ROYAL CARIBBEAN CRUISES LTD
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
RCL$327.16+1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0000884887-25-000142
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0000884887-25-000148
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 148 previous paragraphs and 151 current paragraphs.
93 unchanged; 45 reworded; 11 added; 9 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
•In July 2025, we closed on our acquisition of the Port of Costa Maya and adjacent land in Mahahual, Mexico. The final purchase price was $294 million.
Current report
•In August 2025, the remaining $106 million of our 6.00% Convertible Senior Notes matured. The notes and accrued interest were settled using a combination of $109 million in cash, and the issuance of approximately 1.8 million shares of common stock.
Current report
(6)For 2024, represents adjustments to tax impacts on the 2023 PortMiami sale of noncontrolling interest. These amounts are included in Other expense in our consolidated statements of comprehensive income (loss).
Current report
•$100 million driven by 2.9% capacity growth as a result of the addition of Star of the Seas(which began revenue sailings in August 2025) and addition of Utopia of the Seas (which began revenue sailings in July 2024) compared to the same period in 2024, and
Current report
•$66 million driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new ships in 2025 compared to the same period in 2024.
Current report
•$47 million driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new ships in 2025 compared to the same period in 2024; and
Current report
•$41 million driven by 2.9% capacity growth as a result of the addition of Star of the Seas compared to the same period in 2024.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
•an increase of $335 million driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new ships in 2025 compared to the same period in 2024.
Current report
Total Cruise operating expenses for 2025 increased $241 million to $6.8 billion from $6.6 billion in 2024. The increase was primarily due to the increase in capacity noted above.
Current report
Marketing, Selling and Administrative Expenses
Removed paragraphs (9)
Previous report
(2)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).
Previous report
•$167 million driven by 5.8% capacity growth as a result of the additions of Utopia of the Seas and Silver Raycompared to same period in 2024, and
Previous report
•$144 million driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new hardware in 2025 compared to the same period in 2024.
Previous report
•$71 million driven by 5.8% capacity growth as a result of the additions of Utopia of the Seas and Silver Raycompared to same period in 2024; and
Previous report
•$45 million driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new hardware in 2025 compared to the same period in 2024.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
•an increase of $274 million driven by yield growth as a result of higher load factors and higher pricing on both existing ships as well as the benefit of new ships, compared to the same period in 2024; and
Previous report
Total Cruise operating expenses for 2025 increased $153 million to $4.4 billion from $4.2 billion in 2024. The increase was primarily due to:
Previous report
•a decrease of $29 million reduced fuel expenses in 2025 compared to the same period in 2024.
Reworded paragraphs (45)
Previous wording
•a discussion of our results of operations for the quarter and six months ended June 30, 2025, compared to the same period in 2024; and
Current wording
•a discussion of our results of operations for the quarter and nine months ended September 30, 2025, compared to the same period in 2024; and
Previous wording
Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other income, (ii) equity investment impairment, recovery of losses, and other, (iii) restructuring charges and other initiative expenses, and (iv) impairment losses. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.
Current wording
Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other expense (income), (ii) equity investment impairment, recovery of losses, and other, (iii) restructuring charges and other initiative expenses, and (iv) impairment losses. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.
Previous wording
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents net income less net income attributable to noncontrolling interest, excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense, (ii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition, (iii) restructuring charges and other initiative expenses, (iv) equity investments impairment, recovery of losses, and other, (v) impairment losses, and (vi) gain on sale of noncontrolling interest. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is provided below under Results of Operations.
Current wording
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense, (ii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition, (iii) restructuring charges and other initiative expenses, (iv) equity investments impairment, recovery of losses, and other, (v) impairment losses, (vi) gain on sale of noncontrolling interest, and (vii) tax on the sale of PortMiami noncontrolling interest. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is provided below under Results of Operations.
Previous wording
Net Cruise Costsand Net Cruise Costs Excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses and, in the case of Net Cruise Costs Excluding Fuel, fuel expenses (each of which is described above under the Description of Certain Line Items heading). In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs Excluding Fuel to be the most relevant indicators of our performance. A reconciliation of Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs Excluding Fuel is provided below under Results of Operations. For the periods presented, Net Cruise Costs and Net Cruise Costs Excluding Fuel excludes impairment losses, and restructuring charges and other initiative expenses.
