ROYAL CARIBBEAN CRUISES LTD
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
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, 2026 · Filed Oct 27, 2026
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 2026-06-30; filed 2026-07-28.
0000884887-26-000038
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-27.
0000884887-26-000044
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 130 previous paragraphs and 137 current paragraphs.
82 unchanged; 38 reworded; 15 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 (15)
Current report
Recent Developments:
Current report
In September 2026, we announced the signing of an agreement to acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3.0 billion. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions. Additionally, we entered into a $3 billion 364 day term loan facility to be used solely to finance the acquisition upon closing. Refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements for further information. We expect to account for the transaction under the equity method of accounting.
Current report
Total revenues increased $452 million, or 8.8%, to $5.6 billion in 2026 from $5.1 billion in 2025.
Current report
•an 8.4% capacity growth as a result of the addition of Legend of the Seasand Celebrity Xcel, and a full quarter of operations of Star of the Seas compared to the same period in 2025.
Current report
•$126 million driven by 8.4% capacity growth as noted above compared to the same period in 2025; and
Current report
Depreciation and amortization expenses for 2026 increased $55 million, or 12.6%, to $490 million from $435 million in 2025. The increase was primarily due to the addition of Legend of the Seasand Celebrity Xcel, and a full quarter of operations of Star of the Seas, compared to the same period in 2025.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
• a 7.2% capacity growth as a result of the addition of Legend of the Seasin the third quarter of 2026, and nine months of operations of Star of the Seas and Celebrity Xcel, compared to the same period in 2025.
Current report
Total Cruise operating expenses for 2026 increased $665 million to $7.5 billion from $6.8 billion in 2025. The increase was primarily due to:
Current report
Depreciation and Amortization Expenses
Current report
Depreciation and amortization expenses for 2026 increased $150 million, or 11.9%, to $1.4 billion from $1.3 billion in 2025. The increase was primarily due to the addition of Legend of the Seasin the third quarter of 2026, and nine months of operations of Star of the Seas and Celebrity Xcel compared to the same period in 2025.
Current report
Other income (expense)
Current report
Interest expense, net of interest capitalizedfor 2026 increased $80 million, to $805 million from $725 million in 2025. The increase was primarily due to loss on extinguishment of debt of $50 million associated with the redemption of debt in 2026 compared to an immaterial loss on extinguishment during the same period in 2025.
Current report
Other comprehensive income (loss)
Current report
Additionally, our future funding needs include the acquisition of a 50% equity interest in Sandals and Beaches Resorts, subject to customary approvals and closing conditions. We have a committed $3 billion 364-day term loan facility available to provide funding certainty, if needed, until we complete the permanent financing for the acquisition. See "Recent Developments" above and Note 6. Debt to the consolidated financial statements for additional information.
Removed paragraphs (9)
Previous report
Total revenues increased $294 million, or 6.5%, to $4.8 billion in 2026 from $4.5 billion in 2025.
Previous report
•$65 million driven by 4.9% capacity growth as a result of the addition of Star of the Seasand Celebrity Xcel compared to the same period in 2025; and
Previous report
•a $76 million increase in crew payroll and related expenses primarily driven by addition of new ships compared to the same period in 2025; and
Previous report
Other comprehensive income
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
•a $155 million increase driven by higher pricing on both existing ships and new ships in 2026 compared to the same period in 2025.
Previous report
Total Cruise operating expenses for 2026 increased $433 million to $4.8 billion from $4.4 billion in 2025. The increase was primarily due to:
Previous report
•a $285 million increase due to the 6.5% increase in capacity noted above; and
Previous report
Depreciation and amortization expenses for 2026 increased $96 million, or 11.6%, to $925 million from $829 million in 2025. The increase was primarily due to the addition of new ships noted above compared to the same period in 2025.
