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Royal Caribbean Group free cash flow 1991–2026What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
Royal Caribbean Group's free cash flow in Q3 FY2026, the three months to 30 September 2026, was 937.00M USD, against -989.00M USD on the same quarter a year before. Royal Caribbean Group's free cash flow over the last twelve months was 1.51B USD, down 25.8% on the twelve months before. In fiscal year 2025 it was 1.24B USD, down 38.1% on the year before.
Last updated 6 Nov 2026 · Next report 4 Feb 2027
Free cash flow
Free cash flow · +14.0% a year over 10 yearsFree cash flow margin
Growth
| Fiscal year | Period ending | Free cash flow | Growth | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| TTM | 30 Sept 2026 | 1.51B | -25.80% | 7.89% | 6.90B | -5.39B | 5.58 |
| FY2025 | 31 Dec 2025 | 1.24B | -38.11% | 6.89% | 6.47B | -5.23B | 4.53 |
| FY2024 | 31 Dec 2024 | 2.00B | +244.31% | 12.11% | 5.27B | -3.27B | 7.16 |
| FY2023 | 31 Dec 2023 | 580.00M | — | 4.17% | 4.48B | -3.90B | 2.05 |
| FY2022 | 31 Dec 2022 | -2.23B | — | -25.21% | 481.00M | -2.71B | -8.74 |
| FY2021 | 31 Dec 2021 | -4.11B | — | -268.15% | -1.88B | -2.23B | -16.31 |
| FY2020 | 31 Dec 2020 | -5.70B | -923.59% | -257.91% | -3.73B | -1.97B | -26.58 |
| FY2019 | 31 Dec 2019 | 691.70M | — | 6.32% | 3.72B | -3.02B | 3.29 |
| FY2018 | 31 Dec 2018 | -180.89M | -107.83% | -1.91% | 3.48B | -3.66B | -0.86 |
| FY2017 | 31 Dec 2017 | 2.31B | +10,248.13% | 26.32% | 2.87B | -564.14M | 10.71 |
| FY2016 | 31 Dec 2016 | 22.33M | -93.30% | 0.26% | 2.52B | -2.49B | 0.10 |
| FY2015 | 31 Dec 2015 | 333.03M | — | 4.01% | 1.95B | -1.61B | 1.51 |
| FY2014 | 31 Dec 2014 | -67.64M | -110.43% | -0.84% | 1.74B | -1.81B | -0.30 |
| FY2013 | 31 Dec 2013 | 648.29M | +618.45% | 8.14% | 1.41B | -763.78M | 2.93 |
| FY2012 | 31 Dec 2012 | 90.24M | -68.01% | 1.17% | 1.38B | -1.29B | 0.41 |
| FY2011 | 31 Dec 2011 | 282.11M | — | 3.74% | 1.46B | -1.17B | 1.29 |
| FY2010 | 31 Dec 2010 | -524.17M | — | -7.76% | 1.66B | -2.19B | -2.41 |
| FY2009 | 31 Dec 2009 | -1.63B | — | -27.72% | 844.88M | -2.48B | -7.58 |
| FY2008 | 31 Dec 2008 | -1.15B | — | -17.64% | 1.07B | -2.22B | -5.38 |
| FY2007 | 31 Dec 2007 | -48.69M | — | -0.79% | 1.27B | -1.32B | -0.23 |
| FY2006 | 31 Dec 2006 | -232.07M | -134.06% | -4.44% | 948.51M | -1.18B | -1.08 |
| FY2005 | 31 Dec 2005 | 681.46M | +52.68% | 13.90% | 1.11B | -429.90M | 3.10 |
| FY2004 | 31 Dec 2004 | 446.32M | — | 9.80% | 1.08B | -630.67M | 2.12 |
