ROYAL CARIBBEAN CRUISES LTD

Listed Company

RCLCIK 0000884887NYSELarge AcceleratedWater TransportationFY ends Dec 31

Period

FY 2025

Revenue

$17.93B

Net Income

$4.27B

Total Assets

$41.62B

Equity

$10.04B

Shares Out

268.19M

Op. Cash Flow

$6.46B

Business

Royal Caribbean Cruises Ltd operates a global cruise vacation business owning and operating three Global Brands—Royal Caribbean, Celebrity Cruises and Silversea—and a 50% interest in partner brands through TUIC. It offers cruise vacations and related services, including onboard amenities and activities, specialty dining, shore excursions, private destinations, loyalty programs, and pre/post-cruise hotel and travel packages. The company organizes its operations around its three Global Brands and its Partner Brands (TUI Cruises and Hapag-Lloyd Cruises), which are aggregated as a single reportable segment. It sells and deploys itineraries worldwide to more than 1,000 destinations across all seven continents, marketing through travel advisors, direct e-commerce, call centers and international representatives.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	17,935	16,484	13,900	8,840	1,532
Total cruise operating expenses	9,083	8,652	7,775	6,616	2,739
Marketing, selling and administrative expenses	2,223	2,125	1,792	1,583	1,370
Depreciation and amortization expenses	1,718	1,600	1,455	1,407	1,293
Operating Income	4,910	4,106	2,878	−766	−3,870
Interest income	24	16	36	36	17
Interest expense, net of interest capitalized	−992	−1,590	−1,402	−1,364	—
Equity investment income	414	260	200	57	−135
Other income (expense)	17	149	−2	−119	20
Income before income taxes	4,373	2,941	1,711	—	—
Provision for income taxes	−82	−46	−6	—	—
Net Income	4,291	2,896	1,704	−2,156	−5,260
Less: Net Income attributable to noncontrolling interest	23	18	7	0	0
Net Income attributable to Royal Caribbean Cruises Ltd.	4,268	2,877	1,697	−2,156	−5,260
Basic (in dollars per share)	15.75	11	6.63	−8.45	−20.89
Diluted (in dollars per share)	15.61	10.94	6.31	−8.45	−20.89
Foreign currency translation adjustments	−26	17	−9	10	16
Change in defined benefit plans	−4	12	6	49	9
Gain (loss) on cash flow derivative hedges	228	−157	−27	8	4
Total other comprehensive income (loss)	198	−128	−30	67	29
Comprehensive Income	4,489	2,768	1,674	−2,089	−5,231
Less: Comprehensive Income attributable to noncontrolling interest	23	18	7	0	0
Comprehensive Income attributable to Royal Caribbean Cruises Ltd.	4,466	2,750	1,667	−2,089	−5,231

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	825	388	497	1,935	2,702
Trade and other receivables, net	317	371	405	531	408
Inventories	264	265	248	224	150
Prepaid expenses and other assets	690	670	617	456	286
Derivative financial instruments	115	11	25	59	54
Total current assets	2,211	1,705	1,792	3,205	3,600
Property and equipment, net	35,696	31,831	30,114	27,546	25,908
Operating lease right-of-use assets	620	677	611	538	542
Goodwill	808	808	809	809	809
Other assets	2,284	2,049	1,805	1,678	1,399
Total assets	41,619	37,070	35,131	33,776	32,258
Current portion of long-term debt	3,180	1,603	1,720	2,088	2,243
Current portion of operating lease liabilities	90	74	65	80	69
Accounts payable	953	919	792	647	546
Accrued expenses and other liabilities	2,026	1,635	1,478	1,459	888
Derivative financial instruments	67	90	35	131	127
Customer deposits	5,739	5,496	5,311	4,168	3,161
Total current liabilities	12,055	9,817	9,401	8,573	7,286
Long-term debt	18,165	18,473	19,732	21,303	18,847
Long-term operating lease liabilities	600	670	613	523	535
Other long-term liabilities	554	375	486	508	505
Total liabilities	31,374	29,335	30,232	30,907	27,173
Commitments and Contingencies (Note 17)	—	—	—	—	—
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)	0	0	0	0	0
Common stock ($0.01 par value; 500,000,000 shares authorized; 303,054,848 and 297,368,235 shares issued, December 31, 2025 and December 31, 2024, respectively)	3	3	3	3	3
Paid-in capital	7,964	7,831	7,474	7,285	7,557
Retained earnings	5,925	2,612	−10	−1,707	302
Accumulated other comprehensive loss	−604	−802	−674	−644	−711
Treasury stock (32,631,826 and 28,468,430 common shares at cost, December 31, 2025 and December 31, 2024, respectively)	−3,251	−2,081	−2,069	−2,068	−2,066
Total shareholders equity attributable to Royal Caribbean Cruises Ltd.	10,037	7,563	4,724	2,869	5,086
Noncontrolling Interest	208	172	175	0	—
Total shareholders' equity	10,245	7,735	4,899	2,869	5,087
Total liabilities and shareholders equity	41,619	37,070	35,131	33,776	32,258

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net deferred income tax expense (benefit)	18	0	−8	−22	−43
(Gain) loss on derivative instruments not designated as hedges	−49	77	−19	100	−1
Share-based compensation expense	175	267	126	36	64
Amortization of debt issuance costs, discounts and premiums	97	98	109	163	249
Loss on extinguishment of debt and inducement expense	16	463	121	94	—
(Increase) decrease in trade and other receivables	−3	52	99	−234	−182
Increase in inventories, net	0	−17	−24	−74	−35
Increase in prepaid expenses and other assets	−100	−137	−184	−153	−152
Increase in accounts payable	27	120	124	75	189
Increase in accrued expenses and other liabilities	216	0	13	352	233
Increase in customer deposits	243	186	1,143	1,007	1,427
Dividends received from unconsolidated affiliates	264	29	11	—	—
Other, net	−34	−109	7	−57	66
Net cash provided by operating activities	6,465	5,265	4,477	481	−1,878
Purchases of property and equipment	−5,229	−3,268	−3,897	−2,710	−2,230
Cash received on settlement of derivative financial instruments	200	14	35	53	44
Cash paid on settlement of derivative financial instruments	−24	−130	−86	−356	−74
Investments in and loans to unconsolidated affiliates	−106	−67	−31	0	−70
Cash received on loans to unconsolidated affiliates	126	18	40	19	31
Other, net	21	−13	16	7	−22
Net cash used in investing activities	−5,012	−3,446	−3,923	−2,987	−2,145
Debt proceeds	4,671	10,318	7,641	9,787	4,468
Debt issuance costs	−118	−133	−194	−252	−202
Repayments of debt	−3,534	−11,651	−9,566	−7,729	−2,297
Premium on repayment of debt	−2	−292	−80	−49	−135
Repurchase of common stock	−1,159	0	0	—	0
Dividends paid	−824	−107	0	0	0
Proceeds from sale of noncontrolling interest	0	0	209	0	0
Other, net	−52	−57	−3	−16	0
Net cash used in financing activities	−1,018	−1,922	−1,993	1,741	3,041
Effect of exchange rate changes on cash and cash equivalents	2	−6	1	−2	−727,000
Net increase (decrease) in cash and cash equivalents	437	−109	−1,438	−767	−982
Interest, net of amount capitalized	864	1,210	1,442	960	834
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities	72	47	50	34	14
Non-cash inducement on convertible notes exchange	7	104	0	0	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro