Royal Caribbean Files 2024 10-K

TL;DR

RCL dropped its 2024 10-K. All the deets on revenue, debt, and future plans.

AI Summary

Royal Caribbean Cruises Ltd. (RCL) filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, a leader in the cruise industry, provided detailed financial information and business operations. Key financial data and strategic updates are expected to be outlined within the comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Royal Caribbean's financial performance and strategic direction for the past fiscal year, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: medium — The cruise industry is susceptible to economic downturns, geopolitical events, and health crises, which can significantly impact bookings and operations.

Key Numbers

• 2024 — Fiscal Year (The period covered by the 10-K filing.)
• 1231 — Fiscal Year End (Indicates the end date of the reporting period.)
• 20250214 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• ROYAL CARIBBEAN CRUISES LTD (company) — Filer
• 0000884887-25-000050 (document_id) — Accession Number
• 20241231 (date) — Fiscal Year End
• 20250214 (date) — Filing Date
• MIAMI (location) — Business Address City
• FL (location) — Business Address State
• 3055396000 (phone_number) — Business Phone

FAQ

Filing Documents

• rcl-20241231.htm (10-K) — 2746KB
• a2024q4exhibit41.htm (EX-4.1) — 5KB
• a2024q4exhibit1041.htm (EX-10.41) — 61KB
• a2024q4exhibit1042.htm (EX-10.42) — 61KB
• a2024q4exhibit1043.htm (EX-10.43) — 26KB
• a2024q4exhibit1044.htm (EX-10.44) — 45KB
• a2024q4exhibit1045.htm (EX-10.45) — 56KB
• a2024q4exhibit1046.htm (EX-10.46) — 143KB
• a2024q4exhibit1072.htm (EX-10.72) — 1294KB
• a2024q4exhibit19.htm (EX-19) — 79KB
• a2024q4exhibit211.htm (EX-21.1) — 53KB
• a2024q4exhibit231.htm (EX-23.1) — 5KB
• a2024q4exhibit232.htm (EX-23.2) — 319KB
• a2024q4exhibit241.htm (EX-24.1) — 11KB
• a2024q4exhibit311.htm (EX-31.1) — 12KB
• a2024q4exhibit312.htm (EX-31.2) — 11KB
• a2024q4exhibit321.htm (EX-32.1) — 14KB
• image.jpg (GRAPHIC) — 7KB
• image_0.jpg (GRAPHIC) — 60KB
• image_0a.jpg (GRAPHIC) — 17KB
• image_0b.jpg (GRAPHIC) — 2KB
• image_1.jpg (GRAPHIC) — 2KB
• image_2.jpg (GRAPHIC) — 3KB
• image_3.jpg (GRAPHIC) — 3KB
• rcl-20241231_g1.jpg (GRAPHIC) — 159KB
• 0000884887-25-000050.txt ( ) — 16886KB
• rcl-20241231.xsd (EX-101.SCH) — 93KB
• rcl-20241231_cal.xml (EX-101.CAL) — 121KB
• rcl-20241231_def.xml (EX-101.DEF) — 507KB
• rcl-20241231_lab.xml (EX-101.LAB) — 1038KB
• rcl-20241231_pre.xml (EX-101.PRE) — 769KB
• rcl-20241231_htm.xml (XML) — 2263KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 52 Item 9B. Other Information 52 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 PART III Item 10. Directors, Executive Officers and Corporate Governance 53 Item 11.

Executive Compensation

Executive Compensation 53 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53 Item 13. Certain Relationships and Related Transactions, and Director Independence 53 Item 14. Principal Accountant Fees and Services 53 PART IV Item 15. Exhibits and Financial Statement Schedules 54 Item 16. Form 10-K Summary 61

Signatures

Signatures 62 F-2 PART I As used in this Annual Report on Form 10-K, the terms "Royal Caribbean," "Royal Caribbean Group," the "Company," "we," "our" and "us" refer to Royal Caribbean Cruises Ltd. and, depending on the context, Royal Caribbean Cruises Ltd.'s consolidated subsidiaries and/or affiliates. The terms "Royal Caribbean," "Celebrity Cruises," and "Silversea Cruises" refer to our wholly owned global cruise brands. Throughout this Annual Report on Form 10-K, we also refer to our partner brands in which we hold an ownership interest, including "TUI Cruises," and "Hapag-Lloyd Cruises." However , because these partner brands are unconsolidated investments, our operating results and other disclosures herein do not include these brands unless otherwise specified. In accordance with cruise vacation industry practice, the term "berths" is determined based on double occupancy per cabin even though many cabins can accommodate three or more passengers. This Annual Report on Form 10-K also includes trademarks, trade names and service marks of other companies. Use or display by us of other parties' trademarks, trade names or service marks is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, these other parties other than as described herein. 1

Business

Item 1. Business General We are one of the leading cruise companies in the world. We own and operate three global cruise brands: Royal Caribbean, Celebrity Cruises and Silversea Cruises (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 68 ships in the cruise vacation industry with an aggregate capacity of approximately 166,900 berths as of December 31, 2024. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents. We compete principally by operating our portfolio of valued brands that deliver vacation experiences known for exceptional product offerings and service provided by our dedicated crew. Our competitive edge is grounded in our focus on innovation, best evidenced in the quality and variety of ships in our fleet, our growing portfolio of private destinations and experiences, and a range of itineraries and global destinations tailored to meet diverse guest preferences. 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 was founded in 1968 as a partnership. Its corporate structure has evolved over the years and, the current parent corporation, Royal Caribbean Cruises Ltd., was incorporated on July 23, 1985 in the Republic of Liberia under the Business Corporation Act of Liberia. Our Global Brands Our Global Brands include Royal Caribbean, Celebrity Cruises, and Silversea Cruises. We believe our Global Brands possess the versatility to enter multiple market segments within the vacation industr