Royal Caribbean Cruises Ltd. stock research
FY2026 Q1
Royal Caribbean Cruises (RCL) Gross Margin & Quarterly History
Explore Royal Caribbean Cruises Ltd. (RCL) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue was stable relative to the prior quarter and slightly higher year over year. Gross margin improved versus both periods, reflecting a stronger relationship between revenue growth and cost control.
- The improvement in gross margin was driven by revenue growing faster than cost of revenue, as revenue increased while cost of revenue remained unchanged sequentially and rose only modestly year over year.
- Compared to the immediately preceding quarter, gross margin was higher, supported by higher revenue and stable cost of revenue. Versus the same quarter one year earlier, gross margin also improved, with revenue growth outpacing the increase in cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
49.5%
Gross profit
$2.2B
Revenue
$4.5B
Cost of revenue
$2.2B
Quarter-over-quarter change
+2.2 pts
Year-over-year change
+1.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $4.5B | $2.3B | $2.3B | 49.7% |
| Sep 30, 2025 | $5.1B | $2.7B | $2.5B | 51.8% |
| Dec 31, 2025 | $4.3B | $2.0B | $2.2B | 47.4% |
| Mar 31, 2026 | $4.5B | $2.2B | $2.2B | 49.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+2.2 pts
Year-over-year change
Mar 31, 2025
+1.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was driven by revenue growing faster than cost of revenue, as revenue increased while cost of revenue remained unchanged sequentially and rose only modestly year over year.
Compared to the immediately preceding quarter, gross margin was higher, supported by higher revenue and stable cost of revenue. Versus the same quarter one year earlier, gross margin also improved, with revenue growth outpacing the increase in cost of revenue.
Monitor the trajectory of cost of revenue, which remained flat sequentially but increased year over year, as any acceleration could pressure gross margin.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Royal Caribbean Cruises Ltd. (RCL) | 49.5% |