ROYAL CARIBBEAN CRUISES LTD (RCL)

Royal Caribbean Cruises Ltd. is a cruise vacation company that owns and operates three global cruise brands: Royal Caribbean, Celebrity Cruises and Silversea (its "Global Brands"). It also holds a 50% joint venture interest in TUI Cruises GmbH ("TUIC"), accounted for under the equity method, which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (the "Partner Brands"). Together the brands have a combined fleet of 69 ships with about 179,720 berths as of December 31, 2025, calling on more than 1,000 destinations in over 120 countries on all seven continents. The company was founded in 1968 as a partnership, and the current parent was incorporated in Liberia in 1985. It manages its Global Brands as a single business.

Royal Caribbean is the world's largest cruise brand, serving the contemporary family and premium segments with 29 ships (about 111,000 berths) and trips of three to 14 nights. Celebrity Cruises is a premium brand with 15 ships (about 38,900 berths) and trips of three to 18 nights. It launched Celebrity River Cruises in 2025, with river ships on order. Silversea is an ultra-luxury and expedition brand with 12 smaller ships (about 5,500 berths), visiting remote places such as the Galapagos, Antarctica and the Arctic on six to 24 night itineraries. TUI Cruises operates eight ships and Hapag-Lloyd Cruises operates five. Twelve ships are on order across the Global and Partner Brands, and Royal Caribbean has signed a memorandum of understanding for two Discovery-class ships. The company also develops private land-based destinations, including the Perfect Day Collection (Perfect Day at CocoCay and the planned Perfect Day Mexico on the acquired Costa Maya port property) and the Royal Beach Club collection, the first of which opened in Nassau in December 2025. It also invests in cruise terminals and port infrastructure, including through a partnership with iCON Infrastructure Partners.

The brands serve vacationers worldwide, with most Global Brand guests coming from North America. The company also tailors itineraries and onboard offerings for international guests, and TUIC targets the German market. Products are sold through travel advisors, digital and traditional media, call centers, international offices, independent international representatives and loyalty programs. The global cruise industry carried about 37 million guests in 2025, and market penetration was 5.96% in North America, 1.73% in Europe and 0.09% in Asia/Pacific. The company positions cruising within a vacation industry it sizes at over $2 trillion, competing with other cruise lines and with land-based alternatives such as resorts, hotels, theme parks and alternative lodging.

The company deploys ships globally, making deployment decisions 18 to 32 months in advance, and emphasizes fleet innovation, technology and newbuilds. Its main cruise competitors are Carnival Corporation & plc, Disney Cruise Line, MSC Cruises, Norwegian Cruise Line Holdings, Viking and Virgin Voyages. Its sustainability strategy, Destination Net Zero, targets net zero emissions by 2050. It works with partners such as governments, fuel suppliers, shipyards and ports, and with the World Wildlife Fund.