Royal Caribbean Group RCL
We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). 10-K, Item 1
- Headquarters
- Miami, FL
- CEO
- Mr. Jason Liberty
- Next results
- around Jan 28, 2027
Where each dollar of revenue went, FY2025
Revenue of $17.9B through the costs to a net profit of $4.3B · income statement of the 10-K
RCL among Consumer discretionary peers
Six ratios from the latest 10-K. Each corner is the share of 46 peers the company is above, not a score.
What changed
9 new risk paragraphs. 10-K filed Feb 11, 2026 against Feb 14, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
11 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 11 checks found nothing to note
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Receivables -14.6% vs revenue +8.8% (-23.4 pts)
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Cash from operations $6.5B vs net income $4.3B (FY ending Dec 31, 2025)
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Inventory -0.4% vs revenue +8.8% (-9.2 pts)
8 more checks with nothing to note
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Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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The same matters as last year: Impairment Assessments - Silversea Reporting Unit Goodwill and Trade Name
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
9 paragraphs in Risk Factors that were not in the 10-K filed Feb 14, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
We opportunistically seek to grow our business through, among other things, expansion into new destinations or source markets and establishment of new ventures complementary to our current offerings. We have also invested, and may in the future continue to opportunistically invest, either directly or indirectly through joint ventures…
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
There can be no assurance that we will declare or pay dividends in the future or that we will repurchase shares pursuant to our share repurchase program consistent with historical amounts or at all. Although we currently pay a quarterly cash dividend and we have adopted a share repurchase program, we are not obligated to pay cash…
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
The Company depends on technology and automated systems, including emerging technologies, such as artificial intelligence (“AI”), to operate its business, including but not limited to, computerized reservation systems, ship operations and crew scheduling systems, shipboard internet services, cloud-based technologies, technical and…
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Item 1A · new paragraph · not in the 10-K filed Feb 14, 2025 10-K, ITEM 1A
As global technology‑related regulatory frameworks continue to evolve, our use of these technologies may subject us to additional compliance obligations, including restrictions on the usage of certain technologies or additional requirements on data usage and transparency. Compliance with these regulations could increase our compliance…
New risk paragraphs, against peers
Latest 10-K of each, Consumer discretionary companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $8.8B | $13.9B | $16.5B | $17.9B |
| Net income | −$2.2B | $1.7B | $2.9B | $4.3B |
| Operating cash flow | $481.0M | $4.5B | $5.3B | $6.5B |
| Free cash flow | −$2.2B | $580.0M | $2.0B | $1.2B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$17.9B ▲ 8.8% in FY2025$4.3B ▲ 48.3% in FY2025$1.2B ▼ 38.1% in FY2025
Recent filings
2 filings in the last 30 days · SEC EDGAR
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8-KOct 27, 2026Quarterly results 8-K item 2.02
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10-QOct 27, 2026Quarterly report (10-Q) period ended Sep 30, 2026
About the company
Royal Caribbean Group, Miami, FL · from the 10-K filed Feb 11, 2026
We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC"), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025.
- Headquarters
- Miami, FL
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Oct 27, 2026
Email alerts
Sources
The 10-K filed Feb 11, 2026 (open at SEC), compared with the 10-K filed Feb 14, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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