RCL Royal Caribbean Cruises Ltd. Common Stock
NYSE · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 28, 2026RCL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Aug. 3, 1998 | 2-for-1 | Forward |
About Royal Caribbean Cruises Ltd. Common Stock Company overview from Wikipedia
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd Cruises, with the Group's global fleet consisting of 71 ships.
History
Royal Caribbean was founded in 1969 in Norway. Royal Caribbean Group was formed as Royal Caribbean Cruises Ltd. in 1997 when Royal Caribbean Cruise Line purchased Celebrity Cruises. The decision was made to keep the two cruise line brands separate following the merger; as a result Royal Caribbean Cruise Line was re-branded Royal Caribbean International and Royal Caribbean Cruises Ltd. was established as the new parent company of both Royal Caribbean International and Celebrity Cruises.
A third brand under Royal Caribbean Cruises ownership was formed in 2000 when Island Cruises was created as a joint venture with First Choice Holidays. Island Cruises became an informal cruise line on the British and Brazilian markets.
In November 2006, Royal Caribbean Cruises purchased Pullmantur Cruises based in Madrid, Spain. From there, the company expanded with the creation of Celebrity Cruises subsidiary, Azamara Cruises, in 2007. It followed this with the formation of CDF Croisières de France in May 2008 to serve the French-language market.
Royal Caribbean also has an interest in TUI Cruises, a joint venture with TUI AG, which began operations in 2009 aimed at a German-speaking market. TUI Cruises' subsidiary, TUI Travel, had a 50% interest in Island Cruises following their merger with First Choice Holidays in 2007. In October 2008, Royal Caribbean Cruises rationalized their holdings by selling their share of Island Cruises to TUI.
In 2016, Royal Caribbean sold 51% of Pullmantur and CDF to Cruises Investment Holdings S.A.R.L.
In early 2019, Royal Caribbean announced in a joint venture with ITM Group the formation of Holistica, a cruise destination development company. The company developed the Grand Lucayan Resort, located in Freeport.
On July 10, 2020, Royal Caribbean Cruises purchased the remaining shares of Silversea Cruises. That same month, it also changed its name to Royal Caribbean Group. It also adjusted its logo. Royal Caribbean sold Azamara Cruises to Sycamore Partners in March 2021 for $201 million.
In July 2022, Royal Caribbean Group received court approval to purchase Endeavor, a former Crystal Cruise ship, for $275 million. The ship was renamed Silver Endeavour when it officially joins the Royal Caribbean's subsidiary, Silversea Cruises' fleet.
On February 1, 2024, Royal Caribbean Group broke ground on a new headquarters building between its two existing headquarters buildings at PortMiami.
Brands and ships
Royal Caribbean International
Royal Caribbean International (RCI) is a cruise line founded in 1969 in Norway. It reorganized as a wholly owned subsidiary in 1997 and was renamed to Royal Caribbean Group in 2020.
Based in Miami, Florida, it is the largest cruise line by revenue and second largest by passenger counts. As of 2025, Royal Caribbean International controlled 27.0% of the worldwide cruise market by passengers and 24.8% by revenue.
List of Royal Caribbean International ships
Celebrity Cruises
Celebrity Cruises is a cruise line headquartered in Miami, Florida, and is a wholly owned subsidiary of Royal Caribbean Group. Celebrity Cruises was founded in 1988 by the Greece-based Chandris Group, and merged with Royal Caribbean Cruise Line in 1997.
List of Celebrity Cruises ships
Celebrity River Cruises
In 2025, Celebrity Cruises announced the addition of Celebrity River Cruises and an initial order of 10 river cruise ships. In 2026, company officials confirmed the fleet intends to operate at least 20 ships by 2031. The first two ships, the Celebrity Compass and Celebrity Seeker, scheduled to begin sailing in 2027 on the Rhine and Danube rivers.
Silversea Cruises
Silversea Cruises is a luxury cruise line headquartered in Monaco. It was founded in 1994 by Antonio Lefebvre d'Ovidio and V-Ships (formerly Vlasov Group). In 2018, Royal Caribbean Group acquired a 66.7% stake in Silversea Cruises, adding ultra-luxury and expedition cruising to its portfolio. In 2020, the company acquired the remaining shares of Silversea Cruises, becoming the sole owner.
List of Silversea Cruises ships
Other significant investments
TUI Cruises
Holistica Destinations
Holistica Destinations was formed in early 2019 as a joint venture between Royal Caribbean Group and the ITM Group with the intention of purchasing the Grand Lucayan Resort and re-developing the neighbouring Freeport Harbour in The Bahamas as a cruise destinations that would benefit the local Freeport economy. However, the Government of the Bahamas withdrew support for the re-development of the Grand Lucayan Resort citing that it was 'not in the best interests of the Bahamian people'. Holistica continues to plan for a Freeport Harbour re-development.
Holistica also operates three other Caribbean cruise destinations. These are Costa Maya in Mexico, Roatan in Honduras, and Puerto Plata in the Dominican Republic.
Grand Bahama Shipyard
Grand Bahama Shipyard is a ship maintenance facility located in Freeport, the Bahamas. Royal Caribbean Group holds a 40% stake. Other investors include Carnival Corporation (40% stake) and the Grand Bahama Port Authority (20% stake), and MSC Cruises.
Royal Caribbean Group and Carnival Corporation announced a joint investment of $350 million in the shipyard in 2021, partly in response to damage suffered to the facility after an incident involving the collapse of two cranes during maintenance on Oasis of the Seas and damages caused by Hurricane Dorian, both occurring in 2019.
iCON Infrastructure partnership
Royal Caribbean Group and iCON Infrastructure entered a partnership in 2022 to own, manage, and develop strategic cruise port infrastructure in home ports and key ports of call. The partnership includes Royal Caribbean International-operated Terminal A in PortMiami, as well as several development projects in Spain, Italy, and the U.S. Virgin Islands. Royal Caribbean Group holds a 10% stake.
Strategic partnership with Meyer Turku and Finland
In December 2022, Royal Caribbean announced a strategic partnership with Meyer Turku and the government of Finland to engage in sustainable shipbuilding in Finland.
