Dec 31, 2007 | 2,339,295) | —) | 5,698,272) | 6,757,343) |
| Dec 31, 2006 | 1,872,368) | —) | 5,413,744) | 6,091,575) |
| Dec 31, 2005 | 1,988,782) | —) | 4,154,775) | 5,554,465) |
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).
An analysis of the financial position from 2005 to 2021 reveals a significant transformation in the capital structure, characterized by a transition from stable growth to a period of high leverage and equity erosion.
- Debt Accumulation and Leverage
- Total debt exhibited a moderate upward trajectory between 2005 and 2017, rising from 4.15 billion USD to 7.54 billion USD. However, a sharp inflection point occurred after 2017. Debt levels surged from 10.78 billion USD in 2018 to 21.09 billion USD by 2021. This rapid expansion is most pronounced between 2019 and 2020, where debt increased by approximately 75% in a single year, indicating a heavy reliance on borrowed capital to maintain liquidity.
- Shareholders' Equity Volatility
- Equity showed consistent growth for over a decade, increasing from 5.55 billion USD in 2005 to a peak of 12.16 billion USD in 2019. This trend was abruptly reversed in 2020 and 2021, with equity falling sharply to 5.09 billion USD. The substantial contraction in equity, occurring simultaneously with the spike in total debt, suggests significant retained losses and a deterioration of the solvency buffer.
- Current and Total Liability Trends
- Current liabilities grew steadily from 1.99 billion USD in 2005 to 7.95 billion USD in 2019. While there was a temporary reduction to 4.54 billion USD in 2020, the figure rebounded to 7.29 billion USD in 2021. Total liabilities, for which data is available from 2018 onward, followed an aggressive growth path, climbing from 16.05 billion USD in 2018 to 27.17 billion USD in 2021, mirroring the trend seen in total debt.
- Capital Structure Shift
- The relationship between debt and equity shifted fundamentally over the observed period. In 2005, the debt-to-equity ratio was approximately 0.75, suggesting a conservative financing approach. By 2021, this ratio escalated to approximately 4.15, reflecting a highly leveraged financial position where debt significantly outweighs equity.
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Cash Flow Statement
Royal Caribbean Cruises Ltd., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | (1,877,815) | (2,144,739) | 3,040,577) |
| Dec 31, 2020 | (3,731,653) | (2,178,566) | 9,349,788) |
| Dec 31, 2019 | 3,716,366) | (3,091,406) | (670,371) |
| Dec 31, 2018 | 3,479,139) | (4,489,158) | 1,198,073) |
| Dec 31, 2017 | 2,874,566) | (213,592) | (2,675,796) |
| Dec 31, 2016 | 2,516,690) | (2,724,892) | 243,809) |
| Dec 31, 2015 | 1,946,366) | (1,742,975) | (253,512) |
| Dec 31, 2014 | 1,743,759) | (1,770,378) | 17,480) |
| Dec 31, 2013 | 1,412,068) | (824,538) | (576,626) |
| Dec 31, 2012 | 1,381,734) | (1,263,323) | (179,617) |
| Dec 31, 2011 | 1,455,739) | (924,565) | (676,515) |
| Dec 31, 2010 | 1,663,019) | (2,287,918) | 756,960) |
| Dec 31, 2009 | 844,881) | (2,274,457) | 1,312,206) |
| Dec 31, 2008 | 1,071,255) | (1,977,249) | 1,083,386) |
| Dec 31, 2007 | 1,268,694) | (1,170,558) | 36,611) |
| Dec 31, 2006 | 948,506) | (1,849,078) | 879,707) |
| Dec 31, 2005 | 1,111,360) | (89,026) | (1,525,527) |
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).
The financial trajectory from 2005 to 2021 is characterized by a prolonged period of operational growth and capital investment, followed by a severe liquidity crisis and subsequent emergency financing. The transition between these phases reveals a shift from self-sustaining growth to a heavy reliance on external capital markets during a period of operational collapse.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrated a consistent upward trajectory for over a decade. Following a period of relative stability between 2005 and 2009, where values ranged from approximately 844 million to 1.26 billion US dollars, a growth phase began in 2010. This expansion peaked in 2019 at 3.71 billion US dollars. However, this trend reversed sharply in 2020, resulting in a net cash outflow of 3.73 billion US dollars, with a partial recovery to a negative 1.87 billion US dollars in 2021.
