ROYAL CARIBBEAN CRUISES LTD Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net Income attributable to Royal Caribbean Cruises Ltd. for basic earnings per share | $ | 4,268 | $ | 2,877 | $ | 1,697 | |||||||||||
| Add convertible notes interest and inducement expense | 16 | 175 | 88 | ||||||||||||||
| Net Income attributable to Royal Caribbean Cruises Ltd. for diluted earnings per share | $ | 4,284 | $ | 3,052 | $ | 1,785 | |||||||||||
| Weighted-average common shares outstanding | 271 | 261 | 256 | ||||||||||||||
| Dilutive effect of stock-based awards | 1 | 1 | 1 | ||||||||||||||
| Dilutive effect of convertible notes | 2 | 17 | 26 | ||||||||||||||
| Diluted weighted-average shares outstanding | 274 | 279 | 283 | ||||||||||||||
Basic earnings per share (1) | $ | 15.75 | $ | 11.00 | $ | 6.63 | |||||||||||
Diluted earnings per share (1) | $ | 15.61 | $ | 10.94 | $ | 6.31 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 22, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.