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RCLRoyal Caribbean Group

Consumer discretionary · Cruise Lines & Shipping · NYSE
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The 10-K against last year's

122 changes: 15 added, 19 removed, 86 reworded, 2 quiet changes

10-K Feb 11, 2026 vs Feb 14, 2025
Risk FactorsRedline ↓
9.1%
of the text changed · 9,167 words now
20.3%
of the text changed · 9,447 words now
Legal ProceedingsRedline ↓
29.1%
of the text changed · 370 words now
Accounting PoliciesRedline ↓
14.3%
of the text changed · 3,911 words now

10-K 0000884887-26-000007 (2026-02-11) vs 10-K 0000884887-25-000050 (2025-02-14)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Accounting Policies 150 words changed in this paragraph; it is 40% similar to last year's version.
In November 2024, September 2025, the FASB issued ASU No. 2024-04, Debt 2025-06, Intangibles - Debt with Conversion Goodwill and Other Options - Internal - Use Software (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. 350-40): Targeted Improvements to the Accounting for Internal - Use Software. This ASU new guidance is intended to improve eliminate the relevance use of project stages and consistency in application of the induced conversion guidance by clarifying the requirements introduces a principles-based framework for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than a debt extinguishment. recognizing and capitalizing internal-use software costs. The amendments in this ASU are is effective for annual reporting periods beginning after December 15, 2025, and 2027, including interim reporting periods within those annual reporting periods. Early adoption is permitted for entities that have adopted permitted. We are evaluating the amendments in Update 2020-06 and the amendments can be applied on either a prospective or a retrospective basis. We early adopted impact of the new guidance effective October 1, 2024 on a retrospective basis. The adoption of this guidance did not have a material impact to our consolidated financial statements or and related disclosures.

Source: 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0000884887-26-000007 vs 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0000884887-25-000050

MD&A 149 words changed in this paragraph; it is 40% similar to last year's version.
In 2025, 2026, we expect our capacity to increase by 5.4% 6.7% compared to 2024, 2025, with the addition a full year of Star of the Seas in late summer and Celebrity Xcel in late 2025, Xcel, and a full year delivery of operations for Utopia Legend of the Seas and Silver Ray. in the summer. In addition, the first Royal Beach Club, our portfolio of exclusive land-based destinations is expected to reach 8 by 2028, with additions of Silversea’s Cormorant at Paradise Island in the Bahamas, is set to open towards the end of the year, and Wonder of the Seas will join Utopia of the Seas focused on short Caribbean itineraries. We also expect to advance development of the 55 South, Royal Beach Club Cozumel, Santorini, and Royal Beach Club Cozumel on the horizon. In addition, we will continue development of Perfect Day Mexico, Mexico and Silversea’s new hotel in Puerto Williams, Chile that will provide a further-elevated and seamless guest experience for its Antarctica expeditions. Royal Beach Club Lelepa. Our new ships, optimized deployment, continued load factor growth and enhanced onboard product offerings are expected to drive growth in Net Yields Yields, total revenues, and Total Revenues. earnings.

Source: Item 7, 10-K 0000884887-26-000007 vs Item 7, 10-K 0000884887-25-000050

Risk Factors 137 words changed in this paragraph; it is 41% similar to last year's version.
Our business continues to demand the use of sophisticated The Company depends on technology and systems. 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 business operations systems and commercial websites and applications, including our mobile app. These technologies and systems require significant investment and must be refined, updated, upgraded and/or replaced with more advanced systems capabilities in order to continue to meet our customers’ demands and expectations, to operate in an interconnected business world, as well as to conduct our business operations effectively. If we are unable to do so in a timely manner or within reasonable cost parameters, if there are any disruptions, delays or deficiencies in design or if we are unable to appropriately and timely train our employees to operate any effectively availing ourselves of these new systems, our business could suffer. We also may not achieve the benefits that we anticipate from any new technology or system, which could impair our operating results. technological advances.

