For the quarter ending 2026-03-31, RCL had -$313M decrease in cash & cash equivalents over the period. $1,334M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 950 | 762 | 1,579 | 1,214 |
| Depreciation and amortization | 461 | 453 | 436 | 417 |
| Net deferred income tax benefit | -1 | 3 | 11 | 5 |
| Loss (gain) on derivative instruments not designated as hedges | -8 | 4 | -11 | 54 |
| Share-based compensation expense | 38 | 39 | 44 | 39 |
| Equity investment income | 84 | 101 | 158 | 107 |
| Amortization of debt issuance costs, discounts and premiums | 53 | 25 | 26 | 23 |
| Loss on extinguishment of debt and inducement expense | -60 | -6 | 0 | 0 |
| Increase in trade and other receivables, net | 173 | -31 | -17 | -26 |
| (increase) decrease in inventories | 7 | -4 | 21 | -8 |
| Increase in prepaid expenses and other assets | 25 | 58 | -100 | 30 |
| (decrease) increase in accounts payable | -8 | 127 | -124 | 2 |
| Decrease in accrued expenses and other liabilities | -279 | 197 | 40 | 130 |
| Increase in customer deposits | 809 | 135 | -775 | 45 |
| Dividends received from unconsolidated affiliates | - | 1 | 263 | - |
| Other, net | -32 | -3 | -20 | -28 |
| Net cash provided by operating activities | 1,834 | 1,623 | 1,469 | 1,746 |
| Purchases of property and equipment | 500 | 1,507 | 2,458 | 836 |
| Cash received on settlement of derivative financial instruments | 17 | 56 | 33 | 111 |
| Cash paid on settlement of derivative financial instruments | 3 | 12 | 1 | 9 |
| Investments in and loans to unconsolidated affiliates | 38 | 12 | 17 | 51 |
| Cash received on loans from unconsolidated affiliates | 0 | 0 | 56 | 66 |
| Proceeds from sale of unconsolidated affiliates | - | - | - | 15 |
| Other, net | 5 | 4 | -15 | 2 |
| Net cash used in investing activities | -529 | -1,479 | -2,387 | -706 |
| Debt proceeds | 2,807 | 1,509 | 2,432 | 250 |
| Debt issuance costs | 21 | 18 | 72 | 25 |
| Repayments of debt | 3,084 | 459 | 1,130 | 724 |
| Premium on repayment of debt | - | 0 | 0 | 0 |
| Repurchase of common stock | 836 | 504 | 414 | 0 |
| Dividends paid | 270 | 272 | 204 | 200 |
| Proceeds from sale of noncontrolling interest | - | 0 | - | - |
| Payments of withholding tax on stock awards | 185 | - | - | - |
| Other, net | -28 | -2 | 3 | 3 |
| Net cash used in financing activities | -1,617 | 254 | 615 | -696 |
| Effect of exchange rate changes on cash and cash equivalents | -1 | -5 | 0 | 5 |
| Net decrease in cash and cash equivalents | -313 | 393 | -303 | 349 |
| Cash and cash equivalents at beginning of period | 825 | 432 | 735 | 386 |
| Cash and cash equivalents at end of period | 512 | 825 | 432 | 735 |
ROYAL CARIBBEAN CRUISES LTD (RCL)
ROYAL CARIBBEAN CRUISES LTD (RCL)