Former brands
Island Cruises (50% share, owned 2000–2008)
CDF Croisières de France (2007–2017)
SkySea Cruise Lines (35%, 2016–2018)
Azamara Cruises (2000–2021, sold)
Pullmantur Cruises (2000–2020, defunct)
Admiral Cruises (1988–1992)
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RCL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 17.25Y avg ≈10.0 | ≈10.0 | 17.8 | Fair value |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RCL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 27.3%5Y avg ≈-37.6% | ≈-37.6% | 21.0% | Top tier | |
| EBITDA Margin | 27.4%5Y avg ≈-37.6% | ≈-37.6% | 22.4% | Top tier | |
| Pretax Margin | 24.4% | · | 21.7% | In line | |
| Net Profit Margin (TTM) | 23.5%5Y avg ≈-62.9% | ≈-62.9% | 14.4% | Top tier | |
| ROA (TTM) | 10.6%5Y avg ≈0.19% | ≈0.19% | 5.5% | Top tier | |
| ROE (TTM) | 45.3%5Y avg ≈-4.0% | ≈-4.0% | 24.8% | Top tier | |
| ROIC | 48.0% | · | 20.0% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RCL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.25Y avg ≈0.3 | ≈0.3 | 0.6 | Low liquidity | |
| Quick Ratio | 0.15Y avg ≈0.2 | ≈0.2 | 0.5 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RCL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 8.8%5Y avg ≈106.2% | ≈106.2% | · | · | |
| Revenue CAGR 3Y | 26.6%5Y avg ≈77.3% | ≈77.3% | · | · | |
| Revenue CAGR 5Y | 52.0% | · | · | · | |
| EPS YoY | 42.7% | · | · | · | |
| Net Income YoY | 48.4% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | RCL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.3 | ≈0.3 | 0.5 | Weak | |
| Inventory Turnover | 34.35Y avg ≈31.2 | ≈31.2 | · | · | |
| Receivables Turnover | 52.15Y avg ≈29.5 | ≈29.5 | 7.4 | Top tier | |
| Revenue / Employee | ≈$166.1K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 17, 2026 | $1.50 | USD | ≈2.2% |
| Jun 3, 2026 | $1.50 | USD | ≈1.7% |
| Mar 6, 2026 | $1.50 | USD | ≈1.5% |
| Dec 26, 2025 | $1.00 | USD | ≈1.2% |
| Sep 25, 2025 | $1.00 | USD | ≈0.94% |
| Jun 4, 2025 | $0.75 | USD | ≈0.92% |
| Mar 7, 2025 | $0.75 | USD | ≈0.79% |
| Dec 27, 2024 | $0.55 | USD | ≈0.41% |
| Sep 20, 2024 | $0.40 | USD | ≈0.23% |
| Mar 5, 2020 | $0.78 | USD | ≈4.6% |
| Dec 19, 2019 | $0.78 | USD | ≈2.3% |
| Sep 19, 2019 | $0.78 | USD | ≈2.6% |
| Jun 3, 2019 | $0.70 | USD | ≈2.3% |
| Mar 6, 2019 | $0.70 | USD | ≈2.3% |
| Dec 19, 2018 | $0.70 | USD | ≈2.6% |
| Sep 20, 2018 | $0.70 | USD | ≈1.9% |
| Jun 1, 2018 | $0.60 | USD | ≈2.3% |
| Mar 6, 2018 | $0.60 | USD | ≈1.8% |
| Dec 20, 2017 | $0.60 | USD | ≈1.7% |
| Sep 21, 2017 | $0.60 | USD | ≈1.8% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 27, 2026 | $4.21 | $4.02 | 4.6% |
| March 31, 2026 | $3.60 | $3.22 | 11.8% | |
| Dec. 31, 2025 | $2.80 | $2.83 | -0.94% | |
| Sept. 30, 2025 | $5.75 | $5.73 | 0.37% | |
| June 30, 2025 | $4.38 | $4.13 | 6.1% | |
| March 31, 2025 | $2.71 | $2.57 | 5.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B | $2.21B | $10.95B | $9.49B | $8.78B | $8.50B | $8.30B | $8.07B | |
| Cost of Revenue | $9.08B | $8.65B | $7.78B | $6.62B | $2.74B | $2.77B | $6.06B | $5.26B | $4.90B | $5.02B | $5.10B | $5.31B | |
| SG&A Expense | $2.22B | $2.12B | $1.79B | $1.58B | $1.37B | $1.20B | $1.56B | $1.30B | $1.19B | $1.11B | $1.09B | $1.05B | |
| Operating Expenses | · | · | · | · | · | · | · | · | $7.03B | $7.02B | $7.42B | $7.13B | |
| Operating Income | $4.91B | $4.11B | $2.88B | $-766M | $-3.87B | $-4.60B | $2.08B | $1.89B | $1.74B | $1.48B | $875M | $942M | |
| Interest Expense | · | · | $1.40B | $1.36B | $1.29B | $844M | $409M | $334M | $300M | $307M | $278M | $258M | |
| Other Non-op | $17M | $149M | $-2M | $-119M | $20M | $-137M | $-25M | $11M | $-5M | $-36M | $-24M | $19M | |
| Pretax Income | $4.37B | $2.94B | $1.71B | · | · | · | · | · | · | · | · | · | |
| Income Tax | $82M | $46M | $6M | $4M | $-45M | · | · | · | · | · | · | · | |
| Net Income | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B | $-5.80B | $1.88B | $1.81B | $1.63B | $1.28B | $666M | $764M | |
| EPS (Basic) | $15.75 | $11.00 | $6.63 | $-8.45 | $-20.89 | $-27.05 | $8.97 | $8.60 | $7.57 | $5.96 | $3.03 | $3.45 | |
| EPS (Diluted) | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 | $-27.05 | $8.95 | $8.56 | $7.53 | $5.93 | $3.02 | $3.43 | |
| Shares (Basic) | 271,000,000 | 261,000,000 | 256,000,000 | 255,000,000 | 252,000,000 | 214,335,000 | 209,405,000 | 210,570,000 | 214,617,000 | 215,393,000 | 219,537,000 | 221,658,000 | |
| Shares (Diluted) | 274,000,000 | 279,000,000 | 283,000,000 | 255,000,000 | 252,000,000 | 214,335,000 | 209,930,000 | 211,554,000 | 215,694,000 | 216,316,000 | 220,689,000 | 223,044,000 | |
| EBITDA | $4.91B | $4.11B | $2.88B | $-764M | $-3.87B | $-4.60B | $2.08B | $1.89B | $1.74B | $1.48B | $875M | $942M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $825M | $388M | $497M | $1.94B | $2.70B | $3.68B | $244M | $288M | $120M | $133M | $122M | $189M | |
| Receivables | $317M | $371M | $405M | $531M | $408M | $284M | $306M | $325M | $319M | $292M | $239M | $261M | |
| Inventory | $264M | $265M | $248M | $224M | $150M | $119M | $162M | $154M | $111M | $114M | $121M | $123M | |
| Prepaid Expense | $690M | $670M | $617M | $456M | $286M | $154M | $429M | $457M | $258M | $210M | $221M | $227M | |
| Current Assets | $2.21B | $1.71B | $1.79B | $3.21B | $3.60B | $4.31B | $1.16B | $1.24B | $908M | $748M | $837M | $801M | |
| PP&E (Net) | $35.70B | $31.83B | $30.11B | $27.55B | $25.91B | $25.25B | $25.47B | $23.47B | $19.74B | $20.16B | $18.78B | $18.19B | |
