Royal Caribbean Cruises Ltd.

NYSE-RCL

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	4,088	2,896	1,704	-2,156	-5,260	-5,775.1	1,907.6	1,815.8	1.6	1.3	665.8
Net Income
Depreciation & Amortization	1,675	1,600	1,455	1,407	1,293	1,279.3	1,245.9	1,033.7	951.2	894.9	827
Depreciation and Amortization
Share-Based Compensation Expense	294	267	126	36	64	39.8	75.9	46.1	69.5	32.7	36.1
Share-Based Compensation Expense
Other Adjustments	-252	370	21	278	479	2,041.4	-136.3	-101.1	-170.3	-27.3	431.6
Cumulative Effect of a Change in Accounting Principle
Gain on Redemption of Investment
Impairment of Pullmantur Related Assets
Gain on Fuel Call Options
Impairment and Credit Losses
Net Deferred Income Tax Benefit
Net Deferred Income Tax Expense
Gain on Derivative Instruments Not Designated as Hedges
Equity Investment Income
Amortization of Debt Issuance Costs
Gain on Sale of Property and Equipment
Amortization of Debt Discounts and Premiums
Amortization of Debt Issuance Costs, Discounts and Premiums
Loss on Extinguishment of Debt and Inducement Expense
Currency Translation Adjustment Losses
Change in Fair Value of Contingent Consideration
Gain on Sale of Unconsolidated Affiliate
Recognition of Deferred Gain
Changes in Trade Receivables	31	52	99	-234	-182	121.1	-9.9	-9.6	-32	4.8	63.1
Change in Trade and Other Receivables, Net
Changes in Inventories	-15.5	-17	-24	-74	-35	27.1	-8.5	-23.8	2.4	-1.7	1.2
Change in Inventories
Changes in Accounts Payable	-33	120	124	75	189	-133.8	75.3	91.7	36.8	29.6	-25.3
Change in Accounts Payable Trade
Changes in Accrued Expenses	161	—	13	352	233	2.1	92	61.7	35.5	28.6	23.1
Change in Accrued Interest
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	281	186	1,143	1,007	1,427	-1,643.6	280.1	386	0.3	0.2	-92.8
Change in Customer Deposits
Changes in Other Operating Activities	-185	-217	-166	-210	-86	310.2	194.2	178.7	3	83.2	16.7
Change in Prepaid Expenses and Other Assets
Accreted Interest Paid on LYONs Repurchase
Cash Received on Settlement of Derivative Financial Instruments
Dividends Received from Unconsolidated Affiliates
Other, Net
Other, Net
Cash from Operating Activities	6,309	5,265	4,477	481	-1,878	-3,731.7	3,716.4	3,479.1	2,874.6	2,516.7	1,946.4
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-4,274	-3,268	-3,897	-2,710	-2,230	-1,965.1	-3,024.7	-3,660	-564.1	-2,494.4	-1,613.3
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	176	27.8	—	13.2	0.2	—	—
Proceeds from the Sale of Property and Equipment and Other Assets
Purchases of Investments	-114	-67	-31	—	-70	-100.6	-25.6	-27.2	-10.4	-9.2	-56.2
Purchases of Short-Term Investments
Investments in and Loans to Unconsolidated Affiliates
Proceeds from Sale of Investments	131	18	40	19	31	21.1	32.9	124.2	62.3	38.2	124.3
Proceeds from Sale of Short-Term Investments
Proceeds from Redemption of Investment
Cash Received on Loans from Unconsolidated Affiliates
Payments for Business Acquisitions	—	—	—	—	—	—	—	-916.1	—	—	—
Purchase of Pullmantur, Net of Cash Acquired
Acquisition of Silversea Cruises, Net of Cash Acquired
Other Investing Activities	-61	-129	-35	-296	-52	-161.7	-74	-23.3	68.6	-46.6	-197.7
Repayment of Notes from TUI Travel
Cash Received on Settlement of Derivative Financial Instruments
Cash Paid on Settlement of Derivative Financial Instruments
Other, Net
Cash from Investing Activities	-4,174	-3,446	-3,923	-2,987	-2,145	-2,178.6	-3,091.4	-4,489.2	-213.6	-2,724.9	-1,743
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	—	—	—	—	6,765.8	26,240.5	4,730.3	—	—	—
Proceeds from Issuance of Commercial Paper Notes
Repayments of Short-Term Debt	—	—	—	—	-415	-7,837.6	-25,613.1	-3,965.5	—	—	—
Repayments of Commercial Paper Notes
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	-415	-1,071.8	627.4	764.8	—	—	—
Issuance of Long-Term Debt	4,122	10,318	7,641	9,787	4,468	13,547.2	3,525.6	8,590.7	5,867	7,338.6	4,399.5
Debt Proceeds
Repayments of Long-Term Debt	-4,757	-11,943	-9,646	-7,778	-2,432	-3,845.1	-4,060.2	-6,963.5	-7,835.1	-6,365.6	-4,118.6
Repayments of Debt
Premium on Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	-635	-1,625	-2,005	2,009	2,036	9,702.1	-534.7	1,627.2	-1,968.1	973	280.9
Issuance of Common Shares	—	—	—	—	1,622	1,431.4	—	—	2.5	2.3	11.3
Proceeds from Common Stock Issuances
Proceeds from Exercise of Common Stock Options
Repurchases of Common Shares	—	—	—	—	—	—	-99.6	-575	-225	-300	-200
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	1,622	1,431.4	-99.6	-575	-222.5	-297.7	-188.7
Common Share Dividends Paid	-659	-107	—	—	—	-326.4	-602.7	-527.5	-437.5	-346.5	-280.2
Dividends Paid
Other Financing Activities	-171	-190	12	-268	-202	-385.4	-60.9	-91.5	-47.7	-85	-65.5
Gain on Redemption of Investment
Debt Issuance Costs
Cash Received on Settlement of Derivative Financial Instruments
Proceeds from Sale of Noncontrolling Interest
Other, Net
Cash from Financing Activities	-2,124	-1,922	-1,993	1,741	3,041	9,349.8	-670.4	1,198.1	-2.7	243.8	-253.5
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	2,035	1,997	580	-2,229	-4,108	-5,696.8	691.7	-180.9	2,310.4	22.3	333
NOPAT	4,604	4,107	2,878	-766	-3,870	-4,601.6	2,082.7	1,894.8	1,744.1	1,477.2	874.9
Levered Free Cash Flow	1,043.5	-344	-1,660	-300	-2,848	708.9	826	2,271.1	122.1	796.7	83.2
Unlevered Free Cash Flow	2,213.5	2,511	1,526	-919	-3,079	-6,725.5	937.1	-37.2	2,209.1	17.6	11.4
Net Change in Cash	11	-103	-1,439	-765	-982	3,439.6	-45.4	188.1	2,658.3	35.6	-50.1