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.
- 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.
- Strong Q1 2025 performance with Adjusted EPS of $2.71 (exceeding guidance by $0.23), reported EPS of $2.70, $4.0B in total revenues, $0.7B in net income, and record bookings during the WAVE season .
- Revised guidance update with a full‐year outlook targeting approximately 28% EPS growth and yield growth of 2.6% to 4.6%, plus Adjusted EPS guidance raised to $14.55–$15.55 for full-year/Q2, driven by robust pricing, favorable currency impacts, and lower fuel costs .
- Robust operational metrics featuring Adjusted EBITDA of $1.4B at a 35.1% margin, a load factor of 109%, and net yield growth of 5.6% vs 2024 .
- Strong liquidity demonstrated by generating $1.6B in operating cash flow .
- The document details a novation of the Hull No. B35 credit agreement, outlining the secured credit facility arrangements and commitments from key lenders such as J.P. Morgan SE, Bank of America Europe, and others.
- Filed on March 28, 2025, the report includes exhibits and legal opinions that confirm the updated loan facility terms and the participation of multiple financial institutions, establishing the framework for the vessel’s financing.
- Royal Caribbean Cruises Ltd. completed a privately negotiated exchange transaction involving its 6.000% convertible senior notes due 2025, where Holders exchanged approximately $213 million in principal for common stock and cash.
- The transaction provided the Holders with around 3.3 million shares and approximately $214 million in cash (representing par value plus accrued interest), with the exchanged notes being immediately cancelled.
- After the exchange, approximately $110 million in principal of the 2025 Notes remain outstanding, and the transaction reduced fully diluted shares by about 1.0 million shares.
- Exchange Completed: Royal Caribbean Cruises Ltd announced the completion of privately negotiated exchanges involving its 6.000% Convertible Senior Notes due 2025, where approximately $213 million in principal was exchanged for around 3.3 million shares and approximately $214 million in cash, including accrued interest.
- Outstanding Debt Reduced: As a result of the transaction, the exchanged notes were cancelled, leaving approximately $110 million of the notes still outstanding and reducing the weighted average shares outstanding on a fully diluted basis.
- Royal Caribbean Cruises Ltd has entered into exchange agreements with select holders of its 6.000% Convertible Senior Notes due 2025, offering a combination of cash and company shares, with the exchange consideration based on a volume-weighted average stock price over one trading day.
- The transaction will repurchase approximately $200 million of the outstanding notes, leaving about $123 million in principal remaining, and is expected to reduce the company's weighted average shares outstanding on a fully diluted basis.
- Royal Caribbean Cruises Ltd. announced that it has entered into exchange agreements with select noteholders for its 6.000% Convertible Senior Notes due 2025, involving an aggregate principal value of approximately $200 million being exchanged for a combination of cash and shares.
- The cash component will represent the par amount being repurchased, and the number of common shares issued will be determined based on a volume-weighted average price over a one-day trading period, with the exchange expected to close on March 18, 2025.