10-K 0000884887-26-000007 (2026-02-11) vs 10-K 0000884887-25-000050 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 9,167 |
9.1% |
| MD&A | Item 7 | 9,447 |
20.3% |
| Legal Proceedings | Item 3 | 370 |
29.1% |
| Accounting Policies | 10-K text, Note 2 – Summary of Significant Accounting Policies | 3,911 |
14.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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
we cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term shareholder value.
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 ↗
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 ↗
RemovedRisk Factors
We have also invested, either directly or indirectly through joint ventures and partnerships, in a growing portfolio of key land-based projects including port and terminal facilities, private destinations and multi-brand destination projects. These investments can increase our exposure to certain key risks depending on the scope, location, and the ownership and management structure of these projects. These risks include susceptibility to weather events, exposure to local political/regulatory developments and policies, logistical challenges and human resource and labor risks and safety, environmental, and health risks.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
levels, and the recognized value of goodwill and other intangible assets can be negatively affected by unforeseen events and/or circumstances, which may result in an impairment charge. Any of the foregoing events could adversely impact our financial condition and results of operations.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Our dividend policy may change without notice and any payment of dividends in the future is subject to the discretion of our Board of Directors.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Although we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time. The decision to declare and pay dividends on our common stock will be made at the discretion of our Board of Directors and will depend on a number of factors, including our profitability at the time, cash available for those dividends, and other factors as our board of directors may consider relevant.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Additionally, portions of our business are operated by companies that are within the United Kingdom tonnage tax regime. Further, some of our operations are conducted in jurisdictions where we rely on tax treaties to provide exemption from taxation.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
The Organization for Economic Co-operation and Development (OECD) issued Pillar Two model rules (“Global Minimum Tax”) introducing a new global minimum tax of 15%, which may materially impact us starting in 2026. While we are currently pursuing mitigation strategies, there can be no guarantee they will be successful and the impact to our financial statements could be material. In addition, as budgetary constraints may adversely impact fiscal policy in the jurisdictions in which we operate, we may be subject to changes in our existing tax treatment or other tax reform, as well as increased tax audits.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedRisk Factors
To the extent the United Kingdom U.K. tonnage tax laws change change, or we do not continue to meet the applicable qualification requirements or if tax treaties are changed or revoked, requirements, we may be required to pay higher income tax in these jurisdictions, the United Kingdom, adversely impacting our results of operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
To the extent the United Kingdom tonnage tax laws change or we do not continue to meet the applicable qualification requirements or if tax treaties are changed or revoked, we may be required to pay higher income tax in these jurisdictions, adversely impacting our results of operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
This could include failures of banks or other financial service companies to fund required borrowings under our loan agreements or to pay us amounts that may become due or return collateral that is refundable under our interest rate derivative instruments or other agreements. due.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
In addition, substantial or repeated information system failures, computer viruses or cybersecurity attacks impacting our shoreside or shipboard operations could adversely impact our business.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
There can be no assurance that these business expansion efforts will develop as anticipated or that we will succeed, and if we do not, we may be unable to recover our investment, which could adversely investment and otherwise may experience an adverse impact on our business, financial condition and results of operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
As of December 31, 2024, 2025, a total of 50 47 new ships with approximately 116,500 113,000 berths were on order for delivery through 2028 2029 in the cruise industry, including six twelve ships currently scheduled to be delivered to our Global and Partner Brands.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
The frequency and sophistication of, and as well as the methods used to conduct, conduct these attacks, have increased over time.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
A Additionally, a failure to adopt the appropriate technology, or a failure or obsolescence in the existing technology that we have adopted, could adversely affect our business or results of operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
Those laws include, among others, the European Union General Data Protection Regulation and similar state agencies that impose additional cyber security data privacy and protection requirements.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
While we continue to evolve our cyber security cybersecurity practices in line with our business’ reliance on technology and the changing external threat landscape, and we invest time, effort and financial resources to secure our systems, networks and communications, our security measures cannot provide absolute assurance that we will be successful in preventing or defending from all cyber security cybersecurity attacks or incidents impacting our operation.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
A change in our tax status under the United Kingdom tonnage tax, the U.S.
