ROYAL CARIBBEAN CRUISES LTD
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 21,345 | 68.0 |
| Stockholders' equity | 10,037 | 32.0 |
| Total capitalization | 31,382 | 100.0 |
267,452,084 shares outstanding at 24 July 2026 (cover page of the 10-Q filed 28 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 21,345 |
| Long-term debt, noncurrent | 18,165 |
| Current maturities | 3,180 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 500,000,000 |
| Common shares issued | 303,054,848 |
| Treasury shares | 32,631,826 |
| Par or stated value per share ($) | 0.01 |
| Preferred stock ($ millions) | 0 |
| Outstanding at 7/24/26 | 267,452,084 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 3.50 | 22.4 |
| 2024 | 0.95 | 8.7 |
| 2023 | 0.00 | 0.0 |
| 2022 | 0.00 | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: State of incorporation not stated in SEC records.
BUSINESS: Classified by the SEC under Standard Industrial Classification 4400, Water Transportation. Large accelerated filer. Principal executive office: 1050 Caribbean Way, Miami, FL 33132. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 17,935 | 16,484 | 13,900 |
| Cost of revenues | 9,083 | 8,652 | 7,775 |
| Selling, general and administrative | 2,223 | 2,125 | 1,792 |
| Depreciation and amortization | 1,718 | 1,600 | 1,455 |
| Operating income | 4,910 | 4,106 | 2,878 |
| Interest expense | 992 | 1,590 | 1,402 |
| Income before income taxes | 4,373 | 2,941 | 1,711 |
| Income taxes | 82 | 46 | 6 |
| Net income | 4,268 | 2,877 | 1,697 |
| Earned per share, diluted ($) | 15.61 | 10.94 | 6.31 |
| Dividends per share ($) | 3.50 | 0.95 | 0.00 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 825 | 388 |
| Receivables, net | 317 | 371 |
| Inventories | 264 | 265 |
| Total current assets | 2,211 | 1,705 |
| Property, plant and equipment, net | 35,696 | 31,831 |
| Goodwill | 808 | 808 |
| Total assets | 41,619 | 37,070 |
| Total current liabilities | 12,055 | 9,817 |
| Long-term debt | 18,165 | 18,473 |
| Total liabilities | 31,374 | 29,335 |
| Stockholders' equity | 10,037 | 7,563 |
| Total liabilities and equity | 41,619 | 37,070 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 17,935 | 4,910 | 4,268 | 23.8 | 15.61 | 3.50 | 6,465 | 5,229 | 1,236 | 41,619 | 31,374 | 21,345 | 10,037 | 42.5 | 2.13 |
| 12/31/24 | 16,484 | 4,106 | 2,877 | 17.5 | 10.94 | 0.95 | 5,265 | 3,268 | 1,997 | 37,070 | 29,335 | 20,076 | 7,563 | 38.0 | 2.65 |
| 12/31/23 | 13,900 | 2,878 | 1,697 | 12.2 | 6.31 | 0.00 | 4,477 | 3,897 | 580 | 35,131 | 30,232 | 21,452 | 4,724 | 35.9 | 4.54 |
| 12/31/22 | 8,840 | (766) | (2,156) | -24.4 | (8.45) | 0.00 | 481 | 2,710 | (2,229) | 33,776 | 30,907 | 23,391 | 2,869 | -75.1 | 8.15 |
| 12/31/21 | 1,532 | (3,870) | (5,260) | -343.3 | (20.89) | – | (1,878) | 2,230 | (4,108) | 32,258 | 27,173 | 21,090 | 5,086 | -103.4 | 4.15 |
| 12/31/20 | 2,209 | (4,602) | (5,797) | -262.5 | (27.05) | 0.78 | (3,732) | 1,965 | (5,697) | 32,465 | 23,705 | 19,738 | 8,761 | -66.2 | 2.25 |
| 12/31/19 | 10,951 | 2,083 | 1,879 | 17.2 | 8.95 | 2.96 | 3,716 | 3,025 | 692 | 30,320 | 17,586 | 12,469 | 12,164 | 15.4 | 1.03 |
| 12/31/18 | 9,494 | 1,895 | 1,811 | 19.1 | 8.56 | 2.60 | 3,479 | 3,660 | (181) | 27,698 | 16,051 | 11,553 | 11,105 | 16.3 | 1.04 |
| 12/31/17 | 8,778 | 1,744 | 1,625 | 18.5 | 7.53 | 2.16 | 2,875 | 564 | 2,310 | 22,361 | 11,659 | 7,539 | 10,702 | 15.2 | 0.70 |
| 12/31/16 | 8,496 | 1,477 | 1,283 | 15.1 | 5.93 | 1.71 | 2,517 | 2,494 | 22 | 22,310 | 13,189d | 9,387 | 9,121 | 14.1 | 1.03 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
ROYAL CARIBBEAN CRUISES LTD
CIK 884887 · EIN 98-0081645
PRINCIPAL OFFICE:
1050 Caribbean Way, Miami, FL 33132
Tel.: 3055396000
INCORPORATED:
–
INDUSTRY (SEC SIC CODE):
4400 · Water Transportation
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 11 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/11/26) · 10-K FY2024 (filed 2/14/25) · 10-K FY2023 (filed 2/21/24) · 10-K FY2022 (filed 2/23/23) · 10-K FY2021 (filed 3/1/22) · 10-K FY2020 (filed 2/26/21) · 10-K FY2019 (filed 2/25/20) · 10-K FY2018 (filed 2/22/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.