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	4,291	2,896	1,704	-2,156	-5,260
Depreciation & Amortization	1,718	1,600	1,455	1,407	1,293
Stock-Based Compensation	175	267	126	36	64
Other Adjustments	-332	370	11	278	479
Change in Receivables	-3	52	99	-234	-182
Changes in Inventories	-	-17	-24	-74	-35
Changes in Accounts Payable	27	120	124	75	189
Changes in Accrued Expenses	216	-	13	352	233
Changes in Unearned Revenue	243	186	1,143	1,007	1,427
Changes in Other Operating Activities	130	-217	-166	-210	-86
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
Purchases of Investments	-106	-67	-31	-	-70
Proceeds from Sale of Investments	-	-	-	19	31
Other Investing Activities	323	-111	5	-296	-52
Investing Cash Flow	-5,012	-3,446	-3,923	-2,987	-2,145
Short-Term Debt Repaid	-	-	-	-	-415
Net Short-Term Debt Issued (Repaid)	-	-	-	-	-415
Long-Term Debt Issued	4,671	10,318	7,641	9,787	4,468
Long-Term Debt Repaid	-3,536	-11,943	-9,646	-7,778	-2,432
Net Long-Term Debt Issued (Repaid)	1,135	-1,625	-2,005	2,009	2,036
Issuance of Common Stock	-	-	-	-	1,622
Repurchase of Common Stock	-1,159	-	-	-	-
Net Common Stock Issued (Repurchased)	-1,159	-	-	-	1,622
Common Dividends Paid	-824	-107	-	-	-
Other Financing Activities	-170	-190	12	-268	-202
Financing Cash Flow	-1,018	-1,922	-1,993	1,741	3,041
Effect of Exchange Rate Changes on Cash and Cash Equivalents	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%	-	-	-
FCF Margin	6.89%	12.11%	4.17%	-25.21%	-268.15%
Free Cash Flow Per Share	4.51	7.16	2.05	-8.74	-16.30
Levered Free Cash Flow	2,508	-344	-1,660	-300	-2,848
Unlevered Free Cash Flow	1,923	2,446	1,516	-919	-3,079

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.