[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","uxx1xg7gz92e7iy8pg7gu7fxp","revision",2,"title","皇家加勒比披露截至2026年9月30日季度及九个月业绩，并拟收购 Sandals and Beaches Resorts 50%股权","originalTitle","ROYAL CARIBBEAN CRUISES LTD (0000884887) (Filer)","summary","皇家加勒比截至2026年9月30日的第三季度总收入为55.91亿美元，归属于公司的净利润为17.28亿美元；前九个月总收入为148.76亿美元，归属于公司的净利润为37.98亿美元，均高于上年同期。","reason","材料涵盖皇家加勒比截至2026年9月30日季度及九个月的财务表现、现金流、债务与流动性，以及拟议收购和未决诉讼。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-27T21:05:47.000Z","discoveredAt","2026-10-27T22:12:20.781Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",76,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","feVKe7mAhG78",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","d5fef255-f9d6-465d-bcfe-b52e859fe901","皇家加勒比公布第三季度业绩并推进收购Sandals/Beaches",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）


☒	根据 1934 年《证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据 1934 年《证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期：自至

委员会档案编号：1-11884

ROYAL CARIBBEAN CRUISES LTD.

（注册人章程中载明的确切名称）


利比里亚共和国		98-0081645
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号）

1050 Caribbean Way, Miami, Florida 33132

（主要行政办公室地址）（邮政编码）

(305) 539-6000

（注册人电话号码，包括区号）

不适用

（如自上次报告以来有变更，填写曾用名称、曾用地址及曾用财年）

根据该法第 12(b) 条注册的证券：

各类证券名称

交易代码

注册交易所名称

普通股，每股面值 $0.01

RCL

纽约证券交易所

请勾选以表明注册人是否 (1) 已在过去 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的全部报告，以及 (2) 在过去 90 天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在过去 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》第 12b-2 条中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司 ☒

加速申报公司 ☐

非加速申报公司 ☐

较小申报公司 ☐

新兴成长型公司 ☐

如果属于新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新的或修订的财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

截至2026年10月 23日，已发行普通股共267,470,925股。

皇家加勒比邮轮有限公司


	页码

第一部分. 财务信息

第1项. 财务报表	1

第2项. 管理层对财务状况和经营成果的讨论与分析	20

第3项. 关于市场风险的定量和定性披露	37

第4项. 控制和程序	37

第二部分. 其他信息

第1项. 法律诉讼	38

第1A项. 风险因素	38

第2项. 未注册证券的销售及所得款项用途	39

第5项. 其他信息	39

第6项. 附件	40

签名	41

第一部分. 财务信息

第1项. 财务报表


皇家加勒比邮轮有限公司
综合收益（亏损）合并报表
（未经审计；单位：百万，股份数据除外）
	截至9月30日的季度
	2026		2025



客票收入	$	3,885			$	3,637


船上及其他收入	1,706			1,502
总收入	5,591			5,139
邮轮运营费用：
佣金、运输及其他	735			696


船上及其他	338			312
工资及相关费用	399			342
食品	287			264
燃油	347			297

其他运营费用	606			569
邮轮运营费用总额	2,711			2,479
营销、销售及行政费用	519			522


折旧和摊销费用	490			435
营业收入	1,871			1,702
其他收入（费用）：
利息收入	5			3
利息费用（扣除资本化利息后）	(291)			(248)
权益投资收益	176			158



其他收入（费用）	1			(2)
税前收入	1,762			1,612
所得税费用	(27)			(34)
净收入	1,735			1,579
减：归属于非控股权益的净收入	7			4
归属于皇家加勒比邮轮有限公司的净收入	$	1,728			$	1,575
每股收益：
基本	$	6.46			$	5.79
稀释	$	6.45			$	5.74
加权平均流通股数：
基本	267			272
稀释	268			274
综合收益（亏损）
净收入	$	1,735			$	1,579
其他综合收益（亏损）：
外币折算调整	(6)			(2)
设定受益计划变动	7			(2)
现金流量套期衍生工具的收益（亏损）	131			(5)
其他综合收益（亏损）总额	133			(9)
综合收益	1,868			1,570
减：归属于非控股权益的综合收益	7			4
归属于皇家加勒比邮轮有限公司的综合收益	$	1,861			$	1,566

所附附注是这些合并财务报表不可分割的组成部分


皇家加勒比邮轮有限公司
综合收益（亏损）合并报表
（未经审计；单位：百万，股份数据除外）
	截至9月30日的九个月
	2026		2025



乘客船票收入	$	10,250			$	9,579


船上及其他收入	4,625			4,097
总收入	14,876			13,676
邮轮运营费用：
佣金、运输及其他	1,921			1,823


船上及其他	838			775
薪酬及相关费用	1,204			1,010
食品	813			750
燃油	966			854

其他运营费用	1,763			1,630
邮轮运营费用总额	7,506			6,841
营销、销售及行政费用	1,615			1,593


折旧及摊销费用	1,415			1,265
营业收入	4,340			3,977
其他收入（费用）：
利息收入	15			17
利息费用，扣除资本化利息	(805)			(725)
权益投资收益	328			313



其他收入	10			13

税前收入	3,887			3,596
所得税费用	(66)			(67)
净利润	3,821			3,529
减：归属于非控股权益的净利润	23			15
归属于 Royal Caribbean Cruises Ltd. 的净利润	$	3,798			$	3,514
每股收益：
基本	$	14.15			$	12.97
稀释	$	14.12			$	12.83
加权平均流通股数：
基本	268			271
稀释	269			275
综合收益（亏损）
净利润	$	3,821			$	3,529
其他综合收益（亏损）：
外币折算调整	(6)			(28)
设定受益计划变动	11			(2)
现金流量套期衍生工具收益	215			304
其他综合收益总额	220			274
综合收益	4,042			3,803
减：归属于非控股权益的综合收益	23			15
归属于 Royal Caribbean Cruises Ltd. 的综合收益	$	4,018			$	3,788

随附附注是这些合并财务报表不可分割的组成部分


ROYAL CARIBBEAN CRUISES LTD.
合并资产负债表
（单位：百万，股份数据除外）
	截至
	9月30日，		12月31日，
	2026		2025
	（未经审计）
资产
流动资产
现金及现金等价物	$	851			$	825
贸易及其他应收款净额	409		317
存货	304		264
预付费用及其他资产	750		690
衍生金融工具	160		115
流动资产总额	2,474		2,211
不动产及设备净额	38,297		35,696
经营租赁使用权资产	751		620
商誉	808		808
其他资产	2,483		2,284
资产总额	$	44,813			$	41,619

负债及股东权益
流动负债
长期债务的流动部分	$	2,239			$	3,180
经营租赁负债的流动部分	71		90
应付账款	979		953
应计费用及其他负债	1,983		2,026
衍生金融工具	107		67
客户存款	6,034		5,739
流动负债总额	11,413			12,055
长期债务	20,116		18,165
长期经营租赁负债	744		600
其他长期负债	627		554
负债总额	32,900			31,374

股东权益
优先股（面值 $0.01；授权发行 20,000,000 股；无流通股）	—		—
普通股（面值 $0.01；授权发行 500,000,000 股；截至 2026年9月30日和2025年12月31日，分别发行 303,899,853 股和 303,054,848 股）	3		3
实缴资本	7,916		7,964
留存收益	8,512		5,925








累计其他综合亏损	(384)		(604)
库存股（按成本计价；截至 2026年9月30日和2025年12月31日，分别持有 36,429,278 股和 32,631,826 股普通股）	(4,334)		(3,251)
归属于 Royal Caribbean Cruises Ltd. 的股东权益总额	11,713			10,037
非控股权益	200		208
股东权益总额	11,913			10,245
负债和股东权益总额	$	44,813			$	41,619

随附附注是这些合并财务报表不可分割的组成部分


ROYAL CARIBBEAN CRUISES LTD.
合并现金流量表
（未经审计；单位：百万）
	截至9月30日的九个月
	2026		2025
经营活动
净利润	$	3,821			$	3,529
调整项：
折旧和摊销	1,415			1,265
递延所得税净收益（费用）	(5)			15
未指定为对冲工具的衍生工具损失（收益）	4			(45)
股份薪酬费用	94			136
股权投资收益	(328)			(313)
债务发行成本、折价和溢价的摊销	16			72
债务清偿损失及诱导费用	105			10
经营性资产和负债变动：
贸易及其他应收款净额增加	(109)			(34)
存货增加	(40)			(4)
预付费用及其他资产增加	(112)			(42)
应付账款减少	(60)			(100)
应计费用及其他负债（减少）增加	(220)			19
客户存款增加	295			108
收到未合并关联公司的股息	309			263
其他，净额	89			(37)
经营活动提供的现金净额	5,274			4,842
投资活动
购置物业和设备	(3,880)			(3,722)
结算衍生金融工具收到的现金	122			144
结算衍生金融工具支付的现金	(27)			(12)
对未合并关联公司的投资及贷款	(49)			(94)
收到未合并关联公司偿还的贷款款项	—			126

其他，净额	2			25
投资活动使用的现金净额	(3,832)			(3,533)
融资活动
债务所得款项	7,227			3,162
债务发行成本	(124)			(100)
偿还债务	(6,236)			(3,075)

回购普通股	(1,035)			(655)
支付的股息	(1,075)			(552)
支付的股票奖励预扣税款	(191)			(63)
其他，净额	19			11
融资活动使用的现金净额	(1,415)			(1,272)
汇率变动对现金及现金等价物的影响	(1)			7
现金及现金等价物净增加额	26			44
期初现金及现金等价物	825			388
期末现金及现金等价物	$	851			$	432

随附附注是这些合并财务报表不可分割的组成部分


ROYAL CARIBBEAN CRUISES LTD.
合并现金流量表
（未经审计；单位：百万）
	截至9月30日的九个月
	2026		2025

补充披露
本期支付的现金用于：
利息，扣除资本化金额	$	739		$	709
非现金投资活动
计入应付账款、应计费用及其他负债的物业和设备购置	$	137		$	83

随附附注是这些合并财务报表不可分割的组成部分

ROYAL CARIBBEAN CRUISES LTD.

