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).
- Revenues
- The revenue trend shows a general upward trajectory from 2005 through 2019, increasing from approximately $4.9 billion in 2005 to over $10.9 billion in 2019. After peaking in 2019, revenues declined sharply in 2020 to around $2.2 billion and further decreased to about $1.5 billion in 2021, indicating a significant downturn during this period.
- Operating Income (Loss)
- Operating income exhibited fluctuations over the years. From 2005 to 2007, operating income remained relatively stable, hovering around $870 million to $900 million. In 2008, there was a decline to approximately $400 million, followed by recovery and reaching a peak of about $2.1 billion in 2019. However, in 2020 and 2021, the company reported substantial operating losses of roughly -$4.6 billion and -$3.9 billion respectively, reflecting severe operational challenges.
- Net Income (Loss) Attributable to Royal Caribbean Cruises Ltd.
- Net income attributable to the company generally increased from 2005 through 2019, rising from approximately $716 million to nearly $1.9 billion. A notable drop occurred in 2008, aligning with the decrease in operating income. From 2020 onwards, net income turned to significant losses, with figures around -$5.8 billion in 2020 and -$5.3 billion in 2021, indicating substantial financial distress during this period.
Balance Sheet: Assets
Royal Caribbean Cruises Ltd., selected items from assets, long-term trends
US$ 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 analysis of the provided financial data reveals significant trends in current assets and total assets over the examined period.
- Current Assets
- Current assets demonstrate an overall growth trend with marked fluctuations. Starting at 377,010 thousand US dollars at the end of 2005, current assets increased sharply, reaching near 1,026,391 thousand US dollars by the end of 2009. Following that peak, a slight declining trend is seen through 2012, with values dropping to approximately 888,060 thousand US dollars. A renewed upward progression occurred between 2012 and 2019, peaking at 1,162,628 thousand US dollars in 2019. However, there is a notable surge in 2020, with current assets increasing dramatically to 4,311,747 thousand US dollars, followed by a decrease to 3,600,271 thousand US dollars in 2021.
- Total Assets
- Total assets exhibit a steady upward trajectory throughout the entire period. Starting at 11,255,771 thousand US dollars in 2005, total assets consistently increased almost every year, reaching 30,320,284 thousand US dollars by the end of 2019. Despite some modest fluctuations, the trend remains firmly positive. In 2020, total assets grew further to 32,465,187 thousand US dollars, followed by a slight decline to 32,258,355 thousand US dollars in 2021, showing a relatively stable position at the end of the period.
In summary, both current and total assets have generally increased over the years with total assets showing consistent growth. The substantial rise in current assets in 2020 suggests a significant change in liquidity or short-term holdings during that year, possibly reflecting exceptional circumstances or strategic financial adjustments. The subsequent decrease in 2021 indicates some normalization. Total assets' steady increase reflects ongoing investment, asset accumulation, or expansion efforts over the analyzed period.
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).
- Current Liabilities
- Current liabilities demonstrated a generally increasing trend from 2005 through 2019, rising from approximately 1.99 billion to nearly 7.95 billion US dollars. There was a notable surge starting in 2017, with the largest increases occurring between 2017 and 2019. In 2020, a significant decline to around 4.54 billion was observed, followed by a substantial rebound to approximately 7.29 billion in 2021.
- Total Liabilities
- Data for total liabilities is only available from 2019 onward. Within this period, total liabilities increased steadily from roughly 16.05 billion in 2019 to 27.17 billion in 2021, indicating a significant rise over a short timeframe.
- Total Debt
- Total debt showed an upward trajectory from 2005 to 2010, increasing from about 4.15 billion to over 9.15 billion US dollars. A slight decrease and stabilization occurred from 2011 through 2017, fluctuating between approximately 7.54 billion and 9.39 billion. Starting in 2018, total debt sharply increased again, reaching roughly 21.09 billion by 2021, with considerable acceleration seen particularly between 2018 and 2021.
- Shareholders’ Equity
- Shareholders’ equity steadily rose from 5.55 billion in 2005 to a peak of about 12.16 billion in 2019, reflecting overall growth and positive equity accumulation. However, there was a marked decline post-2019, dropping to approximately 8.76 billion in 2020 and further falling to around 5.09 billion by 2021, indicating significant equity erosion during this period.