| FY2003 | 31 Dec 2003 | -171.73M | -195.15% | -4.54% | 857.80M | -1.03B | -0.87 |
| FY2002 | 31 Dec 2002 | 180.48M | — | 5.26% | 870.47M | -689.99M | 0.92 |
| FY2001 | 31 Dec 2001 | -1.10B | — | -35.09% | 633.69M | -1.74B | -5.73 |
| FY2000 | 31 Dec 2000 | -582.33M | — | -20.32% | 703.32M | -1.29B | -3.02 |
| FY1999 | 31 Dec 1999 | -389.12M | — | -15.28% | 583.36M | -972.48M | -2.09 |
| FY1998 | 31 Dec 1998 | -124.60M | — | -4.73% | 526.86M | -651.45M | -0.69 |
| FY1997 | 31 Dec 1997 | -824.50M | — | -42.52% | 434.10M | -1.26B | -5.37 |
| FY1996 | 31 Dec 1996 | -422.90M | — | -31.16% | 299.50M | -722.40M | -3.31 |
| FY1995 | 31 Dec 1995 | -202.90M | -381.81% | -17.14% | 224.60M | -427.50M | -1.59 |
| FY1994 | 31 Dec 1994 | 72.00M | -47.37% | 6.15% | 217.50M | -145.50M | 0.57 |
| FY1993 | 31 Dec 1993 | 136.80M | — | 12.29% | 217.30M | -80.50M | 1.15 |
| FY1992 | 31 Dec 1992 | -95.70M | — | -9.45% | 172.50M | -268.20M | -0.93 |
| FY1991 | 31 Dec 1991 | -318.90M | — | -41.98% | 78.70M | -397.60M | -2.97 |
| Quarter | Period ending | Free cash flow | Growth on a year before | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Sept 2026 | 937.00M | — | 16.76% | 1.58B | -643.00M | 3.50 |
| Q2 FY2026 | 30 Jun 2026 | -877.00M | -196.37% | -18.15% | 1.86B | -2.74B | -3.25 |
| Q1 FY2026 | 31 Mar 2026 | 1.33B | +11.26% | 29.96% | 1.83B | -500.00M | 4.92 |
| Q4 FY2025 | 31 Dec 2025 | 116.00M | -87.32% | 2.72% | 1.62B | -1.51B | 0.42 |
| Q3 FY2025 | 30 Sept 2025 | -989.00M | -275.67% | -19.24% | 1.47B | -2.46B | -3.61 |
| Q2 FY2025 | 30 Jun 2025 | 910.00M | — | 20.05% | 1.75B | -836.00M | 3.31 |
| Q1 FY2025 | 31 Mar 2025 | 1.20B | +10.41% | 29.98% | 1.63B | -428.00M | 4.34 |
| Q4 FY2024 | 31 Dec 2024 | 915.00M | — | 24.33% | 1.47B | -552.00M | 3.30 |
| Q3 FY2024 | 30 Sept 2024 | 563.00M | +48.94% | 11.52% | 897.00M | -334.00M | 2.13 |
| Q2 FY2024 | 30 Jun 2024 | -567.00M | -195.13% | -13.80% | 1.57B | -2.14B | -2.02 |
| Q1 FY2024 | 31 Mar 2024 | 1.09B | +2.65% | 29.13% | 1.33B | -242.00M | 3.86 |
| Q4 FY2023 | 31 Dec 2023 | -1.45B | -454.41% | -43.60% | 1.12B | -2.57B | -5.19 |
| Q3 FY2023 | 30 Sept 2023 | 378.00M | — | 9.09% | 659.00M | -281.00M | 1.34 |
| Q2 FY2023 | 30 Jun 2023 | 596.00M | — | 16.92% | 1.39B | -796.00M | 2.11 |
| Q1 FY2023 | 31 Mar 2023 | 1.06B | — | 36.66% | 1.31B | -252.00M | 4.15 |
| Q4 FY2022 | 31 Dec 2022 | 409.80M | — | 15.74% | 576.60M | -166.80M | 1.61 |
| Q3 FY2022 | 30 Sept 2022 | -270.05M | — | -9.02% | -44.53M | -225.52M | -1.06 |