合并股东权益变动表

（未经审计；单位：百万）


	普通股		实收资本		留存收益		累计其他综合亏损	库存股		非控股权益		股东权益总额
2026年7月1日余额	$	3			$	7,896		$	7,187			$	(516)			$	(4,334)		$	225	$	10,461
与员工股票计划相关的活动	—			30			—		—			—			—			30
普通股股息，每股 $1.50	—			—			(403)		—			—			—			(403)

与现金流套期衍生工具相关的变动	—			—			—		131			—			—			131
设定受益计划变动	—			—			—		7			—			—			7
外币折算调整	—			—			—		(6)			—			—			(6)

归属于非控股权益的净利润	—			—				—			—			7			7
归属于非控股权益的其他活动	—			(10)			—		—			—			(32)			(42)
归属于 Royal Caribbean Cruises Ltd. 的净利润	—			—			1,728		—			—			—			1,728
2026年9月30日余额	$	3			$	7,916		$	8,512			$	(384)			$	(4,334)		$	200	$	11,913


	普通股		实收资本		留存收益		累计其他综合亏损	库存股		非控股权益	股东权益总额
2026年1月1日余额	$	3			$	7,964		$	5,925		$	(604)		$	(3,251)		$	208	$	10,245
与员工股票计划相关的活动	—			(38)			—		—		—		—			(38)
普通股股息，每股 $4.50	—			—			(1,211)		—		—		—			(1,211)

与现金流套期衍生工具相关的变动	—			—			—		215		—		—			215
设定受益计划变动	—			—			—		11		—		—			11
外币折算调整	—			—			—		(6)		—		—			(6)
回购普通股	—			—			—		—		(1,083)		—			(1,083)
归属于非控股权益的净利润	—			—			—		—		—		23			23
归属于非控股权益的其他活动	—			(10)			—		—		—		(31)			(41)
归属于 Royal Caribbean Cruises Ltd. 的净利润	—			—			3,798		—		—		—			3,798
2026年9月30日余额	$	3			$	7,916		$	8,512		$	(384)		$	(4,334)		$	200	$	11,913

随附附注是这些合并财务报表不可分割的一部分


	普通股		实收资本		留存收益		累计其他综合亏损	库存股		非控股权益	股东权益总额
2025年7月1日余额	$	3			$	7,874		$	4,144		$	(519)		$	(2,333)		$	191	$	9,360
与员工股票计划相关的活动	—			47			—		—		—		—			47
普通股股息，每股 $1.00	—			—			(276)		—		—		—			(276)

与现金流套期衍生工具相关的变动	—			—			—		(5)		—		—			(5)
设定受益计划变动	—			—			—		(2)		—		—			(2)
外币折算调整	—			—			—		(2)		—		—			(2)
回购普通股	—			—			—		—		(414)		—			(414)
归属于非控股权益的净利润	—			—			—		—		—		4			4
归属于非控股权益的其他活动	—			—			—		—		—		1			1
归属于 Royal Caribbean Cruises Ltd. 的净利润	—			—			1,575		—		—		—			1,575
2025年9月30日余额	$	3			$	7,921		$	5,443		$	(528)		$	(2,747)		$	196	$	10,288


	普通股		实收资本		留存收益		累计其他综合亏损	库存股		非控股权益	股东权益总额
2025年1月1日余额	$	3			$	7,831		$	2,612		$	(802)		$	(2,081)		$	172	$	7,735
与员工股票计划相关的活动	—			97			—		—		—		—			97
普通股股息，每股 $2.50	—			—			(683)		—		—		—			(683)
可转换票据结算	—			(7)			—		—		—		—			(7)
与现金流套期衍生工具相关的变动	—			—			—		304		—		—			304
设定受益计划变动	—			—			—		(2)		—		—			(2)
外币折算调整	—			—			—		(28)		—		—			(28)
回购普通股	—			—			—		—		(666)		—			(666)
归属于非控股权益的净利润	—			—			—		—		—		15			15
归属于非控股权益的其他活动	—			—			—		—		—		9			9
归属于 Royal Caribbean Cruises Ltd. 的净利润	—			—			3,514		—		—		—			3,514
2025年9月30日余额	$	3			$	7,921		$	5,443		$	(528)		$	(2,747)		$	196	$	10,288

随附附注是这些合并财务报表不可分割的一部分

皇家加勒比邮轮有限公司

合并财务报表附注

（未经审计）

在本季度 10-Q 表格报告中， “Royal Caribbean Group”、“本公司”、“我们”、“我们的”和“本集团”指 Royal Caribbean Cruises Ltd.，并视上下文而定，指 Royal Caribbean Cruises Ltd. 的合并子公司和/或关联公司。“Royal Caribbean”、“Celebrity Cruises”和“Silversea”指我们全资拥有的全球邮轮品牌。在本季度 10-Q 表格报告中，我们还提及持有其所有权权益的合作品牌，包括“Mein Schiff”和“Hapag-Lloyd Cruises”。然而，由于这些合作品牌属于未合并投资，除非另有说明，本报告中的经营业绩及其他披露不包括这些品牌。按照邮轮度假行业惯例，“客位”按每间客舱双人入住计算，尽管许多客舱可容纳三名或更多乘客。本季度 10-Q 表格报告应与我们截至 2025 年 12 月 31 日止年度的年度 10-K 表格报告一并阅读。

本季度 10-Q 表格报告还包含其他公司的商标、商号和服务标志。我们使用或展示其他方的商标、商号或服务标志，并不意在也不意味着与这些其他方存在关系，或获得其对我们的认可或赞助，但本文所述情形除外。

注释 1。一般事项

业务说明

我们是一家全球邮轮公司。我们拥有并运营三个全球邮轮品牌：Royal Caribbean、Celebrity Cruises 和 Silversea（统称“全球品牌”）。我们还持有 TUI Cruises GmbH（“TUIC”、“TUI Cruises”）50% 的合资权益，该公司运营德国品牌 Mein Schiff 和 Hapag-Lloyd Cruises（统称“合作品牌”）。我们采用权益法核算对合作品牌的投资。截至 2026 年 9 月 30 日，我们的全球品牌与合作品牌合计运营 71 艘船舶。我们的船舶提供多种全球航线，停靠遍布七大洲、120 多个国家的 1,000 多个目的地。

合并财务报表的编制基础

未经审计的合并财务报表根据美国证券交易委员会的规则和规定编制。我们认为，这些报表包含公允列报本文所述中期业绩所需的所有调整。除下文附注中讨论的项目外，调整仅包括正常的经常性项目。根据美国证券交易委员会相关规则和规定的许可，按照美国公认会计原则（“GAAP”）编制的财务报表通常包含的某些信息和脚注披露已予以精简或省略。按照这些原则编制财务报表需要作出估计。实际结果可能与这些估计不同。由于使用了四舍五入后的数字，表格中的某些金额可能无法相加或计算得出。有关我们重要会计政策的讨论，请参阅本季度报告（Form 10-Q）中的附注2。重要会计政策概要以及我们截至2025年12月31日止年度的年度报告（Form 10-K）。

所有重大公司间账户和交易均在合并时抵销。我们合并我们控制的实体（通常以直接持股比例超过50%为证），以及我们被认定为主要受益人的可变利益实体。有关可变利益实体的更多信息，请参阅附注5。投资和其他资产。对于我们不控制但对其财务和经营政策具有重大影响力的关联方（通常以直接持股比例为20%至50%为证），相关投资采用权益法核算。

附注2。重要会计政策概要

近期会计公告

2024年11月，FASB发布了ASU第2024-03号《利润表——综合收益报告——费用细分披露（子主题220-40）：利润表费用细分》，要求披露计入利润表列示费用项目中的某些费用类别（包括存货采购、员工薪酬、折旧和无形资产摊销）的相关信息，以及销售费用的相关信息。这项新指引旨在向投资者提供更详细的费用信息，以便更好地了解实体的成本结构并预测未来现金流。该ASU适用于2026年12月15日之后开始的年度报告期，以及2026年12月15日之后开始的年度报告期内的中期报告期。

2027年12月15日。允许提前采用，实体可采用前瞻性或追溯性方式应用该指引。我们正在评估新指引对合并财务报表披露的影响。

2025年9月，FASB 发布了第 2025-06 号会计准则更新（ASU），《无形资产——商誉及其他——内部使用软件》（子主题 350-40）：内部使用软件会计处理的针对性改进。该新准则旨在取消项目阶段的划分，并引入一个基于原则的框架，用于确认和资本化内部使用软件成本。该 ASU 对 2027 年 12 月 15 日之后开始的年度期间生效，包括这些年度期间内的中期期间。允许提前采用，实体可采用前瞻法、追溯法或修订后的过渡方法应用该准则。我们正在评估该新准则对合并财务报表及相关披露的影响。

2025年11月，FASB 发布了第 2025-09 号会计准则更新（ASU），《衍生工具和套期保值》（主题 815）：套期会计改进。该准则修订了套期会计准则的若干方面，使套期会计更贴近实体风险管理活动的经济实质。该新准则旨在使实体能够对更广泛的高效经济套期保值采用并维持套期会计，同时降低成本和复杂性。该 ASU 对 2026 年 12 月 15 日之后开始的年度报告期间生效，包括这些年度期间内的中期报告期间。允许提前采用，实体须前瞻性地应用该准则。我们正在评估该新准则对合并财务报表及相关披露的影响。

重新分类

截至2026年9月30日的季度和九个月期间，我们在合并综合收益（亏损）表中单独列示了所得税拨备。因此，我们将以前年度金额从其他收入（支出）重新分类，以符合本年度的列报方式。

截至2026年9月30日的九个月期间，我们在合并现金流量表中单独列示了股票奖励预扣税款的支付。因此，我们将以前年度金额从融资活动中的其他，净额重新分类，以符合本年度的列报方式。此外，我们不再在合并现金流量表中单独列示债务偿还溢价。因此，我们将以前期间列报的某些不重大金额重新分类至融资活动中的其他，净额，以符合本年度的列报方式。

附注 3。收入

收入确认

收入根据与客户签订的合同中约定的对价计量，并在相关履约义务履行时确认。

我们的收入大部分来自客运邮轮合同，在合并综合收益（亏损）表中列入客票收入。我们在这些合同项下的履约义务是以票价提供邮轮度假服务。我们在履行该履约义务之前收取款项，并在每次邮轮航程期间确认收入；航程通常为三至 14 晚。

客票收入包括向宾客收取的港口费用，该费用随乘客人数变化。此类港口费用以及不随乘客人数变化的港口费用均计入运营费用。按总额计入客票收入的向宾客收取的港口费用，分别为截至2026年和2025年9月30日止季度的4.20亿美元和3.71亿美元，以及截至2026年和2025年9月30日止九个月的11亿美元和9.65 亿美元。

我们的总收入还包括船上及其他收入，主要来自在船上销售的商品和服务，这些商品和服务未包含在客票价格中。我们在向邮轮乘客转让这些商品和服务之前或同时收取款项，并在相关邮轮航程期间确认收入。

作为一项实务简便方法，由于我们与客户签订的合同期限不到一年，因此省略了有关剩余履约义务的披露。

收入分类

下表按我们提供邮轮行程的地理区域对总收入进行分类（单位：百万）：


	截至9月30日止季度	截至9月30日止九个月
	2026		2025	2026		2025
按行程划分的收入
北美(1)	$	3,220			$	3,030	$	9,489	$	8,727
亚太地区	198			212		1,159		1,161
欧洲	1,796			1,520		2,881		2,500
其他地区(2)	89			111		591		602
按行程划分的总收入	5,303			4,873		14,120		12,990
其他收入(3)	288			266		756		686
总收入	$	5,591			$	5,139	$	14,876	$	13,676

(1)包括美国、加拿大、墨西哥和加勒比地区。

(2)主要包括南美洲行程以及受季节性影响的行程。

(3)主要包括取消费用、度假保障保险、邮轮行程前后观光游，以及运营某些港口设施的费用相关收入。金额还包括我们代表未合并关联方提供采购和管理相关服务所产生的收入。有关未合并关联方的更多信息，请参阅附注5。投资及其他资产。

客票收入根据预订发起地归属至相应地理区域。截至2026年和2025年9月30日止季度及九个月，我们的宾客来自以下地区：


	截至9月30日止季度		截至9月30日止九个月
	2026		2025		2026	2025
客票收入：
美国	72	%		73	%	75	%	75	%
所有其他国家(1)	28	%		27	%	25	%	25	%

(1)截至2026年和2025年9月30日止季度及九个月，其他任何单一国家的收入均未超过10%。

客户押金及合同负债

我们的付款条款通常要求预付定金以确认预订，余额须在邮轮出发前付清。销售邮轮乘客船票收到的定金最初记入合并资产负债表中的客户定金，随后在邮轮航程期间确认为乘客船票收入或船上收入。ASC 606《与客户签订的合同收入》将“合同负债”定义为实体已收到客户对价、但仍有义务向客户转让商品或服务的情形。我们认为，只有当客户因时间推移而不再享有单方面取消预订并获得全额退款的权利时，客户定金才构成合同负债。合并资产负债表列示的客户定金中，截至2026年9月 30日和2025年12月 31日的合同负债分别为30亿美元和31亿美元。

