Royal Caribbean Cruises Ltd. (RCL) is a leading global cruise company that owns and operates three main cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, collectively referred to as their "Global Brands" . Additionally, RCL holds a 50% joint venture interest in TUI Cruises GmbH, which operates the German brands TUI Cruises and Hapag-Lloyd Cruises, known as their "Partner Brands" . The company generates revenue primarily from passenger ticket sales and onboard services, offering itineraries to over 1,000 destinations across all seven continents .
- Passenger Ticket Revenues - Generates income from the sale of cruise tickets and air transportation to and from the ships.
- Onboard and Other Revenues - Includes sales of goods and services not included in ticket prices, such as casino operations, vacation protection insurance, and fees for operating certain port facilities.
- Global Brands - Operates the cruise brands Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, providing diverse itineraries and innovative ships.
- Partner Brands - Involves a 50% joint venture interest in TUI Cruises GmbH, operating the German brands TUI Cruises and Hapag-Lloyd Cruises.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Harri U. Kulovaara Executive | Executive Vice President, Maritime | None | Joined RCL in 1995, EVP since January 2005, responsible for fleet design and newbuild operations. | |
Jason T. Liberty Executive | President and Chief Executive Officer | Board of Directors of WNS Holdings | Joined RCL in 2005, became CEO in January 2022, previously served as CFO and in various finance roles. | View Report → |
Laura Hodges Bethge Executive | President of Celebrity Cruises | None | Joined RCL in 2000, became President of Celebrity Cruises in May 2023, previously EVP of Shared Services Operations. | |
Michael W. Bayley Executive | President and CEO of Royal Caribbean International | None | Over 40 years at RCL, CEO of Royal Caribbean International since December 2014, previously CEO of Celebrity Cruises. | View Report → |
Naftali Holtz Executive | Chief Financial Officer | None | Joined RCL in 2019, became CFO in January 2022, previously Senior VP of Finance, former Goldman Sachs Managing Director. | |
R. Alexander Lake Executive | Chief Legal Officer and Secretary | None | Joined RCL in June 2021, oversees legal and compliance functions, former EVP at World Fuel Services Corporation. | |
Amy McPherson Board | Director | Board Member at PVH Corporation and Merlin Entertainments Ltd. | Director since December 2020, former executive at Marriott International, brings hospitality and strategic operations experience. | |
Ann S. Moore Board | Director | None | Director since May 2012, former Chair and CEO of Time Inc., brings media and digital transition experience. | |
Arne Alexander Wilhelmsen Board | Director | Chairman of AWILHELMSEN AS, AWECO AS, AWILHELMSEN HOLDING AS, Aweco Cruise Holding AS | Director since April 2003, provides historical perspective and strategic insight from diverse business interests. | |
Donald Thompson Board | Director | CEO of Cleveland Avenue, LLC, Director at Northern Trust Corporation, Chairman of Footprint International HoldCo Inc. | Director since May 2015, former CEO of McDonald's, brings global business and leadership experience. | |
Eyal M. Ofer Board | Director | Chairman of Ofer Global, Zodiac Group, Global Holdings Group | Director since May 1995, leads Ofer Global, provides strategic insight from maritime and real estate sectors. | |
John F. Brock Board | Director | Board Member at ApJet, LLC and thegameHERs, LLC, Managing Director of Brock Holdings, LLC | Director since February 2014, brings expertise from the beverage industry, former CEO of Coca-Cola Enterprises. | |
Maritza G. Montiel Board | Director | Board Member at Comcast Corporation, McCormick & Company, AptarGroup, Inc. | Director since December 2015, former Deputy CEO at Deloitte LLP, provides financial oversight and governance expertise. | |
Michael O. Leavitt Board | Director | Co-Chairman of Health Management Associates, Chairman of Leavitt Equity Partners, Board Member at American Express | Director since February 2022, former U.S. Secretary of Health and Human Services, brings public policy expertise. | |
Rebecca Yeung Board | Director | Board Member at Columbus McKinnon | Director since March 2023, VP at FedEx, recognized for expertise in technology and logistics. | |
Richard D. Fain Board | Chairman of the Board | University of Miami Board of Trustees, UHealth Board of Directors | Director since January 1981, Chairman since 1988, former CEO until January 2022, led RCL's growth to the second-largest cruise company. | |
Stephen R. Howe, Jr. Board | Director | Board of Trustees of Carnegie Hall, Peterson Institute for International Economics, Liberty Science Center | Director since December 2018, former U.S. Chairman and Managing Partner at EY, brings financial and leadership experience. | |
Vagn O. S\u00f8rensen Board | Director | Board Member at Air Canada, CNH Industrial, Pantheon Infrastructure PLC | Director since July 2011, serves on multiple boards, brings aviation and infrastructure expertise. | |
William L. Kimsey Board | Lead Independent Director | None | Director since April 2003, former CEO of Ernst & Young Global, Chair of RCL's Audit Committee. |
- As you expand your private destinations with projects like Perfect Day Mexico and the World Beach Clubs, how are you mitigating the risks associated with significant capital investments if consumer demand shifts or economic conditions change?