Current wording
Net Cruise Costsand Net Cruise Costs Excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses and, in the case of Net Cruise Costs Excluding Fuel, fuel expenses (each of which is described above under the Description of Certain Line Items heading). In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs Excluding Fuel to be the most relevant indicators of our performance. A reconciliation of Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs Excluding Fuel is provided below under Results of Operations. For the periods presented, Net Cruise Costs and Net Cruise Costs Excluding Fuel excludes (i) restructuring charges and other initiative expenses, and (ii) impairment losses.
Previous wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the second quarter of 2025 was $1.21 billion and $1.20 billion, compared to Net Income and Adjusted Net Income of $854 million and $882 million, respectively, for the second quarter of 2024.
Current wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the third quarter of 2025 was $1.6 billion, respectively, compared to Net Income and Adjusted Net Income of $1.1 billion and $1.4 billion, respectively, for the third quarter of 2024.
Previous wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the six months ended June 30, 2025 was $1.94 billion and $1.95 billion, compared to Net Income and Adjusted Net Income of $1.2 billion and $1.4 billion, respectively, for the six months ended June 30, 2024.
Current wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the nine months ended September 30, 2025 was $3.5 billion, respectively, compared to Net Income and Adjusted Net Income of $2.3 billion and $2.8 billion, respectively, for the nine months ended September 30, 2024.
Previous wording
Significant items for the quarter and six months ended June 30, 2025 include:
Current wording
Significant items for the quarter and nine months ended September 30, 2025 include:
Previous wording
•Total revenues increased $428 million and $699 million for the quarter and six months ended June 30, 2025 as compared to the same periods in 2024. The increase was primarily due to an increase in capacity, ticket prices and onboard spending in 2025, compared to same period in 2024.
Current wording
•Total revenues increased $253 million and $952 million for the quarter and nine months ended September 30, 2025 as compared to the same periods in 2024. The increase was primarily due to an increase in capacity, ticket prices and onboard spending in 2025, compared to same period in 2024.
Previous wording
•Total cruise operating expenses, increased $131 million and $153 million for the quarter and six months ended June 30, 2025 as compared to the same periods in 2024. The increase was primarily due to an increase in capacity in 2025 compared to the same periods in 2024.
Current wording
•Total cruise operating expenses, increased $88 million and $241 million for the quarter and nine months ended September 30, 2025 as compared to the same periods in 2024. The increase was primarily due to an increase in capacity in 2025 compared to the same periods in 2024.
Previous wording
•In March 2025, we completed privately negotiated exchange with certain holders of 6.00% Convertible Senior Notes due 2025 to exchange approximately $213 million in aggregate principal amount for approximately 3 million shares of common stock and $214 million in cash.
Current wording
•In March 2025, we completed a privately negotiated exchange with certain holders of 6.00% Convertible Senior Notes due 2025. The holders exchanged approximately $213 million in aggregate principal amount for approximately 3 million shares of common stock and $214 million in cash, including accrued interest.
Previous wording
Operating results for the quarters and six months ended June 30, 2025 compared to the same periods in 2024 are shown in the following tables (in millions, except per share data):
Current wording
Operating results for the quarters and nine months ended September 30, 2025 compared to the same periods in 2024 are shown in the following tables (in millions, except per share data):
Previous wording
We reported Net Income attributable to Royal Caribbean Cruises Ltd., Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., Earnings per Share and Adjusted Earnings per Share as shown in the following table (in millions, except per share data. Certain amounts may not add due to use of rounded numbers):
Current wording
We reported Net Income attributable to Royal Caribbean Cruises Ltd., Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., Earning per Share and Adjusted Earnings per Share as shown in the following table (in millions, except per share data. Certain amounts may not add due to use of rounded numbers):
Previous wording
(1)For 2025, includes $10 million of inducement expense related to the partial settlement of our 6.00% convertible notes due 2025. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss). Refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements for further information.
Current wording
(1)For 2025 and for 2024, includes $10 million and $119 million, respectively, of inducement expense related to the partial settlement of our 6.00% convertible notes due 2025. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss). Refer to Note 7. Debt to our consolidated financial statements under Item 1. Financial Statements for further information.