Read it in 10-K 2026-02-11 at sec.gov ↗
Quiet changesRisk Factors
In either any scenario, the Company may suffer damage to its systems and data that could interrupt our operations, adversely impact our brand reputation, and expose us to increased risks of governmental investigation, litigation, fines, and other liability, any of which could adversely affect our business.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.
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 ↗
RemovedMD&A
On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we take into consideration estimates of the amount of insurance recoveries, if any, which are recorded as assets when recoverability is probable. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recoveries, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
initiatives expense; and (iii) the gain on sale of controlling interests. A reconciliation of Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs Excluding Fuel is provided below under Results of Operations.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Trifecta refers to the multi-year Adjusted EBITDA per APCD, Adjusted EPS and ROIC goals we publicly announced in November 2022. We designed these goals to help us better execute and achieve our business goals by clearly articulating longer-term financial objectives. Under Trifecta, we are targeting Adjusted EBITDA per APCD of at least $100, Adjusted EPS of at least $10, and ROIC of 13% or higher by the end of 2025. On July 25, 2024, we announced the company achieved all three of its Trifecta goals 18 months ahead of schedule, on a trailing twelve-month basis.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
2024 performance was exceptionally strong and significantly exceeded our expectations.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In March 2024, we issued $1.25 billion aggregate principal amount of 6.25% senior notes due 2032. Upon closing, we redeemed all of the outstanding $1.25 billion aggregate principal amount of 11.63% Senior Notes Due 2027.
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RemovedMD&A
•During the second quarter of 2024, we repaid $839 million of outstanding deferred amounts under our export credit facilities.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In August 2024, we issued $2.0 billion aggregate principal amount of 6.00% senior notes due 2033. Upon closing, we redeemed all of the outstanding $1.0 billion aggregate principal amount of 9.250% Senior Notes Due 2029, and all of the outstanding $1.0 billion aggregate principal amount of 8.250% Senior Secured Notes Due 2029.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In September 2024, we issued $1.5 billion aggregate principal amount of 5.63% senior unsecured notes due 2031. Upon closing, we redeemed the outstanding $700 million aggregate principal amount of 7.25% Senior Notes Due 2030.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In December 2024, we executed the bargain purchase option on the Silver Dawn finance lease for approximately $227 million.
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RemovedMD&A
•During the quarter ended December 31, 2024, we repaid the remaining $138 million outstanding balance on the Silver Moon.
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RemovedMD&A
•a 7.8% increase in capacity due to the new ships noted above, an increase in ticket prices on a per passenger basis, and a 2.9% increase in occupancy.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•a $1.2 billion increase driven by higher ticket prices and occupancy in 2024, and a $0.7 billion increase driven by capacity.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
Year Ended December 31, 2025 2024 2023 2022 Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. $ 4,268 $ 2,877 $ 1,697 $ (2,156) Loss on extinguishment of debt and inducement expense (1) 16 463 121 94 Litigation loss contingency (2) (124) — 130 Impairment and credit losses (3) 9 8 1 Equity investment impairment, recovery of losses and other (1) 12 — Restructuring charges and other initiatives expense expenses (2) 8 10 5 12 Amortization of Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition (4) (3) 6 6 6 Gain on sale of noncontrolling interest (4) (11) — — Equity investment impairment, (recovery) of losses and other (1) (1) 12 Litigation loss contingency (5) — (124) — Impairment and credit losses (6) — 9 8 PortMiami tax on sale of noncontrolling interest (5) (7) — (3) 7 Gain on sale of controlling interest (8) — — (3) Silver Whisper deferred tax liability release (6) (9) — — (26) — Gain on sale of controlling interest (7) — (3) — Adjusted Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. $ 4,286 $ 3,237 $ 1,827 $ (1,913) Basic:
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
