RCL on NYSE

Royal Caribbean Group

Logo: Royal Caribbean Group, Public domain, via Wikimedia Commons⁵

Cruise holding company headquartered in Miami, Florida

$280.22 up 5.91 (2.15%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

1997Founded¹

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TickerRCL on NYSE¹
Industrycruise line¹
HeadquartersMiami¹
Websitewww.royalcaribbeangroup.com
Legal formjoint-stock company¹
Business address1050 Caribbean Way, Miami, Fl 33132⁶
Filer categoryLarge accelerated filer⁶

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Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd Cruises, with the Group's global fleet consisting of 71 ships.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.4%Operating margin⁹

23.8%Net margin⁹

8.8%Revenue growth, 2025⁹

42.5%Return on equity⁹

$1.2BFree cash flow⁹

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Cruise Itinerary brought in 46% of the revenue Royal Caribbean Group broke down this way in fiscal 2025.

Cruise Itinerary$17.1B⁹46%up 9% from 2024
Passenger$12.5B⁹34%up 9% from 2024
Product and Service, Other$5.4B⁹15%up 9% from 2024
Port Costs$1.3B⁹3%up 18% from 2024
Business Insurance Other$864.0M⁹2%up 10% from 2024

Products and services by year

Products and services	2023	2024	2025
Cruise Itinerary	$13.2B	$15.7B	$17.1B
Passenger	$9.6B	$11.5B	$12.5B
Product and Service, Other	$4.3B	$5.0B	$5.4B
Port Costs	$896.0M	$1.1B	$1.3B
Business Insurance Other	$668.0M	$788.0M	$864.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and adminOther costsProfit

Cost of revenue51¢$9.1B
Selling, general and admin12¢$2.2B
Other costs13¢$2.3B
Income tax0¢$82.0M
Profit24¢$4.3B

Out of $17.9B in revenue.⁹

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paidShare buybacks

Capital spending73¢$5.2B
Dividends paid11¢$824.0M
Share buybacks16¢$1.2B

Out of $6.5B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁹

Financial statements

Revenue¹⁰¹¹¹²¹³⁹$17.9B in 2025+64% since 2019

Operating income¹⁰¹¹¹²¹³⁹$4.9B in 2025+136% since 2019

Net income¹⁰¹¹¹²¹³⁹$4.3B in 2025+127% since 2019

Every line of the income statement in the latest annual report, as filed.⁹

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$17.9B	$16.5B	$13.9B
Total cruise operating expenses	$9.1B	$8.7B	$7.8B
Marketing, selling and administrative expenses	$2.2B	$2.1B	$1.8B
Depreciation and amortization expenses	$1.7B	$1.6B	$1.5B
Operating Income	$4.9B	$4.1B	$2.9B
Interest income	$24.0M	$16.0M	$36.0M
Interest expense, net of interest capitalized	-$992.0M	-$1.6B	-$1.4B
Equity investment income	$414.0M	$260.0M	$200.0M
Other income (expense)	$17.0M	$149.0M	-$2.0M
Income before income taxes	$4.4B	$2.9B	$1.7B
Provision for income taxes	-$82.0M	-$46.0M	-$6.0M
Less: Net Income attributable to noncontrolling interest	$23.0M	$18.0M	$7.0M
Net Income attributable to Royal Caribbean Cruises Ltd.	$4.3B	$2.9B	$1.7B
Basic (in dollars per share)	$15.75	$11.00	$6.63
Diluted (in dollars per share)	$15.61	$10.94	$6.31
Net Income	$4.3B	$2.9B	$1.7B
Foreign currency translation adjustments	-$26.0M	$17.0M	-$9.0M
Change in defined benefit plans	-$4.0M	$12.0M	$6.0M
Gain (loss) on cash flow derivative hedges	$228.0M	-$157.0M	-$27.0M
Total other comprehensive income (loss)	$198.0M	-$128.0M	-$30.0M
Comprehensive Income	$4.5B	$2.8B	$1.7B
Less: Comprehensive Income attributable to noncontrolling interest	$23.0M	$18.0M	$7.0M
Comprehensive Income attributable to Royal Caribbean Cruises Ltd.	$4.5B	$2.8B	$1.7B