Previous wording
(2)Represents the amortization of the Silversea Cruises intangible assets resulting from the 2018 Silversea Cruises acquisition.
Current wording
(2)Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.
Previous wording
(6)Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $1 million and $16 million for the quarter and for the six months ended June 30, 2025, respectively, and $19 million and $38 million for the quarter and six months ended June 30, 2024, respectively. Refer to Note 4. Earnings Per Share to our consolidated financial statements under Item 1. Financial Statements for further information.
Current wording
(7)Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $16 million and $169 million for the nine months ended September 30, 2025, and 2024, respectively. Refer to Note 4. Earnings Per Share to our consolidated financial statements under Item 1. Financial Statements for further information.
Previous wording
(7)Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $1 million and $6 million for the quarter and six months ended June 30, 2025, respectively, and $19 million and $38 million for the quarter and six months ended June 30, 2024, respectively.
Current wording
(8)Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $6 million for the nine months ended September 30, 2025, and $13 million and $51 million for the quarter and nine months ended September 30, 2024, respectively.
Previous wording
(2)Represents net non-operating income. The amount excludes income tax expense, included in the EBITDA calculation above.
Current wording
(2)Represents net non-operating expense (income). The amount excludes income tax expense, included in the EBITDA calculation above.
Previous wording
(1)For 2024, represents property and equipment impairment charges related to certain construction in progress assets. This amount is included in Other operating within our consolidated statements of comprehensive income (loss).
Current wording
(2)For 2024, represents property and equipment impairment charges related to certain construction in progress assets. This amount is included in Other operating within our consolidated statements of comprehensive income (loss).
Previous wording
Total revenues for 2025 increased $428 million to $4.5 billion from $4.1 billion in 2024.
Current wording
Total revenues for 2025 increased $253 million to $5.1 billion from $4.9 billion in 2024.
Previous wording
Passenger ticket revenues comprised 70.5% of our 2025 total revenues. Passenger ticket revenuesfor 2025 increased by $312 million, or 10.8% to $3.2 billion from $2.9 billion in 2024. The increase was primarily due to:
Current wording
Passenger ticket revenues comprised 70.8% of our 2025 total revenues. Passenger ticket revenuesfor 2025 increased by $166 million, or 4.8% to $3.6 billion from $3.5 billion in 2024. The increase was primarily due to:
Previous wording
The remaining 29.5% of 2025 total revenues was comprised of Onboard and other revenues, which increased $116 million, or 9.5% to $1.3 billion in 2025 from $1.2 billion in 2024. The increase was primarily due to:
Current wording
The remaining 29.2% of 2025 total revenues was comprised of Onboard and other revenues, which increased $87 million, or 6.2% to $1.5 billion in 2025 from $1.4 billion in 2024. The increase was primarily due to:
Previous wording
Total Cruise operating expenses for 2025 increased $131 million to $2.3 billion from $2.2 billion in 2024. The increase was primarily due to the 5.8% increase in capacity noted above which increased cruise operating expenses by $125 million in 2025 compared to the same period in 2024.
Current wording
Total Cruise operating expenses for 2025 increased $88 million to $2.5 billion from $2.4 billion in 2024. The increase was primarily due to the 2.9% increase in capacity noted above which increased cruise operating expenses by $69 million in 2025 compared to the same period in 2024.
Previous wording
Interest expense, net of interest capitalized for 2025 decreased $70 million, to $228 million from $298 million in 2024. The decrease was primarily due lower interest expense resulting from the extinguishment and refinancing of certain indebtedness at lower rates compared to the same period in 2024. Additionally, loss on extinguishment of debt of $17 million in 2024 compared to none in during the same period in 2025.
Current wording
Interest expense, net of interest capitalized for 2025 decreased $355 million, to $248 million from $603 million in 2024. The decrease was primarily due to loss on extinguishment of debt and inducement expense of $323 million in 2024 that did not recur during the same period in 2025.
Previous wording
Equity investment income for 2025 increased $51 million, to $107 million from $57 million in 2024. The increase in income was primarily due to an increase in income from TUI Cruises, one of our equity investments.
Current wording
Equity investment income for 2025 increased $52 million, to $158 million from $106 million in 2024. The increase in income was primarily due to an increase in income from TUI Cruises, one of our equity investments.
