ROYAL CARIBBEAN CRUISES LTD

Water Transportation·MIAMI, FL·FY end 12/31·CIK 884887

CEO Pay Ratio

1,260:1

Jason Liberty

CEO Total Comp

$24.0M

Jason Liberty

Median Employee

—

Revenue

$17.9B

FY 2025

Net Income

$4.3B

FY 2025

Free Cash Flow

$1.2B

FY 2025

Net Margin

23.8%

Insider Net (180d)

-$626.7M

0 buys / 121 sales

CEO Pay Accountability

CEO comp as % of net income

0.56%

For every $1,000 of profit, $5.62 flows to the CEO.

CEO comp as % of buybacks

2.07%

CEO comp equals 20.7‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$17.9B	$16.5B	$13.9B	$8.8B	$1.5B
Gross Profit	—	—	—	—	—	—
Operating Income	$4.9B	$4.1B	$2.9B	-$764.0M	-$3.9B
Net Income	$4.3B	$2.9B	$1.7B	-$2.2B	-$5.3B
Operating CF	$6.5B	$5.3B	$4.5B	$481.9M	-$1.9B
Capex	$5.2B	$3.3B	$3.9B	$2.7B	$2.2B
Free Cash Flow	$1.2B	$2.0B	$580.0M	-$2.2B	-$4.1B
Buybacks	$1.2B	—	—	—	$0
Dividends	—	—	—	—	—	—

Gross Margin	—	—	—	—	—	—
Operating Margin	27.4%	24.9%	20.7%	-8.6%	-252.6%
Net Margin	23.8%	17.5%	12.2%	-24.4%	-343.3%
FCF Margin	6.9%	12.1%	4.2%	-25.2%	-268.1%
R&D / Revenue	—	—	—	—	—	—
Effective Tax	1.9%	—	—	—	—	—
Debt / Equity	—	—	—	—	—	—
Buybacks / FCF	93.8%	—	—	—	0.0%

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
Jason LibertyPresident and Chief Executive Officer	—	—	—	—	—	$24.0M
Jason T. LibertyPresident and Chief Executive Officer	$1.4M	$15.8M	—	$5.1M	$1.7M	$24.0M
Michael W. BayleyPresident and CEO, Royal Caribbean	$1.2M	$5.5M	—	$2.4M	$407.6K	$9.4M
Naftali HoltzChief Financial Officer	$946.8K	$4.0M	—	$2.1M	$66.0K	$7.1M
Laura Hodges BethgePresident, Celebrity Cruises	$893.5K	$3.2M	—	$1.7M	$143.0K	$6.0M
Harri U. KulovaaraEVP, Maritime	$932.8K	$1.9M	—	$2.0M	$142.9K	$4.9M
Michael Bayley	—	—	—	—	—	—