Royal Caribbean Cruises Ltd.

NYSE-RCL

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	1,950	1,674	1,222	1,289	415	-467.3
Net Income
Depreciation & Amortization	829	820	780	734	721	716
Depreciation and Amortization
Share-Based Compensation Expense	92	184	83	60	66	25.9
Share-Based Compensation Expense
Other Adjustments	-151	238	132	-1	22	71
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	-51	68	-16	-33	132	-32.4
Change in Trade and Other Receivables, Net
Changes in Inventories	17	-23	6	-32	8	4.9
Change in Inventories
Changes in Accounts Payable	24	102	18	94	30	-146.7
Change in Accounts Payable Trade
Changes in Accrued Expenses	-21	47	-47	76	-63	335.2
Change in Accrued Interest
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	883	-748	934	-365	1,508	-0.9
Change in Customer Deposits
Changes in Other Operating Activities	-199	-6	-211	-29	-137	25.6
Change in Prepaid Expenses and Other Assets
Dividends Received from Unconsolidated Affiliates
Other, Net
Other, Net
Cash from Operating Activities	3,373	2,364	2,901	1,775	2,702	531.2
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-1,264	-886	-2,382	-2,849	-1,048	-392.3
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	-77	-47	-20	-31	—	—
Investments in and Loans to Unconsolidated Affiliates
Proceeds from Sale of Investments	85	9	9	29	11	10.3
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	110	-28	-101	-51	16	-77.5
Cash Received on Settlement of Derivative Financial Instruments
Cash Paid on Settlement of Derivative Financial Instruments
Other, Net
Cash from Investing Activities	-1,146	-952	-2,494	-2,902	-1,021	-459.5
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
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	730	5,620	4,698	6,433	1,208	5,955.4
Debt Proceeds
Repayments of Long-Term Debt	-1,947	-6,865	-5,078	-5,397	-4,249	-6,071.2
Repayments of Debt
Premium on Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	-1,217	-1,245	-380	1,036	-3,041	-115.8
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Common Stock Issuances
Proceeds from Exercise of Common Stock Options
Repurchases of Common Shares	-241	—	—	—	—	—
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-241	—	—	—	—	—
Common Share Dividends Paid	-348	-107	—	—	—	—
Dividends Paid
Other Financing Activities	-81	-59	-131	-140	152	-123
Debt Issuance Costs
Proceeds from Sale of Noncontrolling Interest
Other, Net
Cash from Financing Activities	-1,887	-1,411	-511	896	-2,889	-238.8
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	2,109	1,478	519	-1,074	1,654	139
NOPAT	2,275	2,259	1,848	1,834	1,044	311.9
Levered Free Cash Flow	992	-276	-68	-49	-1,611	-8.3
Unlevered Free Cash Flow	2,544	1,565	946	-537	2,063	853.6
Net Change in Cash	340	1	-104	-231	-1,208	-167