Previous wording
Other comprehensive income (loss)was $176 million in 2025 compared to a loss of $(37) million for the same period in 2024. The increase of $213 million was primarily due to a Gain on cash flow derivative hedges of $181 million in 2025 compared to loss of $(31) million in 2024, mostly as a result of a significant increase in the fair value of our FX forward swaps in 2025 compared to 2024.
Current wording
Other comprehensive (loss)was $(9) million in 2025 compared to a loss of $(99) million for the same period in 2024. The decrease on loss of $90 million was primarily due to Loss on cash flow derivative hedges of $(5) million in 2025 compared to loss of $(95) million in 2024, mostly as a result of a significant increase in the fair value of our fuel swaps in 2025 compared to 2024.
Previous wording
In this section, references to 2025 refer to the six months ended June 30, 2025 and references to 2024 refer to the six months ended June 30, 2024.
Current wording
In this section, references to 2025 refer to the nine months ended September 30, 2025 and references to 2024 refer to the nine months ended September 30, 2024.
Previous wording
Total revenues for 2025 increased $0.7 billion to $8.5 billion from $7.8 billion in 2024.
Current wording
Total revenues for 2025 increased $1.0 billion to $13.7 billion from $12.7 billion in 2024.
Previous wording
Passenger ticket revenues comprised 69.6% of our 2025 total revenues. Passenger ticket revenuesfor 2025 increased by $0.5 billion, or 9.4% to $5.9 billion from $5.4 billion in 2024. The increase was primarily due to:
Current wording
Passenger ticket revenues comprised 70.0% of our 2025 total revenues. Passenger ticket revenuesfor 2025 increased by $0.7 billion, or 7.6% to $9.6 billion from $8.9 billion in 2024. The increase was primarily due to:
Previous wording
•an increase of $239 million driven by 4.4% capacity growth as a result of the additions of Utopia of the Seas and Silver Raycompared to the same period in 2024.
Current wording
•an increase of $344 million driven by 3.9% capacity growth as a result of the addition of Star of the Seas during the third quarter of 2025, and nine months of operations of Utopia of the Seas and Silver Raycompared to the same period in 2024; and
Previous wording
The remaining 30.4% of 2025 total revenues was comprised of Onboard and other revenues, which increased $186 million, or 7.7% to $2.6 billion in 2025 from $2.4 billion in 2024. The increase was primarily due to:
Current wording
The remaining 30.0% of 2025 total revenues was comprised of Onboard and other revenues, which increased $273 million, or 7.1% to $4.1 billion in 2025 from $3.8 billion in 2024. The increase was primarily due to:
Previous wording
•a $106 million increase driven by an 4.4% capacity growth as a result of the additions of new ships noted above compared to the same period in 2024; and
Current wording
•a $148 million increase driven by a 3.9% capacity growth as a result of the additions of new ships noted above compared to the same period in 2024; and
Previous wording
•a $79 million increase driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new ships in 2025 compared to the same period in 2024.
Current wording
•a $125 million increase driven by yield growth as a result of higher load factors and higher pricing on both existing ships and new ships in 2025 compared to the same period in 2024.
Previous wording
Marketing, selling and administrative expenses for 2025 increased $70 million, or 7%, to $1.1 billion from $1.0 billion in 2024. This increase primarily relates to an increase in payroll and benefits expense driven by increased headcount and higher spending on marketing in 2025 compared to the same period in 2024.
Current wording
Marketing, selling and administrative expenses for 2025 increased $141 million, or 10%, to $1.6 billion from $1.5 billion in 2024. This increase primarily relates to an increase in payroll and benefits expense driven by increased headcount in 2025 compared to the same period in 2024.
Previous wording
Depreciation and amortization expenses for 2025 increased $49 million, or 6.3%, to $829 million from $780 million in 2024. The increase was primarily due to the additions of Utopia of the Seas and Silver Raycompared to the same period in 2024.
Current wording
Depreciation and amortization expenses for 2025 increased $75 million, or 6.3%, to $1.3 billion from $1.2 billion in 2024. The increase was primarily due to the addition of Star of the Seasin 2025 and nine months of depreciation of Utopia of the Seas and Silver Raycompared to the same period in 2024.
