This study investigates the effects of working capital components and operational structure on the financial performance of firms operating in the global cruise industry. The analysis is based on annual financial data for Royal Caribbean Group, Carnival Corporation & plc, and Norwegian Cruise Line Holdings covering the 2010–2025 period. These companies represent a substantial share of the global cruise market. Return on assets (ROA) is used as the primary measure of financial performance, while operating profit margin (OPM) is employed in additional estimations to test the robustness of the results. The study examines the effects of the cash conversion cycle, net working capital to total assets ratio, tangible fixed asset ratio, short-term debt ratio, current asset turnover, fuel expense ratio, and onboard revenue ratio using panel data analysis techniques.

The empirical findings demonstrate that both net working capital and the cash conversion cycle have negative and statistically significant effects on financial performance, indicating that inefficient working capital management may increase liquidity costs and reduce profitability. In contrast, the tangible fixed asset ratio positively affects financial performance, suggesting that investments in high-value cruise ships contribute to operational capacity and revenue generation. Similarly, the positive effect of current asset turnover emphasizes the importance of operational efficiency in the cruise industry. The results also reveal a negative relationship between onboard revenue ratio and financial performance, which may be explained by the additional operational and service costs associated with onboard activities. Overall, the findings highlight that efficient working capital management and effective utilization of operational resources are critical determinants of financial performance in the global cruise industry.