| PP&E (Gross) | $52.67B | $47.14B | $43.92B | $40.08B | $37.09B | $35.26B | $35.55B | $32.44B | $27.78B | $28.14B | $26.22B | $25.28B | |
| Accum. Depreciation | $16.98B | $15.31B | $13.81B | $12.53B | $11.18B | $10.02B | $10.08B | $8.97B | $8.04B | $7.98B | $7.44B | $7.09B | |
| Goodwill | $808M | $808M | $809M | $809M | $809M | $809M | $1.39B | $1.38B | $289M | $288M | $287M | $287M | |
| Intangibles | $390M | $404M | $418M | $426M | $435M | $445M | $489M | $502M | · | · | $0 | $0 | |
| Other Non-current Assets | $2.28B | $2.05B | $1.80B | $1.68B | $1.40B | $1.50B | $1.62B | $1.61B | $1.43B | $1.11B | $880M | $1.30B | |
| Total Assets | $41.62B | $37.07B | $35.13B | $33.78B | $32.26B | $32.47B | $30.32B | $27.70B | $22.36B | $22.31B | $20.78B | $20.71B | |
| Accounts Payable | $953M | $919M | $792M | $647M | $546M | $353M | $564M | $488M | $360M | $305M | $302M | $332M | |
| Accrued Liabilities | $2.03B | $1.64B | $1.48B | $1.46B | $888M | $616M | $1.08B | $900M | $903M | $692M | $659M | $635M | |
| Short-term Debt | · | · | · | · | $0 | $409M | $1.43B | $775M | $0 | · | · | · | |
| Current Liabilities | $12.05B | $9.82B | $9.40B | $8.57B | $7.29B | $4.54B | $7.95B | $7.11B | $4.85B | $4.44B | $4.29B | $3.85B | |
| Capital Leases | $600M | $670M | $613M | $523M | $535M | $564M | $602M | · | · | · | · | · | |
| Other Non-current Liabilities | $554M | $375M | $486M | $508M | $505M | $646M | $618M | $583M | $453M | $646M | $799M | $935M | |
| Total Liabilities | $31.37B | $29.34B | $30.23B | $30.91B | $27.17B | $23.70B | $17.59B | $16.05B | $11.66B | · | · | · | |
| Total Debt | · | · | · | · | $0 | $409M | $1.43B | $775M | · | · | · | · | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Retained Earnings | $5.92B | $2.61B | $-10M | $-1.71B | $302M | $5.56B | $11.52B | $10.26B | $9.02B | $7.86B | $6.94B | $6.58B | |
| Treasury Stock | $3.25B | $2.08B | $2.07B | $2.07B | $2.07B | $2.06B | $2.06B | $1.95B | $1.38B | $1.15B | $853M | $650M | |
| AOCI | $-604M | $-802M | $-674M | $-644M | $-711M | $-739M | $-798M | $-628M | $-334M | $-916M | $-1.33B | $-897M | |
| Stockholders' Equity | $10.04B | $7.56B | $4.72B | $2.87B | $5.09B | $8.76B | $12.16B | $11.11B | $10.70B | $9.12B | $8.06B | $8.28B | |
| Liabilities + Equity | $41.62B | $37.07B | $35.13B | $33.78B | $32.26B | $32.47B | $30.32B | $27.70B | $22.36B | $22.31B | $20.78B | $20.71B |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.72B | $1.60B | $1.46B | $1.41B | $1.29B | $1.28B | $1.25B | $1.03B | $951M | $895M | $827M | $772M | |
| Stock-based Comp | $175M | $267M | $126M | $36M | $64M | $40M | $76M | $46M | $69M | $33M | $36M | $26M | |
| Deferred Tax | $18M | · | · | · | · | · | · | · | · | · | $-12M | $-34M | |
| Restructuring | · | · | · | · | · | · | $12M | $0 | $0 | · | · | $4M | |
| Operating Cash Flow | $6.46B | $5.26B | $4.48B | $481M | $-1.88B | $-3.73B | $3.72B | $3.48B | $2.87B | $2.52B | $1.95B | $1.74B | |
| CapEx | $5.23B | $3.27B | $3.90B | $2.71B | $2.23B | $1.97B | $3.02B | $3.66B | $564M | $2.49B | $1.61B | $1.81B | |
| Investing Cash Flow | $-5.01B | $-3.45B | $-3.92B | $-2.99B | $-2.15B | $-2.18B | $-3.09B | $-4.49B | $-214M | $-2.72B | $-1.74B | $-1.77B | |
| Debt Issued | $4.67B | $10.32B | $7.64B | $9.79B | $4.47B | $13.55B | $3.53B | $8.59B | $5.87B | $7.34B | $4.40B | $4.15B | |
| Net Debt Issued | $1.14B | $-1.33B | $-1.93B | $2.06B | $2.17B | $9.70B | $-535M | $1.63B | $-1.97B | $973M | $281M | $430M | |
| Stock Repurchased | $1.16B | $0 | $0 | · | $0 | $0 | $100M | $575M | $225M | $300M | $200M | $236M | |
| Net Stock Activity | $-1.16B | · | · | · | $0 | $0 | $-100M | $-575M | $-225M | $-300M | $-200M | $-236M | |
| Dividends Paid | $824M | $107M | $0 | $0 | $0 | $326M | $603M | $527M | $437M | $346M | $280M | $199M | |
| Financing Cash Flow | $-1.02B | $-1.92B | $-1.99B | $1.74B | $3.04B | $9.35B | $-670M | $1.20B | $-2.68B | $244M | $-254M | $17M | |
| Net Change in Cash | $437M | $-109M | $-1.44B | $-767M | $-982M | $3.44B | $-44M | $168M | $-12M | $11M | $-68M | $-15M | |
| Free Cash Flow | $1.24B | $2.00B | $580M | $-2.23B | $-4.11B | $-5.70B | $692M | $-181M | $2.31B | $22M | $333M | $-68M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.4% | 24.9% | 20.7% | -8.6% | -252.6% | -208.3% | 19.0% | -629.8% | 19.9% | 17.4% | 10.5% | 11.7% | |
| Net Margin | 23.8% | 17.4% | 12.2% | -24.4% | -343.3% | -262.5% | 17.2% | -601.9% | 18.5% | 15.1% | 8.0% | 9.5% | |
| Pretax Margin | 24.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 27.4% | 24.9% | 20.7% | -8.6% | -252.6% | -208.3% | 19.0% | -629.8% | 19.9% | 17.4% | 10.5% | 11.7% | |
| ROA | 10.8% | 8.0% | 4.9% | -6.5% | -16.3% | -18.5% | 6.5% | 7.2% | 7.3% | 6.0% | 3.2% | 3.8% | |
| ROE | 48.5% | 46.8% | 44.7% | -68.8% | -91.1% | -67.8% | 15.6% | 16.1% | 16.4% | 14.9% | 8.2% | 8.9% | |
| ROIC | 48.0% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 | 1.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.4 | 0.9 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Debt / Equity | · | · | · | · | 0.0 | 0.0 | 0.1 | 0.1 | · | · | · | · | |
| Interest Coverage | · | · | 2.1 | -0.6 | -3.0 | -5.5 | 5.1 | 5.7 | 5.8 | 4.8 | 3.2 | 3.6 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.3 | 0.0 | 0.1 | 0.4 | -0.0 | 0.4 | 0.4 | 0.4 | 0.4 | |
| Inventory Turnover | 34.3 | 33.7 | 32.9 | 35.3 | 19.8 | 19.7 | 38.4 | 39.7 | 43.4 | 42.6 | 41.7 | 38.6 | |