Reworded paragraphs (38)
Previous wording
•a review of our financial presentation, including discussion of certain operational and financial metrics we utilize to assist us in managing our business;
Current wording
•a review of our financial presentation, including discussion of certain operational and financial metrics we utilize to assist us in managing our business, and recent developments;
Previous wording
•a discussion of our results of operations for the quarter and six months ended June 30, 2026, compared to the same period in 2025; and
Current wording
•a discussion of our results of operations for the quarter and nine months ended September 30, 2026, compared to the same period in 2025; and
Previous wording
Adjusted Earnings per Share ("Adjusted EPS")is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.
Current wording
Adjusted Earnings per Share ("Adjusted EPS")is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by basic weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.
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) restructuring charges and other initiative expenses; and (iii) equity investment impairment, (recovery) of losses and other. 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 (income) expense; (ii) restructuring charges and other initiative expenses; and (iii) equity investment impairment, (recovery) of losses and other. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.
Previous wording
Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.
Current wording
Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization expenses.
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 cost 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 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 cost 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 exclude restructuring charges and other initiative expenses.
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 2026 was $1.1 billion, respectively, compared to Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. of $1.2 billion, respectively, for the second quarter of 2025.
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 2026 was $1.7 billion and $1.8 billion, respectively, compared to Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. of $1.6 billion, respectively, for the third quarter of 2025.
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, 2026 was $2.1 billion, respectively, compared to Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. of $1.9 billion, respectively, for the six months ended June 30, 2025.
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, 2026 was $3.8 billion and $3.9 billion, respectively, compared to Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. of $3.5 billion, respectively, for the nine months ended September 30, 2025.
Previous wording
Significant items for the quarter and six months ended June 30, 2026 include:
Current wording
Significant items for the quarter and nine months ended September 30, 2026 include:
Previous wording
•Total revenues increased $294 million and $747 million for the quarter and six months ended June 30, 2026 as compared to the same period in 2025. The increase was primarily due to an increase in capacity and higher pricing in 2026 compared to the same period in 2025.
Current wording
•Total revenues increased $452 million and $1.2 billion for the quarter and nine months ended September 30, 2026 as compared to the same period in 2025. The increase was primarily due to an increase in capacity and higher pricing in 2026 compared to the same period in 2025.
Previous wording
•Total cruise operating expenses increased $264 million and $433 million for the quarter and six months ended June 30, 2026 as compared to the same period in 2025. The increase was primarily due to an increase in capacity in 2026 compared to the same period in 2025.
Current wording
•Total cruise operating expenses increased $232 million and $665 million for the quarter and nine months ended September 30, 2026 as compared to the same period in 2025. The increase was primarily due to an increase in capacity in 2026 compared to the same period in 2025.
Previous wording
Operating results for the quarters and six months ended June 30, 2026 compared to the same period in 2025 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, 2026 compared to the same period in 2025 are shown in the following tables (in millions, except per share data):
Previous wording
(1)For 2026, includes the loss on extinguishment of debt associated with redemptions of the senior notes maturing in 2026. For 2025, includes $10 million of inducement expense related to the settlements of the 2025 6.00% convertible notes. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss).
Current wording
(1)For 2026, includes the loss on extinguishment of debt associated with the February and August redemptions of debt. Refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements for further information. For 2025, includes $10 million of inducement expense related to the settlements of the 2025 6.00% convertible notes. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss).
Previous wording
(4)For 2025, represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss).
Current wording
(3)For 2025, represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss).
Previous wording
(5)For 2025, 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. Refer to Note 4. Earnings Per Share to our consolidated financial statements under Item 1. Financial Statements for further information.
Current wording
(4)For 2025, diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $16 million for the nine months ended September 30, 2025. Refer to Note 4. Earnings Per Share to our consolidated financial statements under Item 1. Financial Statements for further information.
Previous wording
(6)For 2025, 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.
Current wording
(5)For 2025, 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.
Previous wording
Passenger ticket revenues comprised 69% of our 2026 total revenues. Passenger ticket revenues increased by $145 million, or 4.5% to $3.3 billion in 2026 from $3.2 billion in 2025. The increase was primarily driven by a 4.9% capacity growth as a result of the addition of Star of the Seasand Celebrity Xcel compared to the same period in 2025.