| Q2 FY2022 | 30 Jun 2022 | -476.02M | — | -21.79% | 478.64M | -954.66M | -1.87 |
| Q1 FY2022 | 31 Mar 2022 | -1.89B | — | -178.61% | -528.85M | -1.36B | -7.42 |
| Q4 FY2021 | 31 Dec 2021 | -780.48M | — | -79.46% | -205.05M | -575.43M | -3.06 |
| Q3 FY2021 | 30 Sept 2021 | -771.31M | — | -168.79% | -403.22M | -368.10M | -3.03 |
| Q2 FY2021 | 30 Jun 2021 | -684.86M | — | -1,345.12% | -460.37M | -224.48M | -2.69 |
| Q1 FY2021 | 31 Mar 2021 | -1.87B | — | -4,452.98% | -809.18M | -1.06B | -7.70 |
| Q4 FY2020 | 31 Dec 2020 | -1.22B | — | -3,565.79% | -825.40M | -391.89M | -5.42 |
| Q3 FY2020 | 30 Sept 2020 | -1.04B | -338.37% | — | -857.43M | -181.35M | -4.85 |
| Q2 FY2020 | 30 Jun 2020 | -2.39B | — | -1,359.23% | -2.25B | -139.34M | -11.40 |
| Q1 FY2020 | 31 Mar 2020 | -1.05B | -273.23% | -51.84% | 198.71M | -1.25B | -5.04 |
| Q4 FY2019 | 31 Dec 2019 | -73.47M | — | -2.92% | 609.30M | -682.77M | -0.35 |
| Q3 FY2019 | 30 Sept 2019 | 435.79M | -16.06% | 13.67% | 911.54M | -475.75M | 2.07 |
| Q2 FY2019 | 30 Jun 2019 | -278.95M | -154.18% | -9.94% | 1.12B | -1.40B | -1.33 |
| Q1 FY2019 | 31 Mar 2019 | 608.34M | — | 24.93% | 1.08B | -470.12M | 2.90 |
| Q4 FY2018 | 31 Dec 2018 | -418.75M | -272.21% | -17.95% | 732.16M | -1.15B | -1.99 |
| Q3 FY2018 | 30 Sept 2018 | 519.15M | -23.60% | 18.57% | 815.40M | -296.25M | 2.47 |
| Q2 FY2018 | 30 Jun 2018 | 514.82M | -27.90% | 22.02% | 1.01B | -492.65M | 2.42 |
| Q1 FY2018 | 31 Mar 2018 | -796.11M | -218.16% | -39.26% | 924.12M | -1.72B | -3.73 |
| Q4 FY2017 | 31 Dec 2017 | 243.16M | -27.46% | 12.13% | 419.97M | -176.80M | 1.13 |
| Q3 FY2017 | 30 Sept 2017 | 679.53M | +46.64% | 26.45% | 795.32M | -115.79M | 3.15 |
| Q2 FY2017 | 30 Jun 2017 | 714.00M | — | 32.52% | 862.75M | -148.76M | 3.30 |
| Q1 FY2017 | 31 Mar 2017 | 673.74M | +195.43% | 33.54% | 796.53M | -122.78M | 3.12 |
| Q4 FY2016 | 31 Dec 2016 | 335.21M | +291.02% | 17.55% | 515.74M | -180.53M | 1.55 |
| Q3 FY2016 | 30 Sept 2016 | 463.40M | +29.24% | 18.08% | 730.04M | -266.64M | 2.15 |
| Q2 FY2016 | 30 Jun 2016 | -1.00B | — | -47.71% | 793.02M | -1.80B | -4.65 |
| Q1 FY2016 | 31 Mar 2016 | 228.06M | +87.26% | 11.89% | 477.90M | -249.84M | 1.05 |
| Q4 FY2015 | 31 Dec 2015 | 85.73M | — | 4.51% | 338.43M | -252.70M | 0.39 |
| Q3 FY2015 | 30 Sept 2015 | 358.57M | -0.97% | 14.21% | 567.59M | -209.02M | 1.62 |
| Q2 FY2015 | 30 Jun 2015 | -233.05M | -158.20% | -11.32% | 613.92M | -846.97M | -1.06 |
| Q1 FY2015 | 31 Mar 2015 | 121.78M | -11.75% | 6.71% | 426.43M | -304.64M | 0.55 |
