The cavity ring-down (CRD) technique is adopted for simultaneously measuring s- and p-polarization reflectivity of highly reflective coatings without employing any polarization optics. As the s- and p-polarized light trapped in the ring-down cavity decay independently, with a randomly polarized light source the ring-down signal recorded by a photodetector presents a double-exponential waveform consisting of ring-down signals of both s- and p-polarized light. The s- and p-polarization reflectivity values of a test mirror are therefore simultaneously determined by fitting the recorded ring-down signal with a double-exponential function. The determined s- and p-polarization reflectivity of 30° and 45° angle of incidence mirrors are in good agreement with the reflectivity values measured with the conventional CRD technique employing a polarizer for polarization control.