Total assets¹⁶¹⁰¹¹¹²¹³⁹$41.6B in 2025+37% since 2019

Total liabilities¹⁶¹⁰¹¹¹²¹³⁹$31.4B in 2025+78% since 2019

Shareholders’ equity¹¹¹²¹³⁹$10.0B in 2025−17% since 2019

Cash¹⁶¹⁰¹¹¹²¹³⁹$825.0M in 2025+238% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁹

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$825.0M	$388.0M
Trade and other receivables, net	$317.0M	$371.0M
Inventories	$264.0M	$265.0M
Prepaid expenses and other assets	$690.0M	$670.0M
Derivative financial instruments	$115.0M	$11.0M
Total current assets	$2.2B	$1.7B
Property and equipment, net	$35.7B	$31.8B
Operating lease right-of-use assets	$620.0M	$677.0M
Goodwill	$808.0M	$808.0M
Other assets	$2.3B	$2.0B
Total assets	$41.6B	$37.1B
Current portion of long-term debt	$3.2B	$1.6B
Current portion of operating lease liabilities	$90.0M	$74.0M
Accounts payable	$953.0M	$919.0M
Accrued expenses and other liabilities	$2.0B	$1.6B
Derivative financial instruments	$67.0M	$90.0M
Customer deposits	$5.7B	$5.5B
Total current liabilities	$12.1B	$9.8B
Long-term debt	$18.2B	$18.5B
Long-term operating lease liabilities	$600.0M	$670.0M
Other long-term liabilities	$554.0M	$375.0M
Total liabilities	$31.4B	$29.3B
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; 303,054,848 and 297,368,235 shares issued, December 31, 2025 and December 31, 2024, respectively)	$3.0M	$3.0M
Paid-in capital	$8.0B	$7.8B
Retained earnings	$5.9B	$2.6B
Accumulated other comprehensive loss	-$604.0M	-$802.0M
Treasury stock (32,631,826 and 28,468,430 common shares at cost, December 31, 2025 and December 31, 2024, respectively)	-$3.3B	-$2.1B
Total shareholders equity attributable to Royal Caribbean Cruises Ltd.	$10.0B	$7.6B
Noncontrolling Interest	$208.0M	$172.0M
Total shareholders' equity	$10.2B	$7.7B	$4.9B
Total liabilities and shareholders equity	$41.6B	$37.1B
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	20.0M shares	20.0M shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500.0M shares	500.0M shares
Common stock, shares issued (in shares)	303.1M shares	297.4M shares
Treasury stock, common shares (in shares)	32.6M shares	28.5M shares