- Overall Financial Trends and Insights
- The data reveals a pattern where liabilities, including both current liabilities and total debt, have increased significantly over the years, especially from 2017 onwards. This increase in obligations is mirrored by a peak and subsequent notable decline in shareholders' equity after 2019, suggesting potential financial stress or restructuring affecting the equity base. The simultaneous rise in total debt and liabilities, alongside equity reduction, could point to increased leverage and higher financial risk in recent years. The dip in current liabilities in 2020, followed by a rebound in 2021, might reflect impacts related to external shocks or operational challenges during that period.
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).
- Operating Activities Cash Flow
- The net cash provided by operating activities exhibited fluctuations over the analyzed period. From 2005 through 2019, the cash flow generally increased, peaking at approximately 3.72 billion in 2019, indicating strengthening operational cash generation. However, in 2020 and 2021, a sharp reversal is observed, with significant negative cash flows of about -3.73 billion and -1.88 billion respectively, reflecting operational challenges and reduced cash inflows during these years.
- Investing Activities Cash Flow
- The net cash used in investing activities consistently remained negative throughout the entire period, affirming ongoing investment expenditures. A notable intensification in outflows occurred in 2006 and 2009 to 2011, with values exceeding -2 billion, signaling periods of heavy capital investments or asset purchases. Although the outflows fluctuated thereafter, significant peaks were again apparent in 2018 and 2019, followed by slightly reduced outflows in 2020 and 2021 in comparison to previous high-investment years.
- Financing Activities Cash Flow
- Cash flows from financing activities underwent considerable volatility. Negative financing cash flow was recorded in 2005 and during select years such as 2011, 2012, 2015, 2017, and 2019, indicating net repayments or reduced borrowing. Positive surpluses were noted in several years, especially prominent in 2020 and 2021, with inflows near 9.35 billion and 3.04 billion respectively, suggesting significant financing efforts perhaps to offset operational cash shortages. Mid-period years displayed a mix of smaller positive and negative cash flows, indicative of alternating financing strategies.
- Overall Trends and Insights
- There is a clear pattern of investment in assets through consistent negative investing cash flows over the years, coupled with generally increasing operational cash generation until 2019. The sharp decline in operational cash flow in 2020 and 2021 coincides with heightened financing cash inflows, indicating reactive financing to cover operational deficits, likely in response to external challenges. The financing activities appear to have been managed flexibly, increasing in response to reduced operational cash while fluctuating during stable years. This pattern underscores a dependency on external financing during downturns after a period of strengthening cash positions.
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.
- Basic earnings per share (EPS)
- The basic EPS exhibited a generally positive growth trend from 2005 through 2019, despite some volatility. Starting at $3.47 in 2005, the figure declined gradually to $0.76 in 2009, reflecting a significant earnings contraction during that period. From 2010 onward, EPS demonstrated recovery and robust growth, reaching a peak of $8.97 in 2019. However, in 2020 and 2021, the EPS dropped sharply to negative values of -$27.05 and -$20.89 respectively, indicating substantial losses in those years.
- Diluted earnings per share
- Diluted EPS closely mirrored the trend of basic EPS over the entire timeframe. The metric declined from $3.26 in 2005 to $0.75 in 2009, followed by a recovery phase culminating in a peak of $8.95 in 2019. The years 2020 and 2021 again showed marked deterioration with large negative values of -$27.05 and -$20.89, consistent with the basic EPS losses.
- Dividend per share
- Dividend payments showed a variable pattern over the period. From an initial dividend of $0.56 in 2005, there was a slight increase to $0.6 in 2006 and 2007, followed by a decline to $0.45 in 2008. Notably, no dividend was paid in some subsequent years (2009 and 2010). Dividends resumed in 2011 at $0.2 and increased steadily from 2012 through 2019, reaching $2.96. In 2020, the dividend sharply decreased to $0.78, and data for 2021 is missing, indicating possible suspension or reduction of dividends amid financial distress.