Royal Caribbean Cruises Ltd.

NYSE-RCL

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,579	1,214	736	559	1,115	858
Net Income
Depreciation & Amortization	436	417	412	410	410	393
Depreciation and Amortization
Share-Based Compensation Expense	44	39	53	158	26	38
Share-Based Compensation Expense
Other Adjustments	-110	-128	-18	18	216	-4
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	17	26	-77	65	3	41
Change in Trade and Other Receivables, Net
Changes in Inventories	-21	8	9	-11.5	-23	-6
Change in Inventories
Changes in Accounts Payable	-124	2	22	67	35	-60
Change in Accounts Payable Trade
Changes in Accrued Expenses	40	130	-151	142	-95	191
Change in Accrued Interest
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-775	45	838	173	-921	205
Change in Customer Deposits
Changes in Other Operating Activities	383	-2	-197	-133	127	-83
Change in Prepaid Expenses and Other Assets
Dividends Received from Unconsolidated Affiliates
Other, Net
Other, Net
Cash from Operating Activities	1,469	1,746	1,627	1,467	897	1,573
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-2,458	-836	-428	-552	-334	-2,140
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	-17	-51	-26	-20	-27	-11
Investments in and Loans to Unconsolidated Affiliates
Proceeds from Sale of Investments	41	81	4	5	4	4
Cash Received on Loans from Unconsolidated Affiliates
Proceeds from Sale of Unconsolidated Affiliates
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisition of Silversea Cruises, Net of Cash Acquired
Other Investing Activities	47	100	10	-73	46	-51
Cash Received on Settlement of Derivative Financial Instruments
Cash Paid on Settlement of Derivative Financial Instruments
Other, Net
Cash from Investing Activities	-2,387	-706	-440	-641	-311	-2,198
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	2,432	250	480	960	4,660	2,519
Debt Proceeds
Repayments of Long-Term Debt	-1,130	-725	-1,223	-1,684	-5,181	-1,919
Repayments of Debt
Premium on Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	1,302	-475	-743	-724	-521	600
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Common Stock Issuances
Proceeds from Exercise of Common Stock Options
Repurchases of Common Shares	-414	-120.5	-241	—	—	—
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-414	-120.5	-241	—	—	—
Common Share Dividends Paid	-204	-200	-148	-107	-53.5	—
Dividends Paid
Other Financing Activities	-69	-22	-59	-21	-38	-72
Debt Issuance Costs
Proceeds from Sale of Noncontrolling Interest
Other, Net
Cash from Financing Activities	615	-696	-1,191	-852	-559	580
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-989	910	1,199	915	563	-567
NOPAT	1,703	1,330	946	625	1,634	1,099
Levered Free Cash Flow	358	499	492	-75.5	-211	-46
Unlevered Free Cash Flow	-816	1,094	1,451	720.5	833	-401
Net Change in Cash	-303	344	-4	-26	27	-45