# Royal Caribbean Group (RCL) Forecast Calculator

Interactive five-year financial forecast and DCF for Royal Caribbean Group. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/royal-caribbean-group/forecast
- Industry: Consumer
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 10950661000 | 691703000 | 3328643000 | 1878887000 |
| 2022 | 2208805000 | -5696784000 | -3322303000 | -5797462000 |
| 2023 | 1532000000 | -4108000000 | -2577000000 | -5260000000 |
| 2024 | 8840000000 | -2229000000 | 641000000 | -2156000000 |
| 2025 | 13900000000 | 580000000 | 4333000000 | 1697000000 |

## Frequently asked questions

### What is Royal Caribbean Group's primary business?

Royal Caribbean Group is one of the world's largest cruise vacation companies, operating a global fleet of ships that travel to over 1,000 destinations. The company operates three global cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises.

### How does Royal Caribbean Group generate its revenue?

Royal Caribbean Group primarily generates revenue through passenger ticket sales, which account for approximately 68% of its total revenue. The remaining revenue comes from onboard spending and other services, making up about 32%.

### What is the typical capital expenditure profile for Royal Caribbean Group?

Royal Caribbean Group's capital expenditure is highly variable, typically ranging from 15-25% of revenue, driven by its ship delivery schedule. This includes significant growth capex for new ships, alongside maintenance capex for drydocks and IT.

### How does Royal Caribbean Group's working capital profile impact its cash flow?

Royal Caribbean Group benefits from a deeply negative net working capital profile, primarily due to customers paying in advance for cruises. This structural cash flow advantage, often exceeding $6 billion in customer deposits, helps fund growth.

### What is the forecast horizon for the Royal Caribbean Group financial model?

The downloadable financial model for Royal Caribbean Group provides a forecast horizon spanning from FY2026 through FY2030. This allows for an evaluation of the company's long-term financial trajectory and debt paydown.

### Can I download an Excel financial model for Royal Caribbean Group?

Yes, an Excel financial model for Royal Caribbean Group is available for download. This model evaluates the company's equity valuation and debt paydown trajectory by forecasting capacity growth, yield expansion, and cost leverage.