Royal Caribbean Cruises Ltd.

NYSE-RCL

OverviewFinancialsInvestor RelationsResearchEstimatesNewsOwnershipIndustryDividendsModelingFilings

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	4,088	3,624	3,268	2,896	2,616	2,511
Net Income
Depreciation & Amortization	1,675	1,649	1,625	1,600	1,558	1,514
Depreciation and Amortization
Share-Based Compensation Expense	294	276	275	267	156	143
Share-Based Compensation Expense
Other Adjustments	-252	89	225	370	319	128
Impairment of Pullmantur Related Assets
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 Commercial Paper Notes Discount
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	17	32	52	-45	-49
Change in Trade and Other Receivables, Net
Changes in Inventories	-15.5	-17.5	-31.5	-17	-23	-26
Change in Inventories
Changes in Accounts Payable	-33	126	64	120	115	112
Change in Accounts Payable Trade
Changes in Accrued Expenses	161	26	87	—	116	29
Change in Accrued Interest
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	281	135	295	186	292	569
Change in Customer Deposits
Changes in Other Operating Activities	-185	-205	-286	-217	-209	-240
Change in Prepaid Expenses and Other Assets
Dividends Received from Unconsolidated Affiliates
Other, Net
Other, Net
Cash from Operating Activities	6,309	5,737	5,564	5,265	4,914	4,676
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-4,274	-2,150	-3,454	-3,268	-5,284	-5,231
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from the Sale of Property and Equipment and Other Assets
Purchases of Investments	-114	-124	-84	-67	-56	-51
Investments in and Loans to Unconsolidated Affiliates
Proceeds from Sale of Investments	131	79	17	18	17	38
Cash Received on Loans from Unconsolidated Affiliates
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisition of Silversea Cruises, Net of Cash Acquired
Other Investing Activities	-61	-31	-83	-129	-82	-181
Cash Received on Settlement of Derivative Financial Instruments
Cash Paid on Settlement of Derivative Financial Instruments
Other, Net
Cash from Investing Activities	-4,174	-2,098	-3,590	-3,446	-5,379	-5,396
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	—	—
Proceeds from Issuance of Commercial Paper Notes
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayments of Commercial Paper Notes
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	4,122	6,350	8,619	10,318	15,191	11,131
Debt Proceeds
Repayments of Long-Term Debt	-4,757	-8,813	-10,007	-11,943	-14,651	-10,527
Repayments of Debt
Premium on Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	-635	-2,463	-1,388	-1,625	540	604
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Common Stock Issuances
Proceeds from Exercise of Common Stock Options
Repurchases of Common Shares	—	—	—	—	—	—
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	—
Common Share Dividends Paid	-659	-508.5	—	-107	—	—
Dividends Paid
Other Financing Activities	-171	-140	-190	-190	-309	-271
Debt Issuance Costs
Proceeds from Sale of Noncontrolling Interest
Other, Net
Cash from Financing Activities	-2,124	-3,298	-2,022	-1,922	283	385
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	2,035	3,587	2,110	1,997	-370	-555
NOPAT	4,604	4,535	4,304	4,107	4,053	3,684
Levered Free Cash Flow	1,043.5	704.5	159.5	-344	-293	-169
Unlevered Free Cash Flow	2,213.5	4,098.5	2,603.5	2,511	618	411
Net Change in Cash	11	341	-48	-103	-182	-335