Current wording
Passenger ticket revenues comprised 69.5% of our 2026 total revenues. Passenger ticket revenues increased by $248 million, or 6.8% to $3.9 billion in 2026 from $3.6 billion in 2025. The increase was primarily driven by:
Previous wording
The remaining 31% of 2026 total revenues was comprised of Onboard and other revenues, which increased $149 million, or 11% to $1.5 billion in 2026 from $1.3 billion in 2025. The increase was primarily due to:
Current wording
The remaining 30.5% of our 2026 total revenues was comprised of Onboard and other revenues, which increased $204 million, or 14% to $1.7 billion in 2026 from $1.5 billion in 2025. The increase was primarily due to:
Previous wording
•$83 million driven by higher onboard spending on a per passenger basis in 2026 compared to the same period in 2025.
Current wording
•$79 million driven by higher onboard spending on a per passenger basis in 2026 compared to the same period in 2025.
Previous wording
Total Cruise operating expenses increased by $264 million, or 11.6%, to $2.5 billion in 2026 from $2.3 billion in 2025. The increase was primarily due to:
Current wording
Total Cruise operating expenses increased by $232 million, or 9.4%, to $2.7 billion in 2026 from $2.5 billion in 2025. The increase was primarily due to:
Previous wording
•a $111 million increase due to the 4.9% increase in capacity compared to the same period in 2025;
Current wording
•a $207 million increase due to the 8.4% increase in capacity primarily driven by the addition of new ships compared to the same period in 2025.
Previous wording
Other comprehensive (loss) incomefor 2026 decreased by $307 million, or 174.4%, to a loss of $(131) million in 2026 from a gain of$176 million in 2025. The decrease was primarily due to a (loss)on cash flow derivative hedges of$(137) million in 2026 compared to a gain of$181 million in 2025, mostly as a result of a significant decrease in the fair value of our FX forward swaps and fuel swaps in 2026 compared to 2025.
Current wording
Other comprehensive income (loss)for 2026 increased by $142 million, to income of $133 million in 2026 from a loss of$(9) million in 2025. The increase was primarily due to a Gainon cash flow derivative hedges of$131 million in 2026 compared to a loss of$(5) million in 2025, mostly as a result of a significant increase in the fair value of our fuel swaps, partially offset by a decrease in the fair value of our FX forward swaps in 2026 compared to 2025.
Previous wording
In this section, references to 2026 refer to the six months ended June 30, 2026 and references to 2025 refer to the six months ended June 30, 2025.
Current wording
In this section, references to 2026 refer to the nine months ended September 30, 2026 and references to 2025 refer to the nine months ended September 30, 2025.
Previous wording
Total revenues for 2026 increased $0.7 billion to $9.3 billion from $8.5 billion in 2025.
Current wording
Total revenues for 2026 increased $1.2 billion to $14.9 billion from $13.7 billion in 2025.
Previous wording
Passenger ticket revenues comprised 69% of our 2026 total revenues. Passenger ticket revenuesfor 2026 increased by $423 million, or 7.1% to $6.4 billion from $5.9 billion in 2025. The increase was primarily due to a 6.5% capacity growth as a result of the addition of Star of the Seasand Celebrity Xcel, compared to the same period in 2025.
Current wording
Passenger ticket revenues comprised 68.9% of our 2026 total revenues. Passenger ticket revenuesfor 2026 increased by $671 million, or 7.0% to $10.3 billion from $9.6 billion in 2025. The increase was primarily due to:
Previous wording
The remaining 31% of 2026 total revenues was comprised of Onboard and other revenues, which increased $324 million, or 12.5% to $2.9 billion in 2026 from $2.6 billion in 2025. The increase was primarily due to:
Current wording
The remaining 31.1% of 2026 total revenues was comprised of Onboard and other revenues, which increased $528 million, or 12.9% to $4.6 billion in 2026 from $4.1 billion in 2025. The increase was primarily due to:
Previous wording
•a $170 million increase driven by a 6.5% capacity growth as a result of the additions of new ships noted above compared to the same period in 2025; and
Current wording
•$294 million driven by a 7.2% capacity growth as noted above compared to the same period in 2025; and
Previous wording
•a $137 million increase in crew payroll and related expenses primarily driven by addition of new ships compared to the same period in 2025.
