$RCL

ROYAL CARIBBEAN CRUISES LTD

CIK:0000884887|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenues	$ 4,832	$ 4,538	$ 9,284	$ 8,537
Cruise operating expenses:
Total cruise operating expenses	2,547	2,283	4,795	4,362
Marketing, selling and administrative expenses	513	508	1,095	1,071
Depreciation and amortization expenses	464	417	925	829
Operating Income	1,307	1,329	2,469	2,275
Other income (expense):
Interest income	5	12	10	15
Interest expense, net of interest capitalized	(236)	(228)	(514)	(477)
Equity investment income	67	107	151	155
Other income	7	11	9	15
Income before income taxes	1,150	1,232	2,126	1,983
Provision for income taxes	(14)	(17)	(39)	(33)
Net Income	1,136	1,214	2,086	1,950
Less: Net Income attributable to noncontrolling interest	8	5	16	10
Net Income attributable to Royal Caribbean Cruises Ltd.	$ 1,128	$ 1,210	$ 2,070	$ 1,940
Earnings per Share:
Basic (in dollars per share)	$ 4.21	$ 4.45	$ 7.70	$ 7.17
Diluted (in dollars per share)	$ 4.20	$ 4.41	$ 7.68	$ 7.10
Weighted-Average Shares Outstanding:
Basic (in shares)	268	272	269	270
Diluted (in shares)	268	275	270	275
Comprehensive Income (Loss)
Net Income	$ 1,136	$ 1,214	$ 2,086	$ 1,950
Other comprehensive income (loss):
Foreign currency translation adjustments	0	(9)	0	(26)
Change in defined benefit plans	6	4	4	0
(Loss) gain on cash flow derivative hedges	(137)	181	84	309
Total other comprehensive (loss) income	(131)	176	88	283
Comprehensive Income	1,005	1,391	2,174	2,233
Less: Comprehensive Income attributable to noncontrolling interest	8	5	16	10
Comprehensive Income attributable to Royal Caribbean Cruises Ltd.	997	1,386	2,158	2,222
Passenger ticket revenues
Total revenues	3,344	3,199	6,365	5,942
Onboard and other revenues
Total revenues	1,488	1,339	2,919	2,595
Cruise operating expenses:
Total cruise operating expenses	288	262	501	463
Commissions, transportation and other
Cruise operating expenses:
Total cruise operating expenses	622	606	1,186	1,128
Payroll and related
Cruise operating expenses:
Total cruise operating expenses	405	329	806	669
Food
Cruise operating expenses:
Total cruise operating expenses	262	246	526	486
Fuel
Cruise operating expenses:
Total cruise operating expenses	355	279	619	557
Other operating
Cruise operating expenses:
Total cruise operating expenses	$ 615	$ 561	$ 1,157	$ 1,061

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income	$ 2,086	$ 1,950
Adjustments:
Depreciation and amortization	925	829
Net deferred income tax (benefit) expense	(2)	4
Loss (Gain) on derivative instruments not designated as hedges	8	(56)
Share-based compensation expense	68	92
Equity investment income	(151)	(155)
Amortization of debt issuance costs, discounts and premiums	14	46
Loss on extinguishment of debt and inducement expense	60	10
Changes in operating assets and liabilities:
Increase in trade and other receivables, net	(138)	(51)
(Increase) decrease in inventories	(3)	17
Increase in prepaid expenses and other assets	(133)	(142)
Increase in accounts payable	6	24
Decrease in accrued expenses and other liabilities	(107)	(21)
Increase in customer deposits	996	883
Other, net	65	(57)
Net cash provided by operating activities	3,694	3,373
Investing Activities
Purchases of property and equipment	(3,237)	(1,264)
Cash received on settlement of derivative financial instruments	109	111
Cash paid on settlement of derivative financial instruments	(18)	(11)
Investments in and loans to unconsolidated affiliates	(43)	(77)
Cash received on loans from unconsolidated affiliates	0	70
Other, net	(13)	25
Net cash used in investing activities	(3,202)	(1,146)
Financing Activities
Debt proceeds	5,716	730
Debt issuance costs	(103)	(28)
Repayments of debt	(4,193)	(1,945)
Repurchase of common stock	(1,035)	(241)
Dividends paid	(674)	(348)
Payments of withholding tax on stock awards	(191)	(62)
Other, net	39	7
Net cash used in financing activities	(441)	(1,887)
Effect of exchange rate changes on cash and cash equivalents	(1)	7
Net increase in cash and cash equivalents	50	347
Cash and cash equivalents at beginning of period	825	388
Cash and cash equivalents at end of period	875	735
Cash paid during the period for:
Interest, net of amount capitalized	431	443
Non-cash Investing Activities
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities	$ 248	$ 61

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 875	$ 825
Trade and other receivables, net	441	317
Inventories	267	264
Prepaid expenses and other assets	803	690
Derivative financial instruments	47	115
Total current assets	2,433	2,211
Property and equipment, net	38,251	35,696
Operating lease right-of-use assets	618	620
Goodwill	808	808
Other assets	2,534	2,284
Total assets	44,644	41,619
Current liabilities
Current portion of long-term debt	1,573	3,180
Current portion of operating lease liabilities	71	90
Accounts payable	1,093	953
Accrued expenses and other liabilities	2,165	2,026
Derivative financial instruments	17	67
Customer deposits	6,736	5,739
Total current liabilities	11,655	12,055
Long-term debt	21,263	18,165
Long-term operating lease liabilities	611	600
Other long-term liabilities	654	554
Total liabilities	34,183	31,374
Shareholders’ equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)	0	0
Common stock ($0.01 par value; 500,000,000 shares authorized; 303,877,626 and 303,054,848 shares issued, June 30, 2026 and December 31, 2025, respectively)	3	3
Paid-in capital	7,896	7,964
Retained earnings	7,187	5,925
Accumulated other comprehensive loss	(516)	(604)
Treasury stock (36,429,278 and 32,631,826 common shares at cost, at June 30, 2026 and December 31, 2025, respectively)	(4,334)	(3,251)
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.	10,236	10,037
Noncontrolling Interest	225	208
Total shareholders’ equity	10,461	10,245
Total liabilities and shareholders’ equity	$ 44,644	$ 41,619