合同应收款和合同资产

尽管我们通常要求客户在邮轮出发前全额付款，但我们对来自美国以外部分市场的一小部分收入提供信用期限。因此，这些市场存在未结清的乘客邮轮合同应收款。我们还持有信用卡商户应收款，涉及邮轮船票购买以及邮轮航程期间向宾客销售的商品和服务，这些款项在航程之前、期间或结束后不久收回。此外，我们还持有船上特许经营商的应收款。这些应收款列入合并资产负债表中的贸易及其他应收款净额。

在某些情况下，我们的信用卡处理协议要求我们维持一笔准备金，该准备金可通过提供抵押品来满足。截至2026年9月 30日，我们的信用卡处理商均未要求我们维持准备金。

我们有合同资产，即因履行服务特许经营安排下的建造服务履约义务而享有的有条件对价权。截至2026年9月 30日和2025年12月 31日，我们的合同资产为

分别为2.41亿美元和1.87亿美元，并列入合并资产负债表中的其他资产。鉴于邮轮航程时间较短且我们的收款条款如此，我们没有其他重大合同资产。

确认的取得客户合同成本相关资产

预付旅行顾问佣金以及预付信用卡和借记卡费用，是获取客户合同的增量成本，我们将其确认为资产，并计入合并资产负债表中的预付费用及其他资产。截至2026年9月30日和2025年12月31日，预付旅行顾问佣金以及预付信用卡和借记卡费用分别为$256 million和$245 million。预付旅行顾问佣金以及预付信用卡和借记卡费用在确认收入或航程取消时确认，主要列报于合并综合收益（亏损）表中的佣金、运输及其他。

附注4. 每股收益

基本每股收益与稀释每股收益的调节如下（单位：百万，股份数据除外）：


	截至9月30日的季度		截至9月30日的九个月
	2026		2025		2026		2025
Royal Caribbean Cruises Ltd.归属净利润（用于计算基本每股收益）	$	1,728			$	1,575		$	3,798	$	3,514
加：可转换票据利息及诱导费用	—			—			—		16
Royal Caribbean Cruises Ltd.归属净利润（用于计算稀释每股收益）	$	1,728			$	1,575		$	3,798	$	3,530
加权平均已发行普通股数	267			272			268		271
股票薪酬奖励的稀释影响	1			1			1		1
可转换票据的稀释影响	—			1			—		3
稀释后加权平均股数	268			274			269		275
基本每股收益	$	6.46			$	5.79		$	14.15	$	12.97
稀释每股收益	$	6.45			$	5.74		$	14.12	$	12.83

T截至2026年和2025年9月30日止季度及九个月均无反稀释股份。

附注5. 投资及其他资产

可变利益实体（“VIE”）是指权益投资者提供的权益不足以为实体活动提供资金，或权益投资者（1）无法通过其投票权或类似权利直接或间接决定实体的活动；（2）没有义务承担实体的预期损失；（3）无权获得实体的预期剩余回报；或（4）其投票权与其经济利益不成比例，且实体的活动涉及或代表投票权益占比显著较低的投资者开展。我们持有与邮轮运营相关的合资企业权益。我们将这些投资中的大多数作为权益法投资或受控子公司进行会计处理。权益法投资计入合并资产负债表中的其他资产。

我们与 iCON Infrastructure Partners VI, L.P.（“iCON”）的合作关系拥有、开发和管理邮轮码头设施及基础设施，涵盖多个重要停靠港口，包括意大利和西班牙的若干开发项目。我们持有该合作关系控股公司的 10% 非控股权益，该实体属于 VIE。该合作关系继续推进其他港口基础设施开发项目，包括未来在美国、加勒比地区和欧洲拥有、开发和管理基础设施项目的计划。其中一些港口按合并投资（“受控子公司”）核算，另一些则按权益法投资核算。

未合并投资（“权益法投资”）

我们认定，持股 50% 的合资企业 TUIC（运营 Mein Schiff 和 Hapag-Lloyd Cruises 品牌）属于 VIE。我们认定自己并非 TUIC 的主要受益人。我们认为，对 TUIC 经济表现影响最大的活动的主导权由我们与合资伙伴 TUI AG 共同掌握。TUIC 的所有重大运营和财务决策均须经双方同意，我们认为这形成了对 TUIC 的共同控制权。因此，我们不合并该实体，而是按权益法核算这项投资。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们对 TUIC 投资的账面净值分别为 10 亿美元和 9.9 亿美元，主要由权益构成。

TUIC 有多项船舶建造和融资协议，其中包含某些限制，规定截至 2033 年 5 月，我们和 TUI AG 均不得将各自在 TUIC 的当前持股比例降至 37.55% 以下。我们的投资金额大体上构成了我们因投资 TUIC 而面临的最大损失风险。

我们认定，Grand Bahama Shipyard Ltd.（“Grand Bahama”）属于 VIE；我们持有该公司 33% 的非控股权益。该船舶维修和维护设施服务于邮轮、货船、油气船和海上作业设备。我们使用该设施以及其他船舶维修设施，进行定期进坞维修和所需的某些紧急维修。我们认定自己并非该设施的主要受益人，因为我们无权主导对该设施经济表现影响最大的活动。因此，我们不合并该实体，而是按权益法核算这项投资。

我们已认定，Floating Docks S. DE RL.（“Floating Docks”）是可变利益实体（VIE）。该合资企业由我们与 Grand Bahama 的其他股东共同持有，我们持股约 33%。该实体负责建造两座浮船坞，两者均可用于 Grand Bahama 为我们的邮轮以及全球大部分商业船队提供服务。我们已认定，我们并非 Floating Docks 的主要受益方，因为我们无权主导对该设施经济业绩影响最大的活动。因此，我们不合并该实体，而是采用权益法核算这项投资。截至 2026 年 9 月 30 日，我们对 Floating Docks 的投资账面净值为 $182 million，主要由贷款构成。

下表列示了采用权益法核算的投资相关信息，包括上述实体（单位：百万）：


	截至 9 月 30 日的季度		截至 9 月 30 日的九个月
	2026		2025	2026		2025
投资权益收益份额	$	176		$	158		$	328	$	313
收到的股息 (1)	$	299		$	259		$	308	$	262

(1) 截至 2026 年 9 月 30 日的季度和九个月期间，TUI Cruises 向我们支付了总计 $299 million 的股息。上表所列金额已扣除预扣税。


	截至 2026 年 9 月 30 日		截至 2025 年 12 月 31 日
应收权益投资票据总额	$	182			$	128
减：流动部分 (1)	—			—
长期部分 (2)	$	182			$	128

(1) 列入合并资产负债表中的贸易及其他应收款净额项目。

(2) 列入合并资产负债表中的其他资产项目。

附注 6。债务

债务包括以下各项（单位：百万）：


	加权平均利率 (1)	到期年份截至	截至 2026 年 9 月 30 日		截至 2025 年 12 月 31 日
固定利率债务：
无担保优先票据	5.53%	2027 - 2038	$	13,040			$	11,197
无担保定期贷款	3.33%	2026 - 2038	8,261			8,024
固定利率债务总额			21,301			19,221
浮动利率债务：
无担保循环信贷额度 (2)	—%	2028 - 2030	—			—
美元无担保定期贷款	5.44%	2026 - 2037	1,216			2,328
欧元无担保定期贷款	4.16%	2026 - 2042	196			194
浮动利率债务总额			1,412			2,522
融资租赁负债			159			159
债务总额 (3)			22,872			21,902
减：未摊销债务发行成本			(517)			(557)
扣除未摊销债务发行成本后的债务总额			22,355			21,345
减：流动部分			(2,239)			(3,180)
长期部分			$	20,116			$	18,165

(1) 加权平均利率根据截至 2026 年 9 月 30 日的未偿贷款余额计算；浮动利率债务的利率包括 EURIBOR 或适用的 Term SOFR 加上适用的利差。

(2) 我们无担保循环信贷额度下的借款按 Term SOFR 加 1.02% 的利率利差计息。根据适用的 Term SOFR 利率，截至 2026 年 9 月 30 日，无担保信贷额度的利率为 4.93%。我们还需按该额度总承诺额的 0.11% 支付额度费。

(3)截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，总债务的加权平均利率分别为 4.71% 和 4.69%。

无担保循环信贷额度

2026 年 7 月，我们行使循环信贷额度的扩容条款，将总额度增加了 250 million 美元，达到 6.6 billion 美元。两项额度的承诺金额均分，计划分别于 2028 年 10 月和 2030 年 10 月到期。截至 2026 年 9 月 30 日，我们的无担保循环信贷额度尚有 6.6 billion 美元未提取。

债务融资交易

2026 年 2 月，我们发行了 12.5 亿美元的 2033 年到期优先票据，以及 12.5 亿美元的 2038 年到期优先票据，净募集资金约为 25 亿美元。票据分别按固定年利率 4.750% 和 5.250% 计息，利息每半年支付一次。发行所得净款项主要用于再融资 2026 年到期的优先票据，其余净款项用于偿还现有债务。该还款导致的债务清偿损失金额不重大，并在截至 2026 年 9 月 30 日的九个月内，计入我们合并综合收益（亏损）表中的利息费用（扣除资本化利息）。

2026 年 8 月，我们发行了 12.5 亿美元的 2034 年到期优先票据，净募集资金约为 12.4 亿美元。票据按固定年利率 5.550% 计息，利息每半年支付一次。此次发行所得净款项用于赎回 10 亿美元的未偿浮动利率定期贷款额度借款，以及 2.5 亿美元的 2027 年到期、票面利率为 5.375% 的无担保优先票据借款。该还款导致的债务清偿损失金额不重大，并在截至 2026 年 9 月 30 日的季度和九个月内，计入我们合并综合收益（亏损）表中的利息费用（扣除资本化利息）。

2026 年 9 月，我们宣布达成协议，将收购 Sandals and Beaches Resorts 50% 的权益，预计该投资将于 2027 年初完成。我们还与 Morgan Stanley Senior Funding Inc. 签订了一项 30 亿美元的 364 天期定期贷款额度，以在需要时确保资金到位，且仅用于为计划中的收购提供资金。我们只能在

交易完成后才能提取该额度。提取后，贷款将按 SOFR 加适用利差计息；利差根据我们的高级债务评级，在 1.00% 至 1.50% 之间浮动，贷款期限为放款日起 364 天。

出口信贷额度和机构担保

2026 年 6 月，我们接收了 Legend of the Seas。为支付交付款项，我们根据承诺融资协议借入 19 亿美元，从而形成一笔由 Finnvera plc 提供 95% 担保的无担保定期贷款。该无担保贷款在 12 年内每半年分期偿还一次。其中一部分贷款按固定年利率 3.41% 计息，另一部分按适用的定期 SOFR 加 1.19% 的浮动利率计息。上述浮动利率部分已用 2026 年 8 月发行优先票据的部分所得款项偿还。

2026年10月，我们与 Export Development Canada（“EDC”）签订了一项 4 亿美元的 5 年期优先无担保定期贷款额度，EDC 为唯一贷款方。该额度可在 2027 年 10 月 23 日之前的任何时间提取。提取后，贷款利率为 SOFR 加适用利差，利差根据我们的优先债务评级介于 0.92% 至 1.33% 之间，贷款将于 2031 年 10 月到期。

