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Companies · RCL

RCL Reported this cycle

Royal Caribbean

Miami, FL Founded 1968 Travel & Hospitality

AI-generated · informational only · not investment advice · verify before relying.

Latest analysis

Updated Aug 20, 2026

RCL prices $1.25B senior notes to refinance floating-rate debt and extend maturity profile.

Royal Caribbean completed a $1.25 billion offering of 5.550% senior notes due 2034, netting approximately $1.24 billion after fees. The company intends to use proceeds to repay floating-rate term loan facilities and refinance existing indebtedness, extending its debt maturity ladder and locking in a fixed rate. This is a capital markets transaction with no operational, booking, or demand implications — a routine refinancing in a favorable window.

Tone: neutral

Revenue

$17.9B

RCL 10-K · FY 2025

Employees

108,000

Revenue growth YoY

+8.8%

Founded

1968

Profile

RCL 10-K Item 1 · Feb 11, 2026

Royal Caribbean Cruises Ltd. is the world's largest cruise vacation company, owning and operating three global cruise brands — Royal Caribbean, Celebrity Cruises, and Silversea — plus a 50% joint venture interest in TUI Cruises GmbH, which operates TUI Cruises and Hapag-Lloyd Cruises. The company's combined fleet of 69 ships serves more than 1,000 destinations across all seven continents, complemented by a growing portfolio of private land-based destinations including the Perfect Day and Royal Beach Club collections. Revenue is generated through passenger ticket sales (approximately 70% of total) and onboard and other revenues (approximately 30%).

Read filing description ↓

We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our 'Global Brands'). We also own a 50% joint venture interest in TUI Cruises GmbH ('TUIC'), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our 'Partner Brands'). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents. We also own a growing portfolio of private land-based destinations, including our Perfect Day and Royal Beach Club collections. Our competitive edge is grounded in our focus on innovation, best evidenced in the quality and variety of ships in our fleet, our exceptional product offerings and service provided by our dedicated crew, our growing portfolio of private destinations and experiences, the range of itineraries and global destinations tailored to meet diverse guest preferences, and our use and leveraging of technology. By continually reimagining vacation possibilities and investing in the maintenance and enhancement of our fleet, we inspire both new travelers and loyal repeat guests to embark on unforgettable journeys with us. Royal Caribbean is the world's largest cruise vacation brand, competing in both the contemporary family market and premium segment. Celebrity Cruises is positioned within the premium segment. Silversea is an ultra luxury and expedition travel brand featuring smaller ships, high standards of accommodations, fine dining, personalized service and exotic itineraries.

Primary products

  • Royal Caribbean cruise vacations
  • Celebrity Cruises cruise vacations
  • Silversea ultra luxury and expedition cruises
  • TUI Cruises (via joint venture)
  • Hapag-Lloyd Cruises (via joint venture)
  • Perfect Day Collection private destinations

Business segments

Royal Caribbean Celebrity Cruises Silversea TUI Cruises Hapag-Lloyd Cruises

End markets

Contemporary family cruise market Premium cruise segment Ultra luxury and expedition cruise segment German cruise market North American vacation market European vacation market Asia/Pacific vacation market

Geographies

North America Europe Asia/Pacific Caribbean Alaska Australia South America Antarctica Arctic

Named competitors

Carnival Corporation & plc Aida Cruises Carnival Cruise Line Costa Cruises Cunard Line Holland America Line P&O Cruises Princess Cruises
“Royal Caribbean is the world's largest cruise vacation brand.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Total revenues increased $1.5 billion, or 8.8%, to $17.9 billion in 2025 from $16.5 billion in 2024, driven by 5.5% capacity growth from new ships and yield growth from higher load factors and ticket pricing.

The rest of RCL is for subscribers

Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 9 diligence answers SWOT