- Given your expectation for earnings in 2025 to start with a $14 handle, in the context of potential macroeconomic headwinds, how resilient is your projected earnings growth to a possible slowdown in consumer spending on leisure travel?
- With net yields up 25% compared to 2019 levels and significant yield growth over the last two years, to what extent do you believe this rate of yield growth is sustainable, and how might continued price increases impact demand and occupancy levels?
- Considering your plans for moderate capacity growth through new ship orders and fleet expansion, how are you assessing the potential risk of overcapacity in the cruise industry, and what contingency plans are in place if demand does not meet expectations?
- You've made progress in deleveraging and have returned to an unsecured capital structure, yet you're also increasing investments in new ships and private destinations; how do you balance the need for capital investment with shareholder returns, and how might your capital allocation strategy change if economic conditions deteriorate?
Research analysts who have asked questions during ROYAL CARIBBEAN CRUISES earnings calls.
Benjamin Chaiken
Mizuho Financial Group, Inc.
4 questions for RCL
Brandt Montour
Barclays PLC
4 questions for RCL
Conor Cunningham
Melius Research
4 questions for RCL
Robin Farley
UBS
4 questions for RCL
Steven Wieczynski
Stifel
4 questions for RCL
Vince Ciepiel
Cleveland Research Company
4 questions for RCL
James Hardiman
Citigroup
3 questions for RCL
Matthew Boss
JPMorgan Chase & Co.
3 questions for RCL
Elizabeth Dove
Goldman Sachs
2 questions for RCL
Matt Boss
JPMorgan Chase & Co.
1 question for RCL
Xian Siew
BNP Paribas
1 question for RCL
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes with this entity, which owns multiple brands including Aida Cruises, Carnival Cruise Line, Costa Cruises, Cunard Line, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. | |
The company identifies this entity as one of its principal cruise competitors. | |
MSC Cruises | This entity is listed as one of the company's main competitors in the cruise industry. |
This competitor owns Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, and is identified as a principal competitor. | |
Virgin Voyages | The company mentions this entity as one of its main competitors in the cruise industry. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Port of Costa Maya and adjacent land in Mahahual, Mexico | 2025 | Transaction Value: Approximately $292 million; expected to close in the first half of 2025 pending regulatory approval and customary closing conditions, aligning with strategic growth initiatives to expand its portfolio of private destinations. |
Silver Endeavour | 2022 | Acquired on July 21, 2022 for $275 million, financed with a 15-year unsecured term loan guaranteed by Euler Hermes, with no amortization in the first two years; this opportunistic acquisition enhances capacity in the ultra-luxury expedition segment, with service starting in November 2022. |
Recent press releases and 8-K filings for RCL.
- Royal Caribbean Cruises completed a public offering of $1.5 billion aggregate principal of 5.375% senior unsecured notes due 2036.
- The notes will mature on January 15, 2036, unless earlier redeemed or repurchased.
- Net proceeds will finance the upcoming delivery of Celebrity Xcel and redeem or refinance existing indebtedness, including amounts under its revolving credit facilities.
- BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as lead book-running managers for the offering.
- CFO Naftali Holtz stated the transaction underscores the company’s financial flexibility and marks its relaunch into the investment-grade market.
- Royal Caribbean Cruises completed an offering of $1.5 billion aggregate principal amount of 5.375% Senior Notes due January 15, 2036 under its July 31, 2006 Base Indenture, as supplemented by a Fourth Supplemental Indenture dated October 1, 2025.
- The company received net proceeds of approximately $1.484 billion, which it will use to finance the delivery of Celebrity Xcel and to redeem, refinance or repurchase existing indebtedness, including amounts under its revolving credit facilities.
- BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as representatives of the underwriters for the transaction.
- The notes bear interest at 5.375% per annum, payable semi-annually on January 15 and July 15 (beginning January 15, 2026), and mature on January 15, 2036, subject to customary redemption provisions.
- On September 22, 2025, Royal Caribbean Cruises Ltd. entered into an underwriting agreement to issue $1.5 billion aggregate principal of 5.375% Senior Notes due 2036, expected to close October 1, 2025.
- Notes will bear interest at 5.375%, payable January 15 and July 15, commencing January 15, 2026, and mature January 15, 2036.
- Initial public offering price set at 99.852% of par (yield 5.395%, +125 bps to the UST 4.250% Aug 2035), with purchase price to underwriters at 99.202%.
- Net proceeds will finance delivery of Celebrity Xcel and redeem or refinance existing indebtedness, including revolving credit facilities.
- Royal Caribbean Group entered a long-term framework agreement with Meyer Turku securing shipbuilding rights through 2036 to underpin its next generation of cruise ships.
- The deal includes a firm order for Icon 5 (delivery 2028) and options for Icon 6 and Icon 7, complementing Icon 4 (2027) and Legend of the Seas (Summer 2026) in its Icon Class pipeline.
- Meyer Turku has launched Icon of the Seas (Jan 2024) and Star of the Seas (Aug 2025), and the yard supports over 13,000 jobs, generating €1 billion annually for Finland’s economy.
- Royal Caribbean Group priced $1.5 billion aggregate principal of 5.375% senior unsecured notes due 2036, maturing January 15, 2036.
- Notes are expected to be issued on or around October 1, 2025, subject to customary closing conditions.
- Net proceeds will finance the delivery of Celebrity Xcel and redeploy remaining funds to redeem, refinance, or repurchase existing debt.
- BofA Securities, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC are acting as lead book-running managers.
- Royal Caribbean Group (NYSE: RCL) has commenced a registered public offering of senior unsecured notes to finance the delivery of Celebrity Xcel and to refinance existing debt.
- Net proceeds will first cover the upcoming delivery of Celebrity Xcel, with remaining funds used to redeem, refinance or repurchase existing indebtedness, including amounts under its revolving credit facilities.
- BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as lead book-running managers for the offering.
- The offering is being made pursuant to an automatic shelf registration statement that became effective upon filing on February 29, 2024.
- Truist Securities cut Royal Caribbean from Buy to Hold, driven by normalized booking volumes and all-time high valuation multiples.
- Recent industry booking growth is at low- to- mid single-digit year-over-year levels, versus ~20% earlier in the year.
- Lower consumer confidence and a later-than-peers recovery have brought booking trends back to pre-COVID-like patterns.
- Analyst highlights relative opportunities in Norwegian Cruise Lines and Hyatt Hotels as more attractive leisure plays.
- Royal Caribbean filed an 8-K reporting a Novation Agreement dated June 25, 2025 to amend, restate and novate its secured credit facility for Hull No. V35, as detailed in Exhibit 10.1 of the filing.
- J.P. Morgan SE serves as Global Coordinator and Facility Agent; mandated lead arrangers include BBVA, Caixabank, HSBC Continental Europe, Santander and Société Générale.
- The original facility provided up to €896.8 million to the existing borrower under the Principal Agreement, to be converted into a U.S. dollar loan with a Maximum Loan Amount of €1,049.076 million, plus potential accordion increases.
- The credit facility finances up to 80% of the Fixed Basic Contract Price (€872 million), 80% of Non-Yard Costs (€116.8 million), 80% of Change Orders (€24.8 million) and 100% of the BpiFAE Premium.
- The Form 8-K was signed by CFO Naftali Holtz on June 27, 2025.
- Richard Fain will step down as Chairman in Q4 2025 while continuing to serve on the Board.
- Jason Liberty, currently President and CEO, has been elected to assume the roles of Chairman and CEO in Q4 2025.
- John Brock has been appointed as the new Independent Lead Director, reinforcing the Board's governance.
- The company increased its revolving credit facility commitments by $2.28 billion, bringing the total commitments to $6.35 billion.
- One of the credit facilities’ maturity was extended from October 2026 to October 2030, while the other remains set to mature in October 2028.
- The enhancements are aimed at improving financial flexibility to support strategic growth initiatives and solid cash flow generation.