- Investing Activities and Capital Expenditure
- Net cash used in investing activities remained consistently negative throughout the entire period, indicating continuous capital deployment. Significant investment spikes occurred in 2006, 2008, 2009, and 2016, with a notable peak in 2018 reaching 4.48 billion US dollars. Despite the operational downturn in 2020 and 2021, investing outflows persisted at levels exceeding 2 billion US dollars annually, suggesting the maintenance of long-term asset acquisition or infrastructure commitments despite liquidity pressures.
- Financing Activities and Liquidity Management
- Financing cash flows exhibited high volatility, reflecting shifting strategies in debt and equity management. Between 2006 and 2010, financing activities generally provided inflows to support growth. A shift toward debt repayment or shareholder returns occurred between 2011 and 2013, and again in 2017 with a significant outflow of 2.67 billion US dollars. The most dramatic shift occurred in 2020, where financing activities provided a massive inflow of 9.34 billion US dollars to offset the collapse in operating cash flow, followed by an additional 3.04 billion US dollars in 2021.
- Integrated Cash Flow Dynamics
- For the majority of the period ending in 2019, the organization utilized operating cash flows to fund a significant portion of its investing activities. This organic funding model was completely disrupted in 2020. The combination of negative operating cash flow and continued investing outflows created a substantial funding gap, which was bridged exclusively through aggressive financing activities, shifting the corporate financial profile from operational self-sufficiency to external dependence.
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Per Share Data
Royal Caribbean Cruises Ltd., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | -20.89 | -20.89 | 0.00 |
| Dec 31, 2020 | -27.05 | -27.05 | 0.78 |
| Dec 31, 2019 | 8.97 | 8.95 | 2.96 |
| Dec 31, 2018 | 8.60 | 8.56 | 2.60 |
| Dec 31, 2017 | 7.57 | 7.53 | 2.16 |
| Dec 31, 2016 | 5.96 | 5.93 | 1.71 |
| Dec 31, 2015 | 3.03 | 3.02 | 1.35 |
| Dec 31, 2014 | 3.45 | 3.43 | 1.10 |
| Dec 31, 2013 | 2.16 | 2.14 | 0.74 |
| Dec 31, 2012 | 0.08 | 0.08 | 0.44 |
| Dec 31, 2011 | 2.80 | 2.77 | 0.20 |
| Dec 31, 2010 | 2.55 | 2.51 | 0.00 |
| Dec 31, 2009 | 0.76 | 0.75 | 0.00 |
| Dec 31, 2008 | 2.69 | 2.68 | 0.45 |
| Dec 31, 2007 | 2.84 | 2.82 | 0.60 |
| Dec 31, 2006 | 3.01 | 2.94 | 0.60 |
| Dec 31, 2005 | 3.47 | 3.26 | 0.56 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2021 is characterized by periods of steady growth interrupted by severe volatility linked to global economic shocks. Earnings demonstrated a general upward trajectory for over a decade before experiencing an unprecedented decline in the final two years of the analyzed period.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share remained relatively stable between 2005 and 2008, followed by a significant contraction in 2009 where basic EPS fell to 0.76. A recovery period occurred through 2011, though a sharp decline to 0.08 was recorded in 2012. From 2013 to 2019, a sustained period of expansion was observed, with basic EPS peaking at 8.97 in 2019. This growth phase was abruptly terminated in 2020, with earnings plummeting to -27.05, and remaining deeply negative at -20.89 in 2021.
- Dividend Distribution Patterns
- Dividends per share exhibited a strong correlation with earnings performance. Following a period of stability and a subsequent suspension or absence of payments around 2009-2010, dividends grew consistently from 0.20 in 2011 to a peak of 2.96 in 2019. In 2020, the dividend was drastically reduced to 0.78, and no dividend was recorded for 2021, reflecting the collapse in profitability.
- Analysis of Shareholder Value Volatility
- The marginal difference between basic and diluted EPS throughout the period suggests a minimal impact from dilutive securities. However, the extreme variance in earnings between 2019 and 2020 represents the most significant volatility in the timeframe, indicating a total erosion of per-share profitability during the 2020-2021 window.
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