| Q4 FY2014 | 31 Dec 2014 | -968.19M | — | -53.26% | 284.20M | -1.25B | -4.36 |
| Q3 FY2014 | 30 Sept 2014 | 362.09M | -13.65% | 15.16% | 578.64M | -216.55M | 1.62 |
| Q2 FY2014 | 30 Jun 2014 | 400.46M | +87.28% | 20.22% | 565.14M | -164.68M | 1.79 |
| Q1 FY2014 | 31 Mar 2014 | 138.00M | +119.45% | 7.31% | 315.79M | -177.79M | 0.62 |
| Q4 FY2013 | 31 Dec 2013 | -47.77M | — | -2.58% | 181.96M | -229.73M | -0.22 |
| Q3 FY2013 | 30 Sept 2013 | 419.34M | -13.03% | 18.14% | 557.32M | -137.97M | 1.90 |
| Q2 FY2013 | 30 Jun 2013 | 213.83M | -4.02% | 11.36% | 431.53M | -217.70M | 0.97 |
| Q1 FY2013 | 31 Mar 2013 | 62.88M | +65.56% | 3.29% | 241.26M | -178.38M | 0.29 |
| Q4 FY2012 | 31 Dec 2012 | -652.71M | -1,752.56% | -36.14% | 209.48M | -862.19M | -2.99 |
| Q3 FY2012 | 30 Sept 2012 | 482.18M | — | 21.66% | 588.74M | -106.56M | 2.20 |
| Q2 FY2012 | 30 Jun 2012 | 222.79M | -24.75% | 12.23% | 368.30M | -145.52M | 1.02 |
| Q1 FY2012 | 31 Mar 2012 | 37.98M | -82.67% | 2.07% | 215.22M | -177.24M | 0.17 |
| Q4 FY2011 | 31 Dec 2011 | 39.50M | — | 2.22% | 183.02M | -143.52M | 0.18 |
| Q3 FY2011 | 30 Sept 2011 | -272.56M | -178.61% | -11.74% | 505.98M | -778.54M | -1.24 |
| Q2 FY2011 | 30 Jun 2011 | 296.06M | — | 16.75% | 481.32M | -185.26M | 1.35 |
| Q1 FY2011 | 31 Mar 2011 | 219.12M | -11.12% | 13.11% | 285.42M | -66.30M | 1.00 |
| Q4 FY2010 | 31 Dec 2010 | -1.03B | — | -64.46% | 227.11M | -1.26B | -4.73 |
| Q3 FY2010 | 30 Sept 2010 | 346.72M | — | 16.83% | 425.01M | -78.29M | 1.59 |
| Q2 FY2010 | 30 Jun 2010 | -83.17M | -166.69% | -5.19% | 597.98M | -681.14M | -0.38 |
| Q1 FY2010 | 31 Mar 2010 | 246.53M | — | 16.59% | 412.92M | -166.40M | 1.14 |
| Q4 FY2009 | 31 Dec 2009 | -1.14B | — | -78.76% | 181.10M | -1.32B | -5.31 |
| Q3 FY2009 | 30 Sept 2009 | -508.58M | -377.68% | -28.84% | 320.92M | -829.50M | -2.36 |
| Q2 FY2009 | 30 Jun 2009 | 124.70M | — | 9.24% | 228.95M | -104.25M | 0.58 |
| Q1 FY2009 | 31 Mar 2009 | -105.43M | -357.05% | -7.95% | 113.91M | -219.34M | -0.49 |
| Q4 FY2008 | 31 Dec 2008 | -783.70M | -4,900.59% | -53.82% | 26.49M | -810.19M | -3.66 |
| Q3 FY2008 | 30 Sept 2008 | 183.15M | -2.40% | 8.88% | 283.33M | -100.18M | 0.86 |
| Q2 FY2008 | 30 Jun 2008 | -592.75M | — | -37.43% | 459.63M | -1.05B | -2.77 |
| Q1 FY2008 | 31 Mar 2008 | 41.02M | -80.06% | 2.87% | 301.80M | -260.79M | 0.19 |
| Q4 FY2007 | 31 Dec 2007 | 16.33M | — | 1.09% | 108.64M | -92.32M | 0.08 |
| Q3 FY2007 | 30 Sept 2007 | 187.66M | +424.05% | 9.61% | 336.91M | -149.25M | 0.88 |