Current wording
•a $491 million increase due to the 7.2% increase in capacity primarily driven by the addition of new ships compared to the same period in 2025;
Previous wording
•a $76 million increase in fuel expenses related to higher rates per metric ton compared to the same period in 2025.
Current wording
•a $112 million increase in fuel expenses related to higher rates per metric ton compared to the same period in 2025.
Previous wording
Other comprehensive incomewas$88 million in 2026 compared to$283 million for the same period in 2025. The decrease of$195 million in income was primarily due to a gain on cash flow derivative hedges of$84 million in 2026 compared to a gain of$309 million in 2025, mostly as a result of a significant decrease in the fair value of our FX forward swaps in 2026 compared to 2025, partially offset by a significant increase in the fair value of our fuel swaps in 2026 compared to 2025.
Current wording
Other comprehensive incomewas$220 million in 2026 compared to$274 million for the same period in 2025. The decrease of$54 million in income was primarily due to a decrease of$89 million in gain on cash flow derivative hedges to$215 millionin 2026 compared to a gain of$304 million in 2025, mostly as a result of a significant decrease in the fair value of our FX forward swaps in 2026 compared to 2025, partially offset by a significant increase in the fair value of our fuel swaps in 2026 compared to 2025.
Previous wording
Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activitieswas $3.7 billion for the six months ended June 30, 2026, compared to $3.4 billion in 2025.
Current wording
Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activitieswas $5.3 billion for the nine months ended September 30, 2026, compared to $4.8 billion in 2025.
Previous wording
Net cash used in investing activities increased by $2.1 billion to $3.2 billion for the six months ended June 30, 2026, compared to $1.1 billion in 2025. The change of $2.1 billion was primarily attributable to increased capital expenditures in 2026 compared to 2025.
Current wording
Net cash used in investing activities increased by $299 million to $3.8 billion for the nine months ended September 30, 2026, compared to $3.5 billion in 2025. The increase was primarily attributable to a $158 million increase in capital expenditures and $126 million of proceeds on loans from unconsolidated affiliates received in 2025 that did not recur in 2026.
Previous wording
Net cash used in financing activities decreased by $1.4 billion to $0.4 billion for the six months ended June 30, 2026, compared to $1.9 billion in 2025. The change of $1.4 billion was primarily attributable to an increase in debt proceeds of $5 billion related to the issuance of senior notes and the loan to finance Legend of the Seas, offset by repayment of debt of $2.2 billion in 2026 compared to the same period in 2025. Additionally, an increase of $0.8 billion in repurchases of common stock in 2026 part of the previously authorized share repurchase program compared to the same period in 2025, an increase of $326 million on dividend payments, and an increase of $129 million related to payments of withholding tax on stock awards in 2026 compared to the same period in 2025.
Current wording
Net cash used in financing activities increased by $0.1 billion to $1.4 billion for the nine months ended September 30, 2026, compared to $1.3 billion in 2025. The increase was primarily attributable to an increase in repayment of debt of $3.2 billion, an increase of $523 million on dividend payments, an increase of $380 million in repurchases of common stock part of the authorized share repurchase program, and an increase of $128 million related to payments of withholding tax on stock awards. These increases were partially offset by the increase in debt proceeds of $4.1 billion related to the issuance of senior notes and the loan to finance Legend of the Seas.
Previous wording
Our future capital commitments consist primarily of new ship orders. As of June 30, 2026, the aggregate expected cost of our ships on order presented in the table above, excluding any ships on order by our Partner Brands, was approximately $16.5 billion, of which we had deposited $1.3 billion. Approximately 52.6% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at June 30, 2026. Refer to Note 8. Commitments and Contingenciesand Note 11. Fair Value Measurements and Derivative Instrumentsto our consolidated financial statements under Item 1. Financial Statements for further information.
