Royal Caribbean Cruises Ltd (RCL) — Capital Reinvestment Ratio
Royal Caribbean Cruises Ltd (RCL) has a Capital Reinvestment Ratio of 1.47x as of June 2026, meaning it reinvests 1% of its operating cash flow ($1.86 Billion) in capital expenditures ($2.74 Billion). Check RCL intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Royal Caribbean Cruises Ltd Capital Reinvestment Ratio (1991–2025)
This chart tracks Royal Caribbean Cruises Ltd's Capital Reinvestment Ratio across 33 annual periods. For the full cash flow conversion analysis, see RCL cash flow metrics.
Annual Capital Reinvestment Ratio for Royal Caribbean Cruises Ltd (1991–2025)
Year-by-year Capital Reinvestment Ratio for Royal Caribbean Cruises Ltd from 1991 to 2025. See RCL FCF generation index to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.81x | $6.46 Billion | $5.23 Billion | ▲ +30.3% |
| 2024 | 0.62x | $5.26 Billion | $3.27 Billion | ▼ -28.7% |
| 2023 | 0.87x | $4.48 Billion | $3.90 Billion | ▼ -84.6% |
| 2022 | 5.63x | $481.00 Million | $2.71 Billion | ▲ +592.3% |
| 2019 | 0.81x | $3.72 Billion | $3.02 Billion | ▼ -22.6% |
| 2018 | 1.05x | $3.48 Billion | $3.66 Billion | ▲ +436.0% |
| 2017 | 0.20x | $2.87 Billion | $564.14 Million | ▼ -80.2% |
| 2016 | 0.99x | $2.52 Billion | $2.49 Billion | ▲ +19.6% |
| 2015 | 0.83x | $1.95 Billion | $1.61 Billion | ▼ -20.2% |
| 2014 | 1.04x | $1.74 Billion | $1.81 Billion | ▲ +92.1% |
| 2013 | 0.54x | $1.41 Billion | $763.78 Million | ▼ -42.1% |
| 2012 | 0.93x | $1.38 Billion | $1.29 Billion | ▲ +15.9% |
| 2011 | 0.81x | $1.46 Billion | $1.17 Billion | ▼ -38.7% |
| 2010 | 1.32x | $1.66 Billion | $2.19 Billion | ▼ -55.2% |
| 2009 | 2.93x | $844.88 Million | $2.48 Billion | ▲ +41.3% |
| 2008 | 2.08x | $1.07 Billion | $2.22 Billion | ▲ +99.9% |
| 2007 | 1.04x | $1.27 Billion | $1.32 Billion | ▼ -16.6% |
| 2006 | 1.24x | $948.51 Million | $1.18 Billion | ▲ +221.8% |
| 2005 | 0.39x | $1.11 Billion | $429.90 Million | ▼ -33.9% |
| 2004 | 0.59x | $1.08 Billion | $630.67 Million | ▼ -51.2% |
| 2003 | 1.20x | $857.80 Million | $1.03 Billion | ▲ +51.4% |
| 2002 | 0.79x | $870.47 Million | $689.99 Million | ▼ -71.1% |
| 2001 | 2.74x | $633.69 Million | $1.74 Billion | ▲ +50.0% |
| 2000 | 1.83x | $703.32 Million | $1.29 Billion | ▲ +9.7% |
| 1999 | 1.67x | $583.36 Million | $972.48 Million | ▲ +34.8% |
| 1998 | 1.24x | $526.86 Million | $651.45 Million | ▼ -57.4% |
| 1997 | 2.90x | $434.10 Million | $1.26 Billion | ▲ +20.2% |
| 1996 | 2.41x | $299.50 Million | $722.40 Million | ▲ +26.7% |
| 1995 | 1.90x | $224.60 Million | $427.50 Million | ▲ +184.5% |
| 1994 | 0.67x | $217.50 Million | $145.50 Million | ▲ +80.6% |
| 1993 | 0.37x | $217.30 Million | $80.50 Million | ▼ -76.2% |
| 1992 | 1.55x | $172.50 Million | $268.20 Million | ▼ -69.2% |
| 1991 | 5.05x | $78.70 Million | $397.60 Million | — |