| Receivables Turnover | 52.1 | 42.5 | 29.7 | 18.8 | 4.4 | 7.5 | 34.7 | -0.9 | 28.8 | 32.0 | 33.2 | 31.0 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $65.46 | $59.08 | $49.12 | $34.67 | $6.08 | $10.31 | $52.16 | $-1.42 | $40.70 | $39.28 | $37.61 | $36.20 | |
| Cash Flow / Share | $23.59 | $18.87 | $15.82 | $1.89 | $-7.46 | $-17.41 | $17.70 | $16.45 | $13.33 | $11.63 | $8.82 | $7.82 | |
| Dividend / Share | $3.50 | $0.95 | $0.00 | $0.00 | · | $0.78 | $2.96 | $2.60 | $2.16 | $1.71 | · | · | |
| Dividend Paid / Share | · | · | $0.00 | · | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 | $-27.05 | $8.95 | $8.56 | $7.53 | $5.93 | $3.02 | $3.43 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.8% | 18.6% | 57.2% | 477.0% | -30.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 26.6% | 120.8% | 84.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 52.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 42.7% | 73.4% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 48.4% | 69.5% | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 20.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B | $2.21B | $10.95B | $9.49B | $8.78B | $8.50B | $8.30B | $8.07B | |
| Net Income TTM | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B | $-5.80B | $1.88B | $1.81B | $1.63B | $1.28B | $666M | $764M | |
| P/E | 17.9 | 21.1 | 20.5 | -5.8 | -3.7 | -2.8 | 14.9 | 11.4 | 15.8 | 13.8 | 33.5 | 24.0 | |
| Earnings Yield | 5.6% | 4.7% | 4.9% | -17.1% | -27.2% | -36.2% | 6.7% | 8.8% | 6.3% | 7.2% | 3.0% | 4.2% | |
| Payout Ratio | 19.3% | 3.7% | · | 0.00% | 0.00% | -5.6% | 32.1% | 29.1% | 26.9% | 27.0% | 42.1% | 26.0% | |
| Annual Payout | $824M | $107M | $0 | $0 | $0 | $326M | $603M | $527M | $437M | $346M | $280M | $199M |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.83B | $4.45B | $4.26B | $5.14B | $4.54B | $4.00B | $3.76B | $4.89B | $4.11B | $3.73B | $3.33B | $4.16B | $3.52B | $2.89B | $2.60B | $2.99B | |
| Cost of Revenue | $2.55B | $2.25B | $2.24B | $2.48B | $2.28B | $2.08B | $2.05B | $2.39B | $2.15B | $2.06B | $1.89B | $2.14B | $1.96B | $1.79B | $1.78B | $1.97B | |
| SG&A Expense | $513M | $582M | $631M | $522M | $508M | $562M | $673M | $451M | $466M | $535M | $503M | $393M | $435M | $461M | $444M | $373M | |
| Operating Income | $1.31B | $1.16B | $934M | $1.70B | $1.33B | $945M | $623M | $1.63B | $1.10B | $750M | $570M | $1.26B | $771M | $272M | $13M | $298M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $424M | · | $341M | $356M | $360M | · | $352M | |
| Other Non-op | $7M | $2M | $70M | $-36M | $11M | $5M | $186M | $-26M | $-3M | $-8M | $6M | $-8M | $-5M | $5M | $-124M | $780.0K | |
| Pretax Income | $1.15B | $976M | · | · | $1.23B | $751M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $14M | $26M | · | · | $17M | $16M | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $1.13B | $941M | $753M | $1.57B | $1.21B | $730M | $552M | $1.11B | $854M | $360M | $277M | $1.01B | $459M | $-48M | $-500M | $33M | |
| EPS (Basic) | $4.21 | $3.49 | $2.80 | $5.79 | $4.45 | $2.71 | $2.06 | $4.22 | $3.32 | $1.40 | $1.09 | $3.94 | $1.79 | $-0.19 | $-1.95 | $0.13 | |
| EPS (Diluted) | $4.20 | $3.48 | $2.76 | $5.74 | $4.41 | $2.70 | $2.27 | $4.21 | $3.11 | $1.35 | $1.15 | $3.65 | $1.70 | $-0.19 | $-1.95 | $0.13 | |
| Shares (Basic) | 268,000,000 | 270,000,000 | · | 272,000,000 | 272,000,000 | 269,000,000 | · | 263,000,000 | 257,000,000 | 257,000,000 | · | 256,000,000 | 256,000,000 | 255,000,000 | · | 255,071,000 | |
| Shares (Diluted) | 268,000,000 | 271,000,000 | · | 274,000,000 | 275,000,000 | 276,000,000 | · | 264,000,000 | 281,000,000 | 281,000,000 | · | 282,000,000 | 282,000,000 | 255,000,000 | · | 255,378,000 | |
| EBITDA | $1.31B | $1.16B | · | $1.70B | $1.33B | $945M | · | $1.63B | $1.10B | $750M | · | $1.27B | $772M | $272M | · | $298M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $875M | $512M | $825M | $432M | $735M | $386M | $388M | $418M | $391M | $437M | · | $600M | $726M | $1.23B | · | $1.57B | |
| Receivables | $441M | $479M | $317M | $356M | $431M | $427M | $371M | $441M | $412M | $455M | · | $360M | $375M | $379M | · | $534M | |
| Inventory | $267M | $271M | $264M | $269M | $247M | $256M | $265M | $265M | $242M | $236M | · | $242M | $216M | $221M | · | $237M | |
| Prepaid Expense | $803M | $719M | $690M | $652M | $785M | $723M | $670M | $667M | $790M | $690M | · | $509M | $605M | $544M | · | $436M | |
| Current Assets | $2.43B | $2.20B | $2.21B | $1.89B | $2.45B | $1.83B | $1.71B | $1.83B | $1.89B | $1.87B | · | $1.78B | $1.97B | $2.41B | · | $2.84B | |
| PP&E (Net) | · | · | $35.70B | · | · | · | $31.83B | · | · | · | · | · | · | · | · | · | |
| PP&E (Gross) | · | · | $52.67B | · | · | · | $47.14B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $16.98B | · | · | · | $15.31B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $808M | $808M | $808M | $808M | $808M | $808M | $808M | $809M | $809M | $809M | · | $809M | $809M | $809M | · | $809M | |
| Intangibles | · | · | $390M | · | · | · | $404M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $2.53B | $2.48B | $2.28B | $2.17B | $2.28B | $2.25B | $2.05B | $2.07B | $1.93B | $1.89B | · | $1.79B | $1.66B | $1.66B | · | $1.57B | |
| Total Assets | $44.64B | $41.99B | $41.62B | $40.11B | $38.54B | $37.45B | $37.07B | $37.07B | $36.97B | $35.19B | · | $32.77B | $32.92B | $32.87B | · | $33.46B | |
| Accounts Payable | $1.09B | $1.01B | $953M | $828M | $959M | $956M | $919M | $851M | $821M | $876M | · | $715M | $692M | $715M | · | $624M | |