我们所有无担保船舶融资定期贷款均由船舶建造所在国家/地区的出口信贷机构提供担保。截至 2026 年 9 月 30 日，对于大多数贷款，根据融资协议，我们向适用的出口信贷机构支付每艘船平均 2.35% 至 4.53% 的最高贷款金额作为预付费用，以取得这些担保。我们在贷款期限内摊销已预付的费用，并计入利息费用（扣除资本化利息）。我们在合并现金流量表中的债务发行成本、折价和溢价摊销项目中列报这些费用。在贷款提取前，我们在合并资产负债表的其他资产项目中列报这些费用。贷款提取后，此类费用作为相关贷款的折价，即抵减负债账户，列入长期债务的流动部分或长期债务。

债务契约

我们的循环信贷额度、大多数定期贷款以及某些信用卡处理协议均包含契约，要求我们维持固定费用覆盖率等，并限制净债务与资本比率。截至 2026 年 9 月 30 日，我们遵守了债务契约，并预计未来十二个月内将继续遵守。

年度到期额

以下为截至 2026 年 9 月 30 日我们包括融资租赁在内的全部债务在未来五年每年的到期额计划（单位：百万）：


年份	截至 2026 年 9 月 30 日 (1)
2026 年剩余时间	$	579
2027	2,371
2028	3,211
2029	1,134
2030	1,084
此后	14,493
	$	22,872

(1) 以其他货币计价的债务按 2026 年 9 月 30 日适用的汇率计算。

附注 7。租赁

经营租赁

我们的经营租赁主要涉及优先停泊安排、房地产和船载设备，这些项目列入经营租赁使用权资产和长期经营租赁负债，其中流动负债部分列入截至 2026 年 9 月 30 日和 2025 年 12 月 31 日合并资产负债表中的经营租赁负债流动部分。初始期限为 12 个月或更短的租赁不计入合并资产负债表。我们在租赁期限内按直线法确认这些租赁的费用。

公司与迈阿密-戴德县（“县政府”）签订的优先泊位协议包含县政府为在迈阿密港建设一座全新且经过改进的 G 号邮轮码头而提供融资的开发计划。截至2026年9月 30日和2025年12月 31日，该泊位协议确认的经营租赁负债总额分别为1.67亿美元和1.68亿美元。随着县政府在延长后的租赁期内完成若干建设里程碑，经营租赁将来还会重新计量；预计在2027年或之后，县政府完成 G 号码头实质性竣工时将进行重新计量，届时最低租赁付款额将增至每年约5,500 万美元，此后预计每年递增3%。

对于部分房地产租赁和泊位协议，我们可以选择延长当前租期。对于包含续租选择权的租赁协议，房地产租赁的续租期主要为一至10年，泊位协议的续租期主要为一至20年。通常，我们不会将续租选择权纳入泊位协议现值计算的组成部分；但对于某些房地产租赁，我们会将其纳入。

由于我们的大多数租赁没有规定隐含利率，因此在确定租赁付款额现值时，我们使用增量借款利率。我们根据与租赁期限相对应的期限 SOFR 和美国国债利率估算增量借款利率，并加上公司的信用风险利差，再扣除抵押品的估计影响。此外，我们的一些租赁协议包含租赁和非租赁组成部分，通常分别进行会计处理。但对于泊位协议，我们将租赁和非租赁组成部分作为单一租赁组成部分进行会计处理。

融资租赁

我们的融资租赁主要涉及位于迈阿密总部的建筑物及其周边土地。截至2026年9月 30日和2025年12月 31日，融资租赁列入合并资产负债表中的物业和设备，净额以及长期债务项目，负债的流动部分列入长期债务的流动部分项目。

公司与县政府就位于迈阿密总部的建筑物及其周边土地签订的主租赁协议（“主租赁”）根据 ASC 842《租赁》归类为融资租赁。主租赁（包括两项各为五年的续租选择权，我们有合理把握会行使）将于2077年到期。与县政府签订的协议包含完成建筑物和土地开发的融资计划。截至2026年9月 30日和2025年12月 31日，该主租赁确认的融资租赁负债总额分别为1.09亿美元和1.08亿美元。新园区建筑预计将于2026年第四季度完工，租赁组成部分将在租赁开始时列入我们的合并财务报表。

截至 2026 年 9 月 30 日，与租赁负债相关的到期情况，与截至 2025 年 12 月 31 日我们的经营租赁和融资租赁组合相比，没有发生重大变化。

附注 8。承诺和或有事项

船舶采购义务

截至 2026 年 9 月 30 日，我们的 Global Brands 和 Partner Brands 有以下船舶在建订单：

船舶

船厂

预计交付日期

约
泊位数

Royal Caribbean

Oasis 级：

未命名

Chantiers de l'Atlantique

2028 年第 2 季度

5,700

Icon 级：

Hero of the Seas

Meyer Turku Oy

2027 年第 3 季度

5,600

未命名

Meyer Turku Oy

2028 年第 2 季度

5,600

未命名

Meyer Turku Oy

2029 年第 2 季度

5,600

未命名

Meyer Turku Oy

2030 年第 2 季度

5,600

Discovery 级：

未命名

Chantiers de l'Atlantique

2029 年第 4 季度

4,300

未命名

Chantiers de l'Atlantique

2032 年第 2 季度

4,300

Celebrity Cruises

Edge 级：

Celebrity Xcite

Chantiers de l'Atlantique

2028 年第 4 季度

3,250

Celebrity River Cruises：

Celebrity Compass

TeamCo Shipyard

2027 年第 2 季度

170

Celebrity Seeker

TeamCo Shipyard

2027 年第 3 季度

170

Celebrity Wanderer

TeamCo Shipyard

2028 年第 1 季度

170

Celebrity Roamer

TeamCo Shipyard

2028 年第 2 季度

170

Mein Schiff

未命名

Fincantieri

2031 年第 1 季度

4,100

未命名

Fincantieri

2032 年第 4 季度

4,100

泊位总数

48,830

2025 年，我们为 Celebrity River Cruises 首批 10 艘船中的前四艘签署了最终建造合同。Celebrity River Cruises 于 2025 年 1 月启动。随后，2026 年 1 月，Celebrity River Cruises 宣布承诺再增加 10 艘船，将其河轮船队扩大至 20 艘。

2026 年 2 月，我们与 Chantiers de l'Atlantique 就建造两艘新一代船舶（称为 Discovery 级船舶）达成的协议中，生效条件（包括融资条件）已满足；这两艘船将于 2029 年和 2032 年交付。

2026 年 3 月，我们与 Meyer Turku 签订协议，建造第六艘和第七艘 Icon 级船舶。第六艘和第七艘 Icon 级船舶的协议分别于 2026 年 4 月和 2026 年 7 月生效。

2026 年 4 月，我们签订了相关协议，为第五艘 Icon 级船舶的合同价格约 80% 提供 Finnvera 担保比例为 95% 的融资。该融资项下的最高贷款金额不超过 22 亿欧元的美元等值金额；按 2026 年 9 月 30 日的汇率计算，约为 25 亿美元。贷款将每半年摊还一次，预计最终到期日为交付日起 12 年。贷款利息按浮动利率计息，利率等于 Term SOFR + 0.80%。第五艘 Icon 级船舶的载客泊位容量约为 5,600 个。

2026年4月，我们签订了两项信贷协议，为第一艘和第二艘Discovery级邮轮提供无担保融资，金额最高可达每艘邮轮合同价格的80%；相关融资将由法国官方出口信贷机构BpiFrance提供95%的担保。每项融资项下的最高贷款金额不超过17亿欧元的等值美元，按2026年9月30日的汇率约为19亿美元。每笔贷款在提款后将按半年分期偿还，预计最终到期日为每艘邮轮交付后12年。每笔贷款的利息按浮动利率计息，利率为Term SOFR + 0.83%。第一艘和第二艘Discovery级邮轮的载客量约为4,300个泊位。

2026年7月，我们签订了一项信贷协议，为第六艘Icon级邮轮提供Finnvera担保的融资，融资金额约为合同价格的80%，由Finnvera提供95%的担保。该融资项下的最高贷款金额不超过22亿欧元的等值美元，按2026年9月30日的汇率约为25亿美元。贷款将按半年分期偿还，预计最终到期日为交付日起12年。贷款利息按浮动利率计息，利率为Term SOFR + 0.80%。第六艘Icon级邮轮的载客量约为5,600个泊位。

截至2026年9月30日，上表列示的在建邮轮（不包括Partner Brands订购的邮轮）的总成本约为194亿美元，其中我们已支付15亿美元定金。有关更多信息，请参阅附注11。公允价值计量及衍生工具。

诉讼

如先前所述，2019年8月，有人根据《古巴自由与民主团结法案》第三章（又称《赫尔姆斯-伯顿法案》）在美国佛罗里达南区联邦地区法院（“法院”）对我们提起诉讼。原告Havana Docks Corporation提起的诉讼（“Havana Docks诉讼”）称，其持有哈瓦那邮轮港码头的权益，该码头已被古巴政府征收。诉状还称，我们通过在这些设施接送乘客而在该码头从事交易。原告寻求所有可用的法定救济，包括被征收财产的价值及其利息、三倍损害赔偿、律师费和诉讼费用。

法院于2022年12月作出最终判决，判决原告胜诉，并判给原告损害赔偿金及律师费，合计约112 million美元。随后，我们向美国第11巡回上诉法院提起上诉。2024年10月22日，第11巡回法院发表意见，推翻了下级法院的判决。原告随后申请第11巡回法院全体法官重审，但遭到驳回。原告向美国最高法院申请调卷令，最高法院于2025年10月3日准予该申请。2026年5月21日，美国最高法院发表意见，撤销了第11巡回法院此前关于Havana Docks的特许经营权益于2004年到期、因此不承担《第三编》项下责任的裁决，并将案件发回第11巡回法院，以审理若干尚未解决的抗辩理由。

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). The outcome of the litigation is inherently unpredictable and subject to significant uncertainties, and there can be no assurances that the final outcome of this case will be favorable.

In addition, we are routinely involved in claims typical within the cruise vacation industry. The majority of these claims are covered by insurance. We believe the outcome of such claims, net of expected insurance recoveries, will not have a material adverse impact on our financial condition or results of operations and cash flows.

Other

Some of the contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes, increased lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any payments under such indemnification clauses in the past and, under current circumstances, we do not believe an indemnification in any material amount is probable.

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 clauses (i) or (ii) above. If prepayment is triggered, we may be unable to replace our credit facilities on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations.

Note 9. Shareholders' Equity

Dividends

During the first, second, and third quarters of 2026 we declared cash dividends on our common stock of $1.50 per share, which were paid in April 2026, July 2026, and October 2026, respectively. Additionally, during the first quarter of 2026, we paid a cash dividend on our common stock of $1.00 per share, which was declared during the fourth quarter of 2025.

Common Stock Repurchase Program

In December 2025, our Board authorized a common stock repurchase program for up to $2 billion. The timing and number of shares to be repurchased will depend on a variety of factors including price and market conditions. Repurchases under the program may be made at management's discretion from time to time on the open market or through privately negotiated transactions. During the nine months ended September 30, 2026, we repurchased 3.7 million shares of our common stock under this program, for a total of $1 billion in open market transactions that were recorded in Treasury Stock in our consolidated balance sheets. As of September 30, 2026, we have $805 million that remains available for future stock repurchase transactions under our Board authorized program.

