Royal Caribbean Cruises (RCL) Operating Margin (2009 - 2026)
Royal Caribbean Cruises (RCL) posted Operating Margin of 27.05% for Q2 2026, up 3.63% sequentially from 26.1% in Q1 2026, and down 224.0% YoY from 21.81% in Q2 2025.
Royal Caribbean Cruises (RCL) Operating Margin (2009 - 2026) Analysis & Trends
Royal Caribbean Cruises has reported Operating Margin for 18 years, with the latest figure at 27.05% in Q2 2026.
- Quarterly Operating Margin fell 224.0% year-over-year to 27.05% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 27.32% (up 95.0% YoY) and the FY2025 annual result came in at 27.38%, up 247.0% from the prior year.
- Operating Margin rose to 27.05% in Q2 2026 per RCL's latest filing, from 26.1% in the prior quarter.
- Over five years, Operating Margin peaked at 33.44% in Q3 2024 and troughed at 81.12% in Q1 2022.
- A 5-year average of 14.23% and a median of 21.9% in 2023 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2022 and 2026: Operating Margin soared 200031 bps in 2022, then tumbled 224 bps in 2026.
- Over 5 years, Operating Margin stood at 0.52% in 2022, then soared by 3218 bps to 17.11% in 2023, then fell by 3 bps to 16.6% in 2024, then soared by 32 bps to 21.91% in 2025, then climbed by 23 bps to 27.05% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 27.05%, 26.1%, and 21.91% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 159.34 Bn | 142.12 Bn | 4.98 Bn | 34.00% |
| 2 | Airbnb | 108.60 Bn | 96.53 Bn | 2.98 Bn | 21.01% |
| 3 | Royal Caribbean Cruises | 81.57 Bn | 80.88 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 44.18 Bn | 40.38 Bn | 713.43 Mn | 20.91% |
| 5 | Carnival | 38.51 Bn | 36.29 Bn | - | 12.77% |
| 6 | Expedia | 38.08 Bn | 30.96 Bn | 3.91 Bn | 18.54% |
| 7 | Trip.com | 29.19 Bn | 17.73 Bn | 1.86 Bn | 24.34% |
| 8 | Norwegian Cruise Line Holdings | 8.73 Bn | 8.51 Bn | 1.05 Bn | 13.76% |
| 9 | MakeMyTrip | 5.85 Bn | 5.09 Bn | 212.91 Mn | 15.30% |
| 10 | Global Business Travel | 4.94 Bn | 4.47 Bn | 514.00 Mn | 2.76% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 27.05% |
| Mar 31, 2026 | 26.10% |
| Dec 31, 2025 | 21.91% |
| Sep 30, 2025 | 33.12% |
| Jun 30, 2025 | 29.29% |
| Mar 31, 2025 | 23.63% |
| Dec 31, 2024 | 16.60% |
| Sep 30, 2024 | 33.44% |
| Jun 30, 2024 | 26.74% |
| Mar 31, 2024 | 20.12% |
| Dec 31, 2023 | 17.11% |
| Sep 30, 2023 | 30.41% |
| Jun 30, 2023 | 21.88% |
| Mar 31, 2023 | 9.42% |
| Dec 31, 2022 | 0.52% |
| Sep 30, 2022 | 9.97% |
| Jun 30, 2022 | -10.01% |
| Mar 31, 2022 | -81.12% |
| Dec 31, 2021 | -105.02% |
| Sep 30, 2021 | -220.11% |