| Accrued Liabilities | $2.17B | $1.97B | $2.03B | $1.85B | $1.70B | $1.50B | $1.64B | $1.48B | $1.41B | $1.24B | · | $1.21B | $1.39B | $1.20B | · | $859M | |
| Current Liabilities | $11.65B | $11.06B | $12.05B | $11.47B | $10.57B | $10.30B | $9.82B | $9.63B | $9.89B | $9.90B | · | $9.24B | $9.67B | $9.44B | · | $9.79B | |
| Capital Leases | $611M | $599M | $600M | $613M | $639M | $655M | $670M | $648M | $591M | $603M | · | $517M | $538M | $510M | · | $543M | |
| Other Non-current Liabilities | $654M | $632M | $554M | $536M | $358M | $362M | $375M | $592M | $522M | $481M | · | $489M | $492M | $489M | · | $538M | |
| Total Liabilities | $34.18B | $31.96B | $31.37B | $29.82B | $29.18B | $29.31B | $29.34B | $29.84B | $30.79B | $29.86B | · | $28.17B | $29.38B | $29.85B | · | $30.26B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Retained Earnings | $7.19B | $6.46B | $5.92B | $5.44B | $4.14B | $3.14B | $2.61B | $2.21B | $1.20B | $350M | · | $-288M | $-1.30B | $-1.76B | · | $-1.21B | |
| Treasury Stock | $4.33B | $4.13B | $3.25B | $2.75B | $2.33B | $2.33B | $2.08B | $2.08B | $2.08B | $2.08B | · | $2.07B | $2.07B | $2.07B | · | $2.07B | |
| AOCI | $-516M | $-385M | $-604M | $-528M | $-519M | $-695M | $-802M | $-753M | $-654M | $-617M | · | $-645M | $-680M | $-678M | · | $-792M | |
| Stockholders' Equity | $10.24B | $9.81B | $10.04B | $10.09B | $9.17B | $7.96B | $7.56B | $7.04B | $6.01B | $5.15B | · | $4.42B | $3.36B | $2.85B | · | $3.21B | |
| Liabilities + Equity | $44.64B | $41.99B | $41.62B | $40.11B | $38.54B | $37.45B | $37.07B | $37.07B | $36.97B | $35.19B | · | $32.77B | $32.92B | $32.87B | · | $33.46B |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $464M | $461M | $454M | $435M | $417M | $412M | $410M | $410M | $393M | $387M | $368M | $365M | $362M | $360M | $361M | $355M | |
| Stock-based Comp | $30M | $38M | $39M | $44M | $39M | $53M | $158M | $26M | $38M | $45M | $47M | $13M | $40M | $26M | $12M | $14M | |
| Operating Cash Flow | $1.86B | $1.83B | $1.62B | $1.47B | $1.75B | $1.63B | $1.47B | $897M | $1.57B | $1.33B | $1.12B | $660M | $1.39B | $1.31B | $576M | $-45M | |
| CapEx | $2.74B | $500M | $1.51B | $2.46B | $836M | $428M | $552M | $334M | $2.14B | $242M | $2.57B | $281M | $796M | $252M | $167M | $226M | |
| Investing Cash Flow | $-2.67B | $-529M | $-1.48B | $-2.39B | $-706M | $-440M | $-641M | $-311M | $-2.20B | $-296M | $-2.57B | $-327M | $-787M | $-234M | $-116M | $-343M | |
| Debt Issued | $2.91B | $2.81B | $1.51B | $2.43B | $250M | $480M | $960M | $4.66B | $2.52B | $2.18B | $5.83B | $600M | $503M | $705M | $2.58B | $3.38B | |
| Net Debt Issued | · | $-277M | · | · | · | $-741M | · | · | · | $-928M | · | · | · | $-1.96B | · | · | |
| Stock Repurchased | $199M | $836M | $504M | $414M | $0 | $241M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $-836M | · | · | · | $-241M | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $404M | $270M | $272M | $204M | $200M | $148M | $107M | $0 | $0 | $0 | · | · | · | · | · | · | |
| Financing Cash Flow | $1.18B | $-1.62B | $254M | $615M | $-696M | $-1.19B | $-852M | $-559M | $580M | $-1.09B | $1.35B | $-458M | $-1.10B | $-1.78B | $-92M | $-147M | |
| Net Change in Cash | $363M | $-313M | $393M | $-303M | $349M | $-2M | $-30M | $27M | $-46M | $-60M | $-103M | $-126M | $-501M | $-708M | $369M | $-536M | |
| Free Cash Flow | · | $1.33B | · | · | · | $1.20B | · | · | · | $1.09B | · | · | · | $1.06B | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.1% | 26.1% | · | 33.1% | 29.3% | 23.6% | · | 33.4% | 26.7% | 20.1% | · | 30.4% | 21.9% | 9.4% | · | 10.0% | |
| Net Margin | 23.3% | 21.1% | · | 30.6% | 26.7% | 18.2% | · | 22.7% | 20.8% | 9.7% | · | 24.2% | 13.0% | -1.7% | · | 1.1% | |
| Pretax Margin | 23.8% | 21.9% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 27.1% | 26.1% | · | 33.1% | 29.3% | 23.6% | · | 33.4% | 26.7% | 20.1% | · | 30.4% | 21.9% | 9.4% | · | 10.0% | |
| ROA | 2.7% | 2.4% | · | 4.1% | 3.2% | 2.0% | · | 3.2% | 2.4% | 1.1% | · | 3.0% | 1.4% | -0.15% | · | 0.10% | |
| ROE | 11.6% | 10.6% | · | 18.4% | 16.0% | 11.1% | · | 19.4% | 18.2% | 9.0% | · | 26.5% | 13.6% | -1.4% | · | 0.68% | |
| ROIC | 12.6% | 11.5% | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | 0.3 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 1.8 | · | 3.7 | 2.2 | 0.8 | · | 0.8 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 9.9 | 8.5 | · | 9.3 | 9.3 | 8.5 | · | 9.4 | 9.4 | 9.0 | · | 8.9 | 8.8 | 8.9 | · | 10.3 | |
| Receivables Turnover | 11.1 | 9.8 | · | 12.9 | 10.8 | 9.1 | · | 12.2 | 10.4 | 8.9 | · | 9.3 | 7.5 | 6.5 | · | 6.4 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $18.03 | $16.43 | · | $18.76 | $16.50 | $14.49 | · | $18.51 | $14.63 | $13.27 | · | $14.76 | $12.50 | $11.29 | · | $11.72 | |
| Cash Flow / Share | · | $6.77 | · | · | · | $5.89 | · | · | · | $4.73 | · | · | · | $5.13 | · | · | |
| Dividend / Share | $1.50 | $1.50 | $1.00 | $1.00 | $0.75 | $0.75 | $0.55 | $0.40 | · | · | · | · | · | · | $0.00 | $0.00 | |
| Dividend Paid / Share | · | · | · | · | · | $0.55 | $0.55 | $0.40 | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $16.18 | $16.39 | · | $15.12 | $13.59 | $12.29 | · | $9.82 | $9.26 | $7.85 | · | $3.21 | $-0.31 | $-4.06 | · | $-11.85 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.68B | $18.39B | · | $17.44B | $17.18B | $16.75B | · | $16.05B | $15.33B | $14.74B | · | $13.17B | $12.01B | $10.67B | · | $7.22B | |