Note 10. Changes in Accumulated Other Comprehensive Loss

The following table presents the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2026 and 2025 (in millions):


	Accumulated Other Comprehensive Loss for the Nine Months Ended September 30, 2026		Accumulated Other Comprehensive Loss for the Nine Months Ended September 30, 2025
	Changes related to cash flow derivative hedges		Changes in defined benefit plans		Foreign currency translation adjustments		Accumulated other comprehensive loss	Changes related to cash flow derivative hedges		Changes in defined benefit plans	Foreign currency translation adjustments		Accumulated other comprehensive loss
Accumulated comprehensive loss at beginning of the year	$	(595)			$	6		$	(15)		$	(604)			$	(823)		$	10	$	11	$	(802)
Other comprehensive income (loss) before reclassifications	355			11			(6)		360		303			(2)			(30)		271
Amounts reclassified from accumulated other comprehensive loss	(140)			—			—		(140)		1			—			2		3
Net current-period other comprehensive income (loss)	215			11			(6)		220		304			(2)			(28)		274
Ending balance	$	(380)			$	17		$	(21)		$	(384)			$	(519)		$	8	$	(17)	$	(528)

The following table presents reclassifications out of accumulated other comprehensive loss for the quarters and nine months ended September 30, 2026 and 2025 (in millions):


	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
Details About Accumulated Other Comprehensive Loss Components	Quarter Ended September 30, 2026		Quarter Ended September 30, 2025		Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025	Affected Line Item in Statements of Comprehensive Income (Loss)
Gain (loss) on cash flow derivative hedges:
Interest rate swaps	$	4			$	6		$	11	$	18	Interest expense, net of interest capitalized
Foreign currency forward contracts	(5)			(6)			(15)		(17)	Depreciation and amortization expenses




Fuel swaps	65			(2)			144		(2)	Fuel
	$	64			$	(2)		$	140	$	(1)

Note 11. Fair Value Measurements and Derivative Instruments

Fair Value Measurements

The estimated fair value of our financial instruments that are not measured at fair value, categorized based upon the fair value hierarchy, are as follows (in millions):


	Fair Value Measurements at September 30, 2026		Fair Value Measurements at December 31, 2025
Description	Total Carrying Amount		Total Fair Value	Level 1(1)		Level 2(2)	Level 3(3)		Total Carrying Amount	Total Fair Value		Level 1(1)	Level 2(2)		Level 3(3)
Assets:
Cash and cash equivalents (4)	$	851		$	851		$	851		$	—		$	—		$	825	$	825	$	825	$	—	$	—
Total Assets	$	851		$	851		$	851		$	—		$	—		$	825	$	825	$	825	$	—	$	—
Liabilities:
Long-term debt (including current portion of debt) (5)	$	22,196		$	21,654		$	—		$	21,654		$	—		$	21,186	$	21,877	$	—	$	21,877	$	—
Total Liabilities	$	22,196		$	21,654		$	—		$	21,654		$	—		$	21,186	$	21,877	$	—	$	21,877	$	—

(2) Inputs other than quoted prices included within Level 1 that are observable for the liability, either directly or indirectly. For unsecured revolving credit facilities and unsecured term loans, fair value is determined utilizing the income valuation approach. This valuation model takes into account the contract terms of our debt such as the debt maturity and the interest rate on the debt. The valuation model also takes into account the creditworthiness of the Company. We valued our senior notes using a quoted market price, which is considered a Level 2 input as it is observable in the market; however, these instruments have a limited trading volume and as such this fair value estimate is not necessarily indicative of the value at which the instruments could be retired or transferred.

(3) Inputs that are unobservable. The Company did not use any Level 3 inputs as of September 30, 2026 and December 31, 2025.

(4) Consists of cash and marketable securities with original maturities of less than 90 days.

(5) Consists of unsecured revolving credit facilities, senior notes, and term loans. These amounts do not include our finance lease obligations, and are net of our unamortized debt issuance costs.

Other Financial Instruments

The carrying amounts of accounts receivable, accounts payable, and accrued expenses approximate fair value as of September 30, 2026 and December 31, 2025.

Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in millions):


	Fair Value Measurements at September 30, 2026		Fair Value Measurements at December 31, 2025
Description	Total		Level 1(1)	Level 2(2)		Level 3(3)	Total		Level 1(1)	Level 2(2)		Level 3(3)
Assets:
Derivative financial instruments(4)	$	289		$	—		$	289		$	—		$	144	$	—	$	144	$	—
Total Assets	$	289		$	—		$	289		$	—		$	144	$	—	$	144	$	—
Liabilities:
Derivative financial instruments(4)	$	178		$	—		$	178		$	—		$	124	$	—	$	124	$	—
Total Liabilities	$	178		$	—		$	178		$	—		$	124	$	—	$	124	$	—

(1)Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. No Level 1 inputs were used in fair value measurements of other financial instruments as of September 30, 2026 and December 31, 2025.

(2)Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For foreign currency forward contracts, interest rate swaps and fuel swaps, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms, such as maturity, as well as other inputs, such as foreign exchange rates and curves, fuel types, fuel curves and interest rate yield curves. Derivative instrument fair values take into account the creditworthiness of the counterparty and the Company.

(3)Inputs that are unobservable. No Level 3 inputs were used in fair value measurements of other financial instruments as of September 30, 2026 and December 31, 2025.

(4)Consists of foreign currency forward contracts, interest rate and fuel swaps. Refer to the \"Fair Value of Derivative Instruments\" table for breakdown by instrument type.

The reported fair values are based on a variety of factors and assumptions. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of September 30, 2026 or December 31, 2025, or that will be realized in the future, and do not include expenses that could be incurred in an actual sale or settlement.

Nonfinancial Instruments Recorded at Fair Value on a Nonrecurring Basis

Nonfinancial instruments include items such as goodwill, indefinite-lived intangible assets, long-lived assets, right-of-use assets and equity method investments that are measured at fair value on a nonrecurring basis when events and circumstances indicate the carrying value is not recoverable. There were no material nonfinancial instruments recorded at fair value as of September 30, 2026 or December 31, 2025.

Master Netting Agreements

We have master International Swaps and Derivatives Association (“ISDA”) agreements in place with our derivative instrument counterparties. These ISDA agreements generally provide for final close out netting with our counterparties for all positions in the case of default or termination of the ISDA agreement. We have determined that our ISDA agreements provide us with rights of setoff on the fair value of derivative instruments in a gain position and those in a loss position with the same counterparty. We have elected not to offset such derivative instrument fair values in our consolidated balance sheets.

The following table presents information about the Company’s offsetting of financial assets and liabilities under master netting agreements with derivative counterparties (in millions):


	Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
	As of September 30, 2026		As of December 31, 2025
	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet		Gross Amount of Eligible Offsetting Recognized Derivative Liabilities	Cash Collateral Received		Net Amount of Derivative Assets	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet		Gross Amount of Eligible Offsetting Recognized Derivative Liabilities	Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	289		$	(68)		$	—		$	221		$	144	$	(59)	$	—	$	85
Total	$	289		$	(68)		$	—		$	221		$	144	$	(59)	$	—	$	85
	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet		Gross Amount of Eligible Offsetting Recognized Derivative Assets	Cash Collateral Pledged		Net Amount of Derivative Liabilities	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet		Gross Amount of Eligible Offsetting Recognized Derivative Assets	Cash Collateral Pledged		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(178)		$	68		$	—		$	(110)		$	(124)	$	59	$	—	$	(65)
Total	$	(178)		$	68		$	—		$	(110)		$	(124)	$	59	$	—	$	(65)

Concentrations of Credit Risk

We monitor our credit risk associated with financial and other institutions with which we conduct significant business, and to minimize these risks, we select counterparties with credit risks acceptable to us and we seek to limit our exposure to an individual counterparty. Credit risk, including, but not limited to, counterparty nonperformance under derivative instruments, our credit facilities and new ship progress payment guarantees, is not considered significant, as we primarily conduct business with large, well-established financial institutions, insurance companies and export credit agencies many of which we have long-term relationships with and which have credit risks acceptable to us or where the credit risk is spread out among a large number of counterparties. As of September 30, 2026, we had counterparty credit risk exposure under our derivative instruments of $225 million, which was limited to the cost of replacing the contracts in the event of non-performance by the counterparties to the contracts, the majority of which are currently our lending banks. We do not anticipate nonperformance by any of our significant counterparties. In addition, we have established guidelines we follow regarding credit ratings and instrument maturities to maintain safety and liquidity. We do not normally require collateral or other security to support credit relationships; however, in certain circumstances this option is available to us.

Derivative Instruments

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We try to mitigate these risks through a combination of our normal operating and financing activities and through the use of derivative financial instruments pursuant to our hedging practices and policies. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged. We achieve this by closely matching the notional amount, term and conditions of the derivative instrument with the underlying risk being hedged. Although certain of our derivative financial instruments do not qualify or are not accounted for under hedge accounting, our objective is not to hold or issue derivative financial instruments for trading or other speculative purposes.

We enter into various forward, swap and option contracts to manage our interest rate exposure and to limit our exposure to fluctuations in foreign currency exchange rates and fuel prices. These instruments are recorded on the balance sheet at their fair value and the vast majority are designated as hedges. We also use non-derivative financial instruments designated as hedges of our net investment in our foreign operations and investments.

At inception of the hedge relationship, a derivative instrument that hedges the exposure to changes in the fair value of a firm commitment or a recognized asset or liability is designated as a fair value hedge. A derivative instrument that hedges a forecasted transaction or the variability of cash flows related to a recognized asset or liability is designated as a cash flow hedge.

Changes in the fair value of derivatives that are designated as fair value hedges are offset against changes in the fair value of the underlying hedged assets, liabilities or firm commitments. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive loss until the underlying hedged transactions are recognized in earnings. The foreign currency transaction gain or loss of our non-derivative financial instruments and the changes in the fair value of derivatives designated as hedges of our net investment in foreign operations and investments are recognized as a component of Accumulated other comprehensive loss along with the associated foreign currency translation adjustment of the foreign operation or investment. In certain hedges of our net investment in foreign operations and investments, we exclude forward points from the assessment of hedge effectiveness and amortize the related amounts directly into earnings.

On an ongoing basis, we assess whether derivatives used in hedging transactions are \"highly effective\" in offsetting changes in the fair value or cash flow of hedged items. For our net investment hedges, we use the dollar offset method to measure effectiveness. For all other hedging programs, we use the long-haul method to assess hedge effectiveness using regression analysis for each hedge relationship. The methodology for assessing hedge effectiveness is applied on a consistent basis for each one of our hedging programs (i.e., interest rate, foreign currency ship construction, foreign currency net investment and fuel). For our regression analyses, we use an observation period of up to three years, utilizing market data relevant to the hedge horizon of each hedge relationship. High effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the changes in the fair values of the derivative instrument and the hedged item. If it is determined that a derivative is not highly effective as a hedge or hedge accounting is discontinued, any change in fair value of the derivative since the last date at which it was determined to be highly effective is recognized in earnings.

We consider the classification of the underlying hedged item’s cash flows in determining the classification for the designated derivative instrument’s cash flows. Cash flows from derivative instruments that are designated as fair value or cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows subsequent to the date of discontinuance are classified within investing activities. Cash flows from derivative instruments not designated as hedging instruments are classified as investing activities. For example, we classify derivative instrument cash flows from hedges of benchmark interest rate or hedges of fuel expense as operating activities due to the nature of the hedged item. Likewise, we classify derivative instrument cash flows from hedges of foreign currency risk on our newbuild ship payments as investing activities.

