Royal Caribbean Cruises (RCL) Operating Expenses (2009 - 2026)

For the trailing twelve months through Jun 30, 2026, Operating Expenses at Royal Caribbean Cruises was $2.25 billion, up 2.4% year-over-year; for FY2025, it was $2.49 billion, up 25.9% from FY2024.

• Annual Operating Expenses has increased for four consecutive years, with a five-year compound annual growth rate of 21.5% (FY2020 to FY2025).
• In prior years, Royal Caribbean Cruises' Operating Expenses was $1.98 billion in FY2024 (+6.5%), $1.86 billion in FY2023 (+31.1%), $1.42 billion in FY2022 (+57.9%) and $897 million in FY2021 (-4.5%).
• Quarterly Operating Expenses has run from a low of $323.42 million in Q3 2021 to a high of $673 million in Q4 2024 over five years.
• On a year-over-year basis, Operating Expenses increased in seven of the last eight quarters, with growth averaging 9.6%.
• The strongest year-over-year quarter for Operating Expenses in the past five years was Q4 2021, with growth of 96.8%; the weakest was Q4 2022, with a decline of 11.6%.
• According to Business Quant data, Operating Expenses for the three prior quarters was $582 million (Q1 2026), $630 million (Q4 2025) and $522 million (Q3 2025).