Source: Item 1A, 10-K 0000884887-26-000007 vs Item 1A, 10-K 0000884887-25-000050

Legal Proceedings 94 words changed in this paragraph; it is 65% similar to last year's version.
The Court entered final judgment in December 2022 in favor of the plaintiff and awarded damages and attorneys' fees to the plaintiff in the aggregate amount of approximately $112 million. We then appealed the judgment to the United States Court of Appeals for the 11th Circuit. On October 22, 2024, the 11th Circuit issued an opinion reversing the lower court’s judgment. The plaintiff's petition for a rehearing by the full 11th Circuit was subsequently denied. The plaintiff has the right to petition petitioned the United States Supreme Court for a writ of certiorari. During the fourth quarter of 2022, we recorded a charge of approximately $130 million to Other income (expense) within our consolidated statements of comprehensive income (loss) related to the Havana Docks Action, including post-judgment interest and related legal defense costs and bonding fees. Following the 11th Circuit's denial of the rehearing petition, we released approximately $124 million of the previously recorded loss contingency for the year ended December 31, 2024, recognized within Other income (expense) within our consolidated statements of comprehensive income (loss). certiorari, which was granted on October 3, 2025.

Source: Item 3, 10-K 0000884887-26-000007 vs Item 3, 10-K 0000884887-25-000050

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of RCL's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-14. Each links to the text at sec.gov.

AddedRisk Factors
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 and partnerships, in a growing portfolio of key land-based projects, including port and terminal facilities and private destination projects in several jurisdictions such as Mexico and the Bahamas.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
These projects increase the complexity of our business and require significant levels of investment to develop. In addition, we face greater exposure to certain key risks depending on the scope, location, and the ownership and management structure of these projects. Development activities may be delayed or adversely affected by construction challenges, supply chain disruptions, weather events, labor availability, environmental or site-specific conditions, and delays in obtaining or maintaining permits, any of which could adversely affect our ability to complete our projects as planned. We may also face opposition or challenges from non-governmental organizations (NGOs), community groups, or other stakeholders, including claims related to environmental impact, cultural heritage, or land use. Such challenges may result in litigation, administrative proceedings, reputational harm, or additional compliance costs.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Once operational, these projects are also subject to ongoing regulatory, labor and political risks in foreign jurisdictions, including changes in government policies, tax or regulatory regimes, any of which could disrupt operations or increase costs. These projects can also strain our management, personnel, operations and systems.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Although we currently pay a quarterly cash dividend and we have adopted a share repurchase program, we are not obligated to pay cash dividends or to repurchase a specified number or dollar value of shares under share repurchase program or at all. The declaration and payment of any future dividends is at the discretion of our Board of Directors. The level of dividends and amount, timing, and purchases under our share repurchase program, if any, are influenced by many factors and may fluctuate based on our operating results, cash flows, and priorities for the use of cash, and the market price of common stock. In addition,

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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 business operations systems and commercial websites and applications, including our mobile app. These technologies and systems require significant investment and must be refined, updated, upgraded and/or replaced with more advanced capabilities in order to continue to meet our customers’ demands and expectations, to operate in an interconnected business world, as well as to conduct our business operations effectively availing ourselves of technological advances.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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 costs, expose us to regulatory enforcement or legal liability, constrain our ability to implement or expand technology‑based solutions, or otherwise affect the timing and effectiveness of our initiatives. In addition, emerging technologies may not always perform as intended, may generate inaccurate outputs, or may depend on third‑party systems that we do not control. Any such operational deficiencies could impair the performance of systems that support key business functions, disrupt guest‑facing experiences, or subject us to legal liability, which could adversely affect our business, reputation, financial condition, or results of operations.

Read it in 10-K 2026-02-11 at sec.gov ↗

Show the other 7
AddedRisk Factors
We are also subject to various risks associated with the collection, handling, storage, and transmission of sensitive information. In the regular course of business, we collect employee, customer, and other third-party data, including personally

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Adjusted Operating Income is a Non-GAAP measure that represents operating income including income from equity investments and provision for income taxes but excluding certain items for which we believe adjusting for is meaningful when

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
•In May 2025, we amended our two revolving credit facilities, bringing our aggregate revolving credit capacity to $6.4 billion, and extended the termination date of one of the revolving credit facilities from October 2026 to October 2030.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
•In October 2025, we issued $1.5 billion aggregate principal amount of 5.375% senior notes due 2036. The Company used the net proceeds from the offering to primarily finance the delivery of Celebrity Xcel at a lower cost compared to utilizing its existing committed export credit agency facility.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
•$386 million driven by yield growth as result of higher load factors and higher ticket pricing on both existing ships and new ships in 2025, compared to 2024.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
During the fourth and third quarters of 2025, our Board declared dividends of $1.00 per share, which were paid in January 2026 and October 2025, respectively. During the second and first quarters of 2025 the Board declared dividends of $0.75 per share which were paid in July 2025 and April 2025, respectively.

Read it in 10-K 2026-02-11 at sec.gov ↗

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