Interest Rate Risk

Our exposure to market risk for changes in interest rates primarily relates to our debt obligations, including future interest payments. At September 30, 2026 and December 31, 2025, approximately 97% and 93%, respectively, of our debt was effectively fixed-rate debt, which is net of our interest rate swap agreements. We use interest rate swap agreements to modify our exposure to interest rate movements and to manage our interest expense.

Market risk associated with our fixed-rate debt is the potential increase in fair value resulting from a decrease in interest rates. At September 30, 2026, there were no interest rate swap agreements for fixed-rate debt instruments.

We use interest rate swap agreements that effectively convert a portion of our floating-rate debt to a fixed-rate basis to manage the market risk of increasing interest rates. At September 30, 2026 and December 31, 2025, we maintained interest rate swap agreements on the following floating-rate debt instruments:


Debt Instrument	Swap Notional as of September 30, 2026 (in millions)		Maturity		Debt Floating Rate		Spread		All-in Fixed Rate

Quantum of the Seas term loan	$	31			October 2026		Term SOFR plus		1.30%		3.78%
Anthem of the Seas term loan	60			April 2027		Term SOFR plus		1.30%		3.90%
Ovation of the Seas term loan	138			April 2028		Term SOFR plus		1.00%		3.20%
Harmony of the Seas term loan (1)	131			May 2028		EURIBOR plus		1.15%		2.26%
Odyssey of the Seas term loan (2)	249			October 2032		Term SOFR plus		0.96%		3.28%
Odyssey of the Seas term loan (2)	125			October 2032		Term SOFR plus		0.96%		2.91%
	$	734

(1)Interest rate swap agreements hedging the Euro-denominated term loan for Harmony of the Seas include EURIBOR zero-floors matching the hedged debt EURIBOR zero-floor. Amount presented is based on the exchange rate as of September 30, 2026.

(2)Interest rate swap agreements hedging the term loan of Odyssey of the Seas include Term SOFR zero-floors, Term SOFR with no floors, and Overnight SOFR.

The notional amount of interest rate swap agreements related to outstanding debt as of September 30, 2026 and December 31, 2025, was $0.7 billion and $0.9 billion respectively. These interest rate swap agreements are accounted for as cash flow hedges.

Foreign Currency Exchange Rate Risk

Derivative Instruments

Our primary exposure to foreign currency exchange rate risk relates to our ship construction contracts denominated in Euros, our foreign currency denominated debt, and our international business operations. We enter into foreign currency forward contracts to manage portions of the exposure to movements in foreign currency exchange rates. As of September 30, 2026, the aggregate cost of our ships on order was $19.4 billion, of which we had deposited $1.5 billion as of such date. These amounts do not include any ships placed on order that are contingent upon completion of conditions precedent and/or financing, as well as any ships on order by our Partner Brands. Refer to Note 8. Commitments and Contingencies, for further information on our ships on order. At September 30, 2026 and December 31, 2025, approximately 49.9% and 64.1%, respectively, of the aggregate cost of the ships under construction was exposed to fluctuations in the Euro exchange rate. Our foreign currency forward contract agreements are accounted for as cash flow or net investment hedges depending on the designation of the related hedge.

On a regular basis, we enter into foreign currency forward contracts and, from time to time, we utilize cross-currency swap agreements and collar options to minimize the volatility resulting from the remeasurement of net monetary assets and liabilities denominated in a currency other than our functional currency or the functional currencies of our foreign subsidiaries. During the third quarter of 2026 and 2025 the average notional amount of foreign currency forward contracts was approximately $1.4 billion and $1.2 billion, respectively. These instruments are not designated as hedging instruments. For the quarter and nine months ended September 30, 2026 and 2025, changes in the fair value of the foreign currency forward contracts and the remeasurement of monetary assets and liabilities denominated in foreign currencies resulted in immaterial gains (losses). These amounts were recognized in earnings within Other income (expense) in our consolidated statements of comprehensive income (loss).

The notional amount of outstanding foreign exchange contracts, excluding the forward contracts entered into to minimize remeasurement volatility, as of September 30, 2026 and December 31, 2025, was $6.3 billion and $2.0 billion respectively.

Non-Derivative Instruments

We consider our investments in our foreign operations to be denominated in relatively stable currencies and to be of a long-term nature. We address the exposure of our investments in foreign operations by denominating a portion of our debt in our subsidiaries’ and investments’ functional currencies and designating it as a hedge of these subsidiaries and investments. We had designated debt as a hedge of our net investments in TUI Cruises of €573 million, or approximately $651 million, as of September 30, 2026. As of December 31, 2025, we had designated debt as a hedge of our net investments primarily in TUI Cruises of €631 million, or approximately $740 million.

Fuel Price Risk

Our exposure to market risk for changes in fuel prices relates primarily to the consumption of fuel on our ships. We use fuel swap agreements to mitigate the financial impact of fluctuations in fuel prices.

Our fuel swap agreements are generally accounted for as cash flow hedges. In the case that our hedged forecasted fuel consumption is not probable of occurring, hedge accounting will be discontinued and the related accumulated other comprehensive gain or loss will be reclassified to Other income (expense) immediately. For hedged forecasted fuel consumption that remains possible of occurring, hedge accounting will be discontinued and the related accumulated other comprehensive gain or loss will remain in accumulated other comprehensive gain or loss until the underlying hedged transactions are recognized in earnings or the related hedged forecasted fuel consumption is deemed probable of not occurring.

Changes in the fair value of fuel swaps for which cash flow hedge accounting was discontinued are currently recognized in Other income (expense) for each reporting period through the maturity dates of the fuel swaps. For the quarter and nine months ended September 30, 2026 and 2025, we did not discontinue cash flow hedge accounting on any material amount of our fuel swap agreements.

At September 30, 2026, we have hedged the variability in future cash flows for certain forecasted fuel transactions occurring through 2029. As of September 30, 2026 and December 31, 2025, we had the following outstanding fuel swap agreements designated as hedging instruments:


	Fuel Swap Agreements
	As of September 30, 2026	As of December 31, 2025
	(metric tons)
Designated as hedges:
2026	269,700		1,065,500
2027	960,048		819,048
2028	545,599		465,699
2029	281,400		—


	Fuel Swap Agreements
	As of September 30, 2026		As of December 31, 2025
	(% hedged)
Designated hedges as a % of projected fuel purchases:
2026	59	%		60	%
2027	53	%		47	%
2028	29	%		26	%
2029	14	%		—	%

As of September 30, 2026, there was $159 million of estimated unrealized net gain associated with our cash flow hedges pertaining to fuel swap agreements that is expected to be reclassified to earnings from Accumulated other comprehensive loss within the next twelve months when compared to $66 million of estimated unrealized net loss at December 31, 2025. Reclassification is expected to occur as the result of fuel consumption associated with our hedged forecasted fuel purchases.

The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets were as follows (in millions):


	Fair Value of Derivative Instruments
	Asset Derivatives		Liability Derivatives
	Balance Sheet Location		As of September 30, 2026		As of December 31, 2025		Balance Sheet Location		As of September 30, 2026	As of December 31, 2025
		Fair Value		Fair Value			Fair Value		Fair Value
Derivatives designated as hedging instruments under ASC 815-20(1)

Interest rate swaps	Derivative financial instruments		$	—			$	1		Derivative financial instruments	$	—	$	—
Interest rate swaps	Other assets		38			29			Other long-term liabilities	—		1
Foreign currency forward contracts	Derivative financial instruments		—			114			Derivative financial instruments	107		—
Foreign currency forward contracts	Other assets		—			—			Other long-term liabilities	71		—
Fuel swaps	Derivative financial instruments		160			—			Derivative financial instruments	—		67
Fuel swaps	Other assets		91			—			Other long-term liabilities	—		56
Total derivatives designated as hedging instruments under 815-20			$	289			$	144			$	178	$	124

(1)Subtopic 815-20 “Hedging-General” under ASC 815.

The carrying value and line item caption of non-derivative instruments designated as hedging instruments recorded within our consolidated balance sheets were as follows (in millions):


		Carrying Value
Non-derivative instrument designated as hedging instrument under ASC 815-20	Balance Sheet Location	As of September 30, 2026		As of December 31, 2025
Foreign currency debt	Current portion of long-term debt	$	131			$	136
Foreign currency debt	Long-term debt	520			605
		$	651			$	741

The effect of derivative instruments qualifying and designated as cash flow hedging instruments on the consolidated financial statements was as follows (in millions):


Derivatives under ASC 815-20 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss on Derivatives
Quarter Ended September 30, 2026	Quarter Ended September 30, 2025	Nine Months Ended September 30, 2026	Nine Months Ended September 30, 2025
Interest rate swaps	$	9		$	1	$	21	$	(7)
Foreign currency forward contracts	(61)		(20)		(210)		334
Fuel swaps	246		13		544		(24)
	$	194		$	(6)	$	355	$	303

The effect of non-derivative instruments qualifying and designated as net investment hedging instruments on the consolidated financial statements was as follows (in millions):


	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Non-derivative instruments under ASC 815-20 Net Investment Hedging Relationships	Quarter Ended September 30, 2026		Quarter Ended September 30, 2025	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Foreign Currency Debt	$	4			$	(1)	$	23	$	(110)
	$	4			$	(1)	$	23	$	(110)

The effect of derivatives not designated as hedging instruments on the consolidated financial statements was as follows (in millions):


		Amount of (Loss) Gain Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments under ASC 815-20	Location of Gain (Loss) Recognized in Income on Derivatives	Quarter Ended September 30, 2026		Quarter Ended September 30, 2025	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Foreign currency forward contracts	Other income (expense)	$	4			$	(10)	$	(4)	$	44
Fuel swaps	Other income (expense)	—			—		—		2
		$	4			$	(10)	$	(4)	$	46

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Concerning Forward-Looking Statements

The discussion under this caption \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and elsewhere in this Quarterly Report on Form 10-Q includes \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding our expectations for future periods, business and industry prospects or future results of operations or financial position, made in this Quarterly Report on Form 10-Q are forward-looking. Words such as \"anticipate,\" \"believe,\" \"considering,\" \"could,\" \"driving,\" \"estimate,\" \"expect,\" \"goal,\" \"intend,\" \"may,\" \"plan,\" \"project,\" \"seek,\" \"should,\" \"will,\" \"would,\" and similar expressions are intended to further identify any of these forward-looking statements. Forward-looking statements reflect management's current expectations, but they are based on judgments and are inherently uncertain. Furthermore, they are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, those discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and, in particular, the risks discussed under the caption \"Risk Factors\" in Part I, Item 1A therein.

All forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date of this filing. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

The discussion and analysis of our financial condition and results of operations is organized to present the following:

•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;

•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

•a discussion of our liquidity and capital resources, including our future capital and material cash requirements and potential funding sources.

Critical Accounting Policies and Estimates

For a discussion of our critical accounting policies and estimates, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations within our Annual Report on Form 10-K for the year ended December 31, 2025.

Seasonality

Our revenues are seasonal based on demand for cruises. Demand has historically been strongest for cruises during the Northern Hemisphere’s summer months and holidays. In order to mitigate the impact of the winter weather in the Northern Hemisphere and to capitalize on the summer season in the Southern Hemisphere, our brands have historically focused on deployment to the Caribbean, Asia and Australia during that period.