Cash from operations¹⁰¹¹¹²¹³⁹$6.5B in 2025+74% since 2019

Capital spending¹⁰¹¹¹²¹³⁹$5.2B in 2025+73% since 2019

Free cash flow¹⁰¹¹¹²¹³⁹$1.2B in 2025+79% since 2019

Dividends paid¹⁰¹¹¹³⁹$824.0M in 2025+37% since 2019

Share buybacks¹⁰⁹$1.2B in 2025+1064% since 2019

Every line of the cash flow in the latest annual report, as filed.⁹

Period ending	2025-12-31	2024-12-31	2023-12-31
Net Income	$4.3B	$2.9B	$1.7B
Depreciation and amortization	$1.7B	$1.6B	$1.5B
Net deferred income tax expense (benefit)	$18.0M	$0	-$8.0M
(Gain) loss on derivative instruments not designated as hedges	-$49.0M	$77.0M	-$19.0M
Share-based compensation expense	$175.0M	$267.0M	$126.0M
Equity investment income	-$414.0M	-$260.0M	-$200.0M
Amortization of debt issuance costs, discounts and premiums	$97.0M	$98.0M	$109.0M
Loss on extinguishment of debt and inducement expense	$16.0M	$463.0M	$121.0M
(Increase) decrease in trade and other receivables	-$3.0M	$52.0M	$99.0M
Increase in inventories, net	$0	-$17.0M	-$24.0M
Increase in prepaid expenses and other assets	-$100.0M	-$137.0M	-$184.0M
Increase in accounts payable	$27.0M	$120.0M	$124.0M
Increase in accrued expenses and other liabilities	$216.0M	$0	$13.0M
Increase in customer deposits	$243.0M	$186.0M	$1.1B
Dividends received from unconsolidated affiliates	$264.0M	$29.0M	$11.0M
Other, net	-$34.0M	-$109.0M	$7.0M
Net cash provided by operating activities	$6.5B	$5.3B	$4.5B
Purchases of property and equipment	-$5.2B	-$3.3B	-$3.9B
Cash received on settlement of derivative financial instruments	$200.0M	$14.0M	$35.0M
Cash paid on settlement of derivative financial instruments	-$24.0M	-$130.0M	-$86.0M
Investments in and loans to unconsolidated affiliates	-$106.0M	-$67.0M	-$31.0M
Cash received on loans to unconsolidated affiliates	$126.0M	$18.0M	$40.0M
Other, net	$21.0M	-$13.0M	$16.0M
Net cash used in investing activities	-$5.0B	-$3.4B	-$3.9B
Debt proceeds	$4.7B	$10.3B	$7.6B
Debt issuance costs	-$118.0M	-$133.0M	-$194.0M
Repayments of debt	-$3.5B	-$11.7B	-$9.6B
Premium on repayment of debt	-$2.0M	-$292.0M	-$80.0M
Repurchase of common stock	-$1.2B	$0	$0
Dividends paid	-$824.0M	-$107.0M	$0
Proceeds from sale of noncontrolling interest	$0	$0	$209.0M
Other, net	-$52.0M	-$57.0M	-$3.0M
Net cash used in financing activities	-$1.0B	-$1.9B	-$2.0B
Effect of exchange rate changes on cash and cash equivalents	$2.0M	-$6.0M	$1.0M
Net increase (decrease) in cash and cash equivalents	$437.0M	-$109.0M	-$1.4B
Interest, net of amount capitalized	$864.0M	$1.2B	$1.4B
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities	$72.0M	$47.0M	$50.0M
Non-cash inducement on convertible notes exchange	$7.0M	$104.0M	$0

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The story

Founded by Arne Wilhelmsen in 1997.¹

Royal Caribbean was founded in 1969 in Norway. Royal Caribbean Group was formed as Royal Caribbean Cruises Ltd. in 1997 when Royal Caribbean Cruise Line purchased Celebrity Cruises. The decision was made to keep the two cruise line brands separate following the merger; as a result Royal Caribbean Cruise Line was re-branded Royal Caribbean International and Royal Caribbean Cruises Ltd. was established as the new parent company of both Royal Caribbean International and Celebrity Cruises.

A third brand under Royal Caribbean Cruises ownership was formed in 2000 when Island Cruises was created as a joint venture with First Choice Holidays. Island Cruises became an informal cruise line on the British and Brazilian markets.

In November 2006, Royal Caribbean Cruises purchased Pullmantur Cruises based in Madrid, Spain. From there, the company expanded with the creation of Celebrity Cruises subsidiary, Azamara Cruises, in 2007. It followed this with the formation of CDF Croisières de France in May 2008 to serve the French-language market.

Royal Caribbean also has an interest in TUI Cruises, a joint venture with TUI AG, which began operations in 2009 aimed at a German-speaking market. TUI Cruises' subsidiary, TUI Travel, had a 50% interest in Island Cruises following their merger with First Choice Holidays in 2007. In October 2008, Royal Caribbean Cruises rationalized their holdings by selling their share of Island Cruises to TUI.