| Q2 FY2007 | 30 Jun 2007 | -458.38M | — | -30.94% | 463.28M | -921.65M | -2.14 |
| Q1 FY2007 | 31 Mar 2007 | 205.71M | -1.10% | 16.82% | 359.87M | -154.16M | 0.96 |
| Q4 FY2006 | 31 Dec 2006 | -120.65M | -760.38% | -10.46% | 40.47M | -161.12M | -0.56 |
| Q3 FY2006 | 30 Sept 2006 | 35.81M | -19.35% | 2.19% | 224.32M | -188.51M | 0.17 |
| Q2 FY2006 | 30 Jun 2006 | -355.23M | -213.85% | -27.47% | 339.83M | -695.06M | -1.56 |
| Q1 FY2006 | 31 Mar 2006 | 207.99M | -32.20% | 18.14% | 343.89M | -135.90M | 0.90 |
| Q4 FY2005 | 31 Dec 2005 | 18.27M | — | 1.77% | 127.52M | -109.25M | 0.08 |
| Q3 FY2005 | 30 Sept 2005 | 44.40M | -79.13% | 2.96% | 212.60M | -168.20M | 0.19 |
| Q2 FY2005 | 30 Jun 2005 | 312.01M | — | 25.93% | 389.54M | -77.52M | 1.32 |
| Q1 FY2005 | 31 Mar 2005 | 306.78M | +30.75% | 26.26% | 381.71M | -74.93M | 1.30 |
| Q4 FY2004 | 31 Dec 2004 | -837.00K | — | -0.09% | 116.21M | -117.04M | -0.00 |
| Q3 FY2004 | 30 Sept 2004 | 212.77M | — | 15.35% | 250.40M | -37.62M | 0.91 |
| Q2 FY2004 | 30 Jun 2004 | -250.00K | -100.12% | -0.02% | 396.57M | -396.82M | -0.00 |
| Q1 FY2004 | 31 Mar 2004 | 234.64M | +178.89% | 22.10% | 313.82M | -79.18M | 1.09 |
| Q4 FY2003 | 31 Dec 2003 | -328.13M | — | -37.37% | 166.02M | -494.15M | -1.59 |
| Q3 FY2003 | 30 Sept 2003 | -136.36M | -162.68% | -12.17% | 300.91M | -437.27M | -0.69 |
| Q2 FY2003 | 30 Jun 2003 | 208.63M | +1.54% | 23.03% | 264.47M | -55.84M | 1.07 |
| Q1 FY2003 | 31 Mar 2003 | 84.13M | -9.27% | 9.56% | 126.40M | -42.27M | 0.43 |
| Q4 FY2002 | 31 Dec 2002 | -383.82M | — | -49.15% | 154.05M | -537.87M | -1.96 |
| Q3 FY2002 | 30 Sept 2002 | 217.56M | — | 21.09% | 217.56M | 0.00 | 1.11 |
| Q2 FY2002 | 30 Jun 2002 | 205.47M | +173.34% | 25.00% | 321.81M | -116.34M | 1.05 |
| Q1 FY2002 | 31 Mar 2002 | 92.73M | — | 11.59% | 177.05M | -84.32M | 0.47 |
| Q4 FY2001 | 31 Dec 2001 | -514.83M | — | -78.48% | 59.91M | -574.74M | -2.67 |
| Q3 FY2001 | 30 Sept 2001 | -22.38M | — | -2.38% | 118.51M | -140.90M | -0.12 |
| Q2 FY2001 | 30 Jun 2001 | 75.17M | — | 9.15% | 274.54M | -199.38M | 0.39 |
| Q1 FY2001 | 31 Mar 2001 | -641.74M | -921.91% | -88.29% | 180.72M | -822.46M | -3.32 |
| Q4 FY2000 | 31 Dec 2000 | -69.82M | — | -10.87% | 58.19M | -128.01M | -0.36 |
| Q3 FY2000 | 30 Sept 2000 | -370.02M | -503.51% | -44.30% | 210.52M | -580.54M | -1.92 |
| Q2 FY2000 | 30 Jun 2000 | -220.57M | -293.99% | -32.40% | 271.25M | -491.82M | -1.15 |
| Q1 FY2000 | 31 Mar 2000 | 78.08M | — | 11.03% | 163.36M | -85.28M | 0.40 |