Current wording
Our future capital commitments consist primarily of new ship orders. As of September 30, 2026, the aggregate expected cost of our ships on order presented in the table above, excluding any ships on order by our Partner Brands, was approximately $19.4 billion, of which we had deposited $1.5 billion. Approximately 49.9% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at September 30, 2026. Refer to Note 8. Commitments and Contingenciesand Note 11. Fair Value Measurements and Derivative Instrumentsto our consolidated financial statements under Item 1. Financial Statements for further information.
Previous wording
As of June 30, 2026, we anticipate overall full year capital expenditures, based on our existing ships on order, will be approximately $4.7 billion for 2026 . This amount does not include any ships on order by our Partner Brands.
Current wording
As of September 30, 2026, we anticipate overall full year capital expenditures, based on our existing ships on order, will be approximately $4.6 billion for 2026. This amount does not include any ships on order by our Partner Brands.
Previous wording
(4)Amounts are based on contractual installment and delivery dates for our ships on order. Included in these figures are $11.1 billion in final contractual installments, which have committed financing covering approximately 80% of the cost of the ships on order for our Global Brands, all of which include sovereign financing guarantees, excluding ships on order for Celebrity River Cruises. Amounts do not include potential obligations which remain subject to cancellation at our sole discretion or any agreements entered for ships on order that remain contingent upon completion of conditions precedent.
Current wording
(4)Amounts are based on contractual installment and delivery dates for our ships on order. Included in these figures are $12.9 billion in final contractual installments, which have committed financing covering approximately 80% of the cost of the ships on order for our Global Brands, all of which include sovereign financing guarantees, excluding ships on order for Celebrity River Cruises. Amounts do not include potential obligations which remain subject to cancellation at our sole discretion or any agreements entered for ships on order that remain contingent upon completion of conditions precedent.
Previous wording
We have significant contractual obligations of which our debt service obligations and the capital expenditures associated with our ship purchases represent our largest funding needs. As of June 30, 2026, we had approximately $14.3 billion of committed financing for our ships on order, which excludes ships on order for Celebrity River Cruises. As of June 30, 2026, our obligations due through June 30, 2027 primarily consisted of$1.6 billion related to debt maturities,$1.1 billion related to interest on debt and$0.8 billion related to progress payments on our ship orders. We have historically relied on a combination of cash flows provided by operations, draw-downs under our available credit facilities, the incurrence of additional debt and/or the refinancing of our existing debt and the issuance of additional shares of equity securities to fund our obligations.
Current wording
We have significant contractual obligations of which our debt service obligations and the capital expenditures associated with our ship purchases represent our largest funding needs. As of September 30, 2026, we had approximately $17 billion of committed financing for our ships on order, which excludes ships on order for Celebrity River Cruises. As of September 30, 2026, our obligations due through September 30, 2027 primarily consisted of$2.2 billion related to debt maturities,$1.1 billion related to interest on debt and$2.7 billion related to progress payments on our ship orders. We have historically relied on a combination of cash flows provided by operations, draw-downs under our available credit facilities, the incurrence of additional debt and/or the refinancing of our existing debt and the issuance of additional shares of equity securities to fund our obligations.
Previous wording
As of June 30, 2026, we had liquidity of $6.9 billion, including cash and cash equivalents of $0.9 billion, and $6 billion of undrawn revolving credit facility capacity.
Current wording
As of September 30, 2026, we had liquidity of $7.4 billion, including cash and cash equivalents of $0.9 billion, and $6.6 billion of undrawn revolving credit facility capacity.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•In August 2026, we issued $1.25 billion of senior notes due in 2034 for net proceeds of approximately $1.24 billion.
Current report — wording carried from elsewhere
•$235 million driven by higher onboard spending on a per passenger basis in 2026 compared to the same period in 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(3)Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.