ROYAL CARIBBEAN CRUISES LTD
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
RCL$339.85+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Operating Activities | |||
| Net Income | $4,291 | $2,896 | $1,704 |
| Adjustments: | |||
| Depreciation and amortization | 1,718 | 1,600 | 1,455 |
| Net deferred income tax expense (benefit) | 18 | — | (8) |
| (Gain) loss on derivative instruments not designated as hedges | (49) | 77 | (19) |
| Share-based compensation expense | 175 | 267 | 126 |
| Equity investment income | (414) | (260) | (200) |
| Amortization of debt issuance costs, discounts and premiums | 97 | 98 | 109 |
| Loss on extinguishment of debt and inducement expense | 16 | 463 | 121 |
| Changes in operating assets and liabilities: | |||
| (Increase) decrease in trade and other receivables | (3) | 52 | 99 |
| Increase in inventories, net | — | (17) | (24) |
| Increase in prepaid expenses and other assets | (100) | (137) | (184) |
| Increase in accounts payable | 27 | 120 | 124 |
| Increase in accrued expenses and other liabilities | 216 | — | 13 |
| Increase in customer deposits | 243 | 186 | 1,143 |
| Dividends received from unconsolidated affiliates | 264 | 29 | 11 |
| Other, net | (34) | (109) | 7 |
| Net cash provided by operating activities | 6,465 | 5,265 | 4,477 |
| Investing Activities | |||
| Purchases of property and equipment | (5,229) | (3,268) | (3,897) |
| Cash received on settlement of derivative financial instruments | 200 | 14 | 35 |
| Cash paid on settlement of derivative financial instruments | (24) | (130) | (86) |
| Investments in and loans to unconsolidated affiliates | (106) | (67) | (31) |
| Cash received on loans to unconsolidated affiliates | 126 | 18 | 40 |
| Other, net | 21 | (13) | 16 |
| Net cash used in investing activities | (5,012) | (3,446) | (3,923) |
| Financing Activities | |||
| Debt proceeds | 4,671 | 10,318 | 7,641 |
| Debt issuance costs | (118) | (133) | (194) |
| Repayments of debt | (3,534) | (11,651) | (9,566) |
| Premium on repayment of debt | (2) | (292) | (80) |
| Repurchase of common stock | (1,159) | — | — |
| Dividends paid | (824) | (107) | — |
| Proceeds from sale of noncontrolling interest | — | — | 209 |
| Other, net | (52) | (57) | (3) |
| Net cash used in financing activities | (1,018) | (1,922) | (1,993) |
| Effect of exchange rate changes on cash and cash equivalents | 2 | (6) | 1 |
| Net increase (decrease) in cash and cash equivalents | 437 | (109) | (1,438) |
| Cash and cash equivalents at beginning of year | 388 | 497 | 1,935 |
| Cash and cash equivalents at end of year | $825 | $388 | $497 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Supplemental Disclosures | |||
| Cash paid during the year for: | |||
| Interest, net of amount capitalized | $864 | $1,210 | $1,442 |
| Non-Cash Investing Activities | |||
| Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities | $72 | $47 | $50 |
| Non-Cash Financing Activities | |||
| Non-cash inducement on convertible notes exchange | $7 | $104 | $— |
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