Financial Presentation

Description of Certain Line Items

Revenues

Our revenues are comprised of the following:

•Passenger ticket revenues, which consist of revenue recognized from the sale of passenger tickets and the sale of air transportation to and from our ships; and

•Onboard and other revenues, which consist primarily of revenues from the sale of goods and/or services onboard our ships not included in passenger ticket prices, casino operations, cancellation fees, sales of vacation protection insurance, pre- and post-cruise tours and fees for operating certain port facilities. Onboard and other revenues also include revenues we receive from independent third-party concessionaires that pay us a percentage of their revenues in exchange for the right to provide selected goods and/or services onboard our ships, as well as revenues received for procurement and management related services we perform on behalf of our unconsolidated affiliates.

Cruise Operating Expenses

Our cruise operating expenses are comprised of the following:

•Commissions, transportation and other expenses, which consist of those costs directly associated with passenger ticket revenues, including travel advisor commissions, air and other transportation expenses, port costs that vary with passenger head counts and related credit card fees;

•Onboard and other expenses, which consist of the direct costs associated with onboard and other revenues, including the costs of products sold onboard our ships, vacation protection insurance premiums, costs associated with pre- and post-cruise tours and related credit card fees, as well as the minimal costs associated with concession revenues, as the costs are mostly incurred by third-party concessionaires, and costs incurred for the procurement and management related services we perform on behalf of our unconsolidated affiliates;

•Payroll and related expenses, which consist of costs for shipboard personnel (costs associated with our shoreside personnel are included in Marketing, selling and administrative expenses);

•Food expenses, which include food costs for both guests and crew;

•Fuel expenses, which include fuel and related delivery, storage and emission consumable costs and the financial impact of fuel swap agreements; and

•Other operating expenses, which consist primarily of operating costs such as repairs and maintenance, port costs that do not vary with passenger head counts, vessel related insurance, entertainment and gains and/or losses related to the sale of our ships, if any.

We do not allocate payroll and related expenses, food expenses, fuel expenses or other operating expenses to the expense categories attributable to passenger ticket revenues or onboard and other revenues since they are incurred to provide the total cruise vacation experience.

Selected Operational and Financial Metrics

We utilize a variety of operational and financial metrics which are defined below to evaluate our performance and financial condition. As discussed in more detail herein, certain of these metrics are non-GAAP financial measures. These non-GAAP financial measures are provided along with the related GAAP financial measures as we believe they provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with GAAP. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

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.

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.

Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.

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.

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) restructuring charges and other initiative expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; and (v) equity investment impairment, (recovery) of losses, and other. 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.

Available Passenger Cruise Days (“APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in \"Constant Currency\" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. We calculate \"Constant Currency\" by applying the average of the prior period exchange rates for each of the corresponding months, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

EBITDA is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) provision for income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to EBITDA is provided below under Results of Operations.

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Gross Margin Yield represent Gross Margin per APCD.

Net Cruise Costs and 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.

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.

Occupancy (\"Load factor\"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days (\"PCD\") represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

The use of certain significant non-GAAP measures, such as Net Yields, Net Cruise Costs and Net Cruise Costs excluding Fuel, allows us to perform capacity and rate analysis to separate the impact of known capacity changes from other less predictable changes which affect our business. We believe these non-GAAP measures provide expanded insight to measure revenue and cost performance in addition to the standard GAAP based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to other companies within the industry.

Recent Developments:

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.

Results of Operations

Summary

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.

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.

Significant items for the quarter and nine months ended September 30, 2026 include:

•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.

•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.

•In February 2026, we issued $1.25 billion of senior notes due in 2033 and $1.25 billion of senior notes due in 2038 for net proceeds of approximately $2.5 billion.

•In June 2026, we took delivery of Legend of the Seas.

•In June 2026, TUI Cruises, our 50% joint venture, took delivery of Mein Schiff Flow.

•In August 2026, we issued $1.25 billion of senior notes due in 2034 for net proceeds of approximately $1.24 billion.

For further information regarding the debt transactions discussed above, refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements.

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):


	Quarter Ended September 30,
	2026		2025
			% of Total Revenues				% of Total Revenues
Passenger ticket revenues	$	3,885			69.5	%		$	3,637			70.8	%
Onboard and other revenues	1,706			30.5	%		1,502			29.2	%
Total revenues	5,591			100.0	%		5,139			100.0	%
Cruise operating expenses:
Commissions, transportation and other	735			13.1	%		696			13.5	%
Onboard and other	338			6.0	%		312			6.1	%
Payroll and related	399			7.1	%		342			6.7	%
Food	287			5.1	%		264			5.1	%
Fuel	347			6.2	%		297			5.8	%
Other operating	606			10.8	%		569			11.1	%
Total cruise operating expenses	2,711			48.5	%		2,479			48.2	%
Marketing, selling and administrative expenses	519			9.3	%		522			10.2	%
Depreciation and amortization expenses	490			8.8	%		435			8.5	%
Operating Income	1,871			33.5	%		1,702			33.1	%
Other income (expense):
Interest income	5			0.1	%		3			0.1	%
Interest expense, net of interest capitalized	(291)			(5.2)	%		(248)			(4.8)	%
Equity investment income	176			3.1	%		158			3.1	%
Other income (expense)	1			—	%		(2)			—	%
Income before income taxes	1,762			31.5	%		1,612			31.4	%
Provision for income taxes	(27)			(0.5)	%		(34)			(0.7)	%
Net Income	1,735			31.0	%		1,579			30.7	%
Less: Net Income attributable to noncontrolling interest	7			0.1	%		4			0.1	%
Net Income attributable to Royal Caribbean Cruises Ltd.	$	1,728			30.9	%		$	1,575			30.6	%


	Nine Months Ended September 30,
	2026		2025
			% of Total Revenues				% of Total Revenues
Passenger ticket revenues	$	10,250			68.9	%		$	9,579			70.0	%
Onboard and other revenues	4,625			31.1	%		4,097			30.0	%
Total revenues	14,876			100.0	%		13,676			100.0	%
Cruise operating expenses:
Commissions, transportation and other	1,921			12.9	%		1,823			13.3	%
Onboard and other	838			5.6	%		775			5.7	%
Payroll and related	1,204			8.1	%		1,010			7.4	%
Food	813			5.5	%		750			5.5	%
Fuel	966			6.5	%		854			6.2	%
Other operating	1,763			11.9	%		1,630			11.9	%
Total cruise operating expenses	7,506			50.5	%		6,841			50.0	%
Marketing, selling and administrative expenses	1,615			10.9	%		1,593			11.6	%
Depreciation and amortization expenses	1,415			9.5	%		1,265			9.2	%
Operating Income	4,340			29.2	%		3,977			29.1	%
Other income (expense):
Interest income	15			0.1	%		17			0.1	%
Interest expense, net of interest capitalized	(805)			(5.4)	%		(725)			(5.3)	%
Equity investment income	328			2.2	%		313			2.3	%
Other income	10			0.1	%		13			0.1	%
Income before income taxes	3,887			26.1	%		3,596			26.3	%
Provision for income taxes	(66)			(0.4)	%		(67)			(0.5)	%
Net Income	3,821			25.7	%		3,529			25.8	%
Less: Net Income attributable to noncontrolling interest	23			0.2	%		15			0.1	%
Net Income attributable to Royal Caribbean Cruises Ltd.	$	3,798			25.5	%		$	3,514			25.7	%

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. Certain amounts may not add or calculate due to the use of rounded numbers):


	Quarter Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Net Income attributable to Royal Caribbean Cruises Ltd.	$	1,728			$	1,575			$	3,798		$	3,514
Loss on extinguishment of debt and inducement expense (1)	21			—			50			10
Restructuring charges and other initiative expenses (2)	9			1			11			7
Amortization of Silversea intangible assets resulting from the Silversea acquisition	2			2			5			5
Gain on sale of noncontrolling interest (3)	—			—			—			(11)
Equity investment impairment, (recovery) of losses and other	—			—			—			(1)
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.	$	1,760		$	1,577		$	3,865		$	3,523

Basic
Earnings per Share	$	6.46			$	5.79			$	14.15		$	12.97
Adjusted Earnings per Share	$	6.58			$	5.80			$	14.40		$	13.01

Diluted:
Earnings per Share (4)	$	6.45			$	5.74			$	14.12		$	12.83
Adjusted Earnings per Share (5)	$	6.57			$	5.75			$	14.36		$	12.83

Weighted-Average Shares Outstanding:
Basic	267			272			268			271
Diluted	268			274			269			275

(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).

(2)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

(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).

(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.

(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.

Selected statistical information is shown in the following table:


	Quarter Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026	2025
Passengers Carried	2,676,480			2,466,039		7,567,360		6,961,768
Passenger Cruise Days	16,692,392			15,356,271		46,527,802		43,402,497
APCD	14,844,688			13,698,886		42,119,787		39,299,263
Occupancy	112.4	%		112.1	%	110.5	%	110.4	%

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers):


	Quarter Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Net Income attributable to Royal Caribbean Cruises Ltd.	$	1,728			$	1,575			$	3,798		$	3,514
Interest income	(5)			(3)			(15)			(17)
Interest expense, net of interest capitalized	291			248			805			725
Depreciation and amortization expenses	490			435			1,415			1,265
Provision for income taxes	27			34			66			67
EBITDA	2,531			2,289			6,069			5,553

Other (income) expense	(1)			2			(10)			(13)
Restructuring charges and other initiative expenses (1)	9			1			11			7
Equity investment impairment, (recovery) of losses and other	—			—			—			(1)
Adjusted EBITDA	$	2,539			$	2,293			$	6,071		$	5,545

Total revenues	$	5,591			$	5,139			$	14,876		$	13,676

APCD	14,844,688			13,698,886			42,119,787			39,299,263
Net Income attributable to Royal Caribbean Cruises Ltd. per APCD	$	116.44			$	114.94			$	90.18		$	89.42
Adjusted EBITDA per APCD	$	171.01			$	167.35			$	144.13		$	141.09
Adjusted EBITDA Margin	45.4	%		44.6	%		40.8	%		40.5	%

(1)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

Gross Margin Yields and Net Yields are calculated as follows (in millions, except APCD and Yields. Certain amounts may not add or calculate due to the use of rounded numbers):


	Quarter Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Total revenues	$	5,591			$	5,139		$	14,876	$	13,676
Less:
Cruise operating expenses	2,711			2,479			7,506		6,841
Depreciation and amortization expenses	490			435			1,415		1,265
Gross Margin	2,390			2,225			5,955		5,570
Add:
Payroll and related	399			342			1,204		1,010
Food	287			264			813		750
Fuel	347			297			966		854
Other operating	606			569			1,763		1,630
Depreciation and amortization expenses	490			435			1,415		1,265
Adjusted Gross Margin	$	4,519			$	4,131		$	12,116	$	11,077

APCD	14,844,688			13,698,886			42,119,787		39,299,263
Gross Margin Yields	$	161.03			$	162.39		$	141.38	$	141.73
Net Yields	$	304.41			$	301.58		$	287.66	$	281.87

Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers):


	Quarter Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Total cruise operating expenses	$	2,711			$	2,479		$	7,506	$	6,841
Marketing, selling and administrative expenses	519			522			1,615		1,593
Gross Cruise Costs	3,231			3,001			9,121		8,434
Less:
Commissions, transportation and other	735			696			1,921		1,823
Onboard and other	338			312			838		775
Net Cruise Costs including other costs	2,158			1,993			6,361		5,836
Less:
Restructuring charges and other initiative expenses (1)	9			1			11		7
Net Cruise Costs	2,149			1,992			6,350		5,829
Less:
Fuel	347			297			966		854
Net Cruise Costs excluding Fuel	$	1,802			$	1,695		$	5,383	$	4,976

APCD	14,844,688			13,698,886			42,119,787		39,299,263
Gross Cruise Costs per APCD	$	217.64			$	219.09		$	216.54	$	214.61
Net Cruise Costs per APCD	$	144.79			$	145.44		$	150.76	$	148.33
Net Cruise Costs excluding Fuel per APCD	$	121.38			$	123.75		$	127.81	$	126.61

(1)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

Quarter Ended September 30, 2026 Compared to Quarter Ended September 30, 2025

In this section, references to 2026 refer to the quarter ended September 30, 2026 and references to 2025 refer to the quarter ended September 30, 2025.