| Net Income TTM | $4.40B | $4.48B | · | $4.07B | $3.60B | $3.25B | · | $2.60B | $2.50B | $2.10B | · | $920M | $-56M | $-1.04B | · | $-3.01B | |
| P/E | 19.6 | 16.8 | · | 21.4 | 23.0 | 16.7 | · | 18.1 | 17.2 | 17.7 | · | 28.7 | -334.6 | -16.1 | · | -3.2 | |
| Earnings Yield | 5.1% | 6.0% | · | 4.7% | 4.3% | 6.0% | · | 5.5% | 5.8% | 5.7% | · | 3.5% | -0.30% | -6.2% | · | -31.3% | |
| Payout Ratio | · | 28.7% | · | · | · | 20.3% | · | · | · | · | · | · | · | · | · | · | |
| Annual Payout | $1.15B | $946M | · | $659M | $455M | $255M | · | · | · | · | · | $0 | $0 | $0 | · | $0 |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B |
| Operating Margin % | 27.4% | 24.9% | 20.7% | -8.6% | -252.6% |
| Net Income | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B |
| Diluted EPS | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | · | · | · | 0.0 |
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.4 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $1.24B | $2.00B | $580M | $-2.23B | $-4.11B |
Institutional owners (13F) 1,344 filers · $83.2B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 164 (-10 vs prior Q) | 93 (-46 vs prior Q) | 455 (-38 vs prior Q) | 471 (+75 vs prior Q) | +4.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Capital Research Global Investors | $10,877,491,447 | 34,256,274 | 13.07% | Shares |
| VANGUARD GROUP INC | $8,438,292,275 | 30,253,450 | 10.14% | Shares |
| Capital International Investors | $7,779,052,694 | 24,493,815 | 9.35% | Shares |
| BlackRock, Inc. | $6,549,421,978 | 20,626,151 | 7.87% | Shares |
| Capital World Investors | $5,928,897,410 | 18,670,920 | 7.13% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,089,103,163 | 16,027,157 | 6.12% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,889,320,185 | 12,248,670 | 4.68% | Shares |
| STATE STREET CORP | $3,409,970,715 | 10,689,134 | 4.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,197,294,437 | 6,945,690 | 2.64% | Shares |
| JPMORGAN CHASE & CO | $1,212,076,365 | 3,770,769 | 1.46% | Shares |
| MORGAN STANLEY | $1,012,427,486 | 3,188,444 | 1.22% | Shares |
| Sanders Capital, LLC | $826,610,608 | 2,603,252 | 0.99% | Shares |
| NORTHERN TRUST CORP | $746,144,061 | 2,349,838 | 0.90% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $734,065,854 | 2,311,800 | 0.88% | Put option |
| Invesco Ltd. | $723,945,957 | 2,279,929 | 0.87% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $678,652,097 | 2,136,996 | 0.82% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $669,804,451 | 2,109,421 | 0.81% | Shares |
| GOLDMAN SACHS GROUP INC | $555,967,190 | 1,750,912 | 0.67% | Shares |
| UBS Group AG | $548,653,419 | 1,727,879 | 0.66% | Shares |
| JANUS HENDERSON GROUP PLC | $542,002,000 | 1,969,599 | 0.65% | Shares |
| BARCLAYS PLC | $513,191,349 | 1,616,198 | 0.62% | Shares |
| NORGES BANK | $510,941,651 | 1,609,113 | 0.61% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $483,894,445 | 1,523,933 | 0.58% | Shares |
| UBS Group AG | $482,232,811 | 1,518,700 | 0.58% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $448,736,254 | 1,413,209 | 0.54% | Shares |
| CITIGROUP INC | $440,966,034 | 1,388,738 | 0.53% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $420,524,094 | 1,324,110 | 0.51% | Shares |
| Legal & General Group Plc | $413,448,832 | 1,302,078 | 0.50% | Shares |
| AMERIPRISE FINANCIAL INC | $397,327,168 | 1,250,947 | 0.48% | Shares |
| Bank of New York Mellon Corp | $381,270,890 | 1,200,740 | 0.46% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $353,429,360 | 1,284,357 | 0.42% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $351,219,933 | 1,106,100 | 0.42% | Call option |
| CITADEL ADVISORS LLC | $341,567,021 | 1,075,700 | 0.41% | Call option |
| National Pension Service | $322,090,683 | 1,014,363 | 0.39% | Shares |
| BANK OF AMERICA CORP /DE/ | $321,331,575 | 1,011,972 | 0.39% | Shares |
| CITADEL ADVISORS LLC | $311,020,635 | 979,500 | 0.37% | Put option |
| AMERICAN CENTURY COMPANIES INC | $289,800,869 | 912,672 | 0.35% | Shares |
| FMR LLC | $273,332,317 | 860,808 | 0.33% | Shares |
| Amundi | $272,666,187 | 858,710 | 0.33% | Shares |
| Nuveen, LLC | $243,242,477 | 766,046 | 0.29% | Shares |
| DEUTSCHE BANK AG\ | $243,123,514 | 765,671 | 0.29% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $239,267,110 | 753,526 | 0.29% | Shares |
| BARCLAYS PLC | $238,147,500 | 750,000 | 0.29% | Put option |
| RAYMOND JAMES FINANCIAL INC | $234,676,312 | 739,069 | 0.28% | Shares |
| Swiss National Bank | $228,189,124 | 718,638 | 0.27% | Shares |
| JANE STREET GROUP, LLC | $223,128,331 | 702,700 | 0.27% | Put option |
| WELLINGTON MANAGEMENT GROUP LLP | $222,883,199 | 701,928 | 0.27% | Shares |
| ROYAL BANK OF CANADA | $213,762,000 | 673,200 | 0.26% | Shares |
| WELLS FARGO & COMPANY/MN | $210,664,643 | 663,448 | 0.25% | Shares |
| TD Asset Management Inc | $203,740,584 | 641,642 | 0.24% | Shares |
Company insiders 47 insiders · 18 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael W Bayley | Pres&CEO, Royal Caribbean Intl | July 29, 2026 S | 45,297 | 0 | 12 | $-30,193,612 |
| Jason T Liberty | President & CEO | Feb. 13, 2026 S | 218,822 | 0 | 11 | $-29,709,953 |
| Lisa Lutoff-Perlo | Pres & CEO, Celebrity Cruises | March 24, 2023 F | 63,483 | 0 | 0 | $0 |
| Roberto Martinoli | Pres & CEO, Silversea Cruises | May 31, 2022 A | 47,404 | 0 | 0 | $0 |
