Royal Caribbean Cruises Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,268	2,877	1,697	-2,156	-5,260
Depreciation & Amortization	1,718	1,600	1,455	1,407	1,293
Other Amortization	97	98	109	163	249
Loss (Gain) on Equity Investments	-150	-231	-189	-57	135
Stock-Based Compensation	175	267	126	36	64
Other Operating Activities	-26	450	108	115	161
Change in Accounts Receivable	-3	52	99	-234	-182
Change in Inventory	-	-17	-24	-74	-35
Change in Accounts Payable	27	120	124	75	189
Change in Other Net Operating Assets	359	49	972	1,206	1,508
Operating Cash Flow	6,465	5,265	4,477	481	-1,878
Operating Cash Flow Growth	22.79%	17.60%	830.77%	-	-
Capital Expenditures	-5,229	-3,268	-3,897	-2,710	-2,230
Sale of Property, Plant & Equipment	-	-	-	-	176
Investment in Securities	-106	-67	-31	-	-70
Other Investing Activities	323	-111	5	-277	-21
Investing Cash Flow	-5,012	-3,446	-3,923	-2,987	-2,145
Long-Term Debt Issued	4,671	10,318	7,641	9,787	4,468
Total Debt Issued	4,671	10,318	7,641	9,787	4,468
Short-Term Debt Repaid	-	-	-	-	-415
Long-Term Debt Repaid	-3,534	-11,651	-9,566	-7,729	-2,297
Total Debt Repaid	-3,534	-11,651	-9,566	-7,729	-2,712
Net Debt Issued (Repaid)	1,137	-1,333	-1,925	2,058	1,756
Issuance of Common Stock	-	-	-	-	1,622
Repurchase of Common Stock	-1,159	-	-	-	-
Common Dividends Paid	-824	-107	-	-	-
Other Financing Activities	-172	-482	-68	-317	-337
Financing Cash Flow	-1,018	-1,922	-1,993	1,741	3,041
Foreign Exchange Rate Adjustments	2	-6	1	-2	-
Net Cash Flow	437	-109	-1,438	-767	-982
Free Cash Flow	1,236	1,997	580	-2,229	-4,108
Free Cash Flow Growth	-38.11%	244.31%	-	-	-
Free Cash Flow Margin	6.89%	12.12%	4.17%	-25.21%	-268.15%
Free Cash Flow Per Share	4.51	7.16	2.05	-8.74	-16.30
Cash Interest Paid	864	1,210	1,442	960	834
Levered Free Cash Flow	-197.63	1,072	-11.88	-1,316	-2,204
Unlevered Free Cash Flow	315.38	1,679	679.75	-684.86	-1,645
Change in Working Capital	383	204	1,171	973	1,480

Source: S&P Global Market Intelligence. Standard template. Financial Sources.