In 2016, Royal Caribbean sold 51% of Pullmantur and CDF to Cruises Investment Holdings S.A.R.L.

In early 2019, Royal Caribbean announced in a joint venture with ITM Group the formation of Holistica, a cruise destination development company. The company developed the Grand Lucayan Resort, located in Freeport.

On July 10, 2020, Royal Caribbean Cruises purchased the remaining shares of Silversea Cruises. That same month, it also changed its name to Royal Caribbean Group. It also adjusted its logo. Royal Caribbean sold Azamara Cruises to Sycamore Partners in March 2021 for $201 million.

In July 2022, Royal Caribbean Group received court approval to purchase Endeavor, a former Crystal Cruise ship, for $275 million. The ship was renamed Silver Endeavour when it officially joins the Royal Caribbean's subsidiary, Silversea Cruises' fleet.

Read the full text

On February 1, 2024, Royal Caribbean Group broke ground on a new headquarters building between its two existing headquarters buildings at PortMiami.

From Wikipedia’s article on Royal Caribbean Group, shared under CC BY-SA 4.0.⁷

Leadership

Who has led Royal Caribbean Group, and when. Pick a name to see everywhere that person has worked.

FounderArne Wilhelmsen¹

Products and brands

Brands and ships

Royal Caribbean International

Royal Caribbean International (RCI) is a cruise line founded in 1969 in Norway. It reorganized as a wholly owned subsidiary in 1997 and was renamed to Royal Caribbean Group in 2020.

Based in Miami, Florida, it is the largest cruise line by revenue and second largest by passenger counts. As of 2025, Royal Caribbean International controlled 27.0% of the worldwide cruise market by passengers and 24.8% by revenue.

List of Royal Caribbean International ships

Celebrity Cruises

Celebrity Cruises is a cruise line headquartered in Miami, Florida, and is a wholly owned subsidiary of Royal Caribbean Group. Celebrity Cruises was founded in 1988 by the Greece-based Chandris Group, and merged with Royal Caribbean Cruise Line in 1997.

Read the full text

List of Celebrity Cruises ships

Celebrity River Cruises

In 2025, Celebrity Cruises announced the addition of Celebrity River Cruises and an initial order of 10 river cruise ships. In 2026, company officials confirmed the fleet intends to operate at least 20 ships by 2031. The first two ships, the Celebrity Compass and Celebrity Seeker, scheduled to begin sailing in 2027 on the Rhine and Danube rivers.

Silversea Cruises

Silversea Cruises is a luxury cruise line headquartered in Monaco. It was founded in 1994 by Antonio Lefebvre d'Ovidio and V-Ships (formerly Vlasov Group). In 2018, Royal Caribbean Group acquired a 66.7% stake in Silversea Cruises, adding ultra-luxury and expedition cruising to its portfolio. In 2020, the company acquired the remaining shares of Silversea Cruises, becoming the sole owner.

List of Silversea Cruises ships

Holistica Destinations

Holistica Destinations was formed in early 2019 as a joint venture between Royal Caribbean Group and the ITM Group with the intention of purchasing the Grand Lucayan Resort and re-developing the neighbouring Freeport Harbour in The Bahamas as a cruise destinations that would benefit the local Freeport economy. However, the Government of the Bahamas withdrew support for the re-development of the Grand Lucayan Resort citing that it was 'not in the best interests of the Bahamian people'. Holistica continues to plan for a Freeport Harbour re-development.

Holistica also operates three other Caribbean cruise destinations. These are Costa Maya in Mexico, Roatan in Honduras, and Puerto Plata in the Dominican Republic.

Former brands

Island Cruises (50% share, owned 2000–2008)

CDF Croisières de France (2007–2017)

SkySea Cruise Lines (35%, 2016–2018)

Azamara Cruises (2000–2021, sold)

Pullmantur Cruises (2000–2020, defunct)

Admiral Cruises (1988–1992)