| Lawrence R Pimentel | Pres&CEO, Azamara Club Cruises | Feb. 20, 2020 A | 40,564 | 0 | 0 | $0 |
| Jorge Vilches | President & CEO, Pullmantur | June 2, 2016 F | 15,370 | 0 | 0 | $0 |
| Barbier Gonzalo Chico | President & CEO, Pullmantur | Feb. 8, 2014 F | 70,009 | 0 | 0 | $0 |
| Daniel J Hanrahan | Pres & CEO, Celebrity Cruises | Oct. 27, 2010 M | 187,220 | 0 | 0 | $0 |
| Naftali Holtz | Chief Financial Officer | Feb. 13, 2026 S | 28,116 | 0 | 11 | $-16,739,936 |
| Luis E Leon | EVP and CFO | Feb. 6, 2006 A | 48,078 | 0 | 0 | $0 |
| Laura H Bethge | President, Celebrity Cruises | June 1, 2026 F | 32,519 | 0 | 1 | $-2,562,053 |
| Adam M Goldstein | Pres., Chief Operating Officer | Feb. 13, 2018 A | 154,053 | 0 | 0 | $0 |
| Henry L Pujol | Chief Accounting Officer | Feb. 13, 2026 S | 10,067 | 0 | 1 | $-1,456,932 |
| Robert Alexander Lake | SVP, CLO, Secretary & CCO | Feb. 12, 2026 F | 38,449 | 0 | 0 | $0 |
| Bradley H Stein | SVP, GC & ChiefComplianceOff | April 6, 2021 S | 19,698 | 0 | 0 | $0 |
| Brian J Rice | Vice Chairman | Feb. 20, 2014 M | 62,059 | 0 | 0 | $0 |
| Rudzki Lisa Bauer | EVP,Global Sales&Mkting, RCI | Feb. 15, 2013 F | 23,470 | 0 | 0 | $0 |
| Blair H Gould | VP, Chief Accounting Officer | March 17, 2008 F | 59,097 | 0 | 0 | $0 |
| Tara Bunch | Director | July 31, 2026 A | 683 | 0 | 0 | $0 |
| Christopher J Wiernicki | Director | May 28, 2026 A | 922 | 0 | 0 | $0 |
| Rebecca Yeung | Director | May 28, 2026 F | 5,625 | 0 | 0 | $0 |
| Stephen R. Howe Jr. | Director | May 28, 2026 A | 15,050 | 0 | 0 | $0 |
| Maritza Gomez Montiel | Director | May 28, 2026 A | 13,602 | 0 | 2 | $-763,080 |
| Michael O Leavitt | Director | May 28, 2026 A | 8,933 | 0 | 0 | $0 |
| Vagn O Sorensen | Director | May 28, 2026 A | 17,238 | 0 | 0 | $0 |
| Amy Mcpherson | Director | May 28, 2026 A | 10,995 | 0 | 0 | $0 |
| Ann S Moore | Director | May 28, 2026 F | 28,925 | 0 | 0 | $0 |
| William L Kimsey | Director | Feb. 8, 2024 A | 32,386 | 0 | 0 | $0 |
| William K Reilly | Director | Feb. 10, 2022 A | 23,681 | 0 | 0 | $0 |
| Thomas Pritzker | Director | Feb. 20, 2020 A | 530,400 | 0 | 0 | $0 |
| Bernt Reitan | Director | Feb. 13, 2019 A | 9,204 | 0 | 0 | $0 |
| Bernard W Aronson | Director | Feb. 6, 2015 A | 23,039 | 0 | 0 | $0 |
| Gert Munthe | Director | May 8, 2013 A | 6,308 | 0 | 0 | $0 |
| Morten Arntzen | Director | Feb. 8, 2013 A | 21,256 | 0 | 0 | $0 |
| Laura Laviada | Director | Feb. 8, 2011 A | 20,401 | 0 | 0 | $0 |
| Arvid Grundekjoen | Director | Feb. 11, 2008 A | 27,158 | 0 | 0 | $0 |
| John Chandris | Director | Sept. 15, 2005 A | 2,992 | 0 | 0 | $0 |
| Wilhelmsen A S A | 10% owner | Dec. 9, 2020 W | 18,171,253 | 0 | 0 | $0 |
| Associates Cruise | 10% owner | Aug. 25, 2011 J | 0 | 0 | 0 | $0 |
| Donald Thompson | · | May 28, 2026 A | 40,314 | 0 | 0 | $0 |
| Eyal Ofer | · | May 28, 2026 A | 43,756 | 0 | 0 | $0 |
| Arne Alexander Wilhelmsen | · | May 28, 2026 A | 8,520 | 0 | 85 | $-549,611,080 |
| Richard D Fain | · | May 28, 2026 A | 151,122 | 0 | 0 | $0 |
| John Brock | · | May 28, 2026 A | 24,788 | 0 | 0 | $0 |
| Harri U Kulovaara | · | Feb. 12, 2026 F | 59,959 | 0 | 0 | $0 |
| OSIRIS HOLDINGS INC. | · | Aug. 25, 2011 J | 9,656,380 | 0 | 0 | $0 |
| Jack L Williams | · | March 17, 2005 F | 40,310 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 94 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSPD · Invesco Exchange-Traded Fund Trust | 2.30% | 30,926 SH | Oct. 2, 2026 | Daily |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.83% | 137,705 SH | Oct. 2, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.68% | 1,849,227 SH | Aug. 19, 2026 | Daily |
| GARP · iShares Trust | 1.57% | 185,452 SH | Sept. 11, 2026 | Daily |
| RILA · Spinnaker ETF Series | 1.41% | 1,865 NS | July 31, 2026 | N-PORT |
| VCR · VANGUARD WORLD FUND | 1.25% | 269,730 SH | Aug. 19, 2026 | Daily |
| RPG · Invesco Exchange-Traded Fund Trust | 1.16% | 83,532 SH | Oct. 2, 2026 | Daily |
| WLTG · ETF Opportunities Trust | 1.14% | 2,759 NS | July 31, 2026 | N-PORT |
| IYC · iShares Trust | 1.13% | 50,364 SH | Sept. 11, 2026 | Daily |
| WANT · Direxion Shares ETF Trust | 1.11% | 711 NS | July 31, 2026 | N-PORT |
| IWP · iShares Trust | 1.09% | 803,603 SH | Sept. 11, 2026 | Daily |
| RXI · iShares Trust | 1.03% | 9,871 SH | Sept. 11, 2026 | Daily |
| IMCG · iShares Trust | 0.90% | 138,084 SH | Sept. 11, 2026 | Daily |
| QIDX · Spinnaker ETF Series | 0.82% | 1,000 NS | July 31, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.75% | 26,617 SH | Oct. 2, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.74% | 5,230,880 SH | Aug. 19, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.71% | 1,671 NS | July 31, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.70% | 269,825 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.48% | 1,030,499 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.47% | 7,720 NS | July 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.45% | 29,272 SH | Sept. 11, 2026 | Daily |
| XOEF · iShares Trust | 0.36% | 314 SH | Sept. 11, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | 0.33% | 1,003,807 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.28% | 162,896 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.24% | 357,408 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.23% | 4,056 NS | July 31, 2026 | N-PORT |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.22% | 185,307 SH | Aug. 19, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 751,480 SH | Oct. 2, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.20% | 21,438 NS | July 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.20% | 24,307 SH | Sept. 11, 2026 | Daily |
