Royal Caribbean Cruises (RCL) Gross Margin (2009 - 2026)
Royal Caribbean Cruises' Gross Margin was 51.51% in Q3 2026, down 0.25 percentage points from 51.76% a year earlier but up 4.22 percentage points from the prior quarter.
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Analysis
Royal Caribbean Cruises (RCL) Gross Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Royal Caribbean Cruises' Gross Margin was 49.06% through Sep 30, 2026, up 0.06 percentage points year-over-year; for FY2025, it came in at 49.36%, up 1.84 percentage points from FY2024.
- Gross Margin has now increased for four consecutive years, with a five-year change of +74.54 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was 47.51% in FY2024 (+3.45 pp), 44.06% in FY2023 (+18.91 pp), 25.16% in FY2022 (+103.94 pp) and -78.79% in FY2021 (-53.60 pp).
- Quarterly Gross Margin has moved between -23.92% (Q4 2021) and 51.76% (Q3 2025) over five years.
- Compared with a year earlier, Gross Margin was higher in six of the last eight quarters, with an average year-over-year change of +1.11 percentage points.
- The best year-over-year quarter for Gross Margin over five years was Q2 2022 (a gain of 757.50 percentage points); the worst was Q2 2026 (a drop of 2.40 percentage points).
- Per Business Quant data, RCL's Gross Margin in the three quarters before Q3 2026 was 47.29% (Q2 2026), 49.53% (Q1 2026) and 47.36% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 109.42 Bn | 107.69 Bn | 1.54 Bn | 22.03% |
| 2 | Royal Caribbean Cruises | 90.27 Bn | 87.21 Bn | 2.88 Bn | 51.51% |
| 3 | Hilton Worldwide Holdings | 83.50 Bn | 80.23 Bn | 3.05 Bn | 91.85% |
| 4 | Carnival | 41.84 Bn | 35.03 Bn | - | - |
| 5 | Viking Holdings | 38.38 Bn | 23.50 Bn | 996.62 Mn | 45.50% |
| 6 | Trip.com | 28.99 Bn | -16.04 Bn | 1.84 Bn | 79.81% |
| 7 | Intercontinental Hotels | 27.91 Bn | 23.88 Bn | - | - |
| 8 | Hyatt Hotels | 17.36 Bn | 14.77 Bn | 384.00 Mn | 22.03% |
| 9 | H World | 15.46 Bn | 6.86 Bn | 456.00 Mn | 43.43% |
| 10 | U-Haul Holding | 11.14 Bn | 6.79 Bn | 1.75 Bn | 98.83% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 51.51% |
| Jun 30, 2026 | 47.29% |
| Mar 31, 2026 | 49.53% |
| Dec 31, 2025 | 47.36% |
| Sep 30, 2025 | 51.76% |
| Jun 30, 2025 | 49.69% |
| Mar 31, 2025 | 48.01% |
| Dec 31, 2024 | 45.43% |
| Sep 30, 2024 | 51.06% |
| Jun 30, 2024 | 47.64% |
| Mar 31, 2024 | 44.85% |
| Dec 31, 2023 | 43.26% |
| Sep 30, 2023 | 48.63% |
| Jun 30, 2023 | 44.51% |
| Mar 31, 2023 | 37.87% |
| Dec 31, 2022 | 31.45% |
| Sep 30, 2022 | 34.30% |
| Jun 30, 2022 | 23.09% |
| Mar 31, 2022 | -11.87% |
| Dec 31, 2021 | -23.92% |
API Access
Royal Caribbean Cruises Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=RCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "RCL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=RCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();