Revenues

Total revenues increased $452 million, or 8.8%, to $5.6 billion in 2026 from $5.1 billion in 2025.

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:

•an 8.4% capacity growth as a result of the addition of Legend of the Seas and Celebrity Xcel, and a full quarter of operations of Star of the Seas compared to the same period in 2025.

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:

•$126 million driven by 8.4% capacity growth as noted above compared to the same period in 2025; and

•$79 million driven by higher onboard spending on a per passenger basis in 2026 compared to the same period in 2025.

Cruise Operating Expenses

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:

•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.

Depreciation and Amortization Expenses

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 Seas and Celebrity Xcel, and a full quarter of operations of Star of the Seas, compared to the same period in 2025.

Other comprehensive income (loss)

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 Gain on 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.

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

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.

Revenues

Total revenues for 2026 increased $1.2 billion to $14.9 billion from $13.7 billion in 2025.

Passenger ticket revenues comprised 68.9% of our 2026 total revenues. Passenger ticket revenues for 2026 increased by $671 million, or 7.0% to $10.3 billion from $9.6 billion in 2025. The increase was primarily due to:

• a 7.2% capacity growth as a result of the addition of Legend of the Seas in 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.

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:

•$294 million driven by a 7.2% capacity growth as noted above compared to the same period in 2025; and

•$235 million driven by higher onboard spending on a per passenger basis in 2026 compared to the same period in 2025.

Cruise Operating Expenses

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:

•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;

•a $112 million increase in fuel expenses related to higher rates per metric ton compared to the same period in 2025.

Depreciation and Amortization Expenses

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 Seas in 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.

Other income (expense)

Interest expense, net of interest capitalized for 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.

Other comprehensive income (loss)

Other comprehensive income was $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 million in 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.

Future Application of Accounting Standards

Refer to Note 2. Summary of Significant Accounting Policies to our consolidated financial statements under Item 1. Financial Statements.

Liquidity and Capital Resources

Sources and Uses of Cash

Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activities was $5.3 billion for the nine months ended September 30, 2026, compared to $4.8 billion in 2025.

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.

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.

Future Capital Commitments

Capital Expenditures

Our future capital commitments consist primarily of new ship orders. As of September 30, 2026, the dates that the ships on order by our Global and Partner Brands are expected to be delivered, and their approximate berths are as follows:

Ship

Shipyard

Expected Delivery Dates

Approximate
Berths

Royal Caribbean

Oasis-class:

Unnamed

Chantiers de l'Atlantique

2nd Quarter 2028

5,700

Icon-class:

Hero of the Seas

Meyer Turku Oy

3rd Quarter 2027

5,600

Unnamed

Meyer Turku Oy

2nd Quarter 2028

5,600

Unnamed

Meyer Turku Oy

2nd Quarter 2029

5,600

Unnamed

Meyer Turku Oy

2nd Quarter 2030

5,600

Discovery-class:

Unnamed

Chantiers de l'Atlantique

4th Quarter 2029

4,300

Unnamed

Chantiers de l'Atlantique

2nd Quarter 2032

4,300

Celebrity Cruises

Edge-Class:

Celebrity Xcite

Chantiers de l'Atlantique

4th Quarter 2028

3,250

Celebrity River Cruises:

Celebrity Compass

TeamCo Shipyard

2nd Quarter 2027

170

Celebrity Seeker

TeamCo Shipyard

3rd Quarter 2027

170

Celebrity Wanderer

TeamCo Shipyard

1st Quarter 2028

170

Celebrity Roamer

TeamCo Shipyard

2nd Quarter 2028

170

Mein Schiff

Unnamed

Fincantieri

1st Quarter 2031

4,100

Unnamed

Fincantieri

4th Quarter 2032

4,100

Total Berths

48,830

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 Contingencies and Note 11. Fair Value Measurements and Derivative Instruments to our consolidated financial statements under Item 1. Financial Statements for further information.

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.

Material Cash Requirements

As of September 30, 2026, our material cash requirements were as follows (in millions):


	Remainder of
	2026		2027		2028		2029	2030		Thereafter	Total
Operating Activities:
Operating lease obligations(1)	$	37			$	137		$	118		$	62		$	52		$	808	$	1,214
Interest on debt(2)	202			1,056			890		796		755		2,739			6,438
Other(3)	101			334			114		99		86		337			1,071
Investing Activities:
Ship purchase obligations(4)	171			2,532			4,918		3,605		2,066		1,658			14,950
Total	$	511			$	4,059		$	6,040		$	4,562		$	2,959		$	5,542	$	23,673

(1)We are obligated under noncancelable operating leases primarily for preferred berthing arrangements, real estate and shipboard equipment. Amounts represent contractual obligations with initial terms in excess of one year.

(2)Long-term debt obligations mature at various dates through fiscal year 2042 and bear interest at fixed and variable rates. Interest on variable-rate debt is calculated based on forecasted debt balances, including the impact of interest rate swap agreements, using the applicable rate at September 30, 2026. Debt denominated in other currencies is calculated based on the applicable exchange rate at September 30, 2026.

(3)Amounts primarily represent future commitments with remaining terms in excess of one year to pay for our usage of certain port facilities, marine consumables, services and maintenance contracts.

(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.

Refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements for maturities related to debt.

Refer to Funding Needs and Sources below for discussion on the planned funding of the above material cash requirements.

As a normal part of our business, depending on market conditions, pricing and our overall growth strategy, we continuously consider opportunities to enter into contracts for the building of additional ships. We may also consider the sale of ships or the purchase of existing ships. We continuously consider potential acquisitions and strategic alliances. If any of these were to occur, they would be financed through the incurrence of additional indebtedness, the issuance of additional shares of equity securities or through cash flows from operations.

Off-Balance Sheet Arrangements

Refer to Note 5. Investments and Other Assets to our consolidated financial statements under Item 1. Financial Statements for ownership restrictions related to TUI Cruises.

Refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements for export credit agency guarantees.

Refer to Note 8. Commitments and Contingencies to our consolidated financial statements under Item 1. Financial Statements for other agreements.

As of September 30, 2026, other than the items described above, we are not party to any other off-balance sheet arrangements, including guarantee contracts, retained or contingent interest, certain derivative instruments and variable interest entities, that either have, or are reasonably likely to have, a current or future material effect on our financial position.

Funding Needs and Sources

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.

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.

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.

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, during any 24-month period, a majority of our Board is made up of persons who were not (i) members of the Board on the first day of such period, (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 clauses (i) or (ii) above. If prepayment is triggered, we may be unable to replace our credit facilities on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations.

Based on our assumptions and estimates and our financial condition, we believe that we have sufficient financial resources to fund our obligations for at least the next twelve months from the issuance of these financial statements. However, there is no assurance that our assumptions and estimates are accurate as there is inherent uncertainty in our ability to predict future liquidity requirements.

Debt Covenants

Our export credit facilities and our non-export credit facilities, and certain of our credit card processing agreements contain covenants that require us, among other things, to maintain a fixed charge coverage ratio, and limit our net debt-to-capital ratio. As of September 30, 2026, we were in compliance with our financial covenants and we estimate that we will be in compliance for at least the next twelve months.

Dividends

The declaration of dividends shall at all times be subject to the final determination of our Board that a dividend is prudent at that time in consideration of the needs of the business. During the quarter ended September 30, 2026, our Board declared a dividend of $1.50 per share, which was paid in October 2026.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For a discussion of our market risks, refer to Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our exposure to market risks since the date of our 2025 Annual Report.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of Chairman of the Board and Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Exchange Act Rule 13a-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon such evaluation, our Chairman of the Board and Chief Executive Officer and Chief Financial Officer concluded that those controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chairman of the Board and Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission (the \"SEC\").

Changes in Internal Control Over Financial Reporting

During the quarter ended March 31, 2026, we implemented a new enterprise resource planning (“ERP”) system. This new system resulted in changes to some of our business processes, accounting systems, and related internal controls. We continue to conduct post-implementation monitoring and enhancements as needed, in order to maintain effective internal control over financial reporting. There were no other changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there is only reasonable assurance that our controls will succeed in achieving their goals under all potential future conditions.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

As previously reported, a lawsuit was filed against us in August 2019 in the U.S. District Court for the Southern District of Florida (the \"Court\") under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation (\"Havana Docks Action\") alleges it holds an interest in the Havana Cruise Port Terminal, which was expropriated by the Cuban government. The complaint further alleges that we trafficked in the terminal by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs.

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 petitioned the United States Supreme Court for a writ of certiorari, which was granted on October 3, 2025. The U.S. Supreme Court issued an opinion on May 21, 2026 vacating the 11th Circuit's prior ruling, which had held that Havana Docks' concession interest expired in 2004 for purposes of Title III liability, and remanded the case back to the 11th Circuit for consideration of several defenses that remain unresolved.

Item 1A. Risk Factors

There have been no material changes from risk factors previously disclosed in the Company’s most recent Annual Report on Form 10-K. See the discussions of the Company’s risk factors under Part I, Item 1A in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchases

During the quarter ended September 30, 2026, there were no common stock repurchases. For further information on our stock repurchase transactions, refer to Note 9. Shareholders' Equity to our consolidated financial statements under Item 1. Financial Statements.

Item 5. Other Information

Rule 10b5-1 Plan Elections

During the quarter ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted, modified, or terminated a \"Rule 10b5-1 trading arrangement\" or \"non-Rule 10b5-1 trading arrangement\" (as those terms are defined in Item 408 of Regulation S-K).

Item 6. Exhibits


4.1		Indenture, dated as of July 31, 2006, between Royal Caribbean Cruises Ltd. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Curren t Report on Form 8-K filed with the Securities and Exchange Commission on August 20, 2026 ).
4.2		Sixth Supplemental Indenture, dated as of August 20, 2026, between Royal Caribbean Cruises Ltd. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 20, 2026).
4.3		Form of 5.550% Senior Notes due 2034 (included in Exhibit 4.2 hereto)(incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 20, 2026).
31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
32.1		Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code**



**		Furnished herewith

Interactive Data File

101 The following financial statements of Royal Caribbean Cruises Ltd. for the period ended September 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language) are filed herewith:

(i) the Consolidated Statements of Comprehensive Income (Loss) for the quarters and nine months ended September 30, 2026 and 2025;

(ii) the Consolidated Balance Sheets at September 30, 2026 and December 31, 2025;

(iii) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025;

(iv) the Consolidated Statements of Shareholders' Equity for the quarters and nine months ended September 30, 2026 and 2025; and

(v) the Notes to the Consolidated Financial Statements, tagged in summary and detail.

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		ROYAL CARIBBEAN CRUISES LTD.
		(Registrant)


		/s/ NAFTALI HOLTZ
		Naftali Holtz
		Executive Vice President and Chief Financial Officer
October 27, 2026		(Principal Financial Officer and duly authorized signatory)

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