| Q4 FY1999 | 31 Dec 1999 | -560.72M | — | -96.02% | 31.86M | -592.58M | -2.95 |
| Q3 FY1999 | 30 Sept 1999 | 91.70M | +23.92% | 12.48% | 221.90M | -130.20M | 0.50 |
| Q2 FY1999 | 30 Jun 1999 | 113.70M | — | 18.41% | 195.90M | -82.20M | 0.63 |
| Q1 FY1999 | 31 Mar 1999 | -33.80M | -158.89% | -5.54% | 133.70M | -167.50M | -0.18 |
| Q4 FY1998 | 31 Dec 1998 | -145.10M | — | -25.23% | 24.66M | -169.75M | -0.80 |
| Q3 FY1998 | 30 Sept 1998 | 74.00M | — | 9.93% | 131.20M | -57.20M | 0.40 |
| Q2 FY1998 | 30 Jun 1998 | -110.90M | — | -16.89% | 221.20M | -332.10M | -0.61 |
| Q1 FY1998 | 31 Mar 1998 | 57.40M | — | 8.70% | 149.80M | -92.40M | 0.33 |
| Q4 FY1997 | 31 Dec 1997 | -205.60M | — | -38.91% | 105.60M | -311.20M | -1.25 |
| Q3 FY1997 | 30 Sept 1997 | -403.80M | -1,119.70% | -65.93% | 130.90M | -534.70M | -2.55 |
| Q2 FY1997 | 30 Jun 1997 | -214.50M | -373.25% | -53.16% | 117.70M | -332.20M | -1.57 |
| Q1 FY1997 | 31 Mar 1997 | -600.00K | — | -0.15% | 79.90M | -80.50M | -0.00 |
| Q4 FY1996 | 31 Dec 1996 | -265.80M | — | -83.45% | 65.00M | -330.80M | -2.04 |
| Q3 FY1996 | 30 Sept 1996 | 39.60M | -27.61% | 10.81% | 85.60M | -46.00M | 0.31 |
| Q2 FY1996 | 30 Jun 1996 | 78.50M | — | 22.11% | 95.90M | -17.40M | 0.61 |
| Q1 FY1996 | 31 Mar 1996 | -275.20M | -2,393.33% | -86.65% | 53.00M | -328.20M | -2.18 |
| Q4 FY1995 | 31 Dec 1995 | 0.00 | — | 0.00% | 31.30M | -31.30M | 0.00 |
| Q3 FY1995 | 30 Sept 1995 | 54.70M | +104.87% | 16.18% | 75.10M | -20.40M | 0.43 |
| Q2 FY1995 | 30 Jun 1995 | -269.60M | -2,550.91% | -95.43% | 78.00M | -347.60M | -2.14 |
| Q1 FY1995 | 31 Mar 1995 | 12.00M | -75.81% | 4.39% | 40.20M | -28.20M | 0.10 |
| Q4 FY1994 | 31 Dec 1994 | -15.30M | -138.15% | -5.43% | 25.20M | -40.50M | -0.12 |
| Q3 FY1994 | 30 Sept 1994 | 26.70M | -33.58% | 8.64% | 47.40M | -20.70M | 0.21 |
| Q2 FY1994 | 30 Jun 1994 | 11.00M | -78.52% | 3.77% | 77.60M | -66.60M | 0.09 |
| Q1 FY1994 | 31 Mar 1994 | 49.60M | +835.85% | 17.18% | 67.30M | -17.70M | 0.39 |
| Q4 FY1993 | 31 Dec 1993 | 40.10M | — | 15.20% | 48.40M | -8.30M | 0.33 |
| Q3 FY1993 | 30 Sept 1993 | 40.20M | — | 13.32% | 46.90M | -6.70M | 0.33 |
| Q2 FY1993 | 30 Jun 1993 | 51.20M | — | 18.49% | 76.60M | -25.40M | 0.45 |
| Q1 FY1993 | 31 Mar 1993 | 5.30M | — | 1.96% | 45.40M | -40.10M | 0.05 |
Figures in USD. Free cash flow is operating cash flow less capital expenditure. Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Total debt,Stock buybacks,Cash flow
Common questions about Royal Caribbean Group's free cash flow
Source: Financial Modeling Prep