| SUSL · iShares Trust | 0.19% | 8,992 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.19% | 3,185 SH | Sept. 11, 2026 | Daily |
| DSI · iShares Trust | 0.19% | 38,941 SH | Sept. 11, 2026 | Daily |
| IVW · iShares Trust | 0.18% | 531,930 SH | Sept. 11, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.18% | 210,000 | Oct. 2, 2026 | Daily |
| AQLT · iShares Trust | 0.18% | 2,219 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.18% | 12,985 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.17% | 219,617 SH | Sept. 11, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.17% | 4,425 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.16% | 60,963 NS | July 31, 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0.14% | 1,146,590 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.14% | 56,856 SH | Aug. 19, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.13% | 225,824 SH | Aug. 19, 2026 | Daily |
| SUSA · iShares Trust | 0.13% | 20,127 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.13% | 4,554 SH | Oct. 2, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.13% | 7,702 SH | Oct. 2, 2026 | Daily |
| CATH · Global X Funds | 0.12% | 5,064 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.12% | 31 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.12% | 12,566 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.12% | 4,220 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.12% | 153 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.12% | 6,477,584 SH | Aug. 19, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 0.12% | 1,474,546 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.12% | 281,900 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.12% | 41,632 SH | Aug. 19, 2026 | Daily |
| XRMI · Global X Funds | 0.12% | 188 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.12% | 241 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.12% | 18 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.12% | 77,908 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.12% | 568 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.12% | 13 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.11% | 941 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.11% | 535,800 SH | Sept. 11, 2026 | Daily |
| XVV · iShares Trust | 0.11% | 2,860 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.11% | 7,664,547 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.11% | 21,174 SH | Aug. 19, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.11% | 140,000 | Oct. 2, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.10% | 44,184 SH | Oct. 2, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.10% | 1,478 SH | Oct. 2, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.10% | 35,821 SH | Oct. 2, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.10% | 65,745 SH | Aug. 19, 2026 | Daily |
| IVV · iShares Trust | 0.10% | 3,143,799 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.10% | 1,735 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.10% | 4,834 SH | Sept. 11, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.09% | 20,162 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.09% | 174,341 SH | Sept. 11, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.09% | 19,501 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.09% | 10,675 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.09% | 69,083 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.09% | 323,691 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.09% | 60,284 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.09% | 197 SH | Oct. 2, 2026 | Daily |
| TOK · iShares Trust | 0.08% | 701 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.08% | 241,677 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.07% | 23,001 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.07% | 211,568 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 1,926 SH | Oct. 2, 2026 | Daily |
| ACWI · iShares Trust | 0.06% | 81,221 SH | Sept. 11, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.06% | 93,592 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.05% | 2,412 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.03% | 5,001 SH | Oct. 2, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 8,176 SH | Oct. 2, 2026 | Daily |
| GTO · Invesco Actively Managed Exchange-T… | 0.00% | 7,000 | Sept. 30, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.00% | 82 NS | July 31, 2026 | N-PORT |
RCL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
27 analysts · 2026-10-02Mean target $350.44 +26.2%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RCL | · | 17.9 | 8.8% | 23.8% | 48.5% | · |
| BKNG | $345.53B | 32.3 | 13.4% | · | · | · |
| ABNB | $81.70B | · | 10.3% | 20.5% | 31.4% | · |
| MAR | $82.48B | 32.6 | 4.3% | 9.9% | -77.2% | · |
| HLT | $66.19B | 46.9 | 7.7% | 12.1% | -32.0% | · |
| CCL | · | 12.8 | 6.4% | 10.4% | 24.8% | · |
| EXPE | $33.14B | 28.9 | 7.6% | 8.8% | 91.1% | · |
| H | · | -291.5 | 6.8% | -0.73% | -1.5% | · |
| NCLH | $10.16B | 24.3 | 3.7% | 4.3% | 22.4% | · |
| WH | · | 30.2 | 1.5% | 13.5% | 37.2% | · |
| NAVN | $3.00B | -3.0 | 30.8% | -56.7% | 204117.9% | 71.3% |
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