Previous wording
Interest expense, net of interest capitalized for 2025 decreased $244 million, to $0.5 billion from $0.7 billion in 2024. The decrease was primarily due to the $133 million loss on extinguishment of debt in 2024 compared to an immaterial amount during the same period in 2025. Additionally, lower interest expense resulting from extinguishment and refinancing of certain indebtedness at lower rates compared to the same period in 2024.
Current wording
Interest expense, net of interest capitalized for 2025 decreased $599 million, to $0.7 billion from $1.3 billion in 2024. The decrease was primarily due to the $456 million loss on extinguishment of debt and inducement expense in 2024 compared to an immaterial amount during the same period in 2025. The remaining decrease was due to the refinancing of certain indebtedness at lower rates compared to the same period in 2024.
Previous wording
Equity investment income for 2025 increased $58 million, to $155 million from $97 million in 2024. The increase in income was primarily due to an increase in income from TUI Cruises, one of our equity investments.
Current wording
Equity investment income for 2025 increased $110 million, to $313 million from $203 million in 2024. The increase in income was primarily due to an increase in income from TUI Cruises, one of our equity investments.
Previous wording
Other comprehensive incomewas $283 million in 2025 compared to$20 million for the same period in 2024. The increase of$263 million, was primarily due to a Gain on cash flow derivative hedges of$309 million in 2025 compared to$13 million in 2024, mostly as a result of a significant increase in the fair value of our FX forward swaps in 2025 compared to 2024.
Current wording
Other comprehensive incomewas $274 million in 2025 compared to Other comprehensive loss of$(79) million for the same period in 2024. The increase of$353 million in income was primarily due to a gain on cash flow derivative hedges of$304 million in 2025 compared to loss on cash flow derivative hedges of$(82) million in 2024, mostly as a result of a significant increase in the fair value of our FX forward swaps in 2025 compared to 2024.
Previous wording
Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activitieswas $3.4 billion and $2.9 billion for the six months ended June 30, 2025, and 2024, respectively. Cash flows from operating activities increased $0.5 billion primarily driven by an increase in operating income.
Current wording
Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activitieswas $4.8 billion and $3.8 billion for the nine months ended September 30, 2025, and 2024, respectively. Cash flows from operating activities increased $1.0 billion primarily driven by an increase in operating income.
Previous wording
Net cash used in investing activities was $1.1 billion for the six months ended June 30, 2025, compared to $2.5 billion for the same period in 2024. The decrease of $1.3 billion in Cash flows used in investing activities was primarily attributable capital expenditures related to the delivery of Utopia of the Seas and Silver Ray in 2024, compared to no ship deliveries during the same period in 2025.
Current wording
Net cash used in investing activities was $3.5 billion for the nine months ended September 30, 2025, compared to $2.8 billion for the same period in 2024. The increase of $0.7 billion in Cash flows used in investing activities was primarily attributable to capital expenditures related to the delivery of Star of the Seasand the acquisition of the Port of Costa Maya in 2025 compared to the delivery of Utopia of the Seas and Silver Ray in 2024.
Previous wording
Net cash used in financing activitieswas $1.9 billion for the six months ended June 30, 2025, compared to $0.5 billion for the same period in 2024. The change of $1.4 billion was primarily attributable to a net decrease in debt proceeds of $939 million, and $589 million related to payment of dividends and purchase of treasury stock, offset by a decrease of $102 million of premium on repayments of debt in 2025 compared to the same period in 2024.
Current wording
Net cash used in financing activitieswas $1.3 billion for the nine months ended September 30, 2025, compared to $1.1 billion for the same period in 2024. The change of $0.2 billion was primarily attributable to a net decrease in repayment of debt of $0.7 billion and a decrease of $288 million of premium on repayments of debt, offset by $655 million repurchase of common stock and $552 million dividend payment in 2025 compared to the same period in 2024.
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(1)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).
Current report — wording carried from elsewhere
Marketing, selling and administrative expenses for 2025 increased $71 million, or 15.8%, to $522 million from $451 million in 2024. The increase was primarily due to an increase in payroll and benefits expense driven by an increase in headcount, and higher spending on marketing in 2025 compared to the same period in 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•the increase in capacity noted above increased cruise operating expenses by $186 million, offset by: