Royal Caribbean Cruises (RCL) Operating Margin (2009 - 2026)
Royal Caribbean Cruises' Operating Margin came in at 33.46% for Q3 2026, up 0.35 percentage points from 33.12% a year earlier and up 6.42 percentage points from the prior quarter.
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Analysis
Royal Caribbean Cruises (RCL) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Royal Caribbean Cruises reported Operating Margin of 27.56%, up 1.18 percentage points year-over-year; for FY2025, it was 27.38%, up 2.47 percentage points from FY2024.
- Operating Margin has increased in each of the last four years, with a five-year change of +235.70 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 24.91% in FY2024 (+4.20 pp), 20.71% in FY2023 (+29.37 pp), -8.67% in FY2022 (+243.95 pp) and -252.61% in FY2021 (-44.28 pp).
- The Q3 2026 figure represents the highest quarterly Operating Margin in data going back to Q1 2009.
- Year-over-year, Operating Margin increased in five of the last eight quarters, with an average year-over-year change of +1.39 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q4 2021 (a gain of 2872.74 percentage points), and the weakest in Q2 2026 (a drop of 2.24 percentage points).
- Business Quant data shows RCL's Operating Margin at 27.05% (Q2 2026), 26.10% (Q1 2026) and 21.91% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 109.60 Bn | 107.87 Bn | 1.54 Bn | 18.19% |
| 2 | Royal Caribbean Cruises | 90.34 Bn | 87.28 Bn | 2.88 Bn | 33.46% |
| 3 | Hilton Worldwide Holdings | 83.57 Bn | 80.31 Bn | 3.05 Bn | 27.34% |
| 4 | Carnival | 41.95 Bn | 35.13 Bn | - | 26.32% |
| 5 | Viking Holdings | 38.55 Bn | 23.68 Bn | 996.62 Mn | 29.40% |
| 6 | Trip.com | 28.99 Bn | -16.05 Bn | 1.84 Bn | -9.36% |
| 7 | Intercontinental Hotels | 27.93 Bn | 23.90 Bn | - | - |
| 8 | Hyatt Hotels | 17.36 Bn | 14.78 Bn | 384.00 Mn | -66.38% |
| 9 | H World | 15.47 Bn | 6.87 Bn | 456.00 Mn | 31.05% |
| 10 | U-Haul Holding | 11.14 Bn | 6.79 Bn | 1.75 Bn | 14.95% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 33.46% |
| 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% |
API Access
Royal Caribbean Cruises Operating 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=operating-margin&ticker=RCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=RCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();