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Royal Caribbean
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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: neutralRevenue
$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, 2026Royal 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 ↓ Collapse 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
End markets
Geographies
Named competitors
“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.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.