Year Ended December 31, 2025 2024 2023 2022 Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. $ 4,268 $ 2,877 $ 1,697 $ (2,156) Interest income (24) (16) (36) (36) Interest expense, net of interest capitalized 992 1,590 1,402 1,364 Depreciation and amortization expenses 1,718 1,600 1,455 1,407 Income tax expense (1) Provision for income taxes 82 46 6 4 EBITDA 7,036 6,097 4,524 583 Other (income) expense (2) (17) (149) 2 115 Equity investment impairment, (recovery) of losses and other (1) 4 8 Restructuring charges and other initiative expenses (1) 8 10 5 Impairment and credit losses (3) (2) — 9 8 1 Equity investment impairment, recovery of losses and other 4 8 — Restructuring charges and other initiatives expense 10 5 12 Gain on sale of controlling interest (4) (3) — — (3) — Adjusted EBITDA $ 7,025 $ 5,971 $ 4,544 $ 711 Total revenues 17,935 16,484 13,900 8,840 APCD 53,325,212 50,552,731 46,916,259 41,197,650 Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. per APCD $ 80.04 $ 56.92 $ 36.17 $ (52.33) Adjusted EBITDA per APCD $ 131.75 $ 118.13 $ 96.85 $ 17.26 Adjusted EBITDA Margin 39.2 % 36.2 % 32.7 % 8.0 %
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
If We may be obligated to prepay indebtedness outstanding under our credit facilities if any person acquires ownership of more than 50% of our common stock or, subject to certain exceptions, if during any 24-month period, a majority of our board Board is made up of directors is no longer comprised of individuals persons who were not (i) members of our board of directors the Board on the first day of such period, we may be obligated to prepay indebtedness outstanding (ii) nominated by persons who were members of the Board on the first day of such period, or (iii) nominated by directors who themselves were nominated under our credit facilities, which we may be unable to replace on similar terms. clauses (i) or (ii) above.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
Net Cruise Costs, Costs excluding Fuel, per APCD increased 6.8% decreased 0.1% as-reported and 6.8% 0.1% in Constant Currency, compared to 2023, 2024, primarily driven by a record 22 ships in drydock in 2024, as well as higher incentive based, non-cash compensation expense. efficiencies on newer hardware and group scale driving efficiencies.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
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.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
Interest income 0.1% 0.1% 0.3% 0.4% Interest expense, net of interest capitalized (5.5)% (9.6)% (10.1)% (15.4)% Equity investment income 2.3% 1.6% 1.4% 0.6% Other income (expense) 0.6% (0.1)% (1.3)% (7.3)% (8.4)% (15.7)% 0.1% 0.9% —% Income before income taxes 24.4% 17.8% 12.3% Provision for income taxes (0.5)% (0.3)% —% Net Income (Loss) 23.9% 17.6% 12.3% (24.4)% Less:
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
The increase was primarily due to the additions of Icon Star of the Seas, Celebrity Xcel, and a full year of operations of Utopia of the Seas, Seas and Silver Ray in 2025 compared to the addition of Celebrity Ascent and Silver Nova during the second half of 2023. same period in 2024.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, our obligations due through December 31, 2025 2026 primarily consisted of $1.6 $3.2 billion related to debt maturities, $1.0 billion related to interest on debt and $2.4 billion related to progress payments on our ship orders and, based on expected delivery date, orders, including the final installments payable due upon the delivery of Star Legend of the Seas and Celebrity Xcel. Sea given the expected delivery date in 2026.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
We reported Adjusted Net Income (Loss) attributable to Royal Caribbean Cruises Ltd., Adjusted Net Income (Loss) attributable to Royal Caribbean Cruises Ltd., Earnings (Loss) per Share and Adjusted Earnings (Loss) per Share are calculated as shown in the following table follows (in millions, except per share data.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
Net cash (used in) provided by used in financing activities was $(1.9) decreased by $0.9 billion to $1.0 billion for the year ended December 31, 2024, 2025, compared to cash used of $(2.0) $1.9 billion for the same period in 2023. 2024.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
The increase was primarily due to the additions of Icon Star of the Seas, Utopia of the Seas, Seas and Silver Ray compared to the addition of Celebrity Ascent and Silver Nova during the second half of 2023. Xcel.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
The decrease change of $0.5 $1.6 billion was primarily attributable to increased capital expenditures associated with taking delivery of Icon Star of the Seas, Seas and Celebrity Ascent, Xcel and Silver Nova the acquisition of the Port of Costa Maya in 2023 2025 compared to the delivery of Utopia of the Seas and Silver Ray in 2024.
Read it in 10-K 2026-02-11 at sec.gov ↗
Quiet changesMD&A
The increase was primarily due to:
Read it in 10-K 2026-02-11 at sec.gov ↗
